Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 20, 2014 | Jun. 30, 2013 |
Entity Registrant Name | 'APARTMENT INVESTMENT & MANAGEMENT CO | ' | ' |
Entity Central Index Key | '0000922864 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $4.30 |
Entity Common Stock, Shares Outstanding | ' | 146,099,061 | ' |
AIMCO PROPERTIES, L.P | ' | ' | ' |
Entity Registrant Name | 'AIMCO PROPERTIES LP | ' | ' |
Entity Central Index Key | '0000926660 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Buildings and improvements | $6,332,723 | $6,014,062 |
Land | 1,881,358 | 1,857,956 |
Total real estate | 8,214,081 | 7,872,018 |
Less accumulated depreciation | -2,822,872 | -2,637,057 |
Net real estate ($392,245 and $578,421 related to VIEs) | 5,391,209 | 5,234,961 |
Cash and cash equivalents ($24,094 and $23,599 related to VIEs) | 55,751 | 84,413 |
Restricted cash ($36,369 and $38,477 related to VIEs) | 127,037 | 145,585 |
Notes receivable | 3,145 | 102,897 |
Other assets ($211,287 and $220,910 related to VIEs) | 502,271 | 543,778 |
Assets held for sale | 0 | 289,746 |
Total assets | 6,079,413 | 6,401,380 |
LIABILITIES AND EQUITY | ' | ' |
Non-recourse property debt ($355,372 and $477,791 related to VIEs) | 4,337,785 | 4,413,083 |
Revolving credit facility borrowings | 50,400 | 0 |
Total indebtedness | 4,388,185 | 4,413,083 |
Accounts payable | 43,161 | 30,747 |
Accrued liabilities and other ($140,910 and $159,607 related to VIEs) | 287,595 | 313,611 |
Deferred income | 107,775 | 127,561 |
Liabilities related to assets held for sale | 0 | 281,438 |
Total liabilities | 4,826,716 | 5,166,440 |
Preferred noncontrolling interests in Aimco Operating Partnership | 79,953 | 80,046 |
Commitments and contingencies (Note 7) | 0 | 0 |
Equity: | ' | ' |
Perpetual Preferred Stock (Note 9) | 68,114 | 68,114 |
Common Stock, $0.01 par value, 505,787,260 shares authorized, 145,917,387 and 145,563,903 shares issued/outstanding at December 31, 2013 and 2012, respectively | 1,459 | 1,456 |
Additional paid-in capital | 3,701,339 | 3,712,684 |
Accumulated other comprehensive loss | -4,602 | -3,542 |
Distributions in excess of earnings | -2,798,853 | -2,863,287 |
Total Aimco equity | 967,457 | 915,425 |
Noncontrolling interests in consolidated real estate partnerships | 233,008 | 271,065 |
Common noncontrolling interests in Aimco Operating Partnership | -27,721 | -31,596 |
Total equity | 1,172,744 | 1,154,894 |
Total liabilities and equity | 6,079,413 | 6,401,380 |
AIMCO PROPERTIES, L.P | ' | ' |
ASSETS | ' | ' |
Buildings and improvements | 6,332,723 | 6,014,062 |
Land | 1,881,358 | 1,857,956 |
Total real estate | 8,214,081 | 7,872,018 |
Less accumulated depreciation | -2,822,872 | -2,637,057 |
Net real estate ($392,245 and $578,421 related to VIEs) | 5,391,209 | 5,234,961 |
Cash and cash equivalents ($24,094 and $23,599 related to VIEs) | 55,751 | 84,413 |
Restricted cash ($36,369 and $38,477 related to VIEs) | 127,037 | 145,585 |
Notes receivable | 3,145 | 102,897 |
Other assets ($211,287 and $220,910 related to VIEs) | 502,271 | 543,778 |
Assets held for sale | 0 | 289,746 |
Total assets | 6,079,413 | 6,401,380 |
LIABILITIES AND EQUITY | ' | ' |
Non-recourse property debt ($355,372 and $477,791 related to VIEs) | 4,337,785 | 4,413,083 |
Revolving credit facility borrowings | 50,400 | 0 |
Total indebtedness | 4,388,185 | 4,413,083 |
Accounts payable | 43,161 | 30,747 |
Accrued liabilities and other ($140,910 and $159,607 related to VIEs) | 287,595 | 313,611 |
Deferred income | 107,775 | 127,561 |
Liabilities related to assets held for sale | 0 | 281,438 |
Total liabilities | 4,826,716 | 5,166,440 |
Redeemable preferred units | 79,953 | 80,046 |
Commitments and contingencies (Note 7) | 0 | 0 |
Equity: | ' | ' |
Preferred units (Note 11) | 68,114 | 68,114 |
General Partner and Special Limited Partner | 899,343 | 847,311 |
Limited Partners | -27,721 | -31,596 |
Partners’ capital attributable to the Aimco Operating Partnership | 939,736 | 883,829 |
Noncontrolling interests in consolidated real estate partnerships | 233,008 | 271,065 |
Total partners’ capital | 1,172,744 | 1,154,894 |
Total liabilities and equity | $6,079,413 | $6,401,380 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Net real estate | $5,391,209 | $5,234,961 |
Cash and cash equivalents | 55,751 | 84,413 |
Restricted cash | 127,037 | 145,585 |
Other assets, net | 502,271 | 543,778 |
Non-recourse property debt | 4,337,785 | 4,413,083 |
Accrued liabilities and other | 287,595 | 313,611 |
Common Stock, par value (in dollars per share) | $0.01 | $0.01 |
Common Stock, shares authorized | 505,787,260 | 505,787,260 |
Common Stock, shares issued | 145,917,387 | 145,563,903 |
Common Stock, shares outstanding | 145,917,387 | 145,563,903 |
AIMCO PROPERTIES, L.P | ' | ' |
Net real estate | 5,391,209 | 5,234,961 |
Cash and cash equivalents | 55,751 | 84,413 |
Restricted cash | 127,037 | 145,585 |
Other assets, net | 502,271 | 543,778 |
Non-recourse property debt | 4,337,785 | 4,413,083 |
Accrued liabilities and other | 287,595 | 313,611 |
Common Stock, shares outstanding | 153,837,804 | ' |
Variable Interest Entity, Primary Beneficiary [Member] | ' | ' |
Net real estate | 392,245 | 578,421 |
Cash and cash equivalents | 24,094 | 23,599 |
Restricted cash | 36,369 | 38,477 |
Other assets, net | 211,287 | 220,910 |
Non-recourse property debt | 355,372 | 477,791 |
Accrued liabilities and other | 140,910 | 159,607 |
Variable Interest Entity, Primary Beneficiary [Member] | AIMCO PROPERTIES, L.P | ' | ' |
Net real estate | 392,245 | 578,421 |
Cash and cash equivalents | 24,094 | 23,599 |
Restricted cash | 36,369 | 38,477 |
Other assets, net | 211,287 | 220,910 |
Non-recourse property debt | 355,372 | 477,791 |
Accrued liabilities and other | $140,910 | $159,607 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
REVENUES: | ' | ' | ' | |||
Rental and other property revenues | $939,231 | $916,742 | $875,694 | |||
Tax credit and asset management revenues | 34,822 | 41,769 | 38,661 | |||
Total revenues | 974,053 | 958,511 | 914,355 | |||
OPERATING EXPENSES: | ' | ' | ' | |||
Property operating expenses | 375,672 | 374,347 | 376,164 | |||
Investment management expenses | 4,341 | 12,008 | 10,459 | |||
Depreciation and amortization | 291,910 | [1] | 325,173 | [1] | 323,233 | [1] |
Provision for real estate impairment losses | 0 | 6,235 | [1] | 0 | ||
General and administrative expenses | 45,708 | 49,602 | 50,906 | |||
Other expenses, net | 7,403 | 12,130 | 18,302 | |||
Total operating expenses | 725,034 | 779,495 | 779,064 | |||
Operating income | 249,019 | 179,016 | 135,291 | |||
Interest income | 16,059 | 9,890 | 9,655 | |||
Recovery of losses on notes receivable, net | 1,884 | 3,375 | 509 | |||
Interest expense | -237,048 | -229,373 | -272,315 | |||
Equity in income (losses) of unconsolidated real estate partnerships | 926 | -4,408 | -17,721 | |||
Gain on dispositions of unconsolidated real estate and other, net | 1,797 | 21,886 | 2,403 | |||
Income (loss) before income taxes and discontinued operations | 32,637 | -19,614 | -142,178 | |||
Income tax benefit | 1,959 | 858 | 5,941 | |||
Income (loss) from continuing operations | 34,596 | -18,756 | -136,237 | |||
Income from discontinued operations, net | 203,229 | 214,117 | 78,073 | |||
Net income (loss) | 237,825 | 195,361 | -58,164 | |||
Noncontrolling interests: | ' | ' | ' | |||
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships | -12,473 | -51,218 | 257 | |||
Net income attributable to preferred noncontrolling interests in Aimco Operating Partnership | -6,423 | -6,496 | -6,683 | |||
Net (income) loss attributable to common noncontrolling interests in Aimco Operating Partnership | -11,639 | -5,191 | 7,503 | |||
Net (income) loss attributable to noncontrolling interests | -30,535 | -62,905 | 1,077 | |||
Net income (loss) attributable to the company | 207,290 | 132,456 | -57,087 | |||
Net income attributable to the company's preferred equityholders | -2,804 | -49,888 | -45,852 | |||
Net income attributable to participating securities | -813 | -422 | -222 | |||
Net income (loss) attributable to the company's common equityholders | 203,673 | 82,146 | -103,161 | |||
Earnings (loss) attributable to the company's common equityholders - basic and diluted (Note 13): | ' | ' | ' | |||
Income (loss) from continuing operations attributable to the company's common equityholders ( In dollars per share/unit) | $0.29 | ($0.60) | ($1.22) | |||
Income from discontinued operations attributable to the company's common equityholders (In dollars per share/unit) | $1.11 | $1.21 | $0.36 | |||
Net income (loss) attributable to the company's common equityholders (In dollars per share/unit) | $1.40 | $0.61 | ($0.86) | |||
Weighted average common shares/units outstanding - basic | 145,291 | 134,479 | 119,312 | |||
Weighted average common shares/units outstanding - diluted | 145,532 | 134,479 | 119,312 | |||
AIMCO PROPERTIES, L.P | ' | ' | ' | |||
REVENUES: | ' | ' | ' | |||
Rental and other property revenues | 939,231 | 916,742 | 875,694 | |||
Tax credit and asset management revenues | 34,822 | 41,769 | 38,661 | |||
Total revenues | 974,053 | 958,511 | 914,355 | |||
OPERATING EXPENSES: | ' | ' | ' | |||
Property operating expenses | 375,672 | 374,347 | 376,164 | |||
Investment management expenses | 4,341 | 12,008 | 10,459 | |||
Depreciation and amortization | 291,910 | 325,173 | 323,233 | |||
Provision for real estate impairment losses | 0 | 6,235 | 0 | |||
General and administrative expenses | 45,708 | 49,602 | 50,906 | |||
Other expenses, net | 7,403 | 12,130 | 18,302 | |||
Total operating expenses | 725,034 | 779,495 | 779,064 | |||
Operating income | 249,019 | 179,016 | 135,291 | |||
Interest income | 16,059 | 9,890 | 10,954 | |||
Recovery of losses on notes receivable, net | 1,884 | 3,375 | 509 | |||
Interest expense | -237,048 | -229,373 | -272,315 | |||
Equity in income (losses) of unconsolidated real estate partnerships | 926 | -4,408 | -17,721 | |||
Gain on dispositions of unconsolidated real estate and other, net | 1,797 | 21,886 | 2,403 | |||
Income (loss) before income taxes and discontinued operations | 32,637 | -19,614 | -140,879 | |||
Income tax benefit | 1,959 | 858 | 5,941 | |||
Income (loss) from continuing operations | 34,596 | -18,756 | -134,938 | |||
Income from discontinued operations, net | 203,229 | 214,117 | 78,073 | |||
Net income (loss) | 237,825 | 195,361 | -56,865 | |||
Noncontrolling interests: | ' | ' | ' | |||
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships | -12,473 | -51,218 | 257 | |||
Net (income) loss attributable to noncontrolling interests | -12,473 | -51,218 | 257 | |||
Net income (loss) attributable to the company | 225,352 | 144,143 | -56,608 | |||
Net income attributable to the company's preferred equityholders | -9,227 | -56,384 | -52,535 | |||
Net income attributable to participating securities | -813 | -422 | -222 | |||
Net income (loss) attributable to the company's common equityholders | $215,312 | $87,337 | ($109,365) | |||
Earnings (loss) attributable to the company's common equityholders - basic and diluted (Note 13): | ' | ' | ' | |||
Income (loss) from continuing operations attributable to the company's common equityholders ( In dollars per share/unit) | $0.29 | ($0.60) | ($1.22) | |||
Income from discontinued operations attributable to the company's common equityholders (In dollars per share/unit) | $1.11 | $1.21 | $0.36 | |||
Net income (loss) attributable to the company's common equityholders (In dollars per share/unit) | $1.40 | $0.61 | ($0.86) | |||
Weighted average common shares/units outstanding - basic | 153,256 | 142,614 | 127,681 | |||
Weighted average common shares/units outstanding - diluted | 153,497 | 142,614 | 127,681 | |||
[1] | Proportionate property net operating income, our key measurement of segment profit or loss, excludes property management revenues (which are included in rental and other property revenues), property management expenses and casualty gains and losses (which are included in property operating expenses), depreciation and amortization and provision for real estate impairment losses. Accordingly, we do not allocate these amounts to our segments. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income (loss) | $237,825 | $195,361 | ($58,164) |
Other comprehensive (loss) income: | ' | ' | ' |
Unrealized gains (losses) on interest rate swaps | 1,734 | -2,581 | -5,885 |
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss | 1,678 | 1,673 | 1,667 |
Unrealized (losses) gains on debt securities classified as available-for-sale | -4,188 | 4,341 | -1,509 |
Other comprehensive (loss) income | -776 | 3,433 | -5,727 |
Comprehensive income (loss) | 237,049 | 198,794 | -63,891 |
Comprehensive (income) loss attributable to noncontrolling interests | -30,819 | -63,020 | 2,020 |
Comprehensive income (loss) attributable to entity | 206,230 | 135,774 | -61,871 |
AIMCO PROPERTIES, L.P | ' | ' | ' |
Net income (loss) | 237,825 | 195,361 | -56,865 |
Other comprehensive (loss) income: | ' | ' | ' |
Unrealized gains (losses) on interest rate swaps | 1,734 | -2,581 | -5,885 |
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss | 1,678 | 1,673 | 1,667 |
Unrealized (losses) gains on debt securities classified as available-for-sale | -4,188 | 4,341 | -1,509 |
Other comprehensive (loss) income | -776 | 3,433 | -5,727 |
Comprehensive income (loss) | 237,049 | 198,794 | -62,592 |
Comprehensive (income) loss attributable to noncontrolling interests | -12,815 | -51,134 | 697 |
Comprehensive income (loss) attributable to entity | $224,234 | $147,660 | ($61,895) |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Distributions in Excess of Earnings | Total Aimco Equity | Noncontrolling Interests |
In Thousands, except Share data | ||||||||
Beginning Balances at Dec. 31, 2010 | $1,306,772 | $657,601 | $1,176 | $3,070,296 | ($2,076) | ($2,680,955) | $1,046,042 | $260,730 |
Beginning Balances, Shares at Dec. 31, 2010 | ' | 24,900,000 | 117,643,000 | ' | ' | ' | ' | ' |
Issuance of Preferred Stock, Shares | ' | 869,000 | ' | ' | ' | ' | ' | ' |
Issuance of Preferred Stock | 19,990 | 21,075 | ' | ' | ' | ' | 19,990 | ' |
Issuance of Preferred Stock (issue costs) | ' | ' | ' | -1,085 | ' | ' | ' | ' |
Redemption of Preferred Stock, Shares | ' | -863,000 | ' | ' | ' | ' | ' | ' |
Redemption of Preferred Stock | -16,366 | -21,562 | ' | ' | ' | ' | -16,366 | ' |
Redemption of Preferred Stock (recognition of previously deferred issuance costs) | ' | ' | ' | -1,292 | ' | -3,904 | ' | ' |
Issuance of Common Stock, Shares | ' | ' | 2,914,000 | ' | ' | ' | ' | ' |
Issuance of Common Stock | 71,942 | ' | 29 | 71,913 | ' | ' | 71,942 | ' |
Redemption of Aimco Operating Partnership units | -6,059 | ' | ' | ' | ' | ' | ' | -6,059 |
Officer and employee stock awards and related amounts, net, Shares | ' | ' | -317,000 | ' | ' | ' | ' | ' |
Officer and employee stock awards and related amounts, net | 2,107 | ' | 3 | 2,094 | ' | 10 | 2,107 | ' |
Amortization of share-based compensation cost, Shares | ' | ' | 42,000 | ' | ' | ' | ' | ' |
Amortization of share-based compensation cost | 5,883 | ' | 1 | 5,882 | ' | ' | 5,883 | ' |
Contributions from noncontrolling interests | 12,358 | ' | ' | ' | ' | ' | ' | 12,358 |
Effect of changes in ownership for consolidated entities | -22,313 | ' | ' | -52,059 | ' | ' | -52,059 | 29,746 |
Change in accumulated other comprehensive loss | -5,727 | ' | ' | ' | -4,784 | ' | -4,784 | -943 |
Net income (loss) | -64,847 | ' | ' | ' | ' | -57,087 | -57,087 | -7,760 |
Distributions to noncontrolling interests | -51,727 | ' | ' | ' | ' | ' | ' | -51,727 |
Common Stock dividends | -57,583 | ' | ' | ' | ' | -57,583 | -57,583 | ' |
Preferred Stock dividends | -49,756 | ' | ' | ' | ' | -49,756 | -49,756 | ' |
Ending Balances at Dec. 31, 2011 | 1,144,674 | 657,114 | 1,209 | 3,098,333 | -6,860 | -2,841,467 | 908,329 | 236,345 |
Ending Balances, Shares at Dec. 31, 2011 | ' | 24,906,000 | 120,916,000 | ' | ' | ' | ' | ' |
Issuance of Preferred Stock, Shares | ' | 405,000 | ' | ' | ' | ' | ' | ' |
Issuance of Preferred Stock | 9,818 | 10,039 | ' | ' | ' | ' | 9,818 | ' |
Issuance of Preferred Stock (issue costs) | ' | ' | ' | -221 | ' | ' | ' | ' |
Redemption of Preferred Stock, Shares | ' | -24,037,000 | ' | ' | ' | ' | ' | ' |
Redemption of Preferred Stock | -600,938 | -599,039 | ' | ' | ' | ' | -600,938 | ' |
Redemption of Preferred Stock (recognition of previously deferred issuance costs) | ' | ' | ' | -20,727 | ' | 22,626 | ' | ' |
Issuance of Common Stock, Shares | ' | ' | 22,144,000 | ' | ' | ' | ' | ' |
Issuance of Common Stock | 594,379 | ' | 221 | 594,158 | ' | ' | 594,379 | ' |
Redemption of Aimco Operating Partnership units | -11,079 | ' | ' | ' | ' | ' | ' | -11,079 |
Amortization of share-based compensation cost, Shares | ' | ' | 36,000 | ' | ' | ' | ' | ' |
Amortization of share-based compensation cost | 5,223 | ' | ' | 5,223 | ' | ' | 5,223 | ' |
Exercises of stock options, Shares | ' | ' | 2,254,000 | ' | ' | ' | ' | ' |
Exercises of stock options | 48,907 | ' | 24 | 48,883 | ' | ' | 48,907 | ' |
Contributions from noncontrolling interests | 2,928 | ' | ' | ' | ' | ' | ' | 2,928 |
Effect of changes in ownership for consolidated entities | -53,240 | ' | ' | -54,799 | ' | ' | -54,799 | 1,559 |
Change in accumulated other comprehensive loss | 3,433 | ' | ' | ' | 3,318 | ' | 3,318 | 115 |
Other, net, shares | ' | ' | 214,000 | ' | ' | ' | ' | ' |
Other, net | 4,547 | ' | 2 | 380 | ' | -380 | 2 | 4,545 |
Net income (loss) | 188,865 | ' | ' | ' | ' | 132,456 | 132,456 | 56,409 |
Distributions to noncontrolling interests | -51,353 | ' | ' | ' | ' | ' | ' | -51,353 |
Common Stock dividends | -104,006 | ' | ' | ' | ' | -104,006 | -104,006 | ' |
Preferred Stock dividends | -27,264 | ' | ' | ' | ' | -27,264 | -27,264 | ' |
Ending Balances at Dec. 31, 2012 | 1,154,894 | 68,114 | 1,456 | 3,712,684 | -3,542 | -2,863,287 | 915,425 | 239,469 |
Ending Balances, Shares at Dec. 31, 2012 | ' | 1,274,000 | 145,564,000 | ' | ' | ' | ' | ' |
Redemption of Aimco Operating Partnership units | -3,085 | ' | ' | ' | ' | ' | ' | -3,085 |
Amortization of share-based compensation cost, Shares | ' | ' | 33,000 | ' | ' | ' | ' | ' |
Amortization of share-based compensation cost | 5,915 | ' | ' | 5,915 | ' | ' | 5,915 | ' |
Exercises of stock options, Shares | ' | ' | 44,000 | ' | ' | ' | ' | ' |
Exercises of stock options | 993 | ' | ' | 993 | ' | ' | 993 | ' |
Contributions from noncontrolling interests | 1,630 | ' | ' | ' | ' | ' | ' | 1,630 |
Effect of changes in ownership for consolidated entities | -17,675 | ' | ' | -19,805 | ' | ' | -19,805 | 2,130 |
Change in accumulated other comprehensive loss | -776 | ' | ' | ' | -1,060 | ' | -1,060 | 284 |
Other, net, shares | ' | ' | 276,000 | ' | ' | ' | ' | ' |
Other, net | 2,248 | ' | 3 | 1,552 | ' | ' | 1,555 | 693 |
Net income (loss) | 231,402 | ' | ' | ' | ' | 207,290 | 207,290 | 24,112 |
Distributions to noncontrolling interests | -59,946 | ' | ' | ' | ' | ' | ' | -59,946 |
Common Stock dividends | -140,052 | ' | ' | ' | ' | -140,052 | -140,052 | ' |
Preferred Stock dividends | -2,804 | ' | ' | ' | ' | -2,804 | -2,804 | ' |
Ending Balances at Dec. 31, 2013 | $1,172,744 | $68,114 | $1,459 | $3,701,339 | ($4,602) | ($2,798,853) | $967,457 | $205,287 |
Ending Balances, Shares at Dec. 31, 2013 | ' | 1,274,000 | 145,917,000 | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' | |||
Net income (loss) | $237,825 | $195,361 | ($58,164) | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' | |||
Depreciation and amortization | 291,910 | [1] | 325,173 | [1] | 323,233 | [1] |
Provision for real estate impairment losses | 0 | 6,235 | [1] | 0 | ||
Equity in (income) losses of unconsolidated real estate partnerships | -926 | 4,408 | 17,721 | |||
Gain on dispositions of unconsolidated real estate and other, net | -1,797 | -21,886 | -2,403 | |||
Income tax benefit | -1,959 | -858 | -5,941 | |||
Share-based compensation expense | 5,645 | 4,871 | 5,381 | |||
Amortization of deferred loan costs and other | 4,915 | 5,044 | 5,696 | |||
Discontinued operations: | ' | ' | ' | |||
Depreciation and amortization | 16,372 | 41,577 | 72,099 | |||
Gain on disposition of real estate | -212,459 | -234,530 | -108,203 | |||
Other adjustments to income from discontinued operations | 10,019 | 27,854 | 27,088 | |||
Changes in operating assets and operating liabilities: | ' | ' | ' | |||
Accounts receivable and other assets | 4,592 | 30,716 | 8,315 | |||
Accounts payable, accrued liabilities and other | -28,541 | -67,138 | -26,003 | |||
Total adjustments | 87,771 | 121,466 | 316,983 | |||
Net cash provided by operating activities | 325,596 | 316,827 | 258,819 | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' | |||
Purchases of real estate and investments in unconsolidated real estate partnerships | -51,291 | -89,716 | -64,976 | |||
Capital expenditures | -350,338 | -270,210 | -200,372 | |||
Proceeds from dispositions of real estate | 357,314 | 484,904 | 326,853 | |||
Purchases of interests in unconsolidated real estate and corporate assets | -10,863 | -7,818 | -15,123 | |||
Purchase of investment in debt securities | 0 | 0 | -51,534 | |||
Purchase of West Harlem first mortgage property loans | -119,101 | 0 | 0 | |||
Proceeds from repayment of West Harlem property loans and option value | 215,517 | 0 | 0 | |||
Proceeds from sales of and distributions from unconsolidated real estate partnerships | 0 | 31,192 | 17,095 | |||
Changes in restricted cash | 3,003 | -22,886 | 10,306 | |||
Other investing activities | 20,951 | -13,799 | 18,245 | |||
Net cash provided by investing activities | 65,192 | 111,667 | 40,494 | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' | |||
Proceeds from non-recourse property debt | 232,965 | 243,253 | 927,093 | |||
Principal repayments on non-recourse property debt | -472,276 | -447,792 | -1,083,690 | |||
Net borrowings on revolving credit facility | 50,400 | ' | 0 | |||
Proceeds from issuance of common stock or units | 0 | 594,379 | 71,942 | |||
Redemptions and repurchases of preferred stock or units | 0 | -600,938 | -36,367 | |||
Proceeds from Common Stock option exercises | 993 | 48,907 | 1,806 | |||
Payment of dividends to holders of preferred stock or units | -2,804 | -37,019 | -49,756 | |||
Payment of dividends to holders of Common Stock | -140,052 | -104,006 | -57,583 | |||
Payment of distributions to noncontrolling interests | -63,766 | -57,849 | -58,413 | |||
Purchases of noncontrolling interests in consolidated real estate partnerships | -16,775 | -57,008 | -14,811 | |||
Other financing activities | -8,135 | -17,074 | -19,793 | |||
Net cash used in financing activities | -419,450 | -435,147 | -319,572 | |||
NET DECREASE IN CASH AND CASH EQUIVALENTS | -28,662 | -6,653 | -20,259 | |||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 84,413 | 91,066 | 111,325 | |||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 55,751 | 84,413 | 91,066 | |||
Supplemental Cash Flow Information [Abstract] | ' | ' | ' | |||
Interest Paid | 273,635 | 294,423 | 336,565 | |||
Cash paid for income taxes | 600 | 1,100 | 1,200 | |||
Non-cash transactions associated with the acquisition or disposition of real estate: | ' | ' | ' | |||
Secured debt assumed in connection with our acquisition of real estate | 14,767 | 38,779 | 0 | |||
Secured debt assumed by buyer in connection with our disposition of real estate | 126,663 | 208,134 | 127,494 | |||
Secured, subordinate debt of the disposed legacy asset management business forgiven in connection with the disposition of real estate | 8,149 | 15,019 | 0 | |||
Other non-cash transactions: | ' | ' | ' | |||
Issuance of common OP Units for acquisition of noncontrolling interests in consolidated real estate partnerships | 416 | 4,553 | 168 | |||
AIMCO PROPERTIES, L.P | ' | ' | ' | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' | |||
Net income (loss) | 237,825 | 195,361 | -56,865 | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' | |||
Depreciation and amortization | 291,910 | 325,173 | 323,233 | |||
Provision for real estate impairment losses | 0 | 6,235 | 0 | |||
Equity in (income) losses of unconsolidated real estate partnerships | -926 | 4,408 | 17,721 | |||
Gain on dispositions of unconsolidated real estate and other, net | -1,797 | -21,886 | -2,403 | |||
Income tax benefit | -1,959 | -858 | -5,941 | |||
Share-based compensation expense | 5,645 | 4,871 | 5,381 | |||
Amortization of deferred loan costs and other | 4,915 | 5,044 | 5,696 | |||
Discontinued operations: | ' | ' | ' | |||
Depreciation and amortization | 16,372 | 41,577 | 72,099 | |||
Gain on disposition of real estate | -212,459 | -234,530 | -108,203 | |||
Other adjustments to income from discontinued operations | 10,019 | 27,854 | 27,088 | |||
Changes in operating assets and operating liabilities: | ' | ' | ' | |||
Accounts receivable and other assets | 4,592 | 30,716 | 7,016 | |||
Accounts payable, accrued liabilities and other | -28,541 | -67,138 | -26,003 | |||
Total adjustments | 87,771 | 121,466 | 315,684 | |||
Net cash provided by operating activities | 325,596 | 316,827 | 258,819 | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' | |||
Purchases of real estate and investments in unconsolidated real estate partnerships | -51,291 | -89,716 | -64,976 | |||
Capital expenditures | -350,338 | -270,210 | -200,372 | |||
Proceeds from dispositions of real estate | 357,314 | 484,904 | 326,853 | |||
Purchases of interests in unconsolidated real estate and corporate assets | -10,863 | -7,818 | -15,123 | |||
Purchase of investment in debt securities | 0 | 0 | -51,534 | |||
Purchase of West Harlem first mortgage property loans | -119,101 | 0 | 0 | |||
Proceeds from repayment of West Harlem property loans and option value | 215,517 | 0 | 0 | |||
Proceeds from sales of and distributions from unconsolidated real estate partnerships | 0 | 31,192 | 17,095 | |||
Changes in restricted cash | 3,003 | -22,886 | 10,306 | |||
Repayment of notes receivable from Aimco | 0 | 0 | 18,798 | |||
Other investing activities | 20,951 | -13,799 | 18,245 | |||
Net cash provided by investing activities | 65,192 | 111,667 | 59,292 | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' | |||
Proceeds from non-recourse property debt | 232,965 | 243,253 | 927,093 | |||
Principal repayments on non-recourse property debt | -472,276 | -447,792 | -1,083,690 | |||
Net borrowings on revolving credit facility | 50,400 | 0 | 0 | |||
Proceeds from issuance of common stock or units | 0 | 594,379 | 71,942 | |||
Redemptions and repurchases of preferred stock or units | 0 | -600,938 | -36,367 | |||
Proceeds from Common Stock option exercises | 993 | 48,907 | 1,806 | |||
Payment of dividends to holders of preferred stock or units | -9,227 | -43,515 | -56,439 | |||
Payment of distributions to General Partner and Special Limited Partner | -140,052 | -104,006 | -76,381 | |||
Payment of distributions to Limited Partners | -7,642 | -6,153 | -5,264 | |||
Payment of distributions to noncontrolling interests | -49,701 | -45,200 | -46,466 | |||
Purchases of noncontrolling interests in consolidated real estate partnerships | -16,775 | -57,008 | -14,811 | |||
Other financing activities | -8,135 | -17,074 | -19,793 | |||
Net cash used in financing activities | -419,450 | -435,147 | -338,370 | |||
NET DECREASE IN CASH AND CASH EQUIVALENTS | -28,662 | -6,653 | -20,259 | |||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 84,413 | 91,066 | 111,325 | |||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 55,751 | 84,413 | 91,066 | |||
Supplemental Cash Flow Information [Abstract] | ' | ' | ' | |||
Interest Paid | 273,635 | 294,423 | 336,565 | |||
Cash paid for income taxes | 629 | 1,056 | 1,233 | |||
Non-cash transactions associated with the acquisition or disposition of real estate: | ' | ' | ' | |||
Secured debt assumed in connection with our acquisition of real estate | 14,767 | 38,779 | 0 | |||
Secured debt assumed by buyer in connection with our disposition of real estate | 126,663 | 208,134 | 127,494 | |||
Secured, subordinate debt of the disposed legacy asset management business forgiven in connection with the disposition of real estate | 8,149 | 15,019 | 0 | |||
Other non-cash transactions: | ' | ' | ' | |||
Issuance of common OP Units for acquisition of noncontrolling interests in consolidated real estate partnerships | $416 | $4,553 | $168 | |||
[1] | Proportionate property net operating income, our key measurement of segment profit or loss, excludes property management revenues (which are included in rental and other property revenues), property management expenses and casualty gains and losses (which are included in property operating expenses), depreciation and amortization and provision for real estate impairment losses. Accordingly, we do not allocate these amounts to our segments. |
Consolidated_Statements_of_Par
Consolidated Statements of Partners' Capital (USD $) | Total | AIMCO PROPERTIES, L.P | AIMCO PROPERTIES, L.P | AIMCO PROPERTIES, L.P | AIMCO PROPERTIES, L.P | AIMCO PROPERTIES, L.P | AIMCO PROPERTIES, L.P |
In Thousands | Preferred Units | General Partner and Special Limited Partner | Limited Partners | Partners’ Capital Attributable to the Partnership | Non - controlling Interests | ||
Partners' Capital at Dec. 31, 2010 | ' | $1,324,002 | $657,601 | $406,020 | ($31,077) | $1,032,544 | $291,458 |
Issuance of preferred units to Aimco | ' | 19,990 | 21,075 | ' | ' | 19,990 | ' |
Issuance of preferred units to Aimco (issuance costs) | ' | ' | ' | -1,085 | ' | ' | ' |
Redemption of preferred units held by Aimco | ' | -16,366 | -21,562 | ' | ' | -16,366 | ' |
Redemption of preferred units held by Aimco | ' | ' | ' | 5,196 | ' | ' | ' |
Issuance of common partnership units to Aimco | ' | 71,942 | ' | 71,942 | ' | 71,942 | ' |
Redemption of partnership units held by non-Aimco partners | ' | -6,059 | ' | ' | -6,059 | -6,059 | ' |
Contribution from Aimco related to employee stock purchases and related amounts, net | ' | 2,107 | ' | 2,107 | ' | 2,107 | ' |
Amortization of Aimco stock-based compensation | ' | 5,883 | ' | 5,883 | ' | 5,883 | ' |
Contributions from noncontrolling interests | 12,358 | 12,358 | ' | ' | ' | ' | 12,358 |
Effect of changes in ownership for consolidated entities | -22,305 | -22,313 | ' | -52,059 | 15,736 | -36,323 | 14,010 |
Change in accumulated other comprehensive loss | -5,727 | -5,727 | ' | -4,784 | -503 | -5,287 | -440 |
Net income (loss) | ' | -63,548 | ' | -56,137 | -7,154 | -63,291 | -257 |
Distributions to noncontrolling interests | -51,727 | -46,463 | ' | ' | ' | ' | -46,463 |
Distributions to common unitholders | ' | -81,376 | ' | -76,112 | -5,264 | -81,376 | ' |
Distributions to preferred unitholders | ' | -49,756 | ' | -49,756 | ' | -49,756 | ' |
Partners' Capital at Dec. 31, 2011 | ' | 1,144,674 | 657,114 | 251,215 | -34,321 | 874,008 | 270,666 |
Issuance of preferred units to Aimco | ' | 9,818 | 10,039 | ' | ' | 9,818 | ' |
Redemption of preferred units held by Aimco | ' | -600,938 | -599,039 | -1,899 | ' | -600,938 | ' |
Redemption of preferred units held by Aimco | ' | ' | ' | -221 | ' | ' | ' |
Issuance of common partnership units to Aimco | ' | 594,379 | ' | 594,379 | ' | 594,379 | ' |
Redemption of partnership units held by non-Aimco partners | ' | -11,079 | ' | ' | -11,079 | -11,079 | ' |
Amortization of Aimco stock-based compensation | ' | 5,223 | ' | 5,223 | ' | 5,223 | ' |
Issuance of common partnership units to Aimco in connection with exercise of Aimco stock options | 48,907 | 48,907 | ' | 48,907 | ' | 48,907 | ' |
Contributions from noncontrolling interests | 2,928 | 2,928 | ' | ' | ' | ' | 2,928 |
Effect of changes in ownership for consolidated entities | -50,654 | -53,240 | ' | -54,799 | 10,022 | -44,777 | -8,463 |
Change in accumulated other comprehensive loss | 3,433 | 3,433 | ' | 3,318 | 199 | 3,517 | -84 |
Other, net | ' | 4,547 | ' | 2 | 4,545 | 4,547 | ' |
Net income (loss) | ' | 188,865 | ' | 132,456 | 5,191 | 137,647 | 51,218 |
Distributions to noncontrolling interests | -51,353 | -45,200 | ' | ' | 0 | 0 | -45,200 |
Distributions to common unitholders | ' | -110,159 | ' | -104,006 | -6,153 | -110,159 | ' |
Distributions to preferred unitholders | ' | -27,264 | ' | -27,264 | ' | -27,264 | ' |
Partners' Capital at Dec. 31, 2012 | ' | 1,154,894 | 68,114 | 847,311 | -31,596 | 883,829 | 271,065 |
Redemption of partnership units held by non-Aimco partners | ' | -3,085 | ' | ' | -3,085 | -3,085 | ' |
Amortization of Aimco stock-based compensation | ' | 5,915 | ' | 5,915 | ' | 5,915 | ' |
Issuance of common partnership units to Aimco in connection with exercise of Aimco stock options | 993 | 993 | ' | 993 | ' | 993 | ' |
Contributions from noncontrolling interests | 1,630 | 1,630 | ' | ' | ' | ' | 1,630 |
Effect of changes in ownership for consolidated entities | -17,170 | -17,675 | ' | -19,805 | 2,635 | -17,170 | -505 |
Change in accumulated other comprehensive loss | -776 | -776 | ' | -1,060 | -58 | -1,118 | 342 |
Other, net | ' | 2,248 | ' | 1,555 | 386 | 1,941 | 307 |
Net income (loss) | ' | 231,402 | ' | 207,290 | 11,639 | 218,929 | 12,473 |
Distributions to noncontrolling interests | -59,946 | -52,304 | ' | ' | ' | ' | -52,304 |
Distributions to common unitholders | ' | -147,694 | ' | -140,052 | -7,642 | -147,694 | ' |
Distributions to preferred unitholders | ' | -2,804 | ' | -2,804 | ' | -2,804 | ' |
Partners' Capital at Dec. 31, 2013 | ' | $1,172,744 | $68,114 | $899,343 | ($27,721) | $939,736 | $233,008 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization | ' |
Organization | |
Apartment Investment and Management Company, or Aimco, is a Maryland corporation incorporated on January 10, 1994. Aimco is a self-administered and self-managed real estate investment trust, or REIT. AIMCO Properties, L.P., or the Aimco Operating Partnership, is a Delaware limited partnership formed on May 16, 1994, to conduct our business, which is focused on the ownership, management and redevelopment of quality apartment communities located in the largest coastal and job growth markets of the United States. | |
Aimco, through its wholly-owned subsidiaries, AIMCO-GP, Inc. and AIMCO-LP Trust, owns a majority of the ownership interests in the Aimco Operating Partnership. Aimco conducts all of its business and owns all of its assets through the Aimco Operating Partnership. Interests in the Aimco Operating Partnership that are held by limited partners other than Aimco are referred to as “OP Units.” OP Units include common partnership units, high performance partnership units and partnership preferred units, which we refer to as common OP Units, HPUs and preferred OP Units, respectively. We also refer to HPUs as common partnership unit equivalents. At December 31, 2013, after eliminations for units held by consolidated subsidiaries, the Aimco Operating Partnership had 153,837,804 common partnership units and equivalents outstanding. At December 31, 2013, Aimco owned 145,917,387 of the common partnership units (94.9% of the common partnership units and equivalents of the Aimco Operating Partnership) and Aimco had outstanding an equal number of shares of its Class A Common Stock, which we refer to as Common Stock. | |
Except as the context otherwise requires, “we,” “our” and “us” refer to Aimco, the Aimco Operating Partnership and their consolidated subsidiaries, collectively. | |
As of December 31, 2013, we owned an equity interest in 162 conventional apartment communities with 50,486 apartment homes and 74 affordable apartment communities with 10,067 apartment homes. Of these properties, we consolidated 158 conventional apartment communities with 50,344 apartment homes and 58 affordable apartment communities with 8,953 apartment homes. These conventional and affordable apartment communities generated 90% and 10%, respectively, of our proportionate property net operating income (as defined in Note 15) during the year ended December 31, 2013. |
Basis_of_Presentation_and_Summ
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||||||||||
Basis of Presentation and Summary of Significant Accounting Policies | ' | ||||||||||||||||||||
Basis of Presentation and Summary of Significant Accounting Policies | |||||||||||||||||||||
Principles of Consolidation | |||||||||||||||||||||
Aimco’s accompanying consolidated financial statements include the accounts of Aimco, the Aimco Operating Partnership, and their consolidated subsidiaries. The Aimco Operating Partnership’s consolidated financial statements include the accounts of the Aimco Operating Partnership and its consolidated entities. | |||||||||||||||||||||
We consolidate all variable interest entities for which we are the primary beneficiary. Generally, a variable interest entity, or VIE, is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of our investment; the obligation or likelihood for us or other investors to provide financial support; and the similarity with and significance to our business activities and the business activities of the other investors. Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions. | |||||||||||||||||||||
As of December 31, 2013, we were the primary beneficiary of, and therefore consolidated, 63 VIEs, which owned 49 apartment communities with 7,656 apartment homes. Substantially all of these VIEs are partnerships that operate qualifying affordable housing apartment communities and which are structured to provide for the pass-through of low-income housing tax credits and deductions to their partners. Real estate with a net book value of $392.2 million collateralized $355.4 million of debt of those VIEs. Any significant amounts of assets and liabilities related to our consolidated VIEs are identified parenthetically on our accompanying consolidated balance sheets. The creditors of the consolidated VIEs do not have recourse to our general credit. | |||||||||||||||||||||
In addition to the VIEs discussed above, at December 31, 2013, our consolidated financial statements included certain consolidated and unconsolidated VIEs that are part of the legacy asset management business we sold during 2012, which is discussed in Note 3. The assets and liabilities related to these consolidated and unconsolidated VIEs are each condensed into single line items within other assets and accrued liabilities and other, respectively, in our consolidated balance sheets. | |||||||||||||||||||||
Generally, we consolidate real estate partnerships and other entities that are not variable interest entities when we own, directly or indirectly, a majority voting interest in the entity or are otherwise able to control the entity. All significant intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||||||||||
Interests in the Aimco Operating Partnership that are held by limited partners other than Aimco are reflected in Aimco’s accompanying balance sheets as noncontrolling interests in Aimco Operating Partnership. Interests in partnerships consolidated into the Aimco Operating Partnership that are held by third parties are reflected in our accompanying balance sheets as noncontrolling interests in consolidated real estate partnerships. The assets of consolidated real estate partnerships owned or controlled by the Aimco Operating Partnership generally are not available to pay creditors of Aimco or the Aimco Operating Partnership. | |||||||||||||||||||||
As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company. | |||||||||||||||||||||
Acquisition of Real Estate Assets and Related Depreciation and Amortization | |||||||||||||||||||||
We recognize at fair value the acquisition of apartment communities or interests in partnerships that own apartment communities if the transaction results in consolidation and we expense as incurred most related transaction costs. We allocate the cost of acquired apartment communities to tangible assets and identified intangible assets based on their fair values. We determine the fair value of tangible assets, such as land, building, furniture, fixtures and equipment, generally using internal valuation techniques that consider comparable market transactions, discounted cash flow techniques, 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 internal valuation techniques that consider the terms of the in-place leases, current market data for comparable leases, and our experience in leasing similar communities. The intangible assets or liabilities related to in-place leases are comprised of: | |||||||||||||||||||||
1 | The value of the above- and below-market leases in-place. An asset or liability is recognized based on the difference between (a) the contractual amounts to be paid pursuant to the in-place leases and (b) our estimate of fair market lease rates for the corresponding in-place leases, measured over the period, including estimated lease renewals for below-market leases, that the leases are expected to remain in effect. | ||||||||||||||||||||
2 | The estimated unamortized portion of avoided leasing commissions and other costs that ordinarily would be incurred to originate the in-place leases. | ||||||||||||||||||||
3 | The value associated with vacant apartment homes during the absorption period (estimates of lost rental revenue during the expected lease-up periods based on current market demand and stabilized occupancy levels). | ||||||||||||||||||||
The values of the above- and below-market leases are amortized to rental revenue over the expected remaining terms of the associated leases, which include reasonably assured renewal periods. Other intangible assets related to in-place leases are amortized to depreciation and amortization over the expected remaining terms of the associated leases. We prospectively adjust the amortization period to reflect significant variances between actual lease termination activity as compared to those used to determine the historical amortization periods. | |||||||||||||||||||||
Depreciation for all tangible real estate assets is calculated using the straight-line method over their estimated useful lives. Acquired buildings and improvements are depreciated over a useful life based on the age, condition and other physical characteristics of the apartment community. At December 31, 2013, the weighted average depreciable life of our acquired buildings and improvements was approximately 30 years. As discussed below under the Impairment of Long Lived Assets heading, we may adjust depreciation of apartment communities that are expected to be disposed of or demolished prior to the end of their useful lives. Furniture, fixtures and equipment associated with acquired apartment communities are depreciated over five years. | |||||||||||||||||||||
At December 31, 2013 and 2012, deferred income in our consolidated balance sheets includes below-market lease amounts totaling $16.9 million and $19.8 million, respectively, which are net of accumulated amortization of $35.9 million and $33.0 million, respectively. During the years ended December 31, 2013, 2012 and 2011, we included amortization of below-market leases of $2.9 million, $3.8 million and $4.3 million, respectively, in rental and other property revenues in our consolidated statements of operations. At December 31, 2013, our below-market leases had a weighted average amortization period of 6.5 years and estimated aggregate amortization for each of the five succeeding years as follows (in thousands): | |||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||
Estimated amortization | $ | 2,270 | $ | 2,016 | $ | 1,757 | $ | 1,550 | $ | 1,331 | |||||||||||
Capital Additions and Related Depreciation | |||||||||||||||||||||
We capitalize costs, including certain indirect costs, incurred in connection with our capital additions activities, including redevelopment, development and construction projects, other tangible apartment community improvements, and replacements of existing apartment community components. Included in these capitalized costs are payroll costs associated with time spent by site employees in connection with capital additions activities at the apartment community level. We characterize as “indirect costs” an allocation of certain department costs, including payroll, at the area operations and corporate levels that clearly relate to capital additions activities. We also capitalize interest, property taxes and insurance during periods in which redevelopment, development and 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 apartment communities ready for their intended use are in progress. This includes when apartment communities or apartment homes are undergoing physical construction, as well as when apartment homes are held vacant in advance of planned construction, provided that other activities such as permitting, planning and design are in progress. We cease the capitalization of costs when the assets are substantially complete and ready for their intended use, which is typically when construction has been completed and apartment homes are available for occupancy. We charge to property operating expense, as incurred, costs including ordinary repairs, maintenance and resident turnover costs. | |||||||||||||||||||||
We depreciate capitalized costs using the straight-line method over the estimated useful life of the related component or improvement, which is generally 5, 15 or 30 years. All capitalized site payroll and indirect costs are allocated proportionately, based on direct costs, among capital projects and depreciated over the estimated useful lives of such projects. | |||||||||||||||||||||
Certain homogeneous items that are purchased in bulk on a recurring basis, such as carpeting and appliances, are depreciated using group methods that reflect the average estimated useful life of the items in each group. Except in the case of apartment community casualties, where the net book value of the lost asset is written off in the determination of casualty gains or losses, we generally do not recognize any loss in connection with the replacement of an existing apartment community component because normal replacements are considered in determining the estimated useful lives used in connection with our composite and group depreciation methods. | |||||||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, for continuing and discontinued operations, we capitalized to buildings and improvements $17.6 million, $16.6 million and $14.0 million of interest costs, respectively, and $33.2 million, $33.7 million and $29.0 million of other direct and indirect costs, respectively. | |||||||||||||||||||||
Impairment of Long-Lived Assets | |||||||||||||||||||||
Real estate and other long-lived assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is not recoverable. If events or circumstances indicate that the carrying amount of an apartment community may not be recoverable, we make an assessment of its recoverability by comparing the carrying amount to our estimate of the undiscounted future cash flows, excluding interest charges, of the apartment community. If the carrying amount exceeds the aggregate undiscounted future cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the apartment property. | |||||||||||||||||||||
Based on periodic tests of recoverability of long-lived assets, for the year ended December 31, 2012, we recorded a provision for real estate impairment losses of $6.2 million related to apartment communities classified as held for use, and we recorded no such provisions during the years ended December 31, 2013 or 2011. | |||||||||||||||||||||
Discontinued Operations | |||||||||||||||||||||
We classify certain apartment communities and related assets and liabilities as held for sale when they meet certain criteria, as defined in GAAP. The operating results of such apartment communities as well as those communities sold during the periods presented are included in discontinued operations in both current periods and all comparable periods presented. Depreciation is not recorded on apartment communities once they have been classified as held for sale; however, depreciation expense recorded prior to classification as held for sale is included in discontinued operations. The net gain on sale and any impairment losses are presented in discontinued operations when recognized. See Note 12 for additional information regarding discontinued operations. | |||||||||||||||||||||
Cash Equivalents | |||||||||||||||||||||
We classify highly liquid investments with an original maturity of three months or less as cash equivalents. | |||||||||||||||||||||
Restricted Cash | |||||||||||||||||||||
Restricted cash includes capital replacement reserves, completion repair reserves, bond sinking fund amounts, tax and insurance escrow accounts held by lenders and resident security deposits. | |||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
At December 31, 2012, our notes receivable were primarily comprised of second mortgages collateralized by apartment communities in New York City, which, as further described in Note 3, were repaid during 2013. | |||||||||||||||||||||
Other Assets | |||||||||||||||||||||
At December 31, 2013 and 2012, other assets was comprised of the following amounts (dollars in thousands): | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Deferred financing costs, net | $ | 36,641 | $ | 37,312 | |||||||||||||||||
Investments in unconsolidated real estate partnerships | 16,930 | 18,753 | |||||||||||||||||||
Investments in securitization trust that holds Aimco property debt | 58,408 | 59,145 | |||||||||||||||||||
Intangible assets, net | 50,025 | 50,322 | |||||||||||||||||||
Deferred tax asset, net (Note 8) | 30,353 | 44,828 | |||||||||||||||||||
Assets related to the legacy asset management business (Note 3) | 163,849 | 176,756 | |||||||||||||||||||
Prepaid expenses, accounts receivable, deposits and other | 146,065 | 156,662 | |||||||||||||||||||
Other assets per consolidated balance sheets | $ | 502,271 | $ | 543,778 | |||||||||||||||||
Deferred Costs | |||||||||||||||||||||
We defer lender fees and other direct costs incurred in obtaining new financing and amortize the amounts over the terms of the related loan agreements. Amortization of these costs is included in interest expense. | |||||||||||||||||||||
We defer leasing commissions and other direct costs incurred in connection with successful leasing efforts and amortize the costs over the terms of the related leases. Amortization of these costs is included in depreciation and amortization. | |||||||||||||||||||||
Investments in Unconsolidated Real Estate Partnerships | |||||||||||||||||||||
We own general and limited partner interests in partnerships that either directly, or through interests in other real estate partnerships, own apartment communities. We generally account for investments in real estate partnerships that we do not consolidate under the equity method. Under the equity method, our share of the earnings or losses of the entity for the periods being presented is included in equity in earnings or losses from unconsolidated real estate partnerships, inclusive of our share of any impairments and disposition gains recognized by and related to such entities. | |||||||||||||||||||||
The excess of the cost of the acquired partnership interests over the historical carrying amount of partners’ equity or deficit is ascribed generally to the fair values of land and buildings owned by the partnerships. We amortize the excess cost related to the buildings over the estimated useful lives of the buildings. Such amortization is recorded as a component of equity in earnings (losses) of unconsolidated real estate partnerships. | |||||||||||||||||||||
Investments in Securitization Trust that Holds Aimco Property Debt | |||||||||||||||||||||
We hold an investment in the first loss and mezzanine positions in a securitization trust which primarily holds certain of our property debt. These investments were initially recognized at their purchase price and the discount to the face value is being accreted into interest income over the expected term of the securities. We have designated these investments as available for sale securities and we measure these investments at fair value with changes in their fair value, other than the changes attributed to the accretion described above, recognized as an adjustment of accumulated other comprehensive income or loss within equity and partners’ capital. Refer to Note 6 for further information regarding these securities. | |||||||||||||||||||||
Intangible Assets | |||||||||||||||||||||
At December 31, 2013 and 2012, other assets included goodwill associated with our reportable segments of $49.0 million, and at December 31, 2012 assets held for sale included $5.5 million of goodwill allocated to apartment communities sold during 2013. We perform an annual impairment test of goodwill that compares the fair value of reporting units with their carrying amounts, including goodwill. We determined that our goodwill was not impaired in 2013, 2012 or 2011. | |||||||||||||||||||||
During the years ended December 31, 2013, 2012 and 2011, we allocated $5.5 million, $7.5 million and $5.1 million, respectively, of goodwill related to our reportable segments (conventional and affordable real estate operations) to the carrying amounts of the apartment communities sold or classified as held for sale. The amounts of goodwill allocated to these apartment communities were based on the relative fair values of the apartment communities sold or classified as held for sale and the retained portions of the reporting units to which the goodwill as allocated. | |||||||||||||||||||||
Intangible assets also includes amounts related to in-place leases as discussed under the Acquisition of Real Estate Assets and Related Depreciation and Amortization heading. | |||||||||||||||||||||
Capitalized Software Costs | |||||||||||||||||||||
Purchased software and other costs related to software developed for internal use are capitalized during the application development stage and are amortized using the straight-line method over the estimated useful life of the software, generally five years. For the years ended December 31, 2013, 2012 and 2011, we capitalized software purchase and development costs totaling $3.3 million, $5.8 million and $12.6 million, respectively. At December 31, 2013 and 2012, other assets included $22.0 million and $27.5 million of net capitalized software, respectively. During the years ended December 31, 2013, 2012 and 2011, we recognized amortization of capitalized software of $8.9 million, $10.0 million and $8.7 million, respectively, which is included in depreciation and amortization in our consolidated statements of operations. | |||||||||||||||||||||
Noncontrolling Interests in Consolidated Real Estate Partnerships | |||||||||||||||||||||
We report the unaffiliated partners’ interests in the net assets of our consolidated real estate partnerships as noncontrolling interests in consolidated real estate partnerships within consolidated equity and partners’ capital. Noncontrolling interests in consolidated real estate partnerships consist primarily of equity interests held by limited partners in consolidated real estate partnerships that have finite lives. We generally attribute to noncontrolling interests their share of income or loss of consolidated partnerships based on their proportionate interest in the results of operations of the partnerships, including their share of losses even if such attribution results in a deficit noncontrolling interest balance within our equity and partners’ capital accounts. | |||||||||||||||||||||
The terms of the related partnership agreements generally require the partnerships to be liquidated following the sale of the underlying real estate. As the general partner in these partnerships, we ordinarily control the execution of real estate sales and other events that could lead to the liquidation, redemption or other settlement of noncontrolling interests. However, as discussed in Note 3, we continue to consolidate certain partnerships and apartment communities associated with the legacy asset management business for which the derecognition criteria associated with our sale of the portfolio have not been met. We do not control the execution of sales and other events related to the assets that will lead to the to the liquidation of these partnerships and derecognition of the associated noncontrolling interests. The aggregate carrying amount of noncontrolling interests in consolidated real estate partnerships totaled $233.0 million and $271.1 million at December 31, 2013 and 2012, respectively, of which $35.8 million and $57.2 million, respectively, was associated with noncontrolling interests in the legacy asset management business. | |||||||||||||||||||||
Changes in our ownership interest in consolidated real estate partnerships generally consist of our purchase of an additional interest in or the sale of our entire interest in a consolidated real estate partnership. The effect on our equity and partners’ capital of our purchase of additional interests in consolidated real estate partnerships during the years ended December 31, 2013, 2012 and 2011 is shown in our consolidated statements of equity and partners’ capital and further discussed in Note 3. The effect on our equity and partners' capital of sales of consolidated real estate or sales of our entire interest in consolidated real estate partnerships is reflected in our consolidated financial statements as sales of real estate and accordingly the effect on our equity and partners’ capital is reflected within the the amount of net income attributable to us and to noncontrolling interests. In accordance with FASB Accounting Standards Codification, or ASC, Topic 810, upon our deconsolidation of a real estate partnership following the sale of our partnership interests or liquidation of the partnership following sale of the related apartment community, we derecognize any remaining noncontrolling interest of the associated partnership previously recorded in our consolidated balance sheet. | |||||||||||||||||||||
Noncontrolling Interests in Aimco Operating Partnership | |||||||||||||||||||||
Noncontrolling interests in Aimco Operating Partnership consist of common OP Units, HPUs and preferred OP Units. Within Aimco’s consolidated financial statements, the Aimco Operating Partnership’s income or loss is allocated to the holders of common partnership units and equivalents based on the weighted average number of common partnership units (including those held by Aimco) and equivalents outstanding during the period. During the years ended December 31, 2013, 2012 and 2011, the holders of common OP Units and equivalents had a weighted average ownership interest in the Aimco Operating Partnership of 5.2%, 5.7% and 6.6%, respectively. Holders of the preferred OP Units participate in the Aimco Operating Partnership’s income or loss only to the extent of their preferred distributions. See Note 10 for further information regarding the items comprising noncontrolling interests in the Aimco Operating Partnership. | |||||||||||||||||||||
Revenue Recognition | |||||||||||||||||||||
Our apartment communities have operating leases with apartment residents with terms averaging 12 months. We recognize rental revenue related to these leases, net of any concessions, on a straight-line basis over the term of the lease. We recognize revenues from property management, asset management, syndication and other services when the related fees are earned and are realized or realizable. | |||||||||||||||||||||
Insurance | |||||||||||||||||||||
We believe that our insurance coverages insure our apartment communities adequately against the risk of loss attributable to fire, earthquake, hurricane, tornado, flood, and other perils. In addition, we have insurance coverage for substantial portions of our property, workers’ compensation, health, and general liability exposures. Losses are accrued based upon our estimates of the aggregate liability for uninsured losses incurred using certain actuarial assumptions followed in the insurance industry and based on our experience. | |||||||||||||||||||||
Share-Based Compensation | |||||||||||||||||||||
We recognize all share-based employee compensation, including grants of employee stock options, in the consolidated financial statements based on the grant date fair value and recognize compensation cost, net of forfeitures, ratably over the awards’ requisite service period. See Note 11 for further discussion of our share-based compensation. | |||||||||||||||||||||
Tax Credit Arrangements | |||||||||||||||||||||
We sponsor certain partnerships that acquire, develop and operate qualifying affordable housing apartment communities and are structured to provide for the pass-through of tax credits and deductions to their partners. The tax credits are generally realized ratably over the first ten years of the tax credit arrangement and are subject to the partnership’s compliance with applicable laws and regulations for a period of 15 years. Typically, we are the general partner with a legal ownership interest of one percent or less and unaffiliated institutional investors (which we refer to as tax credit investors or investors) acquire the limited partnership interests (at least 99%). At inception, each investor agrees to fund capital contributions to the partnerships and we receive a syndication fee from the partnerships upon the investors’ admission to the partnership. | |||||||||||||||||||||
We have determined that the partnerships in these arrangements are VIEs and, where we are general partner, we are generally the primary beneficiary that is required to consolidate the partnerships. When the contractual arrangements obligate us to deliver tax benefits to the investors, and entitle us through fee arrangements to receive substantially all available cash flow from the partnerships, we account for these partnerships as wholly-owned subsidiaries, recognizing the income or loss generated by the underlying real estate based on our economic interest in the partnerships. Capital contributions received by the partnerships from tax credit investors represent, in substance, consideration that we receive in exchange for our obligation to deliver tax credits and other tax benefits to the investors. We record these contributions as deferred income in our consolidated balance sheet upon receipt, and we recognize the receipts as revenue in our consolidated statements of operations when our obligation to the investors is relieved upon delivery of the tax benefits. | |||||||||||||||||||||
Income Taxes | |||||||||||||||||||||
We have elected to be taxed as a REIT under the Code commencing with our taxable year ended December 31, 1994, and intend to continue to operate in such a manner. Our current and continuing qualification as a REIT depends on our ability to meet the various requirements imposed by the 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 we qualify for taxation as a REIT, we 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 we qualify as a REIT, we may be subject to United States Federal income and excise taxes in various situations, such as on our undistributed income. We also will be required to pay a 100% tax on any net income on non-arm’s length transactions between us and a TRS (described below) and on any net income from sales of apartment communities that were held for sale to customers in the ordinary course. In addition, we could also be subject to the alternative minimum tax, or AMT, on our items of tax preference. The state and local tax laws may not conform to the United States Federal income tax treatment, and we and our stockholders may be subject to state or local taxation in various state or local jurisdictions, including those in which we transact business or our stockholders reside. Any taxes imposed on us reduce our operating cash flow and net income. | |||||||||||||||||||||
Certain of our operations or a portion thereof, including property management, asset management and risk management, are conducted through taxable REIT subsidiaries, which are subsidiaries of the Aimco Operating Partnership, and each of which we refer to as a TRS. A TRS is a subsidiary C-corporation that has not elected REIT status and as such is subject to United States Federal corporate income tax. We use TRS entities to facilitate our ability to offer certain services and activities to our residents and investment partners that cannot be offered directly by a REIT. We also use TRS entities to hold investments in certain apartment communities. | |||||||||||||||||||||
For our TRS entities, deferred income taxes result from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for Federal income tax purposes, and are measured using the enacted tax rates and laws that are expected to be in effect when the differences reverse. We reduce deferred tax assets by recording a valuation allowance when we determine based on available evidence that it is more likely than not that the assets will not be realized. We recognize the tax consequences associated with intercompany transfers between the REIT and TRS entities when the related assets are sold to third parties, impaired or otherwise disposed of for financial reporting purposes. Refer to Note 8 for further information about our income taxes. | |||||||||||||||||||||
Comprehensive Income or Loss | |||||||||||||||||||||
As discussed under the preceding Investments in Available for Sale Securities heading, we have investments that are measured at fair value with unrealized gains or losses recognized as an adjustment of accumulated other comprehensive loss within equity and partners’ capital. Additionally, as discussed in Note 6, we recognize changes in the fair value of our cash flow hedges as an adjustment of accumulated other comprehensive loss within equity and partners’ capital. The amounts of consolidated comprehensive income or loss for the years ended December 31, 2013, 2012 and 2011, along with the corresponding amounts of such comprehensive income or loss attributable to Aimco, the Aimco Operating Partnership and to noncontrolling interests, is presented within the accompanying consolidated statements of comprehensive income or loss. | |||||||||||||||||||||
Earnings per Share and Unit | |||||||||||||||||||||
Aimco calculates earnings (loss) per share based on the weighted average number of shares of Common Stock, participating securities, common stock equivalents and dilutive convertible securities outstanding during the period. The Aimco Operating Partnership calculates earnings (loss) per unit based on the weighted average number of common partnership units and equivalents, participating securities and dilutive convertible securities outstanding during the period. The Aimco Operating Partnership considers both common partnership units and HPUs, which have identical rights to distributions and undistributed earnings, to be common units for purposes of the earnings per unit computations. See Note 13 for further information regarding earnings per share and unit computations. | |||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||
The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates. | |||||||||||||||||||||
Reclassifications and Adjustments | |||||||||||||||||||||
Certain items included in the 2012 and 2011 financial statements have been reclassified to conform to the current presentation, including adjustments for discontinued operations. |
Significant_Transactions
Significant Transactions | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Investments in Real Estate and Other Significant Transactions [Abstract] | ' | |||||||||||
Investments in Real Estate and Other Significant Transactions | ' | |||||||||||
Significant Transactions | ||||||||||||
West Harlem Property Loans | ||||||||||||
In 2006, we funded $100.1 million of second mortgage loans related to 84 apartment communities containing 1,596 apartment homes and 43 commercial spaces in the West Harlem neighborhood of New York City. We concurrently entered into an agreement with the borrower under which we had the right to purchase the apartment communities and the borrower had the right to require us to purchase the communities upon achievement of certain revenue thresholds. At December 31, 2012, the aggregate carrying amount of these second mortgage loans and the purchase option totaled $110.5 million, and were included in notes receivable and other assets, respectively, in our consolidated balance sheets. | ||||||||||||
Midway through the year ended December 31, 2013, we purchased at par first mortgage loans secured by the same 84 apartment communities for $119.1 million, the majority of which matured on June 1, 2013. Later in 2013, in accordance with the terms agreed upon when we acquired the first mortgage loans, the borrower repaid for $229.8 million the full amounts due under the first and second mortgage loans, as well as the recognized value of our unexercised option to acquire the apartment communities. | ||||||||||||
Asset Management Business Disposition | ||||||||||||
On December 19, 2012, we sold the Napico portfolio, our legacy asset management business. The transaction was primarily seller-financed, and the associated notes are scheduled to be repaid over the next five years. The notes will be repaid from the operation and liquidation of the Napico portfolio and are collateralized by the buyer’s interests in the portfolio. | ||||||||||||
In accordance with the provisions of GAAP applicable to sales of real estate or interests therein, for accounting purposes, we have not recognized the sale and are accounting for the transaction under the profit sharing method. Under this method, until full payment has been received for the seller-financed notes, we will continue to recognize the portfolio’s assets and liabilities, each condensed into single line items within other assets and accrued liabilities and other, respectively, in our consolidated balance sheets, for all dates following the transaction. Similarly, we will continue to recognize the portfolio’s results of operations, also condensed into a single line item within our consolidated statements of operations, for periods subsequent to the transaction. During the year ended December 31, 2013, we received the first cash payment required under the seller-financed notes. | ||||||||||||
At December 31, 2013, the Napico portfolio consisted of 17 partnerships that held investments in 14 apartment communities that were consolidated and 61 apartment communities that were accounted for under the equity or cost method of accounting. The portfolio’s assets and liabilities included in other assets in our consolidated balance sheets are summarized below (in thousands). | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Real estate, net | $ | 120,175 | $ | 125,065 | ||||||||
Cash and cash equivalents and restricted cash | 29,046 | 31,558 | ||||||||||
Investment in unconsolidated real estate partnerships | 10,817 | 15,987 | ||||||||||
Other assets | 3,811 | 4,146 | ||||||||||
Total assets | $ | 163,849 | $ | 176,756 | ||||||||
Total indebtedness | $ | 106,032 | $ | 107,562 | ||||||||
Accrued and other liabilities | 19,263 | 29,422 | ||||||||||
Total liabilities | 125,295 | 136,984 | ||||||||||
Noncontrolling interests in consolidated real estate partnerships | 35,818 | 57,208 | ||||||||||
Equity attributable to Aimco and the Aimco Operating Partnership | 2,736 | (17,436 | ) | |||||||||
Total liabilities and equity | $ | 163,849 | $ | 176,756 | ||||||||
Summarized information regarding the Napico portfolio’s results of operations for the year ended December 31, 2013, including any expense we recognize under the profit sharing method, is shown below (in thousands). The net income (before noncontrolling interests) related to Napico is included in gain on dispositions of unconsolidated real estate and other, net, in our consolidated statement of operations. | ||||||||||||
2013 | ||||||||||||
Revenues | $ | 23,711 | ||||||||||
Expenses | (21,188 | ) | ||||||||||
Equity in earnings or loss of unconsolidated entities, gains or losses on dispositions and other, net | (748 | ) | ||||||||||
Net income related to legacy asset management business | 1,775 | |||||||||||
Income tax expense associated with legacy asset management business | (639 | ) | ||||||||||
Noncontrolling interests in consolidated real estate partnerships | 21,370 | |||||||||||
Net income of legacy asset management business attributable to Aimco and the Aimco Operating Partnership | $ | 22,506 | ||||||||||
The assets and liabilities related to consolidated apartment communities sold by the owner of this portfolio through December 31, 2013, have been classified within assets held for sale or liabilities related to assets held for sale, and the results of their operations are presented within income from discontinued operations in our consolidated statement of operations and are excluded from the summaries above. | ||||||||||||
Based on our limited economic ownership in this portfolio, most of the assets and liabilities are allocated to noncontrolling interests and do not significantly affect our consolidated equity or partners’ capital. Additionally, the operating results of this portfolio generally have an insignificant effect on the amounts of income or loss attributable us, except as it relates to the consolidated partnerships within this portfolio that sell their final investments and commence dissolution, which results in the derecognition of all remaining noncontrolling interest balances associated with these partnerships. During 2013, noncontrolling interests in consolidated real estate partnerships reflects a benefit of $20.6 million to Aimco and the Aimco Operating Partnership's share of net income for the derecognition of such noncontrolling interest balances. | ||||||||||||
We consolidated the majority of these entities in connection with our adoption of a new accounting principle in 2010, and at that time recognized a large cumulative effect of a change in accounting principal charge to our equity and partners' capital. This adjustment represented the cumulative charges to earnings we would have recognized for any distributions or losses allocable to noncontrolling interests in excess of the carrying amount of the associated noncontrolling interest balances had we consolidated these entities from the period of our initial involvement. | ||||||||||||
Income or loss attributable to these noncontrolling interests will continue to be recognized commensurate with the recognition of the results of operations of the portfolio. If full payment is received on the notes and we meet the requirements to recognize the sale for accounting purposes, we expect to recognize a gain attributable to Aimco and the Aimco Operating Partnership. | ||||||||||||
Acquisitions of Apartment Communities | ||||||||||||
During the year ended December 31, 2013, we acquired conventional apartment communities located in La Jolla, CA, Atlanta, GA, and Boston, MA, and during the year ended December 31, 2012, we acquired conventional apartment communities located in San Diego, CA, Manhattan, NY, and Phoenix, AZ. Summarized information regarding these acquisitions is set forth in the table below (dollars in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Number of apartment homes | 134 | 614 | ||||||||||
Acquisition price | $ | 53,575 | $ | 126,873 | ||||||||
Non-recourse property debt assumed (outstanding principal balance) | 12,446 | 38,819 | ||||||||||
Non-recourse property debt assumed (fair value) | 14,767 | 43,938 | ||||||||||
Total fair value allocated to real estate | 55,896 | 130,547 | ||||||||||
During the year ended December 31, 2011, we acquired a vacant apartment community with 126 apartment homes, located in Marin County, north of San Francisco, California. We are redeveloping this apartment community and expect our total investment in this apartment community to approximate $101 million at its completion in the second half of 2014. During the year ended December 31, 2011, we also acquired noncontrolling interests (approximately 50%) in entities that own four contiguous apartment communities with 142 apartment homes located in La Jolla, California. | ||||||||||||
Acquisitions of Noncontrolling Interests in Consolidated Real Estate Partnerships | ||||||||||||
As set forth in the table below (dollars in thousands), during the years ended December 31, 2013, 2012 and 2011, we acquired the remaining noncontrolling limited partner interests in certain consolidated real estate partnerships in which our affiliates serve as the general partner. | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Consolidated partnerships in which remaining limited partnership interests were acquired | 3 | 11 | 12 | |||||||||
Number of apartment communities owned by partnerships | 5 | 17 | 15 | |||||||||
Cost of limited partnership interests acquired | $ | 17,900 | $ | 50,654 | $ | 22,305 | ||||||
Excess of consideration paid over the carrying amount of noncontrolling interests acquired | 17,170 | 44,777 | 36,260 | |||||||||
In connection with these acquisitions, the Aimco Operating Partnership recognized the excess of the consideration paid over the carrying amounts of the noncontrolling interests acquired as an adjustment of additional paid-in capital within partners’ capital (which is included in effects of changes in ownership for consolidated entities in the Aimco Operating Partnership’s consolidated statements of partners’ capital). This amount is allocated between Aimco and noncontrolling interests in the Aimco Operating Partnership within Aimco’s consolidated statements of equity. | ||||||||||||
Disposition of Interests in Unconsolidated Real Estate and Other | ||||||||||||
During the year ended December 31, 2013, the amounts included in gain on dispositions of unconsolidated real estate and other in our consolidated statement of operations primarily related to the legacy asset management business. During the years ended December 31, 2012 and 2011, we recognized $21.9 million and $2.4 million, respectively, in net gains on disposition of interests in unconsolidated real estate. Approximately $15.7 million of the gains recognized during 2012 related to the sale of our interests in two unconsolidated real estate partnerships. The majority of the remainder of the gains recognized in 2012 and substantially all the gains recognized in 2011 related to partnership interests held through the legacy asset management business, in which we had an insignificant economic interest. Accordingly, these gains related to the legacy asset management business were attributed to noncontrolling interests and had no significant effect on the amounts of income or loss attributable to Aimco or the Aimco Operating Partnership during the years ended December 31, 2012 and 2011. |
Investments_in_Unconsolidated_
Investments in Unconsolidated Real Estate Partnerships | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||
Investments in Unconsolidated Real Estate Partnerships | ' | |||||||||||
Investments in Unconsolidated Real Estate Partnerships | ||||||||||||
At December 31, 2013, 2012 and 2011, we owned general and limited partner interests in unconsolidated real estate partnerships that owned 20, 22 and 123 apartment communities, respectively. We acquired these interests through various transactions, including large portfolio acquisitions and offers to individual limited partners. At December 31, 2013, our ownership interests in these unconsolidated real estate partnerships ranged from 5% to 67%. | ||||||||||||
The following table provides selected combined financial information for the unconsolidated real estate partnerships in which we had investments accounted for under the equity method as of and for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Real estate, net of accumulated depreciation | $ | 88,014 | $ | 107,419 | $ | 429,780 | ||||||
Total assets | 93,242 | 114,658 | 472,904 | |||||||||
Non-recourse property debt and other notes payable | 60,660 | 122,019 | 321,236 | |||||||||
Total liabilities | 64,859 | 132,767 | 455,591 | |||||||||
Partners’ capital (deficit) | 28,383 | (18,109 | ) | 17,313 | ||||||||
Rental and other property revenues | 16,268 | 72,636 | 114,974 | |||||||||
Property operating expenses | (8,470 | ) | (49,331 | ) | (75,934 | ) | ||||||
Depreciation and amortization | (3,300 | ) | (18,388 | ) | (26,323 | ) | ||||||
Interest expense | (4,185 | ) | (21,354 | ) | (27,108 | ) | ||||||
Gain on sale and impairment losses, net | 36,212 | (4,140 | ) | 22,598 | ||||||||
Net income (loss) | 35,909 | (21,108 | ) | 6,773 | ||||||||
The decrease in the number of unconsolidated apartment communities from 2011 to 2012 was primarily attributed to the sale in December 2012 of the legacy asset management business. Based on the timing of the sale, the results of operations of the unconsolidated apartment communities in this portfolio are included in the table above for 2012 and 2011. Based on our insignificant economic ownership in the legacy asset management business, substantially all of the net equity and results of operations related to the legacy asset management business were attributed to the associated noncontrolling interests. | ||||||||||||
At December 31, 2013 and 2012, our aggregate recorded investment in unconsolidated partnerships of $16.9 million and $18.7 million, respectively, exceeded our share of the partners’ capital or deficit recognized in the underlying partnerships' financial statements by approximately $1.1 million and $6.9 million, respectively. |
NonRecourse_Property_Debt_and_
Non-Recourse Property Debt and Credit Agreement | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Non-Recourse Property Debt and Credit Agreement | ' | |||||||||||
Non-Recourse Property Debt and Credit Agreement | ||||||||||||
Non-Recourse Property Debt | ||||||||||||
We finance our apartment communities primarily using long-dated, fixed-rate borrowings, each of which is collateralized by a single apartment community and is non-recourse to us. The following table summarizes our property debt related to assets classified as held for use at December 31, 2013 and 2012 (dollars in thousands): | ||||||||||||
Weighted Average Interest Rate | Principal | |||||||||||
Outstanding | ||||||||||||
2013 | 2013 | 2012 | ||||||||||
Fixed rate property debt | 5.46% | $ | 4,107,141 | $ | 4,181,821 | |||||||
Variable rate property debt | 2.92% | 13,099 | 13,443 | |||||||||
Total | $ | 4,120,240 | $ | 4,195,264 | ||||||||
Fixed rate property debt matures at various dates through January 2055. The variable rate property debt matures January 2016. Principal and interest are generally payable monthly or in monthly interest-only payments with balloon payments due at maturity. At December 31, 2013, each of our property debt instruments related to apartment communities classified as held for use were secured by one of 186 apartment communities that had an aggregate gross book value of $7,251.1 million. | ||||||||||||
The following table summarizes our property tax-exempt bond financings related to assets classified as held for use at December 31, 2013 and 2012 (dollars in thousands): | ||||||||||||
Weighted Average Interest Rate | Principal | |||||||||||
Outstanding | ||||||||||||
2013 | 2013 | 2012 | ||||||||||
Fixed rate property tax-exempt debt | 4.87% | $ | 85,634 | $ | 87,220 | |||||||
Variable rate property tax-exempt debt | 1.09% | 131,911 | 130,599 | |||||||||
Total | $ | 217,545 | $ | 217,819 | ||||||||
Fixed rate property tax-exempt debt matures at various dates through February 2061. Variable rate property tax-exempt debt matures at various dates through July 2033. Principal and interest on these bonds are generally payable in semi-annual installments with balloon payments due at maturity. Certain of our property tax-exempt bonds at December 31, 2013, are remarketed periodically by a remarketing agent to maintain a variable yield. If the remarketing agent is unable to remarket the bonds, then the remarketing agent may require us to purchase the bonds. We believe that the likelihood of this occurring is remote. At December 31, 2013, our property tax-exempt bonds related to apartment communities classified as held for use were each secured by one of 20 apartment communities that had an aggregate gross book value of $514.2 million. | ||||||||||||
Our non-recourse property debt instruments contain covenants common to the type of borrowing, and at December 31, 2013, we were in compliance with all such covenants. | ||||||||||||
As of December 31, 2013, the scheduled principal amortization and maturity payments for our non-recourse property debt related to apartment communities in continuing operations are as follows (in thousands): | ||||||||||||
Amortization | Maturities | Total | ||||||||||
2014 | $ | 88,010 | $ | 82,192 | $ | 170,202 | ||||||
2015 | 88,424 | 183,317 | 271,741 | |||||||||
2016 | 85,380 | 465,321 | 550,701 | |||||||||
2017 | 79,223 | 398,320 | 477,543 | |||||||||
2018 | 74,232 | 238,253 | 312,485 | |||||||||
Thereafter | 2,555,113 | |||||||||||
$ | 4,337,785 | |||||||||||
Although the majority of our apartment communities are encumbered by property debt, as of December 31, 2013, we had seven unencumbered consolidated apartment communities, which we expect to hold beyond 2014, with an estimated fair value of approximately $380.0 million. | ||||||||||||
Credit Agreement | ||||||||||||
We have a Senior Secured Credit Agreement with a syndicate of financial institutions, which we refer to as the Credit Agreement. Our Credit Agreement provides for $600.0 million of revolving loan commitments. Borrowings under the Credit Agreement bear interest at a rate set forth on a pricing grid, which rate varies based on our leverage (initially either at LIBOR, plus 1.875%, or, at our option, Prime plus 0.5%). The Credit Agreement matures in September 2017, and may be extended for an additional one-year period, subject to certain conditions. | ||||||||||||
As of December 31, 2013, we had $50.4 million of outstanding borrowings under our Credit Agreement, and we had the capacity to borrow $505.0 million, net of the outstanding borrowings and $44.6 million for undrawn letters of credit backed by the Credit Agreement. The interest rate on our outstanding borrowings was 3.75% at December 31, 2013. We had no outstanding borrowings under the Credit Agreement as of December 31, 2012. The proceeds of revolving loans are generally used for working capital and other short-term purposes. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||
Fair Value Measurements | ' | |||||||||||
Fair Value Measurements | ||||||||||||
In accordance with GAAP, we are required to measure certain assets and liabilities in our consolidated financial statements at fair value. We are required to classify fair value measurements into one of three categories, based on the nature of the inputs used in the fair value measurement. Level 1 of the hierarchy includes fair value measurements based on unadjusted quoted prices in active markets for identical assets or liabilities we can access at the measurement date. Level 2 includes fair value measurements based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 includes fair value measurements based on unobservable inputs. The classification of fair value measurements is subjective and GAAP requires disclosure of more detailed information regarding fair value measurements classified within the lower levels of the hierarchy. | ||||||||||||
Recurring Fair Value Measurements | ||||||||||||
We measure at fair value on a recurring basis our investment in the securitization trust that holds certain of our property debt, which we classify as available for sale (AFS) securities, and our interest rate swaps. Information regarding these items measured at fair value, both of which are classified within Level 2 of the fair value hierarchy, is presented below (in thousands): | ||||||||||||
AFS Investments | Interest Rate Swaps | Total | ||||||||||
Fair value at December 31, 2011 | $ | 51,693 | $ | (7,012 | ) | $ | 44,681 | |||||
Investment accretion | 3,111 | — | 3,111 | |||||||||
Unrealized losses included in interest expense | — | (48 | ) | (48 | ) | |||||||
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss | — | 1,673 | 1,673 | |||||||||
Unrealized gains (losses) included in equity and partners’ capital | 4,341 | (2,581 | ) | 1,760 | ||||||||
Fair value at December 31, 2012 | $ | 59,145 | $ | (7,968 | ) | $ | 51,177 | |||||
Investment accretion | 3,451 | — | 3,451 | |||||||||
Unrealized losses included in interest expense | — | (48 | ) | (48 | ) | |||||||
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss | — | 1,678 | 1,678 | |||||||||
Unrealized (losses) gains included in equity and partners’ capital | (4,188 | ) | 1,734 | (2,454 | ) | |||||||
Fair value at December 31, 2013 | $ | 58,408 | $ | (4,604 | ) | $ | 53,804 | |||||
Our investments classified as AFS are presented within other assets in the accompanying consolidated balance sheets. We estimate the fair value of these investments using an income and market approach with primarily observable inputs, including yields and other information regarding similar types of investments, and adjusted for certain unobservable inputs specific to these investments. We are accreting the discount to the $100.9 million face value of the investments into interest income using the effective interest method over the remaining expected term of the investments, which, as of December 31, 2013, was approximately 7.4 years. Our amortized cost basis for these investments, which represents the original cost adjusted for interest accretion less interest payments received, was $59.8 million and $56.3 million at December 31, 2013 and 2012, respectively. The amortized cost exceeded the fair value of these investments at December 31, 2013, primarily due to increases in market interest rates and a decrease in demand for similar investments as compared to when we purchased the investments. We currently expect to hold the investments to their maturity dates and we believe we will fully recover our basis in the investments. Accordingly, we believe the current impairment in the fair value, as compared to the amortized cost basis, of these investments is temporary and we have not recognized any of the loss in value in earnings. | ||||||||||||
For our variable rate debt, we are sometimes required by limited partners in our consolidated real estate partnerships to limit our exposure to interest rate fluctuations by entering into interest rate swap agreements, which moderate our exposure to interest rate risk by effectively converting the interest on variable rate debt to a fixed rate. We estimate the fair value of interest rate swaps using an income approach with primarily observable inputs including information regarding the hedged variable cash flows and forward yield curves relating to the variable interest rates on which the hedged cash flows are based. | ||||||||||||
As of December 31, 2013 and 2012, we had interest rate swaps with aggregate notional amounts of $50.7 million and $51.0 million, respectively. As of December 31, 2013 these swaps had a weighted average remaining term of 7.0 years. We have designated these interest rate swaps as cash flow hedges. The fair value of these swaps is presented within accrued liabilities and other in our consolidated balance sheets, and we recognize any changes in the fair value as an adjustment of accumulated other comprehensive loss within equity and partners’ capital to the extent of their effectiveness. | ||||||||||||
If the forward rates at December 31, 2013 remain constant, we estimate that during the next 12 months, we would reclassify into earnings approximately $1.7 million of the unrealized losses in accumulated other comprehensive loss. If market interest rates increase above the 3.43% weighted average fixed rate under these interest rate swaps we will benefit from net cash payments due to us from our counterparty to the interest rate swaps. | ||||||||||||
Nonrecurring Fair Value Measurements | ||||||||||||
During the year ended December 31, 2012, we reduced the aggregate carrying amounts of nine assets classified as held for use or held for sale from $81.8 million to their estimated fair values of $65.8 million, resulting in impairment losses of $16.0 million. During the year ended December 31, 2011, we reduced the aggregate carrying amounts of 19 assets classified as held for sale from $108.2 million to their estimated fair values of $92.3 million, resulting in impairment losses of $15.9 million. | ||||||||||||
The fair values for the apartment communities we impaired during these periods were based primarily on contract prices for pending sales or expected sales values of the apartment communities. The contract prices were based in part on unobservable inputs classified within Level 3 of the fair value hierarchy, but were also based on observable inputs that can be validated to observable external sources, such as pricing information about widely marketed apartment communities for sale. | ||||||||||||
The unobservable inputs that are significant to our estimation of the fair value of real estate impaired during the periods include, among other things, information such as the property’s net operating income, or NOI, free cash flow, or FCF, which represents the property’s NOI less capital spending required to maintain the condition of the apartment community, and assumptions about NOI and FCF growth rates and exit values. An FCF internal rate of return, which represents the rate of return generated by the FCF from the apartment community and the proceeds from its eventual sale, is a common benchmark used in the real estate industry for relative comparison of real estate valuations. The projected cash flows, including the expected sales prices, on which the impairment losses were based translated to weighted average implied FCF internal rates of return of 7.39% and 7.87% for the apartment communities impaired during the years ended December 31, 2012 and 2011, respectively. | ||||||||||||
Fair Value Disclosures | ||||||||||||
We believe that the aggregate fair value of our cash and cash equivalents, receivables and payables approximates their aggregate carrying amounts at December 31, 2013 and 2012, due to their relatively short-term nature and high probability of realization. The estimated aggregate fair value of our consolidated debt (including outstanding borrowings under our Credit Agreement and amounts reported in liabilities related to assets held for sale) was approximately $4.5 billion and $5.1 billion at December 31, 2013 and 2012, respectively, as compared to aggregate carrying amounts of $4.4 billion and $4.7 billion, respectively. We estimate the fair value of our consolidated debt using an income and market approach, including comparison of the contractual terms to observable and unobservable inputs such as market interest rate risk spreads, contractual interest rates, remaining periods to maturity, collateral quality and loan to value ratios on similarly encumbered assets within our portfolio. We classify the fair value of our consolidated debt within Level 3 of the valuation hierarchy based on the significance of certain of the unobservable inputs used to estimate their fair values. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
Commitments and Contingencies | ||||
Commitments | ||||
In connection with our redevelopment and capital improvement activities, we have entered into various construction related contracts with commitments totaling approximately $82.6 million, which we expect to incur during the next 12 months. Pursuant to financing arrangements on our Lincoln Place, Pacific Bay Vistas and The Preserve at Marin apartment communities, we are contractually obligated to complete the planned projects. Additionally, 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. | ||||
Additionally, during September 2013, we entered into an agreement with a third-party developer to construct a 12-story apartment community in Boston, Massachusetts. Pursuant to this agreement, we expect to invest approximately $190 million over the next two and one-half years (approximately $147 million of which is committed) to build 310 luxury apartment homes and approximately 22,000 square feet of commercial space. The site is leased from the Massachusetts Department of Transportation under a 99-year ground lease for a total ground rent of $13.0 million, which we paid at the lease’s commencement. Pursuant to the lease agreement and financing related to the project, we have provided certain guarantees to complete the project. | ||||
Tax Credit Arrangements | ||||
We are required to manage certain consolidated real estate partnerships in compliance with various laws, regulations and contractual provisions that apply to our historic and low-income housing tax credit syndication arrangements. In some instances, noncompliance with applicable requirements could result in projected tax benefits not being realized and require a refund or reduction of investor capital contributions, which are reported as deferred income in our consolidated balance sheet, until such time as our obligation to deliver tax benefits is relieved. The remaining compliance periods for our tax credit syndication arrangements range from less than one year to 12 years. We do not anticipate that any material refunds or reductions of investor capital contributions will be required in connection with these arrangements. | ||||
Legal Matters | ||||
In addition to the matters described below, we are a party to various legal actions and administrative proceedings arising in the ordinary course of business, some of which are covered by our general liability insurance program, and none of which we expect to have a material adverse effect on our consolidated financial condition, results of operations or cash flows. | ||||
Limited Partnerships | ||||
In connection with our acquisitions of interests in real estate partnerships, we are sometimes subject to legal actions, including allegations that such activities may involve breaches of fiduciary duties to the partners of such real estate partnerships or violations of the relevant partnership agreements. We may incur costs in connection with the defense or settlement of such litigation. We believe that we comply with our fiduciary obligations and relevant partnership agreements. Although the outcome of any litigation is uncertain, we do not expect any such legal actions to have a material adverse effect on our consolidated financial condition, results of operations or cash flows. | ||||
Environmental | ||||
Various Federal, state and local laws subject apartment community owners or operators to liability for management, and the costs of removal or remediation, of certain potentially hazardous materials present on an apartment community, including lead-based paint, asbestos, polychlorinated biphenyls, petroleum-based fuels, and other miscellaneous materials. Such laws often impose liability without regard to whether the owner or operator knew of, or was responsible for, the release or presence of such materials. The presence of, or the failure to manage or remedy properly, these materials may adversely affect occupancy at affected apartment communities and the ability to sell or finance affected apartment communities. In addition to the costs associated with investigation and remediation actions brought by government agencies, and potential fines or penalties imposed by such agencies in connection therewith, the improper management of these materials on an apartment community could result in claims by private plaintiffs for personal injury, disease, disability or other infirmities. Various laws also impose liability for the cost of removal, remediation or disposal of these materials through a licensed disposal or treatment facility. Anyone who arranges for the disposal or treatment of these materials is potentially liable under such laws for the proper operation of the disposal facility. These laws often impose liability whether or not the person arranging for the disposal ever owned or operated the disposal facility. In connection with the ownership, operation and management of apartment communities, we could potentially be responsible for environmental liabilities or costs associated with our apartment communities or communities we acquire or manage in the future. | ||||
We have determined that our legal obligations to remove or remediate certain potentially hazardous materials may be conditional asset retirement obligations, as defined in GAAP. Except in limited circumstances where the asset retirement activities are expected to be performed in connection with a planned construction project or apartment community casualty, we believe that the fair value of our asset retirement obligations cannot be reasonably estimated due to significant uncertainties in the timing and manner of settlement of those obligations. Asset retirement obligations that are reasonably estimable as of December 31, 2013, are immaterial to our consolidated financial condition, results of operations and cash flows. | ||||
Operating Leases | ||||
We are obligated under non-cancelable operating leases for office space and equipment. Approximate minimum annual rental payments under operating leases are as follows (in thousands): | ||||
Operating Lease Obligations | ||||
2014 | $ | 3,249 | ||
2015 | 2,442 | |||
2016 | 2,249 | |||
2017 | 1,985 | |||
2018 | 841 | |||
Total | $ | 10,766 | ||
Substantially all of the office space subject to the operating leases in the table above is for the use of our corporate offices and area operations. Rent expense recognized totaled $4.2 million, $4.6 million and $5.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||
Income Taxes | |||||||||||||||||||||
Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities of the TRS entities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax liabilities and assets are as follows (in thousands): | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||
Partnership differences | $ | 50,290 | $ | 29,745 | |||||||||||||||||
Deferred revenue | 25,596 | 23,139 | |||||||||||||||||||
Capitalized interest | 11,424 | 16,157 | |||||||||||||||||||
Other | 49 | — | |||||||||||||||||||
Total deferred tax liabilities | $ | 87,359 | $ | 69,041 | |||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||
Net operating, capital and other loss carryforwards | $ | 62,651 | $ | 66,145 | |||||||||||||||||
Differences in basis of real estate | 35,604 | 33,321 | |||||||||||||||||||
Receivables | 440 | 1,183 | |||||||||||||||||||
Accruals and expenses | 9,272 | 9,398 | |||||||||||||||||||
Tax credit carryforwards | 12,905 | 7,724 | |||||||||||||||||||
Management contracts and other | 393 | 629 | |||||||||||||||||||
Total deferred tax assets | 121,265 | 118,400 | |||||||||||||||||||
Valuation allowance | (3,553 | ) | (4,531 | ) | |||||||||||||||||
Net deferred income tax assets | $ | 30,353 | $ | 44,828 | |||||||||||||||||
During the year ended December 31, 2013, we reduced the valuation allowance on a net basis by approximately $1.0 million, largely due to the expiration of tax credit carryforwards that had been fully reserved, with no impact on the effective tax rate. | |||||||||||||||||||||
A reconciliation of the beginning and ending balance of our unrecognized tax benefits is presented below (in thousands): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Balance at January 1 | $ | 3,536 | $ | 3,917 | $ | 4,071 | |||||||||||||||
Reductions as a result of a lapse of the applicable statutes | (764 | ) | (684 | ) | — | ||||||||||||||||
Additions (reductions) based on tax positions related to prior years and current year excess benefits related to stock-based compensation | 99 | 303 | (154 | ) | |||||||||||||||||
Balance at December 31 | $ | 2,871 | $ | 3,536 | $ | 3,917 | |||||||||||||||
Because the statute of limitations has not yet elapsed, our Federal income tax returns for the year ended December 31, 2009, and subsequent years and certain of our State income tax returns for the year ended December 31, 2007, and subsequent years are currently subject to examination by the IRS or other taxing authorities. Approximately $2.2 million of unrecognized benefit, if recognized, would affect the effective rate. | |||||||||||||||||||||
On October 25, 2012, the IRS issued Final Partnership Administrative Adjustments with respect to the Aimco Operating Partnership’s 2006 and 2007 tax years. On January 18, 2013, AIMCO-GP, Inc., in its capacity as tax matters partner of the Aimco Operating Partnership, filed a petition challenging those adjustments in the United States Tax Court in Washington, D.C. On December 20, 2013, the parties agreed on the terms of a settlement of that litigation. The court ordered the parties to file stipulated decision documents by March 20, 2014, or to file a joint status report. The settlement regarding the 2006 or 2007 proposed adjustments will not have any material effect on our unrecognized tax benefits, financial condition or results of operations. | |||||||||||||||||||||
Our policy is to include any interest and penalties related to income taxes within the income tax line item in our consolidated statements of operations. | |||||||||||||||||||||
In accordance with the accounting requirements for stock-based compensation, we may recognize tax benefits in connection with the exercise of stock options by employees of our TRS entities and the vesting of restricted stock awards. During the years ended December 31, 2013 and 2012, we had cumulatively $0.6 million and $0.5 million, respectively, in excess tax benefits from employee stock option exercises and vested restricted stock awards. None of the excess tax benefits have yet been realized. | |||||||||||||||||||||
Significant components of the income tax benefit or expense are as follows and are classified within income tax benefit in continuing operations and income from discontinued operations, net in our statements of operations for the years ended December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Current: | |||||||||||||||||||||
Federal | $ | — | $ | — | $ | (109 | ) | ||||||||||||||
State | 63 | 1,047 | 604 | ||||||||||||||||||
Total current | 63 | 1,047 | 495 | ||||||||||||||||||
Deferred: | |||||||||||||||||||||
Federal | 7,621 | 7,116 | (143 | ) | |||||||||||||||||
State | 1,685 | 812 | (903 | ) | |||||||||||||||||
Total deferred | 9,306 | 7,928 | (1,046 | ) | |||||||||||||||||
Total expense (benefit) | $ | 9,369 | $ | 8,975 | $ | (551 | ) | ||||||||||||||
Classification: | |||||||||||||||||||||
Continuing operations | $ | (1,959 | ) | $ | (858 | ) | $ | (5,941 | ) | ||||||||||||
Discontinued operations | $ | 11,328 | $ | 9,833 | $ | 5,390 | |||||||||||||||
Consolidated income or loss subject to tax consists of pretax income or loss of our TRS entities and gains or losses on certain apartment community sales that are subject to income tax under section 1374 of the Internal Revenue Code. For the years ended December 31, 2013, 2012 and 2011, we had consolidated income subject to tax of $46.6 million, $19.0 million and $5.0 million, respectively. The reconciliation of income tax attributable to continuing and discontinued operations computed at the U.S. statutory rate to income tax expense (benefit) is shown below (dollars in thousands): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||
Tax at U.S. statutory rates on consolidated income or loss subject to tax | $ | 16,326 | 35 | % | $ | 6,642 | 35 | % | $ | 1,756 | 35 | % | |||||||||
State income tax expense (benefit), net of Federal tax (benefit) expense | 1,748 | 3.7 | % | 1,859 | 9.8 | % | (299 | ) | (6.0 | )% | |||||||||||
Effect of permanent differences | (296 | ) | (0.6 | )% | (256 | ) | (1.3 | )% | (565 | ) | (11.3 | )% | |||||||||
Tax effect of intercompany transfers of assets between the REIT and taxable REIT subsidiaries (1) | (4,272 | ) | (9.2 | )% | 730 | 3.8 | % | (1,965 | ) | (39.2 | )% | ||||||||||
Tax credits | (4,137 | ) | (8.9 | )% | — | — | % | — | — | % | |||||||||||
Increase in valuation allowance | — | — | % | — | — | % | 522 | 10.4 | % | ||||||||||||
$ | 9,369 | 20 | % | $ | 8,975 | 47.3 | % | $ | (551 | ) | (11.1 | )% | |||||||||
-1 | Includes the effect of assets contributed by the Aimco Operating Partnership to TRS entities, for which deferred tax expense or benefit was recognized upon the sale or impairment of the asset by the TRS entity. | ||||||||||||||||||||
Income taxes paid totaled approximately $0.6 million, $1.1 million and $1.2 million, respectively, in the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
At December 31, 2013, we had net operating loss carryforwards, or NOLs, of approximately $150.8 million for income tax purposes that expire in years 2027 to 2032. Subject to certain separate return limitations, we may use these NOLs to offset all or a portion of taxable income generated by our TRS entities. We utilized approximately $15.8 million of NOLs during the year ended December 31, 2013, as a result of taxable gains recognized by our TRS entities. As of December 31, 2013, we had low-income housing and historic tax credit carryforwards of approximately $13.4 million for income tax purposes that expire for the tax years 2017 to 2032. The deferred tax asset related to these credits is approximately $12.9 million. | |||||||||||||||||||||
For income tax purposes, dividends paid to holders of Common Stock primarily consist of ordinary income, return of capital, capital gains, qualified dividends and unrecaptured Section 1250 gains, or a combination thereof. For the years ended December 31, 2013, 2012 and 2011, dividends per share held for the entire year were estimated to be taxable as follows: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Amount | Percentage | Amount | Percentage | Amount | Percentage | ||||||||||||||||
Ordinary income | $ | 0.17 | 17.9 | % | $ | — | — | % | $ | — | — | % | |||||||||
Capital gains | 0.13 | 13.9 | % | 0.35 | 46.6 | % | 0.12 | 24 | % | ||||||||||||
Unrecaptured Section 1250 gain | 0.66 | 68.2 | % | 0.41 | 53.4 | % | 0.36 | 76 | % | ||||||||||||
$ | 0.96 | 100 | % | $ | 0.76 | 100 | % | $ | 0.48 | 100 | % | ||||||||||
We designated the per share amounts above as capital gain dividends in accordance with the requirements under the Code. Additionally, we designated as 2013 capital gain dividends a like portion of preferred dividends. |
Aimco_Equity
Aimco Equity | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Aimco Equity | ' | |||||||||||
Aimco Equity | ||||||||||||
Preferred Stock | ||||||||||||
At December 31, 2013 and 2012, Aimco had the following classes of perpetual preferred stock outstanding (dollars in thousands): | ||||||||||||
Redemption | Annual Dividend Rate Per Share | Balance December 31, | ||||||||||
Date (1) | (paid quarterly) | 2013 | 2012 | |||||||||
Class Z Cumulative Preferred Stock, 4,800,000 shares authorized and 1,274,243 shares issued/outstanding | 7/29/16 | 7.00% | $ | 31,114 | $ | 31,114 | ||||||
Series A Community Reinvestment Act Preferred Stock, 240 shares authorized and 74 shares issued/outstanding | 6/30/11 | -2 | 37,000 | 37,000 | ||||||||
Preferred stock per consolidated balance sheets | $ | 68,114 | $ | 68,114 | ||||||||
-1 | All classes of preferred stock were or are redeemable at our option on and after the dates specified. | |||||||||||
-2 | For the period from the date of original issuance through March 31, 2015, the dividend rate is a variable rate per annum equal to the Three-Month LIBOR Rate (as defined in the articles supplementary designating the Series A Community Reinvestment Act Perpetual Preferred Stock, or CRA Preferred Stock) plus 1.25%, calculated as of the beginning of each quarterly dividend period. The rate at December 31, 2013 and 2012 was 1.50% and 1.61%, respectively. | |||||||||||
All classes of preferred stock have a $0.01 per share par value, are pari passu with each other and are senior to our Common Stock. The holders of each class of preferred stock are generally not entitled to vote on matters submitted to stockholders. Dividends on all shares of preferred stock are subject to declaration by our Board of Directors. Our Class Z Preferred Stock and Series A Community Reinvestment Act Preferred Stock have liquidation preferences per share of $25.00 and $500,000, respectively. | ||||||||||||
During the year end December 31, 2012, Aimco redeemed 24.0 million shares of preferred stock with a weighted average dividend rate of 7.86% for $600.9 million. During the year ended December 31, 2011, Aimco redeemed 0.9 million shares of preferred stock with a dividend rate of 8.00% for $21.6 million. In connection with these redemptions, the Aimco Operating Partnership redeemed from Aimco a number of Partnership Preferred Units equal to the number of shares redeemed by Aimco. In connection with these redemptions, we wrote off previously deferred issuance costs of $20.7 million and $0.8 million, respectively, during the years ended December 31, 2012 and 2011, which is reflected as an adjustment of net income attributable to Aimco preferred stockholders and the Aimco Operating Partnership’s preferred unitholders in the accompanying consolidated statements of operations for such periods. | ||||||||||||
The following table summarizes our issuances of Class Z Preferred Stock during the years ended December 31, 2012 and 2011 (dollars in thousands, except per share amounts): | ||||||||||||
Years Ended December 31, | ||||||||||||
2012 | 2011 | |||||||||||
Number of shares of preferred stock issued | 405,090 | 869,153 | ||||||||||
Price to public per share | $ | 24.78 | $ | 24.25 | ||||||||
Underwriting discounts, commissions and transaction costs per share | $ | 0.54 | $ | 1.25 | ||||||||
Net proceeds per share | $ | 24.24 | $ | 23 | ||||||||
Net proceeds to Aimco | $ | 9,818 | $ | 19,990 | ||||||||
Issuance costs (primarily underwriting commissions) recognized as an adjustment of additional paid-in capital | $ | 221 | $ | 1,085 | ||||||||
Aimco contributed the net proceeds from the issuances of Class Z Preferred Stock to the Aimco Operating Partnership in exchange for a number of Class Z Partnership Preferred Units equal to the number of shares issued by Aimco. | ||||||||||||
Common Stock | ||||||||||||
During the year ended December 31, 2012, Aimco completed two public offerings resulting in the sale of an aggregate of 22,144,200 shares of its Common Stock, generating net proceeds of $594.4 million, or net proceeds per share of $26.84. In addition, in connection with one of these offerings, the holders of near-term expiring stock options exercised 2,041,934 stock options with a weighted average exercise price of $23.01 per share for proceeds to Aimco of $47.0 million. The shares received upon exercise of the options were then sold by the stockholders as part of the offering. | ||||||||||||
During the year ended December 31, 2011, Aimco sold 2,914,000 shares of its Common Stock pursuant to an At-The-Market, or ATM, offering program, generating $71.9 million of net proceeds. | ||||||||||||
Aimco contributed the net proceeds from the sales and issuances of Common Stock to the Aimco Operating Partnership in exchange for a number of common partnership units equal to the number of shares sold and issued. | ||||||||||||
Registration Statements | ||||||||||||
Pursuant to ATM offering programs active at December 31, 2013, Aimco had the capacity to issue up to 3.5 million additional shares of its Common Stock and up to 3.5 million additional shares of its Class Z Preferred Stock. In the event of any such issuances by Aimco, the Aimco Operating Partnership would issue to Aimco a corresponding number of common partnership units or Class Z Partnership Preferred Units in exchange for the proceeds. | ||||||||||||
Additionally, Aimco and the Aimco Operating Partnership have a shelf registration statement that provides for the issuance of debt and equity securities by Aimco and debt securities by the Aimco Operating Partnership. |
Partners_Capital
Partners Capital | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Partners' Capital [Abstract] | ' | |||||||||||||||||||||
Partners' Capital | ' | |||||||||||||||||||||
Partners’ Capital | ||||||||||||||||||||||
Partnership Preferred Units Owned by Aimco | ||||||||||||||||||||||
At December 31, 2013 and 2012, the Aimco Operating Partnership had outstanding Partnership Preferred Units in classes and amounts similar to Aimco’s Preferred Stock discussed in Note 9. All of these classes of Partnership Preferred Units were owned by Aimco during the periods presented. | ||||||||||||||||||||||
All classes of Partnership Preferred Units are pari passu with each other and are senior to the Aimco Operating Partnership’s common partnership units. None of the classes of Partnership Preferred Units have any voting rights, except the right to approve certain changes to the Aimco Operating Partnership’s Partnership Agreement that would adversely affect holders of such class of units. Distributions on all Partnership Preferred Units are subject to being declared by the General Partner. All classes of the Partnership Preferred Units are redeemable by the Aimco Operating Partnership only in connection with a concurrent redemption by Aimco of the corresponding classes of Aimco Preferred Stock held by unrelated parties. | ||||||||||||||||||||||
As discussed in Note 9, during the years ended December 31, 2012 and 2011, Aimco completed various Preferred Stock issuances and redemptions. In connection with these issuances and redemptions, the Aimco Operating Partnership issued to Aimco or redeemed from Aimco a corresponding number of Partnership Preferred Units. | ||||||||||||||||||||||
Redeemable Partnership Preferred Units | ||||||||||||||||||||||
In addition to the Partnership Preferred Units owned by Aimco, the Aimco Operating Partnership has outstanding various classes of redeemable Partnership Preferred Units owned by third parties, which we refer to as Preferred OP Units. As of December 31, 2013 and 2012, the following classes of Preferred OP Units (stated at their redemption values, in thousands, except unit and per unit data): | ||||||||||||||||||||||
Distributions per Annum | Units Issued and Outstanding | Balances | ||||||||||||||||||||
Class of Preferred Units | Percent | Per Unit | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Class One | 8.75 | % | $ | 8 | 90,000 | 90,000 | $ | 8,229 | $ | 8,229 | ||||||||||||
Class Two | 1.84 | % | $ | 0.46 | 18,589 | 18,589 | 465 | 465 | ||||||||||||||
Class Three | 7.88 | % | $ | 1.97 | 1,354,091 | 1,357,691 | 33,852 | 33,942 | ||||||||||||||
Class Four | 8 | % | $ | 2 | 644,954 | 644,954 | 16,124 | 16,124 | ||||||||||||||
Class Six | 8.5 | % | $ | 2.13 | 790,883 | 790,883 | 19,772 | 19,772 | ||||||||||||||
Class Seven | 7.87 | % | $ | 1.97 | 27,960 | 27,960 | 699 | 699 | ||||||||||||||
Total | 2,926,477 | 2,930,077 | $ | 79,141 | $ | 79,231 | ||||||||||||||||
All of the remaining outstanding classes of Preferred OP Units at December 31, 2013, are redeemable at the holders’ option. The Aimco Operating Partnership, at its sole discretion, may settle such redemption requests in cash or cause Aimco to issue shares of its Common Stock in a value equal to the redemption price. In the event the Aimco Operating Partnership requires Aimco to issue shares of Common Stock to settle a redemption request, the Aimco Operating Partnership would issue to Aimco a corresponding number of common partnership units. The Aimco Operating Partnership has a redemption policy that requires cash settlement of redemption requests for the redeemable preferred OP Units, subject to limited exceptions. Accordingly, these redeemable units are classified within temporary equity in Aimco’s consolidated balance sheets and within temporary capital in the Aimco Operating Partnership’s consolidated balance sheets, based on the expectation that the Aimco Operating Partnership will use cash to settle any redemption of these units. Subject to certain conditions, the Class Four and Class Six preferred OP Units are convertible into common OP Units. | ||||||||||||||||||||||
During the years ended December 31, 2013, 2012 and 2011, approximately 3,600, 131,400 and 1,600 preferred OP Units, respectively, were tendered for redemption in exchange for cash, and no preferred OP Units were tendered for redemption in exchange for shares of Aimco Common Stock. | ||||||||||||||||||||||
The following table presents a reconciliation of the Aimco Operating Partnership’s redeemable Partnership Preferred Units that were classified within temporary equity in Aimco’s consolidated balance sheets and temporary capital within the Aimco Operating Partnership’s consolidated balance sheets during the years ended December 31, 2013, 2012 and 2011 (dollars in thousands). The redeemable Partnership Preferred Units presented in this reconciliation include the redeemable Preferred OP Units as well as the CRA Preferred Units held by Aimco, which were redeemed by Aimco during 2011. | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Balance at January 1 | $ | 80,046 | $ | 83,384 | $ | 103,428 | ||||||||||||||||
Preferred distributions | (6,423 | ) | (6,496 | ) | (6,683 | ) | ||||||||||||||||
Redemption of preferred units | (93 | ) | (3,338 | ) | (20,044 | ) | ||||||||||||||||
Net income | 6,423 | 6,496 | 6,683 | |||||||||||||||||||
Balance at December 31 | $ | 79,953 | $ | 80,046 | $ | 83,384 | ||||||||||||||||
Common Partnership Units | ||||||||||||||||||||||
In the Aimco Operating Partnership’s consolidated balance sheets, the common partnership units held by Aimco are classified within Partners’ Capital as General Partner and Special Limited Partner capital and the common OP Units are classified within Limited Partners’ capital. In Aimco’s consolidated balance sheets, the common OP Units are classified within permanent equity as common noncontrolling interests in the Aimco Operating Partnership. | ||||||||||||||||||||||
Common partnership units held by Aimco are not redeemable. 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, prorated from the date of issuance, in an amount equivalent to the dividends paid to holders of Common Stock. | ||||||||||||||||||||||
During the years ended December 31, 2013, 2012 and 2011, the Aimco Operating Partnership acquired the noncontrolling limited partnership interests in certain consolidated real estate partnerships in exchange for cash and the Aimco Operating Partnership’s issuance of approximately 21,500, 184,000 and 6,900 common OP Units, respectively. | ||||||||||||||||||||||
During the years ended December 31, 2013, 2012 and 2011, approximately 105,000, 416,000 and 237,000 common OP Units, respectively, were redeemed in exchange for cash, and no common OP Units were redeemed in exchange for shares of Common Stock. | ||||||||||||||||||||||
HPUs | ||||||||||||||||||||||
At December 31, 2013 and 2012, the Aimco Operating Partnership had outstanding 2,339,950 HPUs. The holders of HPUs may redeem these units commencing after December 31, 2016, on the basis of one HPU 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, at Aimco’s option. The holders of HPUs receive the same amount of distributions that are paid to holders of an equivalent number of common OP Units. The HPUs are classified within permanent capital as part of Limited Partners’ capital in the Aimco Operating Partnership’s consolidated balance sheets, and within permanent equity as part of common noncontrolling interests in the Aimco Operating Partnership within Aimco’s consolidated balance sheets. | ||||||||||||||||||||||
Repayment of Notes Receivable from Aimco | ||||||||||||||||||||||
As of December 31, 2010, the Aimco Operating Partnership had notes receivable from Aimco that it received in exchange for the sale of certain apartment communities to Aimco in December 2000. The notes bore interest at 5.7% per annum and had original principal amounts of $10.1 million. During the year ended December 31, 2011, Aimco repaid the then outstanding $18.5 million of outstanding principal and interest due on these notes, using its share of proceeds from a $19.7 million, or $0.15 per unit, special distribution the Aimco Operating Partnership declared and paid to holders of common partnership units and HPUs on that date. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Share-Based Compensation and Employee Benefit Plans | ' | ||||||||||||||||||||
Share-Based Compensation | |||||||||||||||||||||
We have a stock award and incentive plan to attract and retain officers, key employees and independent directors. Our plan reserves for issuance a maximum of 4.4 million shares, which may be in the form of incentive stock options, non-qualified stock options and restricted stock, or other types of awards as authorized under our plan. At December 31, 2013, there were approximately 1.0 million shares available to be granted under our plan. Our plan is administered by the Compensation and Human Resources Committee of the Board of Directors. In the case of stock options, the exercise price of the options granted may not be less than the fair market value of a share of Common Stock at the date of grant. The term of the options is generally 10 years from the date of grant and the options typically vest over a period of four years from the date of grant. Restricted stock awards typically vest over a period of four years. | |||||||||||||||||||||
The following table summarizes activity for our outstanding stock options for the years ended December 31, 2013, 2012 and 2011 (numbers of options in thousands): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Number of Options | Weighted | Number of Options | Weighted | Number of Options | Weighted | ||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||
Price | Price | Price | |||||||||||||||||||
Outstanding at beginning of year | 3,045 | $ | 28.39 | 6,809 | $ | 26.47 | 7,733 | $ | 26.53 | ||||||||||||
Exercised | (44 | ) | 22.52 | (2,253 | ) | 21.75 | (203 | ) | 8.99 | ||||||||||||
Forfeited | (10 | ) | 27.82 | (1,511 | ) | 29.66 | (721 | ) | 32.09 | ||||||||||||
Outstanding at end of year | 2,991 | $ | 28.48 | 3,045 | $ | 28.39 | 6,809 | $ | 26.47 | ||||||||||||
Exercisable at end of year | 2,991 | $ | 28.48 | 2,841 | $ | 29.79 | 6,146 | $ | 27.5 | ||||||||||||
The intrinsic value of a stock option represents the amount by which the current price of the underlying stock exceeds the exercise price of the option. Options outstanding and exercisable at December 31, 2013, had an aggregate intrinsic value of $3.6 million and a weighted average remaining contractual term of 3.0 years. The intrinsic value of stock options exercised during the years ended December 31, 2013, 2012 and 2011, was $0.3 million, $10.9 million and $3.0 million respectively. | |||||||||||||||||||||
The following table summarizes activity for restricted stock awards for the years ended December 31, 2013, 2012 and 2011 (numbers of shares in thousands): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Number of Shares | Weighted | Number of Shares | Weighted | Number of Shares | Weighted | ||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Grant-Date | Grant-Date | Grant-Date | |||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||
Unvested at beginning of year | 526 | $ | 22.69 | 463 | $ | 21.53 | 544 | $ | 19.36 | ||||||||||||
Granted | 253 | 27.86 | 241 | 24.31 | 290 | 25.59 | |||||||||||||||
Vested | (204 | ) | 21.81 | (178 | ) | 21.86 | (243 | ) | 24.31 | ||||||||||||
Forfeited | — | — | — | — | (128 | ) | 16.16 | ||||||||||||||
Unvested at end of year | 575 | $ | 25.28 | 526 | $ | 22.69 | 463 | $ | 21.53 | ||||||||||||
The aggregate fair value of shares that vested during the years ended December 31, 2013, 2012 and 2011 was $5.7 million, $4.4 million and $6.1 million, respectively. | |||||||||||||||||||||
Total compensation cost recognized for restricted stock and stock option awards was $5.9 million, $5.3 million and $5.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. Of these amounts, $0.3 million, $0.4 million and $0.5 million, respectively, were capitalized. At December 31, 2013, total unvested compensation cost not yet recognized was $8.6 million. We expect to recognize this compensation over a weighted average period of approximately 1.7 years. |
Assets_Held_for_Sale_and_Disco
Assets Held for Sale and Discontinued Operations | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Assets Held for Sale and Discontinued Operations | ' | |||||||||||
Assets Held for Sale and Discontinued Operations | ||||||||||||
We report as discontinued operations apartment communities that meet the definition of a component of an entity and have been sold or meet the criteria to be classified as held for sale. We include all results of these discontinued operations, less applicable income taxes, in a separate component of income on the consolidated statements of operations under the heading “income from discontinued operations, net.” This treatment resulted in the retrospective adjustment of the 2012 and 2011 statements of operations and the 2012 balance sheets. | ||||||||||||
We are currently marketing for sale certain apartment communities that are inconsistent with our long-term investment strategy. At the end of each reporting period, we evaluate whether such apartment communities meet the criteria to be classified as held for sale, including whether we expect to sell such apartment communities within 12 months. Additionally, certain apartment communities that do not meet all of the criteria to be classified as held for sale at the balance sheet date may nevertheless be sold and included in discontinued operations in the subsequent 12 months; thus the number of apartment communities that may be sold during the subsequent 12 months could exceed the number classified as held for sale. At December 31, 2013, we had no apartment communities classified as held for sale. At December 31, 2012, after adjustments to classify as held for sale apartment communities that were sold during the year ended December 31, 2013, we had 29 apartment communities with an aggregate of 6,953 apartment homes classified as held for sale. Amounts classified as held for sale in the accompanying consolidated balance sheets as of December 31, 2012, are as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2012 | ||||||||||||
Real estate, net | $ | 279,653 | ||||||||||
Other assets | 10,093 | |||||||||||
Assets held for sale | $ | 289,746 | ||||||||||
Non-recourse property debt | $ | 278,538 | ||||||||||
Other liabilities | 2,900 | |||||||||||
Liabilities related to assets held for sale | $ | 281,438 | ||||||||||
During the years ended December 31, 2013, 2012 and 2011, we sold 29, 75 and 67 consolidated apartment communities with an aggregate of 6,953, 11,232 and 10,912 apartment homes, respectively. For each of the periods presented, discontinued operations includes the results of operations for the periods prior to the date of disposition for all apartment communities sold as of December 31, 2013. | ||||||||||||
The following is a summary of the components of income from discontinued operations and the related amounts of income from discontinued operations attributable to Aimco, the Aimco Operating Partnership and noncontrolling interests for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Rental and other property revenues | $ | 62,152 | $ | 140,634 | $ | 226,623 | ||||||
Property operating expenses | (30,695 | ) | (62,781 | ) | (111,549 | ) | ||||||
Depreciation and amortization | (16,372 | ) | (41,577 | ) | (72,099 | ) | ||||||
Recovery of (provision for) real estate impairment losses | 16 | (17,452 | ) | (20,246 | ) | |||||||
Operating income | 15,101 | 18,824 | 22,729 | |||||||||
Interest income | 343 | 568 | 1,561 | |||||||||
Interest expense | (13,346 | ) | (29,972 | ) | (49,030 | ) | ||||||
Income (loss) before gain on dispositions of real estate and income tax | 2,098 | (10,580 | ) | (24,740 | ) | |||||||
Gain on dispositions of real estate | 212,459 | 234,530 | 108,203 | |||||||||
Income tax expense | (11,328 | ) | (9,833 | ) | (5,390 | ) | ||||||
Income from discontinued operations, net | $ | 203,229 | $ | 214,117 | $ | 78,073 | ||||||
Income from discontinued operations attributable to noncontrolling interests in consolidated real estate partnerships | (31,842 | ) | (41,633 | ) | (32,231 | ) | ||||||
Income from discontinued operations attributable to the Aimco Operating Partnership | $ | 171,387 | $ | 172,484 | 45,842 | |||||||
Income from discontinued operations attributable to noncontrolling interests in Aimco Operating Partnership | (9,248 | ) | (10,238 | ) | (3,147 | ) | ||||||
Income from discontinued operations attributable to Aimco | $ | 162,139 | $ | 162,246 | $ | 42,695 | ||||||
Gain on dispositions of real estate is reported net of incremental direct costs incurred in connection with the transactions, including any prepayment penalties incurred upon repayment of property debt collateralized by the apartment communities being sold. Such prepayment penalties totaled $16.5 million, $16.5 million and $14.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. We classify interest expense related to property debt within discontinued operations when the related real estate asset is sold or classified as held for sale. |
Earnings_Loss_per_ShareUnit
Earnings (Loss) per Share/Unit | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings (Loss) per Share/Unit | ' | |||||||||||
Earnings (Loss) per Share/Unit | ||||||||||||
Aimco | ||||||||||||
The following table illustrates Aimco’s calculation of basic and diluted earnings (loss) per share for the years ended December 31, 2013, 2012 and 2011 (in thousands, except per share data): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Numerator: | ||||||||||||
Income (loss) from continuing operations | $ | 34,596 | $ | (18,756 | ) | $ | (136,237 | ) | ||||
Loss (income) from continuing operations attributable to noncontrolling interests | 10,555 | (11,034 | ) | 36,455 | ||||||||
Income attributable to preferred stockholders | (2,804 | ) | (49,888 | ) | (45,852 | ) | ||||||
Income attributable to participating securities | (813 | ) | (422 | ) | (222 | ) | ||||||
Income (loss) from continuing operations attributable to Aimco common stockholders | $ | 41,534 | $ | (80,100 | ) | $ | (145,856 | ) | ||||
Income from discontinued operations | $ | 203,229 | $ | 214,117 | $ | 78,073 | ||||||
Income from discontinued operations attributable to noncontrolling interests | (41,090 | ) | (51,871 | ) | (35,378 | ) | ||||||
Income from discontinued operations attributable to Aimco common stockholders | $ | 162,139 | $ | 162,246 | $ | 42,695 | ||||||
Net income (loss) | $ | 237,825 | $ | 195,361 | $ | (58,164 | ) | |||||
Net (income) loss attributable to noncontrolling interests | (30,535 | ) | (62,905 | ) | 1,077 | |||||||
Net income attributable to preferred stockholders | (2,804 | ) | (49,888 | ) | (45,852 | ) | ||||||
Net income attributable to participating securities | (813 | ) | (422 | ) | (222 | ) | ||||||
Net income (loss) attributable to Aimco common stockholders | $ | 203,673 | $ | 82,146 | $ | (103,161 | ) | |||||
Denominator: | ||||||||||||
Weighted average common shares outstanding – basic | 145,291 | 134,479 | 119,312 | |||||||||
Dilutive potential common shares | 241 | — | — | |||||||||
Weighted average common shares outstanding – diluted | 145,532 | 134,479 | 119,312 | |||||||||
Earnings (loss) per common share – basic and diluted: | ||||||||||||
Income (loss) from continuing operations attributable to Aimco common stockholders | $ | 0.29 | $ | (0.60 | ) | $ | (1.22 | ) | ||||
Income from discontinued operations attributable to Aimco common stockholders | 1.11 | 1.21 | 0.36 | |||||||||
Net income (loss) attributable to Aimco common stockholders | $ | 1.4 | $ | 0.61 | $ | (0.86 | ) | |||||
Dividends declared per common share | $ | 0.96 | $ | 0.76 | $ | 0.48 | ||||||
The Aimco Operating Partnership | ||||||||||||
The following table illustrates the Aimco Operating Partnership’s calculation of basic and diluted earnings (loss) per unit for the years ended December 31, 2013, 2012 and 2011 (in thousands, except per unit data): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Numerator: | ||||||||||||
Income (loss) from continuing operations | $ | 34,596 | $ | (18,756 | ) | $ | (134,938 | ) | ||||
Loss (income) from continuing operations attributable to noncontrolling interests | 19,369 | (9,585 | ) | 32,488 | ||||||||
Income attributable to the Partnership’s preferred unitholders | (9,227 | ) | (56,384 | ) | (52,535 | ) | ||||||
Income attributable to participating securities | (813 | ) | (422 | ) | (222 | ) | ||||||
Income (loss) from continuing operations attributable to the Partnership’s common unitholders | $ | 43,925 | $ | (85,147 | ) | $ | (155,207 | ) | ||||
Income from discontinued operations | $ | 203,229 | $ | 214,117 | $ | 78,073 | ||||||
Income from discontinued operations attributable to noncontrolling interests | (31,842 | ) | (41,633 | ) | (32,231 | ) | ||||||
Income from discontinued operations attributable to the Partnership’s common unitholders | $ | 171,387 | $ | 172,484 | $ | 45,842 | ||||||
Net income (loss) | $ | 237,825 | $ | 195,361 | $ | (56,865 | ) | |||||
Net (income) loss attributable to noncontrolling interests | (12,473 | ) | (51,218 | ) | 257 | |||||||
Net income attributable to the Partnership’s preferred unitholders | (9,227 | ) | (56,384 | ) | (52,535 | ) | ||||||
Net income attributable to participating securities | (813 | ) | (422 | ) | (222 | ) | ||||||
Net income (loss) attributable to the Partnership’s common unitholders | $ | 215,312 | $ | 87,337 | $ | (109,365 | ) | |||||
Denominator: | ||||||||||||
Weighted average common units outstanding – basic | 153,256 | 142,614 | 127,681 | |||||||||
Dilutive potential common units | 241 | — | — | |||||||||
Weighted average common units outstanding – diluted | 153,497 | 142,614 | 127,681 | |||||||||
Earnings (loss) per common unit – basic and diluted: | ||||||||||||
Income (loss) from continuing operations attributable to the Partnership’s common unitholders | $ | 0.29 | $ | (0.60 | ) | $ | (1.22 | ) | ||||
Income from discontinued operations attributable to the Partnership’s common unitholders | 1.11 | 1.21 | 0.36 | |||||||||
Net income (loss) attributable to the Partnership’s common unitholders | $ | 1.4 | $ | 0.61 | $ | (0.86 | ) | |||||
Distributions declared per unit | $ | 0.96 | $ | 0.76 | $ | 0.63 | ||||||
Distributions declared per unit during the year ended December 31, 2011, includes a special distribution of $0.15 per unit which is discussed further in Note 10. | ||||||||||||
Aimco and the Aimco Operating Partnership | ||||||||||||
As of December 31, 2013, the common share or unit equivalents that could potentially dilute basic earnings per share or unit in future periods totaled 3.0 million. These securities represent options to purchase shares of Common Stock, which, if exercised, would result in Aimco’s issuance of additional shares and the Aimco Operating Partnership’s issuance to Aimco of additional common partnership units equal to the number of shares purchased under the options. The effect of these securities was dilutive for the year ended December 31, 2013, and accordingly has been included in the denominator for calculating diluted earnings per share and unit for this period. These securities have been excluded from the earnings (loss) per share or unit computations for the years ended December 31, 2012 and 2011, because their effect would have been anti-dilutive. Participating securities, consisting primarily of unvested restricted shares of Common Stock, receive dividends similar to shares of Common Stock and common partnership units and totaled 0.6 million, 0.5 million and 0.5 million at December 31, 2013, 2012 and 2011, respectively. The effect of participating securities is included in basic and diluted earnings (loss) per share and unit computations for the periods presented above using the two-class method of allocating distributed and undistributed earnings. | ||||||||||||
As discussed in Note 10, the Aimco Operating Partnership has various classes of preferred OP Units, which may be redeemed at the holders’ option. The Aimco Operating Partnership may redeem these units for cash or at its option, shares of Common Stock. As of December 31, 2013, these preferred OP Units were potentially redeemable for approximately 3.1 million shares of Common Stock (based on the period end market price), or cash at the Aimco Operating Partnership’s option. The Aimco Operating Partnership has a redemption policy that requires cash settlement of redemption requests for the preferred OP Units, subject to limited exceptions. Accordingly, we expect these securities to be excluded from earnings (loss) per share or unit computations in future periods. |
Unaudited_Summarized_Consolida
Unaudited Summarized Consolidated Quarterly Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Unaudited Summarized Consolidated Quarterly Information | ' | ||||||||||||||||
Unaudited Summarized Consolidated Quarterly Information | |||||||||||||||||
Aimco | |||||||||||||||||
Aimco’s summarized unaudited consolidated quarterly information for 2013 and 2012 is provided below (in thousands, except per share amounts). | |||||||||||||||||
Quarter (1) | |||||||||||||||||
2013 | First | Second | Third | Fourth | |||||||||||||
Total revenues | $ | 237,504 | $ | 241,744 | $ | 243,943 | $ | 250,862 | |||||||||
Total operating expenses | (184,864 | ) | (183,033 | ) | (179,430 | ) | (177,707 | ) | |||||||||
Operating income | 52,640 | 58,711 | 64,513 | 73,155 | |||||||||||||
(Loss) income from continuing operations | (1,662 | ) | 2,477 | 6,977 | 26,804 | ||||||||||||
Income from discontinued operations, net | 4,495 | 4,502 | 72,433 | 121,799 | |||||||||||||
Net income | 2,833 | 6,979 | 79,410 | 148,603 | |||||||||||||
Net income attributable to Aimco common stockholders | $ | 5,050 | $ | 10,107 | $ | 66,268 | $ | 122,037 | |||||||||
Earnings (loss) per common share - basic and diluted: | |||||||||||||||||
(Loss) income from continuing operations attributable to Aimco common stockholders | $ | (0.01 | ) | $ | 0.01 | $ | 0.04 | $ | 0.25 | ||||||||
Net income attributable to Aimco common stockholders | $ | 0.03 | $ | 0.07 | $ | 0.46 | $ | 0.84 | |||||||||
Weighted average common shares outstanding - basic | 145,169 | 145,321 | 145,334 | 145,341 | |||||||||||||
Weighted average common shares outstanding - diluted | 145,169 | 145,674 | 145,563 | 145,499 | |||||||||||||
Quarter (1) | |||||||||||||||||
2012 | First | Second | Third | Fourth | |||||||||||||
Total revenues | $ | 231,748 | $ | 236,085 | $ | 242,973 | $ | 247,705 | |||||||||
Total operating expenses | (199,743 | ) | (190,343 | ) | (197,071 | ) | (192,338 | ) | |||||||||
Operating income | 32,005 | 45,742 | 45,902 | 55,367 | |||||||||||||
(Loss) income from continuing operations | (26,294 | ) | (5,670 | ) | 5,369 | 7,839 | |||||||||||
Income from discontinued operations, net | 36,941 | 39,801 | 47,966 | 89,409 | |||||||||||||
Net income | 10,647 | 34,131 | 53,335 | 97,248 | |||||||||||||
Net (loss) income attributable to Aimco common stockholders | $ | (10,609 | ) | $ | 523 | $ | 24,163 | $ | 67,928 | ||||||||
Loss per common share - basic and diluted: | |||||||||||||||||
Loss from continuing operations attributable to Aimco common stockholders | $ | (0.30 | ) | $ | (0.25 | ) | $ | (0.07 | ) | $ | (0.01 | ) | |||||
Net (loss) income attributable to Aimco common stockholders | $ | (0.09 | ) | $ | — | $ | 0.17 | $ | 0.47 | ||||||||
Weighted average common shares outstanding - basic and diluted | 120,526 | 127,395 | 144,959 | 145,035 | |||||||||||||
The Aimco Operating Partnership | |||||||||||||||||
The Aimco Operating Partnership’s summarized unaudited consolidated quarterly information for 2013 and 2012 is provided below (in thousands, except per share amounts). | |||||||||||||||||
Quarter (1) | |||||||||||||||||
2013 | First | Second | Third | Fourth | |||||||||||||
Total revenues | $ | 237,504 | $ | 241,744 | $ | 243,943 | $ | 250,862 | |||||||||
Total operating expenses | (184,864 | ) | (183,033 | ) | (179,430 | ) | (177,707 | ) | |||||||||
Operating income | 52,640 | 58,711 | 64,513 | 73,155 | |||||||||||||
(Loss) income from continuing operations | (1,662 | ) | 2,477 | 6,977 | 26,804 | ||||||||||||
Income from discontinued operations, net | 4,495 | 4,502 | 72,433 | 121,799 | |||||||||||||
Net income | 2,833 | 6,979 | 79,410 | 148,603 | |||||||||||||
Net income attributable to the Partnership’s common unitholders | $ | 5,347 | $ | 10,682 | $ | 70,064 | $ | 129,008 | |||||||||
Earnings (loss) per common unit - basic and diluted: | |||||||||||||||||
(Loss) income from continuing operations attributable to the Partnership’s common unitholders | $ | (0.01 | ) | $ | 0.01 | $ | 0.04 | $ | 0.25 | ||||||||
Net income attributable to the Partnership’s common unitholders | $ | 0.03 | $ | 0.07 | $ | 0.46 | $ | 0.84 | |||||||||
Weighted average common units outstanding - basic | 153,169 | 153,294 | 153,287 | 153,276 | |||||||||||||
Weighted average common units outstanding - diluted | 153,169 | 153,647 | 153,516 | 153,434 | |||||||||||||
Quarter (1) | |||||||||||||||||
2012 | First | Second | Third | Fourth | |||||||||||||
Total revenues | $ | 231,748 | $ | 236,085 | $ | 242,973 | $ | 247,705 | |||||||||
Total operating expenses | (199,743 | ) | (190,343 | ) | (197,071 | ) | (192,338 | ) | |||||||||
Operating income | 32,005 | 45,742 | 45,902 | 55,367 | |||||||||||||
(Loss) income from continuing operations | (26,294 | ) | (5,670 | ) | 5,369 | 7,839 | |||||||||||
Income from discontinued operations, net | 36,941 | 39,801 | 47,966 | 89,409 | |||||||||||||
Net income | 10,647 | 34,131 | 53,335 | 97,248 | |||||||||||||
Net (loss) income attributable to the Partnership’s common unitholders | $ | (11,346 | ) | $ | 578 | $ | 25,774 | $ | 72,190 | ||||||||
Loss per common unit - basic and diluted: | |||||||||||||||||
Loss from continuing operations attributable to the Partnership’s common unitholders | $ | (0.30 | ) | $ | (0.25 | ) | $ | (0.07 | ) | $ | (0.01 | ) | |||||
Net (loss) income attributable to the Partnership’s common unitholders | $ | (0.09 | ) | $ | — | $ | 0.17 | $ | 0.47 | ||||||||
Weighted average common units outstanding - basic and diluted | 128,729 | 135,622 | 152,997 | 153,107 | |||||||||||||
-1 | Certain reclassifications have been made to 2013 and 2012 quarterly amounts to conform to the full year 2013 presentation, primarily related to treatment of discontinued operations. |
Business_Segments
Business Segments | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Business Segments | ' | |||||||||||||||||||
Business Segments | ||||||||||||||||||||
We have two reportable segments: conventional real estate operations and affordable real estate operations. Our conventional real estate operations consist of market-rate apartment communities with rents paid by the residents and included 162 apartment communities with 50,486 apartment homes at December 31, 2013. Our affordable real estate operations consisted of 74 apartment communities with 10,067 apartment homes at December 31, 2013, with rents that are generally paid, in whole or part, by a government agency. | ||||||||||||||||||||
Due to the diversity of our economic ownership interests in our apartment communities, our chief executive officer, who is our operating decision maker, uses proportionate property net operating income to asses the operating performance of our apartment communities. Proportionate property net operating income reflects our share of rental and other property revenues less direct property operating expenses, including real estate taxes, for the consolidated and unconsolidated apartment communities that we manage. | ||||||||||||||||||||
The following tables present the revenues, net operating income (loss) and income (loss) from continuing operations of our conventional and affordable real estate operations segments on a proportionate basis for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||||||||||
Conventional | Affordable | Proportionate | Corporate and | Consolidated | ||||||||||||||||
Real Estate | Real Estate | Adjustments (1) | Amounts Not | |||||||||||||||||
Operations | Operations | Allocated to | ||||||||||||||||||
Segments | ||||||||||||||||||||
Year Ended December 31, 2013: | ||||||||||||||||||||
Rental and other property revenues (2) | $ | 803,242 | $ | 98,713 | $ | 37,201 | $ | 75 | $ | 939,231 | ||||||||||
Tax credit and asset management revenues | — | — | — | 34,822 | 34,822 | |||||||||||||||
Total revenues | 803,242 | 98,713 | 37,201 | 34,897 | 974,053 | |||||||||||||||
Property operating expenses (2) | 285,062 | 39,717 | 13,406 | 37,487 | 375,672 | |||||||||||||||
Investment management expenses | — | — | — | 4,341 | 4,341 | |||||||||||||||
Depreciation and amortization (2) | — | — | — | 291,910 | 291,910 | |||||||||||||||
General and administrative expenses | — | — | — | 45,708 | 45,708 | |||||||||||||||
Other expenses, net | — | — | — | 7,403 | 7,403 | |||||||||||||||
Total operating expenses | 285,062 | 39,717 | 13,406 | 386,849 | 725,034 | |||||||||||||||
Operating income (loss) | 518,180 | 58,996 | 23,795 | (351,952 | ) | 249,019 | ||||||||||||||
Other items included in continuing operations | — | — | — | (214,423 | ) | (214,423 | ) | |||||||||||||
Income (loss) from continuing operations | $ | 518,180 | $ | 58,996 | $ | 23,795 | $ | (566,375 | ) | $ | 34,596 | |||||||||
Conventional | Affordable | Proportionate | Corporate and | Consolidated | ||||||||||||||||
Real Estate | Real Estate | Adjustments (1) | Amounts Not | |||||||||||||||||
Operations | Operations | Allocated to | ||||||||||||||||||
Segments | ||||||||||||||||||||
Year Ended December 31, 2012: | ||||||||||||||||||||
Rental and other property revenues (2) | $ | 761,876 | $ | 97,135 | $ | 57,251 | $ | 480 | $ | 916,742 | ||||||||||
Tax credit and asset management revenues | — | — | — | 41,769 | 41,769 | |||||||||||||||
Total revenues | 761,876 | 97,135 | 57,251 | 42,249 | 958,511 | |||||||||||||||
Property operating expenses (2) | 274,414 | 38,932 | 23,562 | 37,439 | 374,347 | |||||||||||||||
Investment management expenses | — | — | — | 12,008 | 12,008 | |||||||||||||||
Depreciation and amortization (2) | — | — | — | 325,173 | 325,173 | |||||||||||||||
Provision for real estate impairment losses (2) | — | — | — | 6,235 | 6,235 | |||||||||||||||
General and administrative expenses | — | — | — | 49,602 | 49,602 | |||||||||||||||
Other expenses, net | — | — | — | 12,130 | 12,130 | |||||||||||||||
Total operating expenses | 274,414 | 38,932 | 23,562 | 442,587 | 779,495 | |||||||||||||||
Operating income (loss) | 487,462 | 58,203 | 33,689 | (400,338 | ) | 179,016 | ||||||||||||||
Other items included in continuing operations | — | — | — | (197,772 | ) | (197,772 | ) | |||||||||||||
Income (loss) from continuing operations | $ | 487,462 | $ | 58,203 | $ | 33,689 | $ | (598,110 | ) | $ | (18,756 | ) | ||||||||
Conventional | Affordable | Proportionate | Corporate and | Consolidated | ||||||||||||||||
Real Estate | Real Estate | Adjustments (1) | Amounts Not | |||||||||||||||||
Operations | Operations | Allocated to | ||||||||||||||||||
Segments | ||||||||||||||||||||
Year Ended December 31, 2011: | ||||||||||||||||||||
Rental and other property revenues (2) | $ | 724,866 | $ | 94,007 | $ | 55,627 | $ | 1,194 | $ | 875,694 | ||||||||||
Tax credit and asset management revenues | — | — | — | 38,661 | 38,661 | |||||||||||||||
Total revenues | 724,866 | 94,007 | 55,627 | 39,855 | 914,355 | |||||||||||||||
Property operating expenses (2) | 263,969 | 37,096 | 22,140 | 52,959 | 376,164 | |||||||||||||||
Investment management expenses | — | — | — | 10,459 | 10,459 | |||||||||||||||
Depreciation and amortization (2) | — | — | — | 323,233 | 323,233 | |||||||||||||||
General and administrative expenses | — | — | — | 50,906 | 50,906 | |||||||||||||||
Other expenses, net | — | — | — | 18,302 | 18,302 | |||||||||||||||
Total operating expenses | 263,969 | 37,096 | 22,140 | 455,859 | 779,064 | |||||||||||||||
Operating income (loss) | 460,897 | 56,911 | 33,487 | (416,004 | ) | 135,291 | ||||||||||||||
Other items included in continuing operations (3) | — | — | — | (271,528 | ) | (271,528 | ) | |||||||||||||
Income (loss) from continuing operations | $ | 460,897 | $ | 56,911 | $ | 33,487 | $ | (687,532 | ) | $ | (136,237 | ) | ||||||||
-1 | Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the results of our consolidated apartment communities and the results of consolidated apartment communities that we do not manage, which are excluded from our measurement of segment performance but included in the related consolidated amounts, and our share of the results of operations of our unconsolidated real estate partnerships that we manage, which are included in our measurement of segment performance but excluded from the related consolidated amounts. | |||||||||||||||||||
-2 | Proportionate property net operating income, our key measurement of segment profit or loss, excludes property management revenues (which are included in rental and other property revenues), property management expenses and casualty gains and losses (which are included in property operating expenses), depreciation and amortization and provision for real estate impairment losses. Accordingly, we do not allocate these amounts to our segments. | |||||||||||||||||||
-3 | In addition to the other items included in continuing operations presented in the table for the year ending December 31, 2011, the Aimco Operating Partnership recognized $1.3 million of interest income on its notes receivable from Aimco. These notes were repaid by Aimco during the three months ended December 31, 2011. | |||||||||||||||||||
The assets of our reportable segments on a proportionate basis, together with the proportionate adjustments to reconcile these amounts to the consolidated assets of our segments, and the consolidated assets not allocated to our segments are as follows (in thousands): | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Conventional | $ | 4,793,472 | $ | 4,837,236 | ||||||||||||||||
Affordable | 382,091 | 466,678 | ||||||||||||||||||
Proportionate adjustments (1) | 428,376 | 634,858 | ||||||||||||||||||
Corporate and other assets | 475,474 | 462,608 | ||||||||||||||||||
Total consolidated assets | $ | 6,079,413 | $ | 6,401,380 | ||||||||||||||||
-1 | Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the assets of our consolidated apartment communities, which are excluded from our measurement of segment financial condition, and our share of the assets of our unconsolidated real estate partnerships, which are included in our measure of segment financial condition. | |||||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, capital additions related to our conventional segment totaled $365.3 million, $252.3 million and $191.6 million, respectively, and capital additions related to our affordable segment totaled $10.7 million, $19.8 million and $15.6 million, respectively. |
Real_Estate_and_Accumulated_De
Real Estate and Accumulated Depreciation | 12 Months Ended | |||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||
Schedule III: Real Estate and Accumulated Depreciation Disclosure | ' | |||||||||||||||||||||||||||||||||
APARTMENT INVESTMENT AND MANAGEMENT COMPANY | ||||||||||||||||||||||||||||||||||
AIMCO PROPERTIES, L.P. | ||||||||||||||||||||||||||||||||||
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||
(In Thousands Except Apartment Home Data) | ||||||||||||||||||||||||||||||||||
-2 | -3 | |||||||||||||||||||||||||||||||||
-1 | Initial Cost | Cost Capitalized | 31-Dec-13 | |||||||||||||||||||||||||||||||
Apartment | Date | Year | Apartment | Buildings and | Subsequent to | Buildings and | -4 | Accumulated | Total Cost | |||||||||||||||||||||||||
Apartment Community Name | Type | Consolidated | Location | Built | Homes | Land | Improvements | Consolidation | Land | Improvements | Total | Depreciation (AD) | Net of AD | Encumbrances | ||||||||||||||||||||
Conventional Apartment Communities: | ||||||||||||||||||||||||||||||||||
100 Forest Place | High Rise | Dec-97 | Oak Park, IL | 1987 | 234 | $ | 2,664 | $ | 18,815 | $ | 6,494 | $ | 2,664 | $ | 25,309 | $ | 27,973 | $ | (11,077 | ) | $ | 16,896 | $ | 25,955 | ||||||||||
118-122 West 23rd Street | High Rise | 12-Jun | New York, NY | 1987 | 42 | 14,985 | 23,459 | 3,942 | 14,985 | 27,401 | 42,386 | (1,366 | ) | 41,020 | 19,493 | |||||||||||||||||||
1582 First Avenue | High Rise | 5-Mar | New York, NY | 1900 | 17 | 4,281 | 752 | 318 | 4,281 | 1,070 | 5,351 | (452 | ) | 4,899 | 2,520 | |||||||||||||||||||
173 E. 90th Street | High Rise | 4-May | New York, NY | 1910 | 72 | 12,066 | 4,535 | 2,442 | 12,067 | 6,976 | 19,043 | (2,546 | ) | 16,497 | 7,435 | |||||||||||||||||||
182-188 Columbus Avenue | Mid Rise | 7-Feb | New York, NY | 1910 | 32 | 19,123 | 3,300 | 2,608 | 19,123 | 5,908 | 25,031 | (2,075 | ) | 22,956 | 13,471 | |||||||||||||||||||
204-206 West 133rd Street | Mid Rise | 7-Jun | New York, NY | 1910 | 44 | 4,352 | 1,450 | 1,556 | 4,352 | 3,006 | 7,358 | (957 | ) | 6,401 | 2,963 | |||||||||||||||||||
2232-2240 Seventh Avenue | Mid Rise | 7-Jun | New York, NY | 1910 | 24 | 3,366 | 3,785 | 1,266 | 3,366 | 5,051 | 8,417 | (1,423 | ) | 6,994 | 2,972 | |||||||||||||||||||
2247-2253 Seventh Avenue | Mid Rise | 7-Jun | New York, NY | 1910 | 35 | 7,356 | 3,335 | 1,649 | 7,356 | 4,984 | 12,340 | (1,768 | ) | 10,572 | 5,483 | |||||||||||||||||||
2252-2258 Seventh Avenue | Mid Rise | 7-Jun | New York, NY | 1910 | 35 | 4,318 | 4,504 | 1,706 | 4,318 | 6,210 | 10,528 | (1,810 | ) | 8,718 | 5,125 | |||||||||||||||||||
2300-2310 Seventh Avenue | Mid Rise | 7-Jun | New York, NY | 1910 | 63 | 10,417 | 6,964 | 4,642 | 10,417 | 11,606 | 22,023 | (4,017 | ) | 18,006 | 9,362 | |||||||||||||||||||
236-238 East 88th Street | High Rise | 4-Jan | New York, NY | 1900 | 43 | 8,820 | 2,914 | 2,097 | 8,820 | 5,011 | 13,831 | (1,737 | ) | 12,094 | 12,000 | |||||||||||||||||||
237-239 Ninth Avenue | High Rise | 5-Mar | New York, NY | 1900 | 36 | 8,495 | 1,866 | 1,449 | 8,494 | 3,316 | 11,810 | (1,131 | ) | 10,679 | 6,155 | |||||||||||||||||||
240 West 73rd Street, LLC | High Rise | 4-Sep | New York, NY | 1900 | 200 | 68,109 | 12,140 | 8,646 | 68,109 | 20,786 | 88,895 | (6,290 | ) | 82,605 | 27,704 | |||||||||||||||||||
2484 Seventh Avenue | Mid Rise | 7-Jun | New York, NY | 1921 | 23 | 2,601 | 1,726 | 772 | 2,601 | 2,498 | 5,099 | (652 | ) | 4,447 | 2,472 | |||||||||||||||||||
2900 on First Apartments | Mid Rise | 8-Oct | Seattle, WA | 1989 | 135 | 19,070 | 17,518 | 17,374 | 19,071 | 34,891 | 53,962 | (5,106 | ) | 48,856 | 19,337 | |||||||||||||||||||
306 East 89th Street | High Rise | 4-Jul | New York, NY | 1930 | 20 | 2,680 | 1,006 | 418 | 2,681 | 1,423 | 4,104 | (523 | ) | 3,581 | 2,055 | |||||||||||||||||||
311 & 313 East 73rd Street | Mid Rise | 3-Mar | New York, NY | 1904 | 34 | 5,678 | 1,609 | 543 | 5,678 | 2,152 | 7,830 | (1,282 | ) | 6,548 | 2,512 | |||||||||||||||||||
322-324 East 61st Street | High Rise | 5-Mar | New York, NY | 1900 | 40 | 6,372 | 2,224 | 1,229 | 6,372 | 3,453 | 9,825 | (1,368 | ) | 8,457 | 3,780 | |||||||||||||||||||
3400 Avenue of the Arts | Mid Rise | 2-Mar | Costa Mesa, CA | 1987 | 770 | 57,241 | 65,506 | 72,777 | 57,240 | 138,284 | 195,524 | (71,918 | ) | 123,606 | 113,022 | |||||||||||||||||||
452 East 78th Street | High Rise | 4-Jan | New York, NY | 1900 | 12 | 1,982 | 608 | 458 | 1,982 | 1,066 | 3,048 | (416 | ) | 2,632 | 1,456 | |||||||||||||||||||
464-466 Amsterdam & 200-210 W. 83rd Street | Mid Rise | 7-Feb | New York, NY | 1910 | 72 | 25,553 | 7,101 | 4,506 | 25,552 | 11,608 | 37,160 | (3,634 | ) | 33,526 | 19,679 | |||||||||||||||||||
510 East 88th Street | High Rise | 4-Jan | New York, NY | 1900 | 20 | 3,163 | 1,002 | 387 | 3,163 | 1,389 | 4,552 | (457 | ) | 4,095 | 2,396 | |||||||||||||||||||
514-516 East 88th Street | High Rise | 5-Mar | New York, NY | 1900 | 36 | 6,282 | 2,168 | 775 | 6,282 | 2,943 | 9,225 | (1,170 | ) | 8,055 | 4,097 | |||||||||||||||||||
707 Leahy | Garden | 7-Apr | Redwood City, CA | 1973 | 110 | 15,444 | 7,909 | 4,936 | 15,444 | 12,845 | 28,289 | (4,621 | ) | 23,668 | 9,601 | |||||||||||||||||||
865 Bellevue | Garden | Jul-00 | Nashville, TN | 1972 | 326 | 3,562 | 12,037 | 28,070 | 3,562 | 40,107 | 43,669 | (23,536 | ) | 20,133 | 18,154 | |||||||||||||||||||
Arbours Of Hermitage, The | Garden | Jul-00 | Hermitage, TN | 1972 | 350 | 3,217 | 12,023 | 8,376 | 3,217 | 20,399 | 23,616 | (10,525 | ) | 13,091 | 9,398 | |||||||||||||||||||
Auburn Glen (5) | Garden | 6-Dec | Jacksonville, FL | 1974 | 251 | 7,670 | 8,191 | 4,075 | 7,670 | 6,562 | 14,232 | (4,201 | ) | 10,031 | 9,271 | |||||||||||||||||||
Bank Lofts | High Rise | 1-Apr | Denver, CO | 1920 | 117 | 3,525 | 9,045 | 2,173 | 3,525 | 11,218 | 14,743 | (5,537 | ) | 9,206 | 11,601 | |||||||||||||||||||
Bay Parc Plaza | High Rise | 4-Sep | Miami, FL | 2000 | 471 | 22,680 | 41,847 | 6,979 | 22,680 | 48,826 | 71,506 | (12,557 | ) | 58,949 | 45,252 | |||||||||||||||||||
Bay Ridge at Nashua | Garden | 3-Jan | Nashua, NH | 1984 | 412 | 3,262 | 40,713 | 5,719 | 3,262 | 46,432 | 49,694 | (15,956 | ) | 33,738 | 30,740 | |||||||||||||||||||
Bayberry Hill Estates | Garden | 2-Aug | Framingham, MA | 1971 | 424 | 19,944 | 35,945 | 12,775 | 19,944 | 48,720 | 68,664 | (19,082 | ) | 49,582 | 33,252 | |||||||||||||||||||
Bluffs at Pacifica, The | Garden | 6-Oct | Pacifica, CA | 1963 | 64 | 8,108 | 4,132 | 13,692 | 8,108 | 17,824 | 25,932 | (7,878 | ) | 18,054 | 5,963 | |||||||||||||||||||
Boston Lofts | High Rise | 1-Apr | Denver, CO | 1/1/1890 | 158 | 3,446 | 20,589 | 6,072 | 3,447 | 26,660 | 30,107 | (12,087 | ) | 18,020 | 16,948 | |||||||||||||||||||
Boulder Creek | Garden | Jul-94 | Boulder, CO | 1973 | 221 | 754 | 7,730 | 18,580 | 755 | 26,309 | 27,064 | (14,011 | ) | 13,053 | 8,771 | |||||||||||||||||||
Broadcast Center | Garden | 2-Mar | Los Angeles, CA | 1990 | 279 | 29,407 | 41,244 | 27,142 | 29,407 | 68,386 | 97,793 | (31,926 | ) | 65,867 | 55,083 | |||||||||||||||||||
Broadway Lofts | High Rise | 12-Sep | San Diego, CA | 1909 | 84 | 5,367 | 14,442 | 760 | 5,367 | 15,202 | 20,569 | (724 | ) | 19,845 | 10,194 | |||||||||||||||||||
Buena Vista | Mid Rise | 6-Jan | Pasadena, CA | 1973 | 92 | 9,693 | 6,818 | 1,499 | 9,693 | 8,317 | 18,010 | (2,607 | ) | 15,403 | 10,033 | |||||||||||||||||||
Burke Shire Commons | Garden | 1-Mar | Burke, VA | 1986 | 360 | 4,867 | 23,617 | 8,707 | 4,867 | 32,324 | 37,191 | (13,704 | ) | 23,487 | 42,239 | |||||||||||||||||||
Calhoun Beach Club | High Rise | Dec-98 | Minneapolis, MN | 1928 | 332 | 11,708 | 73,334 | 50,873 | 11,708 | 124,207 | 135,915 | (58,397 | ) | 77,518 | 46,590 | |||||||||||||||||||
Canterbury Green | Garden | Dec-99 | Fort Wayne, IN | 1970 | 1,988 | 13,659 | 73,115 | 24,041 | 13,659 | 97,156 | 110,815 | (54,409 | ) | 56,406 | 50,629 | |||||||||||||||||||
Canyon Terrace | Garden | 2-Mar | Saugus, CA | 1984 | 130 | 7,508 | 6,601 | 6,160 | 7,508 | 12,761 | 20,269 | (6,305 | ) | 13,964 | 10,091 | |||||||||||||||||||
-2 | -3 | |||||||||||||||||||||||||||||||||
-1 | Initial Cost | Cost Capitalized | 31-Dec-13 | |||||||||||||||||||||||||||||||
Apartment | Date | Year | Apartment | Buildings and | Subsequent to | Buildings and | -4 | Accumulated | Total Cost | |||||||||||||||||||||||||
Apartment Community Name | Type | Consolidated | Location | Built | Homes | Land | Improvements | Consolidation | Land | Improvements | Total | Depreciation (AD) | Net of AD | Encumbrances | ||||||||||||||||||||
Casa del Mar at Baymeadows | Garden | 6-Oct | Jacksonville, FL | 1984 | 144 | 5,039 | 10,562 | 2,902 | 5,039 | 13,464 | 18,503 | (4,092 | ) | 14,411 | 8,820 | |||||||||||||||||||
Cedar Rim | Garden | Apr-00 | Newcastle, WA | 1980 | 104 | 761 | 5,218 | 17,029 | 761 | 22,247 | 23,008 | (17,854 | ) | 5,154 | 7,479 | |||||||||||||||||||
Center Square | High Rise | Oct-99 | Doylestown, PA | 1975 | 350 | 582 | 4,190 | 3,022 | 582 | 7,212 | 7,794 | (3,605 | ) | 4,189 | 12,910 | |||||||||||||||||||
Charlesbank Apartment Homes | Mid Rise | 13-Sep | Watertown, MA | 2012 | 44 | 3,399 | 11,726 | 23 | 3,399 | 11,749 | 15,148 | (114 | ) | 15,034 | 8,500 | |||||||||||||||||||
Chestnut Hall | High Rise | 6-Oct | Philadelphia, PA | 1923 | 315 | 12,338 | 14,299 | 6,812 | 12,338 | 21,111 | 33,449 | (10,199 | ) | 23,250 | 17,238 | |||||||||||||||||||
Chestnut Hill Village | Garden | Apr-00 | Philadelphia, PA | 1963 | 821 | 6,469 | 49,316 | 48,831 | 6,469 | 98,147 | 104,616 | (57,443 | ) | 47,173 | 56,368 | |||||||||||||||||||
Chimneys of Cradle Rock | Garden | 4-Jun | Columbia, MD | 1979 | 198 | 2,040 | 8,108 | 1,243 | 2,040 | 9,351 | 11,391 | (3,382 | ) | 8,009 | 16,156 | |||||||||||||||||||
Colony at Kenilworth | Garden | Oct-99 | Towson, MD | 1966 | 383 | 2,403 | 18,799 | 15,903 | 2,403 | 34,702 | 37,105 | (21,537 | ) | 15,568 | 23,048 | |||||||||||||||||||
Columbus Avenue | Mid Rise | 3-Sep | New York, NY | 1/1/1880 | 59 | 35,527 | 9,450 | 4,598 | 35,527 | 14,048 | 49,575 | (7,973 | ) | 41,602 | 27,843 | |||||||||||||||||||
Creekside | Garden | Jan-00 | Denver, CO | 1974 | 328 | 3,189 | 12,698 | 5,479 | 3,189 | 18,177 | 21,366 | (10,358 | ) | 11,008 | 12,424 | |||||||||||||||||||
Crescent at West Hollywood, The | Mid Rise | 2-Mar | West Hollywood, CA | 1985 | 130 | 15,765 | 10,215 | 14,427 | 15,765 | 24,642 | 40,407 | (16,813 | ) | 23,594 | 23,694 | |||||||||||||||||||
Elm Creek | Mid Rise | Dec-97 | Elmhurst, IL | 1987 | 400 | 5,910 | 30,830 | 30,750 | 5,910 | 61,580 | 67,490 | (26,139 | ) | 41,351 | 41,472 | |||||||||||||||||||
Evanston Place | High Rise | Dec-97 | Evanston, IL | 1990 | 189 | 3,232 | 25,546 | 6,229 | 3,232 | 31,775 | 35,007 | (14,147 | ) | 20,860 | 20,628 | |||||||||||||||||||
Farmingdale | Mid Rise | Oct-00 | Darien, IL | 1975 | 240 | 11,763 | 15,174 | 10,119 | 11,763 | 25,293 | 37,056 | (13,304 | ) | 23,752 | 16,027 | |||||||||||||||||||
Flamingo Towers | High Rise | Sep-97 | Miami Beach, FL | 1960 | 1,161 | 32,239 | 39,410 | 240,961 | 32,239 | 280,371 | 312,610 | (116,869 | ) | 195,741 | 112,970 | |||||||||||||||||||
Four Quarters Habitat | Garden | 6-Jan | Miami, FL | 1976 | 336 | 2,379 | 17,199 | 18,160 | 2,379 | 35,359 | 37,738 | (19,850 | ) | 17,888 | 8,644 | |||||||||||||||||||
Foxchase | Garden | Dec-97 | Alexandria, VA | 1940 | 2,113 | 15,496 | 96,062 | 32,317 | 15,496 | 128,379 | 143,875 | (64,462 | ) | 79,413 | 246,181 | |||||||||||||||||||
Georgetown | Garden | 2-Aug | Framingham, MA | 1964 | 207 | 12,351 | 13,168 | 2,038 | 12,351 | 15,206 | 27,557 | (5,775 | ) | 21,782 | 9,692 | |||||||||||||||||||
Granada | Mid Rise | 2-Aug | Framingham, MA | 1958 | 72 | 4,577 | 4,057 | 867 | 4,577 | 4,924 | 9,501 | (2,449 | ) | 7,052 | 3,246 | |||||||||||||||||||
Grand Pointe | Garden | Dec-99 | Columbia, MD | 1972 | 325 | 2,714 | 16,771 | 5,401 | 2,715 | 22,171 | 24,886 | (10,457 | ) | 14,429 | 15,695 | |||||||||||||||||||
Greens | Garden | Jul-94 | Chandler, AZ | 2000 | 324 | 2,303 | 713 | 28,836 | 2,303 | 29,549 | 31,852 | (17,513 | ) | 14,339 | 9,377 | |||||||||||||||||||
Heritage Park Escondido | Garden | Oct-00 | Escondido, CA | 1986 | 196 | 1,055 | 7,565 | 1,495 | 1,055 | 9,060 | 10,115 | (5,391 | ) | 4,724 | 7,236 | |||||||||||||||||||
Heritage Park Livermore | Garden | Oct-00 | Livermore, CA | 1988 | 167 | 1,039 | 9,170 | 1,382 | 1,039 | 10,552 | 11,591 | (5,920 | ) | 5,671 | 7,468 | |||||||||||||||||||
Heritage Village Anaheim | Garden | Oct-00 | Anaheim, CA | 1986 | 196 | 1,832 | 8,541 | 1,513 | 1,832 | 10,054 | 11,886 | (5,867 | ) | 6,019 | 8,781 | |||||||||||||||||||
Hidden Cove | Garden | Jul-98 | Escondido, CA | 1983 | 334 | 3,043 | 17,616 | 7,508 | 3,043 | 25,124 | 28,167 | (12,839 | ) | 15,328 | 29,073 | |||||||||||||||||||
Hidden Cove II | Garden | 7-Jul | Escondido, CA | 1986 | 118 | 12,849 | 6,530 | 6,257 | 12,849 | 12,787 | 25,636 | (6,137 | ) | 19,499 | 10,864 | |||||||||||||||||||
Hillcreste | Garden | 2-Mar | Century City, CA | 1989 | 315 | 35,862 | 47,216 | 24,470 | 35,862 | 71,686 | 107,548 | (34,664 | ) | 72,884 | 70,250 | |||||||||||||||||||
Hillmeade | Garden | Nov-94 | Nashville, TN | 1986 | 288 | 2,872 | 16,070 | 10,594 | 2,872 | 26,664 | 29,536 | (14,712 | ) | 14,824 | 17,073 | |||||||||||||||||||
Horizons West Apartments | Mid Rise | 6-Dec | Pacifica, CA | 1970 | 78 | 8,887 | 6,377 | 1,868 | 8,887 | 8,245 | 17,132 | (3,011 | ) | 14,121 | 4,807 | |||||||||||||||||||
Hunt Club | Garden | Sep-00 | Gaithersburg, MD | 1986 | 336 | 17,859 | 13,149 | 8,445 | 17,859 | 21,594 | 39,453 | (9,435 | ) | 30,018 | — | |||||||||||||||||||
Hunter's Chase | Garden | 1-Jan | Midlothian, VA | 1985 | 320 | 7,935 | 7,915 | 3,113 | 7,935 | 11,028 | 18,963 | (4,729 | ) | 14,234 | 15,350 | |||||||||||||||||||
Hunters Glen | Garden | Oct-99 | Plainsboro, NJ | 1976 | 896 | 8,778 | 47,259 | 42,658 | 8,779 | 89,916 | 98,695 | (63,437 | ) | 35,258 | 64,358 | |||||||||||||||||||
Hyde Park Tower | High Rise | 4-Oct | Chicago, IL | 1990 | 155 | 4,731 | 14,927 | 3,373 | 4,731 | 18,300 | 23,031 | (4,815 | ) | 18,216 | 14,028 | |||||||||||||||||||
Indian Oaks | Garden | 2-Mar | Simi Valley, CA | 1986 | 254 | 24,523 | 15,801 | 5,200 | 24,523 | 21,001 | 45,524 | (8,904 | ) | 36,620 | 31,184 | |||||||||||||||||||
Island Club | Garden | Oct-00 | Oceanside, CA | 1986 | 592 | 18,027 | 28,654 | 14,010 | 18,027 | 42,664 | 60,691 | (23,271 | ) | 37,420 | 61,169 | |||||||||||||||||||
Key Towers | High Rise | 1-Apr | Alexandria, VA | 1964 | 140 | 1,526 | 7,050 | 6,262 | 1,526 | 13,312 | 14,838 | (8,036 | ) | 6,802 | 10,287 | |||||||||||||||||||
Lakeside | Garden | Oct-99 | Lisle, IL | 1972 | 568 | 5,840 | 27,937 | 32,029 | 5,840 | 59,966 | 65,806 | (38,230 | ) | 27,576 | 27,808 | |||||||||||||||||||
Lakeside at Vinings Mountain | Garden | Jan-00 | Atlanta, GA | 1983 | 220 | 2,111 | 11,862 | 15,823 | 2,111 | 27,685 | 29,796 | (18,631 | ) | 11,165 | 14,459 | |||||||||||||||||||
Latrobe | High Rise | 3-Jan | Washington, DC | 1980 | 175 | 3,459 | 9,103 | 16,140 | 3,459 | 25,243 | 28,702 | (17,149 | ) | 11,553 | 29,452 | |||||||||||||||||||
Lazy Hollow | Garden | 5-Apr | Columbia, MD | 1979 | 178 | 2,429 | 12,181 | 326 | 2,430 | 12,506 | 14,936 | (6,132 | ) | 8,804 | 13,332 | |||||||||||||||||||
Lincoln Place (5) | Garden | 4-Oct | Venice, CA | 1951 | 696 | 128,332 | 10,439 | 242,465 | 44,197 | 252,904 | 297,101 | (3,581 | ) | 293,520 | 134,869 | |||||||||||||||||||
Lodge at Chattahoochee, The | Garden | Oct-99 | Sandy Springs, GA | 1970 | 312 | 2,335 | 16,370 | 23,999 | 2,335 | 40,369 | 42,704 | (25,788 | ) | 16,916 | 21,201 | |||||||||||||||||||
Los Arboles | Garden | Sep-97 | Chandler, AZ | 1986 | 232 | 1,662 | 9,504 | 2,847 | 1,662 | 12,351 | 14,013 | (6,212 | ) | 7,801 | 7,687 | |||||||||||||||||||
Malibu Canyon | Garden | 2-Mar | Calabasas, CA | 1986 | 698 | 69,834 | 53,438 | 32,554 | 69,834 | 85,992 | 155,826 | (42,448 | ) | 113,378 | 90,240 | |||||||||||||||||||
Maple Bay | Garden | Dec-99 | Virginia Beach, VA | 1971 | 414 | 2,597 | 16,141 | 29,362 | 2,598 | 45,502 | 48,100 | (29,535 | ) | 18,565 | 31,143 | |||||||||||||||||||
Mariners Cove | Garden | 2-Mar | San Diego, CA | 1984 | 500 | — | 66,861 | 7,545 | — | 74,406 | 74,406 | (27,789 | ) | 46,617 | 1,904 | |||||||||||||||||||
Meadow Creek | Garden | Jul-94 | Boulder, CO | 1968 | 332 | 1,435 | 24,533 | 5,717 | 1,435 | 30,250 | 31,685 | (15,049 | ) | 16,636 | 22,643 | |||||||||||||||||||
Merrill House | High Rise | Jan-00 | Falls Church, VA | 1964 | 159 | 1,836 | 10,831 | 6,790 | 1,836 | 17,621 | 19,457 | (7,737 | ) | 11,720 | 18,514 | |||||||||||||||||||
-2 | -3 | |||||||||||||||||||||||||||||||||
-1 | Initial Cost | Cost Capitalized | 31-Dec-13 | |||||||||||||||||||||||||||||||
Apartment | Date | Year | Apartment | Buildings and | Subsequent to | Buildings and | -4 | Accumulated | Total Cost | |||||||||||||||||||||||||
Apartment Community Name | Type | Consolidated | Location | Built | Homes | Land | Improvements | Consolidation | Land | Improvements | Total | Depreciation (AD) | Net of AD | Encumbrances | ||||||||||||||||||||
Monterey Grove | Garden | 8-Jun | San Jose, CA | 1999 | 224 | 34,325 | 21,939 | 3,318 | 34,325 | 25,257 | 59,582 | (6,919 | ) | 52,663 | 33,438 | |||||||||||||||||||
Oak Park Village | Garden | Oct-00 | Lansing, MI | 1972 | 618 | 10,048 | 16,771 | 6,025 | 10,048 | 22,796 | 32,844 | (13,482 | ) | 19,362 | — | |||||||||||||||||||
Ocean House on Prospect | Mid Rise | 13-Apr | La Jolla, CA | 1970 | 60 | 12,528 | 18,805 | 455 | 12,528 | 19,260 | 31,788 | (480 | ) | 31,308 | 14,583 | |||||||||||||||||||
Pacific Bay Vistas (5) | Garden | 1-Mar | San Bruno, CA | 1987 | 308 | 28,694 | 62,460 | 23,061 | 22,994 | 85,520 | 108,514 | (2,482 | ) | 106,032 | 58,108 | |||||||||||||||||||
Pacifica Park | Garden | 6-Jul | Pacifica, CA | 1977 | 104 | 12,970 | 6,579 | 3,452 | 12,970 | 10,031 | 23,001 | (4,280 | ) | 18,721 | 12,135 | |||||||||||||||||||
Palazzo at Park La Brea, The | Mid Rise | 4-Feb | Los Angeles, CA | 2002 | 521 | 48,362 | 125,464 | 21,929 | 48,362 | 147,393 | 195,755 | (52,213 | ) | 143,542 | 117,943 | |||||||||||||||||||
Palazzo East at Park La Brea, The | Mid Rise | 5-Mar | Los Angeles, CA | 2005 | 611 | 72,578 | 136,503 | 13,319 | 72,578 | 149,822 | 222,400 | (50,189 | ) | 172,211 | 122,992 | |||||||||||||||||||
Paradise Palms | Garden | Jul-94 | Phoenix, AZ | 1985 | 130 | 647 | 3,516 | 6,452 | 647 | 9,968 | 10,615 | (6,693 | ) | 3,922 | 6,026 | |||||||||||||||||||
Park & 12th | Mid Rise | 13-Jul | Atlanta, GA | 2012 | 30 | 2,793 | 6,662 | 14 | 2,793 | 6,676 | 9,469 | (103 | ) | 9,366 | 6,185 | |||||||||||||||||||
Park Towne Place | High Rise | Apr-00 | Philadelphia, PA | 1959 | 959 | 10,472 | 47,301 | 126,690 | 10,472 | 173,991 | 184,463 | (44,061 | ) | 140,402 | — | |||||||||||||||||||
Parktown Townhouses | Garden | Oct-99 | Deer Park, TX | 1968 | 309 | 2,572 | 12,051 | 13,434 | 2,572 | 25,485 | 28,057 | (12,418 | ) | 15,639 | 10,180 | |||||||||||||||||||
Parkway | Garden | Mar-00 | Willamsburg, VA | 1971 | 148 | 386 | 2,834 | 3,055 | 386 | 5,889 | 6,275 | (3,478 | ) | 2,797 | 8,642 | |||||||||||||||||||
Pathfinder Village | Garden | 6-Jan | Fremont, CA | 1973 | 246 | 19,595 | 14,838 | 9,664 | 19,595 | 24,502 | 44,097 | (8,827 | ) | 35,270 | 18,345 | |||||||||||||||||||
Peachtree Park | Garden | Jan-96 | Atlanta, GA | 1969 | 303 | 4,684 | 11,713 | 12,566 | 4,683 | 24,280 | 28,963 | (12,092 | ) | 16,871 | 8,155 | |||||||||||||||||||
Peak at Vinings Mountain, The | Garden | Jan-00 | Atlanta, GA | 1980 | 280 | 2,651 | 13,660 | 18,412 | 2,651 | 32,072 | 34,723 | (21,784 | ) | 12,939 | 15,276 | |||||||||||||||||||
Peakview Place | Garden | Jan-00 | Englewood, CO | 1975 | 296 | 3,442 | 18,734 | 985 | 3,443 | 19,718 | 23,161 | (12,555 | ) | 10,606 | 12,066 | |||||||||||||||||||
Peppertree | Garden | 2-Mar | Cypress, CA | 1971 | 136 | 8,030 | 5,225 | 2,393 | 8,030 | 7,618 | 15,648 | (3,733 | ) | 11,915 | 12,654 | |||||||||||||||||||
Pine Lake Terrace | Garden | 2-Mar | Garden Grove, CA | 1971 | 111 | 4,124 | 6,035 | 2,216 | 4,125 | 8,250 | 12,375 | (3,597 | ) | 8,778 | 9,117 | |||||||||||||||||||
Plantation Gardens | Garden | Oct-99 | Plantation ,FL | 1971 | 372 | 3,773 | 19,443 | 18,613 | 3,773 | 38,056 | 41,829 | (16,587 | ) | 25,242 | 22,637 | |||||||||||||||||||
Post Ridge | Garden | Jul-00 | Nashville, TN | 1972 | 150 | 1,883 | 6,712 | 4,587 | 1,883 | 11,299 | 13,182 | (6,609 | ) | 6,573 | 5,683 | |||||||||||||||||||
Preserve at Marin | Mid Rise | 11-Aug | Corte Madera, CA | 1964 | 126 | 18,179 | 30,132 | 38,133 | 18,179 | 68,265 | 86,444 | — | 86,444 | 39,795 | ||||||||||||||||||||
Ramblewood | Garden | Dec-99 | Wyoming, MI | 1973 | 1,707 | 8,661 | 61,082 | 10,060 | 8,661 | 71,142 | 79,803 | (25,852 | ) | 53,951 | 33,314 | |||||||||||||||||||
Ravensworth Towers | High Rise | 4-Jun | Annandale, VA | 1974 | 219 | 3,455 | 17,157 | 2,566 | 3,455 | 19,723 | 23,178 | (10,593 | ) | 12,585 | 22,352 | |||||||||||||||||||
Reflections | Garden | Sep-00 | Virginia Beach, VA | 1987 | 480 | 15,988 | 13,684 | 5,004 | 15,988 | 18,688 | 34,676 | (9,086 | ) | 25,590 | 30,374 | |||||||||||||||||||
Remington at Ponte Vedra Lakes | Garden | 6-Dec | Ponte Vedra Beach, FL | 1986 | 344 | 18,795 | 18,650 | 4,810 | 18,795 | 23,460 | 42,255 | (7,819 | ) | 34,436 | 23,169 | |||||||||||||||||||
River Club,The | Garden | 5-Apr | Edgewater, NJ | 1998 | 266 | 30,579 | 30,638 | 3,051 | 30,579 | 33,689 | 64,268 | (11,350 | ) | 52,918 | 33,049 | |||||||||||||||||||
Riverloft | High Rise | Oct-99 | Philadelphia, PA | 1910 | 184 | 2,120 | 11,287 | 28,203 | 2,120 | 39,490 | 41,610 | (15,355 | ) | 26,255 | 15,272 | |||||||||||||||||||
Riverside | High Rise | Apr-00 | Alexandria ,VA | 1973 | 1,222 | 10,493 | 65,474 | 86,890 | 10,492 | 152,365 | 162,857 | (102,559 | ) | 60,298 | 117,689 | |||||||||||||||||||
Rosewood | Garden | 2-Mar | Camarillo, CA | 1976 | 152 | 12,430 | 8,060 | 3,806 | 12,430 | 11,866 | 24,296 | (4,720 | ) | 19,576 | 17,230 | |||||||||||||||||||
Royal Crest Estates | Garden | 2-Aug | Warwick, RI | 1972 | 492 | 22,433 | 24,095 | 5,316 | 22,433 | 29,411 | 51,844 | (15,768 | ) | 36,076 | 35,878 | |||||||||||||||||||
Royal Crest Estates | Garden | 2-Aug | Nashua, NH | 1970 | 902 | 68,230 | 45,562 | 9,315 | 68,231 | 54,876 | 123,107 | (32,003 | ) | 91,104 | 39,468 | |||||||||||||||||||
Royal Crest Estates | Garden | 2-Aug | Marlborough, MA | 1970 | 473 | 25,178 | 28,786 | 6,772 | 25,178 | 35,558 | 60,736 | (17,052 | ) | 43,684 | 33,393 | |||||||||||||||||||
Royal Crest Estates | Garden | 2-Aug | North Andover, MA | 1970 | 588 | 51,292 | 36,807 | 17,229 | 51,292 | 54,036 | 105,328 | (22,860 | ) | 82,468 | 58,306 | |||||||||||||||||||
Runaway Bay | Garden | Oct-00 | Lantana, FL | 1987 | 404 | 5,935 | 16,052 | 8,712 | 5,934 | 24,765 | 30,699 | (11,783 | ) | 18,916 | 20,647 | |||||||||||||||||||
San Melia | Garden | 12-Mar | Phoenix, AZ | 1998 | 488 | 16,631 | 55,679 | 5,018 | 16,631 | 60,697 | 77,328 | (3,999 | ) | 73,329 | 31,570 | |||||||||||||||||||
Savannah Trace | Garden | 1-Mar | Shaumburg, IL | 1986 | 368 | 13,960 | 20,732 | 4,112 | 13,960 | 24,844 | 38,804 | (11,433 | ) | 27,371 | 24,985 | |||||||||||||||||||
Scotchollow | Garden | 6-Jan | San Mateo, CA | 1971 | 418 | 49,475 | 17,756 | 11,075 | 49,474 | 28,832 | 78,306 | (11,197 | ) | 67,109 | 46,867 | |||||||||||||||||||
Shenandoah Crossing | Garden | Sep-00 | Fairfax, VA | 1984 | 640 | 18,200 | 57,198 | 16,755 | 18,200 | 73,953 | 92,153 | (39,732 | ) | 52,421 | 64,844 | |||||||||||||||||||
Signal Pointe | Garden | Oct-99 | Winter Park, FL | 1969 | 368 | 2,392 | 11,358 | 26,388 | 2,392 | 37,746 | 40,138 | (25,480 | ) | 14,658 | 17,884 | |||||||||||||||||||
Signature Point | Garden | Nov-96 | League City, TX | 1994 | 304 | 2,810 | 17,579 | 2,795 | 2,810 | 20,374 | 23,184 | (8,635 | ) | 14,549 | 8,329 | |||||||||||||||||||
Springwoods at Lake Ridge | Garden | 2-Jul | Woodbridge, VA | 1984 | 180 | 5,587 | 7,284 | 3,292 | 5,587 | 10,576 | 16,163 | (2,868 | ) | 13,295 | 13,406 | |||||||||||||||||||
Spyglass at Cedar Cove | Garden | Sep-00 | Lexington Park, MD | 1985 | 152 | 3,241 | 5,094 | 2,858 | 3,241 | 7,952 | 11,193 | (4,339 | ) | 6,854 | 9,906 | |||||||||||||||||||
Stafford | High Rise | 2-Oct | Baltimore, MD | 1/1/1889 | 96 | 562 | 4,033 | 4,029 | 562 | 8,062 | 8,624 | (5,261 | ) | 3,363 | 4,053 | |||||||||||||||||||
Steeplechase | Garden | Sep-00 | Largo, MD | 1986 | 240 | 3,675 | 16,111 | 4,954 | 3,675 | 21,065 | 24,740 | (9,981 | ) | 14,759 | — | |||||||||||||||||||
Sterling Apartment Homes, The | Garden | Oct-99 | Philadelphia, PA | 1961 | 537 | 8,871 | 55,365 | 30,746 | 8,871 | 86,111 | 94,982 | (44,305 | ) | 50,677 | 72,940 | |||||||||||||||||||
Stone Creek Club | Garden | Sep-00 | Germantown, MD | 1984 | 240 | 13,593 | 9,347 | 6,216 | 13,593 | 15,563 | 29,156 | (8,445 | ) | 20,711 | — | |||||||||||||||||||
Tamarac Village | Garden | Apr-00 | Denver, CO | 1979 | 564 | 4,224 | 23,491 | 8,856 | 4,223 | 32,348 | 36,571 | (19,640 | ) | 16,931 | 17,596 | |||||||||||||||||||
Towers Of Westchester Park, The | High Rise | 6-Jan | College Park, MD | 1972 | 303 | 15,198 | 22,029 | 8,846 | 15,198 | 30,875 | 46,073 | (9,871 | ) | 36,202 | 25,955 | |||||||||||||||||||
-2 | -3 | |||||||||||||||||||||||||||||||||
-1 | Initial Cost | Cost Capitalized | 31-Dec-13 | |||||||||||||||||||||||||||||||
Apartment | Date | Year | Apartment | Buildings and | Subsequent to | Buildings and | -4 | Accumulated | Total Cost | |||||||||||||||||||||||||
Apartment Community Name | Type | Consolidated | Location | Built | Homes | Land | Improvements | Consolidation | Land | Improvements | Total | Depreciation (AD) | Net of AD | Encumbrances | ||||||||||||||||||||
Township At Highlands | Town Home | Nov-96 | Centennial, CO | 1985 | 161 | 1,536 | 9,773 | 6,406 | 1,536 | 16,179 | 17,715 | (9,181 | ) | 8,534 | 15,443 | |||||||||||||||||||
Twin Lake Towers | High Rise | Oct-99 | Westmont, IL | 1969 | 399 | 3,268 | 18,763 | 38,188 | 3,268 | 56,951 | 60,219 | (39,046 | ) | 21,173 | 32,241 | |||||||||||||||||||
Vantage Pointe | Mid Rise | 2-Aug | Swampscott, MA | 1987 | 96 | 4,748 | 10,089 | 984 | 4,749 | 11,072 | 15,821 | (3,667 | ) | 12,154 | 5,610 | |||||||||||||||||||
Views at Vinings Mountain, The | Garden | 6-Jan | Atlanta, GA | 1983 | 180 | 610 | 5,026 | 12,136 | 610 | 17,162 | 17,772 | (14,534 | ) | 3,238 | — | |||||||||||||||||||
Villa Del Sol | Garden | 2-Mar | Norwalk, CA | 1972 | 120 | 7,476 | 4,861 | 2,465 | 7,476 | 7,326 | 14,802 | (3,799 | ) | 11,003 | 11,617 | |||||||||||||||||||
Village in the Woods | Garden | Jan-00 | Cypress, TX | 1983 | 530 | 3,463 | 15,787 | 10,256 | 3,463 | 26,043 | 29,506 | (16,217 | ) | 13,289 | 18,552 | |||||||||||||||||||
Village of Pennbrook | Garden | Oct-98 | Levittown, PA | 1969 | 722 | 10,240 | 38,222 | 13,191 | 10,240 | 51,413 | 61,653 | (28,814 | ) | 32,839 | 45,689 | |||||||||||||||||||
Villages of Baymeadows | Garden | Oct-99 | Jacksonville, FL | 1972 | 904 | 4,860 | 33,956 | 54,761 | 4,860 | 88,717 | 93,577 | (56,918 | ) | 36,659 | — | |||||||||||||||||||
Villas at Park La Brea, The | Garden | 2-Mar | Los Angeles, CA | 2002 | 250 | 8,630 | 48,871 | 4,909 | 8,630 | 53,780 | 62,410 | (21,127 | ) | 41,283 | 23,480 | |||||||||||||||||||
Vista Del Lagos | Garden | Dec-97 | Chandler, AZ | 1986 | 200 | 804 | 4,951 | 3,334 | 804 | 8,285 | 9,089 | (3,657 | ) | 5,432 | 11,201 | |||||||||||||||||||
Waterford Village | Garden | 2-Aug | Bridgewater, MA | 1971 | 588 | 29,110 | 28,101 | 3,145 | 29,110 | 31,246 | 60,356 | (19,908 | ) | 40,448 | 38,596 | |||||||||||||||||||
Waterways Village | Garden | Jun-97 | Aventura, FL | 1994 | 180 | 4,504 | 11,064 | 4,413 | 4,504 | 15,477 | 19,981 | (7,725 | ) | 12,256 | 3,983 | |||||||||||||||||||
Waverly Apartments | Garden | 8-Aug | Brighton, MA | 1970 | 103 | 7,920 | 11,347 | 1,808 | 7,920 | 13,155 | 21,075 | (3,211 | ) | 17,864 | 12,664 | |||||||||||||||||||
Wexford Village | Garden | 2-Aug | Worcester, MA | 1974 | 264 | 6,349 | 17,939 | 1,165 | 6,349 | 19,104 | 25,453 | (9,139 | ) | 16,314 | 11,036 | |||||||||||||||||||
Willow Bend | Garden | May-98 | Rolling Meadows, IL | 1969 | 328 | 2,717 | 15,437 | 25,531 | 2,717 | 40,968 | 43,685 | (27,326 | ) | 16,359 | 18,715 | |||||||||||||||||||
Windrift | Garden | 1-Mar | Oceanside, CA | 1987 | 404 | 24,960 | 17,590 | 19,610 | 24,960 | 37,200 | 62,160 | (24,444 | ) | 37,716 | 42,602 | |||||||||||||||||||
Windsor Crossing | Garden | Mar-00 | Newport News, VA | 1978 | 156 | 131 | 2,110 | 2,944 | 131 | 5,054 | 5,185 | (2,680 | ) | 2,505 | — | |||||||||||||||||||
Windsor Park | Garden | 1-Mar | Woodbridge, VA | 1987 | 220 | 4,279 | 15,970 | 5,040 | 4,279 | 21,010 | 25,289 | (8,724 | ) | 16,565 | 18,580 | |||||||||||||||||||
Woods Of Williamsburg | Garden | 6-Jan | Williamsburg, VA | 1976 | 125 | 798 | 3,657 | 1,305 | 798 | 4,962 | 5,760 | (3,776 | ) | 1,984 | — | |||||||||||||||||||
Yacht Club at Brickell | High Rise | 3-Dec | Miami, FL | 1998 | 357 | 31,362 | 32,214 | 8,198 | 31,363 | 40,411 | 71,774 | (11,061 | ) | 60,713 | 49,106 | |||||||||||||||||||
Yorktown Apartments | High Rise | Dec-99 | Lombard, IL | 1971 | 364 | 3,055 | 18,162 | 32,723 | 3,055 | 50,885 | 53,940 | (20,295 | ) | 33,645 | 31,516 | |||||||||||||||||||
Total Conventional Apartment Communities | 50,344 | 1,923,523 | 3,215,827 | 2,327,334 | 1,833,694 | 5,537,450 | 7,371,144 | (2,424,839 | ) | 4,946,305 | 3,941,913 | |||||||||||||||||||||||
Affordable Apartment Communities: | ||||||||||||||||||||||||||||||||||
All Hallows | Garden | 6-Jan | San Francisco, CA | 1976 | 157 | 1,338 | 29,770 | 20,865 | 1,338 | 50,635 | 51,973 | (25,568 | ) | 26,405 | 23,289 | |||||||||||||||||||
Arvada House | High Rise | 4-Nov | Arvada, CO | 1977 | 88 | 405 | 3,314 | 2,310 | 405 | 5,624 | 6,029 | (2,186 | ) | 3,843 | 4,000 | |||||||||||||||||||
Bayview | Garden | 5-Jun | San Francisco, CA | 1976 | 146 | 582 | 15,265 | 17,474 | 582 | 32,739 | 33,321 | (18,342 | ) | 14,979 | 11,993 | |||||||||||||||||||
Beacon Hill | High Rise | 2-Mar | Hillsdale, MI | 1980 | 198 | 1,094 | 7,044 | 6,687 | 1,093 | 13,732 | 14,825 | (5,802 | ) | 9,023 | 6,995 | |||||||||||||||||||
Biltmore Towers | High Rise | 2-Mar | Dayton, OH | 1980 | 230 | 1,814 | 6,411 | 13,777 | 1,813 | 20,189 | 22,002 | (12,276 | ) | 9,726 | 10,401 | |||||||||||||||||||
Butternut Creek | Mid Rise | 6-Jan | Charlotte, MI | 1980 | 100 | 505 | 3,617 | 3,847 | 505 | 7,464 | 7,969 | (5,299 | ) | 2,670 | 4,051 | |||||||||||||||||||
Carriage House | Mid Rise | 6-Dec | Petersburg, VA | 1885-01-01 | 118 | 716 | 2,886 | 3,789 | 716 | 6,675 | 7,391 | (3,321 | ) | 4,070 | 1,892 | |||||||||||||||||||
City Line | Garden | 2-Mar | Newport News, VA | 1976 | 200 | 500 | 2,014 | 7,686 | 500 | 9,700 | 10,200 | (4,431 | ) | 5,769 | 4,526 | |||||||||||||||||||
Copperwood I Apartments | Garden | 6-Apr | The Woodlands, TX | 1980 | 150 | 383 | 8,373 | 5,529 | 383 | 13,902 | 14,285 | (11,949 | ) | 2,336 | 5,321 | |||||||||||||||||||
Copperwood II Apartments | Garden | 5-Oct | The Woodlands, TX | 1981 | 150 | 459 | 5,553 | 3,514 | 459 | 9,067 | 9,526 | (5,253 | ) | 4,273 | 5,490 | |||||||||||||||||||
Country Club Heights | Garden | 4-Mar | Quincy, IL | 1976 | 200 | 676 | 5,715 | 4,957 | 675 | 10,673 | 11,348 | (5,276 | ) | 6,072 | 6,095 | |||||||||||||||||||
Crevenna Oaks | Town Home | 6-Jan | Burke, VA | 1979 | 50 | 355 | 4,848 | 368 | 355 | 5,216 | 5,571 | (2,636 | ) | 2,935 | 2,803 | |||||||||||||||||||
Fairwood | Garden | 6-Jan | Carmichael, CA | 1979 | 86 | 177 | 5,264 | 267 | 176 | 5,532 | 5,708 | (3,828 | ) | 1,880 | 1,944 | |||||||||||||||||||
Fountain Place | Mid Rise | 6-Jan | Connersville, IN | 1980 | 102 | 378 | 2,091 | 3,038 | 378 | 5,129 | 5,507 | (1,419 | ) | 4,088 | 1,007 | |||||||||||||||||||
Friendset Apartments | High Rise | 6-Jan | Brooklyn, NY | 1979 | 259 | 550 | 16,304 | 1,540 | 550 | 17,844 | 18,394 | (10,087 | ) | 8,307 | 13,099 | |||||||||||||||||||
Hopkins Village | Mid Rise | 3-Sep | Baltimore, MD | 1979 | 165 | 549 | 5,973 | 3,613 | 549 | 9,586 | 10,135 | (3,455 | ) | 6,680 | 9,100 | |||||||||||||||||||
Hudson Gardens | Garden | 2-Mar | Pasadena, CA | 1983 | 41 | 914 | 1,548 | 1,287 | 914 | 2,835 | 3,749 | (941 | ) | 2,808 | 3,096 | |||||||||||||||||||
Ingram Square | Garden | 6-Jan | San Antonio, TX | 1980 | 120 | 800 | 3,136 | 5,769 | 800 | 8,905 | 9,705 | (4,623 | ) | 5,082 | 3,493 | |||||||||||||||||||
Kirkwood House | High Rise | 4-Sep | Baltimore, MD | 1979 | 261 | 1,337 | 9,358 | 8,585 | 1,338 | 17,942 | 19,280 | (6,655 | ) | 12,625 | 16,000 | |||||||||||||||||||
La Salle | Garden | Oct-00 | San Francisco, CA | 1976 | 145 | 1,866 | 19,567 | 17,716 | 1,866 | 37,283 | 39,149 | (22,769 | ) | 16,380 | 18,053 | |||||||||||||||||||
La Vista | Garden | 6-Jan | Concord, CA | 1981 | 75 | 581 | 4,449 | 4,296 | 581 | 8,745 | 9,326 | (2,805 | ) | 6,521 | 5,155 | |||||||||||||||||||
Loring Towers | High Rise | 2-Oct | Minneapolis, MN | 1975 | 230 | 886 | 7,445 | 8,262 | 886 | 15,707 | 16,593 | (6,631 | ) | 9,962 | 9,891 | |||||||||||||||||||
Loring Towers Apartments | High Rise | 3-Sep | Salem, MA | 1973 | 250 | 187 | 14,050 | 7,424 | 187 | 21,474 | 21,661 | (7,857 | ) | 13,804 | 11,035 | |||||||||||||||||||
Montblanc Gardens | Town Home | 3-Dec | Yauco, PR | 1982 | 128 | 390 | 3,859 | 653 | 391 | 4,511 | 4,902 | (2,697 | ) | 2,205 | — | |||||||||||||||||||
-2 | -3 | |||||||||||||||||||||||||||||||||
-1 | Initial Cost | Cost Capitalized | 31-Dec-13 | |||||||||||||||||||||||||||||||
Apartment | Date | Year | Apartment | Buildings and | Subsequent to | Buildings and | -4 | Accumulated | Total Cost | |||||||||||||||||||||||||
Apartment Community Name | Type | Consolidated | Location | Built | Homes | Land | Improvements | Consolidation | Land | Improvements | Total | Depreciation (AD) | Net of AD | Encumbrances | ||||||||||||||||||||
New Baltimore | Mid Rise | 2-Mar | New Baltimore, MI | 1980 | 101 | 896 | 2,360 | 5,211 | 896 | 7,571 | 8,467 | (3,348 | ) | 5,119 | 2,067 | |||||||||||||||||||
Newberry Park | Garden | Dec-97 | Chicago, IL | 1995 | 84 | 1,380 | 7,632 | 445 | 1,380 | 8,077 | 9,457 | (3,466 | ) | 5,991 | 6,946 | |||||||||||||||||||
Northpoint | Garden | Jan-00 | Chicago, IL | 1921 | 304 | 2,510 | 14,334 | 16,870 | 2,510 | 31,204 | 33,714 | (21,833 | ) | 11,881 | 17,943 | |||||||||||||||||||
Panorama Park | Garden | 2-Mar | Bakersfield, CA | 1982 | 66 | 521 | 5,520 | 1,085 | 521 | 6,605 | 7,126 | (2,848 | ) | 4,278 | 1,995 | |||||||||||||||||||
Parc Chateau I | Garden | 6-Jan | Lithonia, GA | 1973 | 86 | 592 | 1,442 | 326 | 592 | 1,768 | 2,360 | (1,732 | ) | 628 | 99 | |||||||||||||||||||
Parc Chateau II | Garden | 6-Jan | Lithonia, GA | 1974 | 88 | 596 | 2,965 | 293 | 596 | 3,258 | 3,854 | (2,555 | ) | 1,299 | 100 | |||||||||||||||||||
Park Place | Mid Rise | 5-Jun | St Louis, MO | 1977 | 242 | 705 | 6,327 | 10,151 | 705 | 16,478 | 17,183 | (12,130 | ) | 5,053 | 8,918 | |||||||||||||||||||
Parkways, The | Garden | 4-Jun | Chicago, IL | 1925 | 446 | 3,426 | 23,257 | 20,458 | 3,427 | 43,714 | 47,141 | (22,403 | ) | 24,738 | 18,797 | |||||||||||||||||||
Pavilion | High Rise | 4-Mar | Philadelphia, PA | 1976 | 296 | — | 15,415 | 1,905 | — | 17,320 | 17,320 | (7,504 | ) | 9,816 | 7,475 | |||||||||||||||||||
Pleasant Hills | Garden | 5-Apr | Austin, TX | 1982 | 100 | 1,229 | 2,631 | 3,573 | 1,229 | 6,204 | 7,433 | (3,061 | ) | 4,372 | 3,048 | |||||||||||||||||||
Plummer Village | Mid Rise | 2-Mar | North Hills, CA | 1983 | 75 | 666 | 2,647 | 1,685 | 667 | 4,331 | 4,998 | (2,702 | ) | 2,296 | 2,433 | |||||||||||||||||||
Riverwoods | High Rise | 6-Jan | Kankakee, IL | 1983 | 125 | 598 | 4,931 | 3,539 | 598 | 8,470 | 9,068 | (2,845 | ) | 6,223 | 3,565 | |||||||||||||||||||
Round Barn Manor | Garden | 2-Mar | Champaign, IL | 1979 | 156 | 810 | 5,134 | 5,946 | 810 | 11,080 | 11,890 | (2,923 | ) | 8,967 | 4,592 | |||||||||||||||||||
San Jose Apartments | Garden | 5-Sep | San Antonio, TX | 1970 | 220 | 234 | 5,770 | 11,859 | 234 | 17,629 | 17,863 | (7,881 | ) | 9,982 | 4,540 | |||||||||||||||||||
San Juan Del Centro | Mid Rise | 5-Sep | Boulder, CO | 1971 | 150 | 439 | 7,110 | 12,822 | 440 | 19,931 | 20,371 | (8,834 | ) | 11,537 | 11,998 | |||||||||||||||||||
Shoreview | Garden | Oct-99 | San Francisco, CA | 1976 | 156 | 1,476 | 19,071 | 19,256 | 1,476 | 38,327 | 39,803 | (24,049 | ) | 15,754 | 19,371 | |||||||||||||||||||
South Bay Villa | Garden | 2-Mar | Los Angeles, CA | 1981 | 80 | 1,352 | 2,770 | 3,850 | 1,352 | 6,620 | 7,972 | (5,412 | ) | 2,560 | 2,867 | |||||||||||||||||||
St. George Villas | Garden | 6-Jan | St. George, SC | 1984 | 40 | 107 | 1,025 | 349 | 107 | 1,374 | 1,481 | (1,062 | ) | 419 | 420 | |||||||||||||||||||
Stonegate Apts | Mid Rise | 9-Jul | Indianapolis, IN | 1920 | 52 | 122 | 1,920 | 486 | 122 | 2,406 | 2,528 | (1,145 | ) | 1,383 | 1,852 | |||||||||||||||||||
Summit Oaks | Town Home | 6-Jan | Burke, VA | 1980 | 50 | 381 | 4,930 | 391 | 382 | 5,320 | 5,702 | (2,534 | ) | 3,168 | 2,794 | |||||||||||||||||||
Tamarac Pines Apartments I | Garden | 4-Nov | Woodlands, TX | 1980 | 144 | 363 | 2,775 | 3,845 | 363 | 6,620 | 6,983 | (3,358 | ) | 3,625 | 3,878 | |||||||||||||||||||
Tamarac Pines Apartments II | Garden | 4-Nov | Woodlands, TX | 1980 | 156 | 266 | 3,195 | 4,248 | 266 | 7,443 | 7,709 | (3,830 | ) | 3,879 | 4,201 | |||||||||||||||||||
Terry Manor | Mid Rise | 5-Oct | Los Angeles, CA | 1977 | 170 | 1,997 | 5,848 | 6,754 | 1,997 | 12,602 | 14,599 | (9,098 | ) | 5,501 | 6,517 | |||||||||||||||||||
Tompkins Terrace | Garden | 2-Oct | Beacon, NY | 1974 | 193 | 872 | 6,827 | 13,782 | 872 | 20,609 | 21,481 | (7,952 | ) | 13,529 | 7,126 | |||||||||||||||||||
University Square | High Rise | 5-Mar | Philadelphia, PA | 1978 | 442 | 702 | 12,201 | 9,925 | 702 | 22,126 | 22,828 | (8,836 | ) | 13,992 | 17,494 | |||||||||||||||||||
Van Nuys Apartments | High Rise | 2-Mar | Los Angeles, CA | 1981 | 299 | 3,576 | 21,226 | 21,634 | 3,576 | 42,860 | 46,436 | (14,213 | ) | 32,223 | 24,714 | |||||||||||||||||||
Verdes Del Oriente | Garden | 10-Jan | San Pedro, CA | 1976 | 113 | 1,139 | 7,044 | 55 | 1,139 | 7,099 | 8,238 | (3,151 | ) | 5,087 | 4,984 | |||||||||||||||||||
Villas of Mount Dora (5) | Garden | 10-Jan | Mt. Dora, FL | 1979 | 70 | 322 | 1,828 | 290 | 328 | 1,585 | 1,913 | (995 | ) | 918 | 1,480 | |||||||||||||||||||
Wah Luck House | High Rise | 6-Jan | Washington, DC | 1982 | 153 | — | 7,772 | 704 | — | 8,476 | 8,476 | (2,554 | ) | 5,922 | 6,823 | |||||||||||||||||||
Walnut Hills | High Rise | 6-Jan | Cincinnati, OH | 1983 | 198 | 826 | 5,608 | 5,505 | 826 | 11,113 | 11,939 | (4,487 | ) | 7,452 | 5,445 | |||||||||||||||||||
Washington Square West | Mid Rise | 4-Sep | Philadelphia, PA | 1982 | 132 | 582 | 11,169 | 6,814 | 582 | 17,983 | 18,565 | (12,831 | ) | 5,734 | 3,630 | |||||||||||||||||||
Whitefield Place | Garden | 5-Apr | San Antonio, TX | 1980 | 80 | 219 | 3,151 | 2,760 | 219 | 5,911 | 6,130 | (3,150 | ) | 2,980 | 2,114 | |||||||||||||||||||
Winter Gardens | High Rise | 4-Mar | St Louis, MO | 1920 | 112 | 300 | 3,072 | 4,662 | 300 | 7,734 | 8,034 | (2,268 | ) | 5,766 | 3,515 | |||||||||||||||||||
Woodland Hills | Garden | 5-Oct | Jackson, MI | 1980 | 125 | 320 | 3,875 | 4,569 | 321 | 8,443 | 8,764 | (4,937 | ) | 3,827 | 3,402 | |||||||||||||||||||
Total Affordable Apartment Communities | 8,953 | 46,966 | 420,636 | 359,300 | 46,975 | 779,400 | 826,375 | (398,033 | ) | 428,342 | 395,872 | |||||||||||||||||||||||
Other (6) | — | 689 | 15,873 | — | 689 | 15,873 | 16,562 | — | 16,562 | — | ||||||||||||||||||||||||
Total | 59,297 | $ | 1,971,178 | $ | 3,652,336 | $ | 2,686,634 | $ | 1,881,358 | $ | 6,332,723 | $ | 8,214,081 | $ | (2,822,872 | ) | $ | 5,391,209 | $ | 4,337,785 | ||||||||||||||
(1) Date we acquired the apartment property or first consolidated the partnership which owns the apartment community. | ||||||||||||||||||||||||||||||||||
(2) For 2008 and prior periods, costs to acquire the noncontrolling interest’s share of our consolidated real estate partnerships were capitalized as part of the initial cost. | ||||||||||||||||||||||||||||||||||
(3) Costs capitalized subsequent to consolidation includes costs capitalized since acquisition or first consolidation of the partnership/apartment community. | ||||||||||||||||||||||||||||||||||
(4) The aggregate cost of land and depreciable property for federal income tax purposes was approximately $3.7 billion at December 31, 2013. | ||||||||||||||||||||||||||||||||||
(5) The current carrying value of the apartment community reflects an impairment loss recognized during the current period or prior periods. | ||||||||||||||||||||||||||||||||||
(6) Other includes land parcels and development costs. | ||||||||||||||||||||||||||||||||||
APARTMENT INVESTMENT AND MANAGEMENT COMPANY | ||||||||||||||||||||||||||||||||||
AIMCO PROPERTIES, L.P. | ||||||||||||||||||||||||||||||||||
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||
For the Years Ended December 31, 2013, 2012 and 2011 | ||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||
Real Estate | $ | 8,333,419 | $ | 8,917,137 | $ | 9,468,165 | ||||||||||||||||||||||||||||
Balance at beginning of year | ||||||||||||||||||||||||||||||||||
Additions during the year: | ||||||||||||||||||||||||||||||||||
Acquisitions | 66,058 | 131,374 | 44,681 | |||||||||||||||||||||||||||||||
Capital additions | 376,038 | 272,103 | 207,263 | |||||||||||||||||||||||||||||||
Deductions during the year: | ||||||||||||||||||||||||||||||||||
Casualty and other write-offs (1) | (98,489 | ) | (62,589 | ) | (192,542 | ) | ||||||||||||||||||||||||||||
Reclassification of real estate included in sale of asset management business (Note 3) | — | (160,420 | ) | — | ||||||||||||||||||||||||||||||
Sales | (462,945 | ) | (764,186 | ) | (610,430 | ) | ||||||||||||||||||||||||||||
Balance at end of year | $ | 8,214,081 | $ | 8,333,419 | $ | 8,917,137 | ||||||||||||||||||||||||||||
Accumulated Depreciation | $ | 2,820,765 | $ | 2,872,190 | $ | 2,934,912 | ||||||||||||||||||||||||||||
Balance at beginning of year | ||||||||||||||||||||||||||||||||||
Additions during the year: | ||||||||||||||||||||||||||||||||||
Depreciation | 288,666 | 353,414 | 382,213 | |||||||||||||||||||||||||||||||
Deductions during the year: | ||||||||||||||||||||||||||||||||||
Casualty and other write-offs (1) | (92,775 | ) | (46,869 | ) | (173,941 | ) | ||||||||||||||||||||||||||||
Reclassification of real estate included in sale of asset management business (Note 3) | — | (33,394 | ) | — | ||||||||||||||||||||||||||||||
Sales | (193,784 | ) | (324,576 | ) | (270,994 | ) | ||||||||||||||||||||||||||||
Balance at end of year | $ | 2,822,872 | $ | 2,820,765 | $ | 2,872,190 | ||||||||||||||||||||||||||||
-1 | Includes the write-off of fully depreciated assets totaling $91.9 million, $38.7 million and $165.9 million, during the years ended December 31, 2013, 2012 and 2011, respectively. |
Basis_of_Presentation_and_Summ1
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||||||||||
Principles of Consolidation | ' | ||||||||||||||||||||
Principles of Consolidation | |||||||||||||||||||||
Aimco’s accompanying consolidated financial statements include the accounts of Aimco, the Aimco Operating Partnership, and their consolidated subsidiaries. The Aimco Operating Partnership’s consolidated financial statements include the accounts of the Aimco Operating Partnership and its consolidated entities. | |||||||||||||||||||||
We consolidate all variable interest entities for which we are the primary beneficiary. Generally, a variable interest entity, or VIE, is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of our investment; the obligation or likelihood for us or other investors to provide financial support; and the similarity with and significance to our business activities and the business activities of the other investors. Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions. | |||||||||||||||||||||
As of December 31, 2013, we were the primary beneficiary of, and therefore consolidated, 63 VIEs, which owned 49 apartment communities with 7,656 apartment homes. Substantially all of these VIEs are partnerships that operate qualifying affordable housing apartment communities and which are structured to provide for the pass-through of low-income housing tax credits and deductions to their partners. Real estate with a net book value of $392.2 million collateralized $355.4 million of debt of those VIEs. Any significant amounts of assets and liabilities related to our consolidated VIEs are identified parenthetically on our accompanying consolidated balance sheets. The creditors of the consolidated VIEs do not have recourse to our general credit. | |||||||||||||||||||||
In addition to the VIEs discussed above, at December 31, 2013, our consolidated financial statements included certain consolidated and unconsolidated VIEs that are part of the legacy asset management business we sold during 2012, which is discussed in Note 3. The assets and liabilities related to these consolidated and unconsolidated VIEs are each condensed into single line items within other assets and accrued liabilities and other, respectively, in our consolidated balance sheets. | |||||||||||||||||||||
Generally, we consolidate real estate partnerships and other entities that are not variable interest entities when we own, directly or indirectly, a majority voting interest in the entity or are otherwise able to control the entity. All significant intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||||||||||
Interests in the Aimco Operating Partnership that are held by limited partners other than Aimco are reflected in Aimco’s accompanying balance sheets as noncontrolling interests in Aimco Operating Partnership. Interests in partnerships consolidated into the Aimco Operating Partnership that are held by third parties are reflected in our accompanying balance sheets as noncontrolling interests in consolidated real estate partnerships. The assets of consolidated real estate partnerships owned or controlled by the Aimco Operating Partnership generally are not available to pay creditors of Aimco or the Aimco Operating Partnership. | |||||||||||||||||||||
As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company. | |||||||||||||||||||||
Variable Interest Entities | ' | ||||||||||||||||||||
We consolidate all variable interest entities for which we are the primary beneficiary. Generally, a variable interest entity, or VIE, is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of our investment; the obligation or likelihood for us or other investors to provide financial support; and the similarity with and significance to our business activities and the business activities of the other investors. Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions. | |||||||||||||||||||||
As of December 31, 2013, we were the primary beneficiary of, and therefore consolidated, 63 VIEs, which owned 49 apartment communities with 7,656 apartment homes. Substantially all of these VIEs are partnerships that operate qualifying affordable housing apartment communities and which are structured to provide for the pass-through of low-income housing tax credits and deductions to their partners. Real estate with a net book value of $392.2 million collateralized $355.4 million of debt of those VIEs. Any significant amounts of assets and liabilities related to our consolidated VIEs are identified parenthetically on our accompanying consolidated balance sheets. The creditors of the consolidated VIEs do not have recourse to our general credit. | |||||||||||||||||||||
In addition to the VIEs discussed above, at December 31, 2013, our consolidated financial statements included certain consolidated and unconsolidated VIEs that are part of the legacy asset management business we sold during 2012, which is discussed in Note 3. The assets and liabilities related to these consolidated and unconsolidated VIEs are each condensed into single line items within other assets and accrued liabilities and other, respectively, in our consolidated balance sheets. | |||||||||||||||||||||
Acquisition of Real Estate Assets and Related Depreciation and Amortization | ' | ||||||||||||||||||||
Acquisition of Real Estate Assets and Related Depreciation and Amortization | |||||||||||||||||||||
We recognize at fair value the acquisition of apartment communities or interests in partnerships that own apartment communities if the transaction results in consolidation and we expense as incurred most related transaction costs. We allocate the cost of acquired apartment communities to tangible assets and identified intangible assets based on their fair values. We determine the fair value of tangible assets, such as land, building, furniture, fixtures and equipment, generally using internal valuation techniques that consider comparable market transactions, discounted cash flow techniques, 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 internal valuation techniques that consider the terms of the in-place leases, current market data for comparable leases, and our experience in leasing similar communities. The intangible assets or liabilities related to in-place leases are comprised of: | |||||||||||||||||||||
1 | The value of the above- and below-market leases in-place. An asset or liability is recognized based on the difference between (a) the contractual amounts to be paid pursuant to the in-place leases and (b) our estimate of fair market lease rates for the corresponding in-place leases, measured over the period, including estimated lease renewals for below-market leases, that the leases are expected to remain in effect. | ||||||||||||||||||||
2 | The estimated unamortized portion of avoided leasing commissions and other costs that ordinarily would be incurred to originate the in-place leases. | ||||||||||||||||||||
3 | The value associated with vacant apartment homes during the absorption period (estimates of lost rental revenue during the expected lease-up periods based on current market demand and stabilized occupancy levels). | ||||||||||||||||||||
The values of the above- and below-market leases are amortized to rental revenue over the expected remaining terms of the associated leases, which include reasonably assured renewal periods. Other intangible assets related to in-place leases are amortized to depreciation and amortization over the expected remaining terms of the associated leases. We prospectively adjust the amortization period to reflect significant variances between actual lease termination activity as compared to those used to determine the historical amortization periods. | |||||||||||||||||||||
Depreciation for all tangible real estate assets is calculated using the straight-line method over their estimated useful lives. Acquired buildings and improvements are depreciated over a useful life based on the age, condition and other physical characteristics of the apartment community. At December 31, 2013, the weighted average depreciable life of our acquired buildings and improvements was approximately 30 years. As discussed below under the Impairment of Long Lived Assets heading, we may adjust depreciation of apartment communities that are expected to be disposed of or demolished prior to the end of their useful lives. Furniture, fixtures and equipment associated with acquired apartment communities are depreciated over five years. | |||||||||||||||||||||
At December 31, 2013 and 2012, deferred income in our consolidated balance sheets includes below-market lease amounts totaling $16.9 million and $19.8 million, respectively, which are net of accumulated amortization of $35.9 million and $33.0 million, respectively. During the years ended December 31, 2013, 2012 and 2011, we included amortization of below-market leases of $2.9 million, $3.8 million and $4.3 million, respectively, in rental and other property revenues in our consolidated statements of operations. At December 31, 2013, our below-market leases had a weighted average amortization period of 6.5 years and estimated aggregate amortization for each of the five succeeding years as follows (in thousands): | |||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||
Estimated amortization | $ | 2,270 | $ | 2,016 | $ | 1,757 | $ | 1,550 | $ | 1,331 | |||||||||||
Capital Additions and Related Depreciation | |||||||||||||||||||||
We capitalize costs, including certain indirect costs, incurred in connection with our capital additions activities, including redevelopment, development and construction projects, other tangible apartment community improvements, and replacements of existing apartment community components. Included in these capitalized costs are payroll costs associated with time spent by site employees in connection with capital additions activities at the apartment community level. We characterize as “indirect costs” an allocation of certain department costs, including payroll, at the area operations and corporate levels that clearly relate to capital additions activities. We also capitalize interest, property taxes and insurance during periods in which redevelopment, development and 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 apartment communities ready for their intended use are in progress. This includes when apartment communities or apartment homes are undergoing physical construction, as well as when apartment homes are held vacant in advance of planned construction, provided that other activities such as permitting, planning and design are in progress. We cease the capitalization of costs when the assets are substantially complete and ready for their intended use, which is typically when construction has been completed and apartment homes are available for occupancy. We charge to property operating expense, as incurred, costs including ordinary repairs, maintenance and resident turnover costs. | |||||||||||||||||||||
We depreciate capitalized costs using the straight-line method over the estimated useful life of the related component or improvement, which is generally 5, 15 or 30 years. All capitalized site payroll and indirect costs are allocated proportionately, based on direct costs, among capital projects and depreciated over the estimated useful lives of such projects. | |||||||||||||||||||||
Certain homogeneous items that are purchased in bulk on a recurring basis, such as carpeting and appliances, are depreciated using group methods that reflect the average estimated useful life of the items in each group. Except in the case of apartment community casualties, where the net book value of the lost asset is written off in the determination of casualty gains or losses, we generally do not recognize any loss in connection with the replacement of an existing apartment community component because normal replacements are considered in determining the estimated useful lives used in connection with our composite and group depreciation methods. | |||||||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, for continuing and discontinued operations, we capitalized to buildings and improvements $17.6 million, $16.6 million and $14.0 million of interest costs, respectively, and $33.2 million, $33.7 million and $29.0 million of other direct and indirect costs, respectively. | |||||||||||||||||||||
Impairment of Long-Lived Assets | |||||||||||||||||||||
Real estate and other long-lived assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is not recoverable. If events or circumstances indicate that the carrying amount of an apartment community may not be recoverable, we make an assessment of its recoverability by comparing the carrying amount to our estimate of the undiscounted future cash flows, excluding interest charges, of the apartment community. If the carrying amount exceeds the aggregate undiscounted future cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the apartment property. | |||||||||||||||||||||
Based on periodic tests of recoverability of long-lived assets, for the year ended December 31, 2012, we recorded a provision for real estate impairment losses of $6.2 million related to apartment communities classified as held for use, and we recorded no such provisions during the years ended December 31, 2013 or 2011. | |||||||||||||||||||||
Discontinued Operations | ' | ||||||||||||||||||||
Discontinued Operations | |||||||||||||||||||||
We classify certain apartment communities and related assets and liabilities as held for sale when they meet certain criteria, as defined in GAAP. The operating results of such apartment communities as well as those communities sold during the periods presented are included in discontinued operations in both current periods and all comparable periods presented. Depreciation is not recorded on apartment communities once they have been classified as held for sale; however, depreciation expense recorded prior to classification as held for sale is included in discontinued operations. The net gain on sale and any impairment losses are presented in discontinued operations when recognized. See Note 12 for additional information regarding discontinued operations. | |||||||||||||||||||||
Cash Equivalents | ' | ||||||||||||||||||||
Cash Equivalents | |||||||||||||||||||||
We classify highly liquid investments with an original maturity of three months or less as cash equivalents. | |||||||||||||||||||||
Restricted Cash | ' | ||||||||||||||||||||
Restricted Cash | |||||||||||||||||||||
Restricted cash includes capital replacement reserves, completion repair reserves, bond sinking fund amounts, tax and insurance escrow accounts held by lenders and resident security deposits. | |||||||||||||||||||||
Notes Receivable | ' | ||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||
At December 31, 2012, our notes receivable were primarily comprised of second mortgages collateralized by apartment communities in New York City, which, as further described in Note 3, were repaid during 2013. | |||||||||||||||||||||
Deferred Costs | ' | ||||||||||||||||||||
Deferred Costs | |||||||||||||||||||||
We defer lender fees and other direct costs incurred in obtaining new financing and amortize the amounts over the terms of the related loan agreements. Amortization of these costs is included in interest expense. | |||||||||||||||||||||
We defer leasing commissions and other direct costs incurred in connection with successful leasing efforts and amortize the costs over the terms of the related leases. Amortization of these costs is included in depreciation and amortization. | |||||||||||||||||||||
Investments | ' | ||||||||||||||||||||
Investments in Unconsolidated Real Estate Partnerships | |||||||||||||||||||||
We own general and limited partner interests in partnerships that either directly, or through interests in other real estate partnerships, own apartment communities. We generally account for investments in real estate partnerships that we do not consolidate under the equity method. Under the equity method, our share of the earnings or losses of the entity for the periods being presented is included in equity in earnings or losses from unconsolidated real estate partnerships, inclusive of our share of any impairments and disposition gains recognized by and related to such entities. | |||||||||||||||||||||
The excess of the cost of the acquired partnership interests over the historical carrying amount of partners’ equity or deficit is ascribed generally to the fair values of land and buildings owned by the partnerships. We amortize the excess cost related to the buildings over the estimated useful lives of the buildings. Such amortization is recorded as a component of equity in earnings (losses) of unconsolidated real estate partnerships. | |||||||||||||||||||||
Investments in Securitization Trust that Holds Aimco Property Debt | |||||||||||||||||||||
We hold an investment in the first loss and mezzanine positions in a securitization trust which primarily holds certain of our property debt. These investments were initially recognized at their purchase price and the discount to the face value is being accreted into interest income over the expected term of the securities. We have designated these investments as available for sale securities and we measure these investments at fair value with changes in their fair value, other than the changes attributed to the accretion described above, recognized as an adjustment of accumulated other comprehensive income or loss within equity and partners’ capital. | |||||||||||||||||||||
Intangible Assets | ' | ||||||||||||||||||||
Intangible Assets | |||||||||||||||||||||
At December 31, 2013 and 2012, other assets included goodwill associated with our reportable segments of $49.0 million, and at December 31, 2012 assets held for sale included $5.5 million of goodwill allocated to apartment communities sold during 2013. We perform an annual impairment test of goodwill that compares the fair value of reporting units with their carrying amounts, including goodwill. We determined that our goodwill was not impaired in 2013, 2012 or 2011. | |||||||||||||||||||||
During the years ended December 31, 2013, 2012 and 2011, we allocated $5.5 million, $7.5 million and $5.1 million, respectively, of goodwill related to our reportable segments (conventional and affordable real estate operations) to the carrying amounts of the apartment communities sold or classified as held for sale. The amounts of goodwill allocated to these apartment communities were based on the relative fair values of the apartment communities sold or classified as held for sale and the retained portions of the reporting units to which the goodwill as allocated. | |||||||||||||||||||||
Intangible assets also includes amounts related to in-place leases as discussed under the Acquisition of Real Estate Assets and Related Depreciation and Amortization heading. | |||||||||||||||||||||
Capitalized Software Costs | ' | ||||||||||||||||||||
Capitalized Software Costs | |||||||||||||||||||||
Purchased software and other costs related to software developed for internal use are capitalized during the application development stage and are amortized using the straight-line method over the estimated useful life of the software, generally five years. For the years ended December 31, 2013, 2012 and 2011, we capitalized software purchase and development costs totaling $3.3 million, $5.8 million and $12.6 million, respectively. At December 31, 2013 and 2012, other assets included $22.0 million and $27.5 million of net capitalized software, respectively. During the years ended December 31, 2013, 2012 and 2011, we recognized amortization of capitalized software of $8.9 million, $10.0 million and $8.7 million, respectively, which is included in depreciation and amortization in our consolidated statements of operations. | |||||||||||||||||||||
Noncontrolling Interests in Consolidated Real Estate Partnerships | ' | ||||||||||||||||||||
Noncontrolling Interests in Consolidated Real Estate Partnerships | |||||||||||||||||||||
We report the unaffiliated partners’ interests in the net assets of our consolidated real estate partnerships as noncontrolling interests in consolidated real estate partnerships within consolidated equity and partners’ capital. Noncontrolling interests in consolidated real estate partnerships consist primarily of equity interests held by limited partners in consolidated real estate partnerships that have finite lives. We generally attribute to noncontrolling interests their share of income or loss of consolidated partnerships based on their proportionate interest in the results of operations of the partnerships, including their share of losses even if such attribution results in a deficit noncontrolling interest balance within our equity and partners’ capital accounts. | |||||||||||||||||||||
The terms of the related partnership agreements generally require the partnerships to be liquidated following the sale of the underlying real estate. As the general partner in these partnerships, we ordinarily control the execution of real estate sales and other events that could lead to the liquidation, redemption or other settlement of noncontrolling interests. However, as discussed in Note 3, we continue to consolidate certain partnerships and apartment communities associated with the legacy asset management business for which the derecognition criteria associated with our sale of the portfolio have not been met. We do not control the execution of sales and other events related to the assets that will lead to the to the liquidation of these partnerships and derecognition of the associated noncontrolling interests. The aggregate carrying amount of noncontrolling interests in consolidated real estate partnerships totaled $233.0 million and $271.1 million at December 31, 2013 and 2012, respectively, of which $35.8 million and $57.2 million, respectively, was associated with noncontrolling interests in the legacy asset management business. | |||||||||||||||||||||
Changes in our ownership interest in consolidated real estate partnerships generally consist of our purchase of an additional interest in or the sale of our entire interest in a consolidated real estate partnership. The effect on our equity and partners’ capital of our purchase of additional interests in consolidated real estate partnerships during the years ended December 31, 2013, 2012 and 2011 is shown in our consolidated statements of equity and partners’ capital and further discussed in Note 3. The effect on our equity and partners' capital of sales of consolidated real estate or sales of our entire interest in consolidated real estate partnerships is reflected in our consolidated financial statements as sales of real estate and accordingly the effect on our equity and partners’ capital is reflected within the the amount of net income attributable to us and to noncontrolling interests. In accordance with FASB Accounting Standards Codification, or ASC, Topic 810, upon our deconsolidation of a real estate partnership following the sale of our partnership interests or liquidation of the partnership following sale of the related apartment community, we derecognize any remaining noncontrolling interest of the associated partnership previously recorded in our consolidated balance sheet. | |||||||||||||||||||||
Noncontrolling Interests in Aimco Operating Partnership | ' | ||||||||||||||||||||
Noncontrolling Interests in Aimco Operating Partnership | |||||||||||||||||||||
Noncontrolling interests in Aimco Operating Partnership consist of common OP Units, HPUs and preferred OP Units. Within Aimco’s consolidated financial statements, the Aimco Operating Partnership’s income or loss is allocated to the holders of common partnership units and equivalents based on the weighted average number of common partnership units (including those held by Aimco) and equivalents outstanding during the period. During the years ended December 31, 2013, 2012 and 2011, the holders of common OP Units and equivalents had a weighted average ownership interest in the Aimco Operating Partnership of 5.2%, 5.7% and 6.6%, respectively. Holders of the preferred OP Units participate in the Aimco Operating Partnership’s income or loss only to the extent of their preferred distributions. See Note 10 for further information regarding the items comprising noncontrolling interests in the Aimco Operating Partnership. | |||||||||||||||||||||
Revenue Recognition | ' | ||||||||||||||||||||
Revenue Recognition | |||||||||||||||||||||
Our apartment communities have operating leases with apartment residents with terms averaging 12 months. We recognize rental revenue related to these leases, net of any concessions, on a straight-line basis over the term of the lease. We recognize revenues from property management, asset management, syndication and other services when the related fees are earned and are realized or realizable. | |||||||||||||||||||||
Insurance | ' | ||||||||||||||||||||
Insurance | |||||||||||||||||||||
We believe that our insurance coverages insure our apartment communities adequately against the risk of loss attributable to fire, earthquake, hurricane, tornado, flood, and other perils. In addition, we have insurance coverage for substantial portions of our property, workers’ compensation, health, and general liability exposures. Losses are accrued based upon our estimates of the aggregate liability for uninsured losses incurred using certain actuarial assumptions followed in the insurance industry and based on our experience. | |||||||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||||||
Share-Based Compensation | |||||||||||||||||||||
We recognize all share-based employee compensation, including grants of employee stock options, in the consolidated financial statements based on the grant date fair value and recognize compensation cost, net of forfeitures, ratably over the awards’ requisite service period. See Note 11 for further discussion of our share-based compensation. | |||||||||||||||||||||
Tax Credit Arrangements | ' | ||||||||||||||||||||
Tax Credit Arrangements | |||||||||||||||||||||
We sponsor certain partnerships that acquire, develop and operate qualifying affordable housing apartment communities and are structured to provide for the pass-through of tax credits and deductions to their partners. The tax credits are generally realized ratably over the first ten years of the tax credit arrangement and are subject to the partnership’s compliance with applicable laws and regulations for a period of 15 years. Typically, we are the general partner with a legal ownership interest of one percent or less and unaffiliated institutional investors (which we refer to as tax credit investors or investors) acquire the limited partnership interests (at least 99%). At inception, each investor agrees to fund capital contributions to the partnerships and we receive a syndication fee from the partnerships upon the investors’ admission to the partnership. | |||||||||||||||||||||
We have determined that the partnerships in these arrangements are VIEs and, where we are general partner, we are generally the primary beneficiary that is required to consolidate the partnerships. When the contractual arrangements obligate us to deliver tax benefits to the investors, and entitle us through fee arrangements to receive substantially all available cash flow from the partnerships, we account for these partnerships as wholly-owned subsidiaries, recognizing the income or loss generated by the underlying real estate based on our economic interest in the partnerships. Capital contributions received by the partnerships from tax credit investors represent, in substance, consideration that we receive in exchange for our obligation to deliver tax credits and other tax benefits to the investors. We record these contributions as deferred income in our consolidated balance sheet upon receipt, and we recognize the receipts as revenue in our consolidated statements of operations when our obligation to the investors is relieved upon delivery of the tax benefits. | |||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||
Income Taxes | |||||||||||||||||||||
We have elected to be taxed as a REIT under the Code commencing with our taxable year ended December 31, 1994, and intend to continue to operate in such a manner. Our current and continuing qualification as a REIT depends on our ability to meet the various requirements imposed by the 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 we qualify for taxation as a REIT, we 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 we qualify as a REIT, we may be subject to United States Federal income and excise taxes in various situations, such as on our undistributed income. We also will be required to pay a 100% tax on any net income on non-arm’s length transactions between us and a TRS (described below) and on any net income from sales of apartment communities that were held for sale to customers in the ordinary course. In addition, we could also be subject to the alternative minimum tax, or AMT, on our items of tax preference. The state and local tax laws may not conform to the United States Federal income tax treatment, and we and our stockholders may be subject to state or local taxation in various state or local jurisdictions, including those in which we transact business or our stockholders reside. Any taxes imposed on us reduce our operating cash flow and net income. | |||||||||||||||||||||
Certain of our operations or a portion thereof, including property management, asset management and risk management, are conducted through taxable REIT subsidiaries, which are subsidiaries of the Aimco Operating Partnership, and each of which we refer to as a TRS. A TRS is a subsidiary C-corporation that has not elected REIT status and as such is subject to United States Federal corporate income tax. We use TRS entities to facilitate our ability to offer certain services and activities to our residents and investment partners that cannot be offered directly by a REIT. We also use TRS entities to hold investments in certain apartment communities. | |||||||||||||||||||||
For our TRS entities, deferred income taxes result from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for Federal income tax purposes, and are measured using the enacted tax rates and laws that are expected to be in effect when the differences reverse. We reduce deferred tax assets by recording a valuation allowance when we determine based on available evidence that it is more likely than not that the assets will not be realized. We recognize the tax consequences associated with intercompany transfers between the REIT and TRS entities when the related assets are sold to third parties, impaired or otherwise disposed of for financial reporting purposes. Refer to Note 8 for further information about our income taxes. | |||||||||||||||||||||
Comprehensive Income or Loss | ' | ||||||||||||||||||||
Comprehensive Income or Loss | |||||||||||||||||||||
As discussed under the preceding Investments in Available for Sale Securities heading, we have investments that are measured at fair value with unrealized gains or losses recognized as an adjustment of accumulated other comprehensive loss within equity and partners’ capital. Additionally, as discussed in Note 6, we recognize changes in the fair value of our cash flow hedges as an adjustment of accumulated other comprehensive loss within equity and partners’ capital. The amounts of consolidated comprehensive income or loss for the years ended December 31, 2013, 2012 and 2011, along with the corresponding amounts of such comprehensive income or loss attributable to Aimco, the Aimco Operating Partnership and to noncontrolling interests, is presented within the accompanying consolidated statements of comprehensive income or loss. | |||||||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||||||
Earnings per Share and Unit | |||||||||||||||||||||
Aimco calculates earnings (loss) per share based on the weighted average number of shares of Common Stock, participating securities, common stock equivalents and dilutive convertible securities outstanding during the period. The Aimco Operating Partnership calculates earnings (loss) per unit based on the weighted average number of common partnership units and equivalents, participating securities and dilutive convertible securities outstanding during the period. The Aimco Operating Partnership considers both common partnership units and HPUs, which have identical rights to distributions and undistributed earnings, to be common units for purposes of the earnings per unit computations. See Note 13 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 GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates. | |||||||||||||||||||||
Reclassifications and Adjustments | ' | ||||||||||||||||||||
Reclassifications and Adjustments | |||||||||||||||||||||
Certain items included in the 2012 and 2011 financial statements have been reclassified to conform to the current presentation, including adjustments for discontinued operations. |
Fair_Value_Measurements_Polici
Fair Value Measurements (Policies) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||
Fair Value of Financial Instruments | ' | |||||||||||
Fair Value Measurements | ||||||||||||
In accordance with GAAP, we are required to measure certain assets and liabilities in our consolidated financial statements at fair value. We are required to classify fair value measurements into one of three categories, based on the nature of the inputs used in the fair value measurement. Level 1 of the hierarchy includes fair value measurements based on unadjusted quoted prices in active markets for identical assets or liabilities we can access at the measurement date. Level 2 includes fair value measurements based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 includes fair value measurements based on unobservable inputs. The classification of fair value measurements is subjective and GAAP requires disclosure of more detailed information regarding fair value measurements classified within the lower levels of the hierarchy. | ||||||||||||
Recurring Fair Value Measurements | ||||||||||||
We measure at fair value on a recurring basis our investment in the securitization trust that holds certain of our property debt, which we classify as available for sale (AFS) securities, and our interest rate swaps. Information regarding these items measured at fair value, both of which are classified within Level 2 of the fair value hierarchy, is presented below (in thousands): | ||||||||||||
AFS Investments | Interest Rate Swaps | Total | ||||||||||
Fair value at December 31, 2011 | $ | 51,693 | $ | (7,012 | ) | $ | 44,681 | |||||
Investment accretion | 3,111 | — | 3,111 | |||||||||
Unrealized losses included in interest expense | — | (48 | ) | (48 | ) | |||||||
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss | — | 1,673 | 1,673 | |||||||||
Unrealized gains (losses) included in equity and partners’ capital | 4,341 | (2,581 | ) | 1,760 | ||||||||
Fair value at December 31, 2012 | $ | 59,145 | $ | (7,968 | ) | $ | 51,177 | |||||
Investment accretion | 3,451 | — | 3,451 | |||||||||
Unrealized losses included in interest expense | — | (48 | ) | (48 | ) | |||||||
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss | — | 1,678 | 1,678 | |||||||||
Unrealized (losses) gains included in equity and partners’ capital | (4,188 | ) | 1,734 | (2,454 | ) | |||||||
Fair value at December 31, 2013 | $ | 58,408 | $ | (4,604 | ) | $ | 53,804 | |||||
Our investments classified as AFS are presented within other assets in the accompanying consolidated balance sheets. We estimate the fair value of these investments using an income and market approach with primarily observable inputs, including yields and other information regarding similar types of investments, and adjusted for certain unobservable inputs specific to these investments. We are accreting the discount to the $100.9 million face value of the investments into interest income using the effective interest method over the remaining expected term of the investments, which, as of December 31, 2013, was approximately 7.4 years. Our amortized cost basis for these investments, which represents the original cost adjusted for interest accretion less interest payments received, was $59.8 million and $56.3 million at December 31, 2013 and 2012, respectively. The amortized cost exceeded the fair value of these investments at December 31, 2013, primarily due to increases in market interest rates and a decrease in demand for similar investments as compared to when we purchased the investments. We currently expect to hold the investments to their maturity dates and we believe we will fully recover our basis in the investments. Accordingly, we believe the current impairment in the fair value, as compared to the amortized cost basis, of these investments is temporary and we have not recognized any of the loss in value in earnings. | ||||||||||||
For our variable rate debt, we are sometimes required by limited partners in our consolidated real estate partnerships to limit our exposure to interest rate fluctuations by entering into interest rate swap agreements, which moderate our exposure to interest rate risk by effectively converting the interest on variable rate debt to a fixed rate. We estimate the fair value of interest rate swaps using an income approach with primarily observable inputs including information regarding the hedged variable cash flows and forward yield curves relating to the variable interest rates on which the hedged cash flows are based. | ||||||||||||
As of December 31, 2013 and 2012, we had interest rate swaps with aggregate notional amounts of $50.7 million and $51.0 million, respectively. As of December 31, 2013 these swaps had a weighted average remaining term of 7.0 years. We have designated these interest rate swaps as cash flow hedges. The fair value of these swaps is presented within accrued liabilities and other in our consolidated balance sheets, and we recognize any changes in the fair value as an adjustment of accumulated other comprehensive loss within equity and partners’ capital to the extent of their effectiveness. | ||||||||||||
If the forward rates at December 31, 2013 remain constant, we estimate that during the next 12 months, we would reclassify into earnings approximately $1.7 million of the unrealized losses in accumulated other comprehensive loss. If market interest rates increase above the 3.43% weighted average fixed rate under these interest rate swaps we will benefit from net cash payments due to us from our counterparty to the interest rate swaps. |
Basis_of_Presentation_and_Summ2
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||||||||||
Schedule of Other Assets | ' | ||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Deferred financing costs, net | $ | 36,641 | $ | 37,312 | |||||||||||||||||
Investments in unconsolidated real estate partnerships | 16,930 | 18,753 | |||||||||||||||||||
Investments in securitization trust that holds Aimco property debt | 58,408 | 59,145 | |||||||||||||||||||
Intangible assets, net | 50,025 | 50,322 | |||||||||||||||||||
Deferred tax asset, net (Note 8) | 30,353 | 44,828 | |||||||||||||||||||
Assets related to the legacy asset management business (Note 3) | 163,849 | 176,756 | |||||||||||||||||||
Prepaid expenses, accounts receivable, deposits and other | 146,065 | 156,662 | |||||||||||||||||||
Other assets per consolidated balance sheets | $ | 502,271 | $ | 543,778 | |||||||||||||||||
Schedule of expected amortization of deferred revenue leases | ' | ||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||
Estimated amortization | $ | 2,270 | $ | 2,016 | $ | 1,757 | $ | 1,550 | $ | 1,331 | |||||||||||
Significant_Transactions_Table
Significant Transactions (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Investments in Real Estate and Other Significant Transactions [Abstract] | ' | |||||||||||
Real Estate Investment Financial Statements, Disclosure | ' | |||||||||||
The portfolio’s assets and liabilities included in other assets in our consolidated balance sheets are summarized below (in thousands). | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Real estate, net | $ | 120,175 | $ | 125,065 | ||||||||
Cash and cash equivalents and restricted cash | 29,046 | 31,558 | ||||||||||
Investment in unconsolidated real estate partnerships | 10,817 | 15,987 | ||||||||||
Other assets | 3,811 | 4,146 | ||||||||||
Total assets | $ | 163,849 | $ | 176,756 | ||||||||
Total indebtedness | $ | 106,032 | $ | 107,562 | ||||||||
Accrued and other liabilities | 19,263 | 29,422 | ||||||||||
Total liabilities | 125,295 | 136,984 | ||||||||||
Noncontrolling interests in consolidated real estate partnerships | 35,818 | 57,208 | ||||||||||
Equity attributable to Aimco and the Aimco Operating Partnership | 2,736 | (17,436 | ) | |||||||||
Total liabilities and equity | $ | 163,849 | $ | 176,756 | ||||||||
Statement of Income Related to Legally Sold Portfolio [Table Text Block] | ' | |||||||||||
2013 | ||||||||||||
Revenues | $ | 23,711 | ||||||||||
Expenses | (21,188 | ) | ||||||||||
Equity in earnings or loss of unconsolidated entities, gains or losses on dispositions and other, net | (748 | ) | ||||||||||
Net income related to legacy asset management business | 1,775 | |||||||||||
Income tax expense associated with legacy asset management business | (639 | ) | ||||||||||
Noncontrolling interests in consolidated real estate partnerships | 21,370 | |||||||||||
Net income of legacy asset management business attributable to Aimco and the Aimco Operating Partnership | $ | 22,506 | ||||||||||
Schedule of Acquisition of Conventional Properties | ' | |||||||||||
Summarized information regarding these acquisitions is set forth in the table below (dollars in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Number of apartment homes | 134 | 614 | ||||||||||
Acquisition price | $ | 53,575 | $ | 126,873 | ||||||||
Non-recourse property debt assumed (outstanding principal balance) | 12,446 | 38,819 | ||||||||||
Non-recourse property debt assumed (fair value) | 14,767 | 43,938 | ||||||||||
Total fair value allocated to real estate | 55,896 | 130,547 | ||||||||||
Noncontrolling Interests In Consolidated Real Estate Partnerships | ' | |||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Consolidated partnerships in which remaining limited partnership interests were acquired | 3 | 11 | 12 | |||||||||
Number of apartment communities owned by partnerships | 5 | 17 | 15 | |||||||||
Cost of limited partnership interests acquired | $ | 17,900 | $ | 50,654 | $ | 22,305 | ||||||
Excess of consideration paid over the carrying amount of noncontrolling interests acquired | 17,170 | 44,777 | 36,260 | |||||||||
Investments_in_Unconsolidated_1
Investments in Unconsolidated Real Estate Partnerships (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||
Financial information for the unconsolidated real estate partnerships | ' | |||||||||||
The following table provides selected combined financial information for the unconsolidated real estate partnerships in which we had investments accounted for under the equity method as of and for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Real estate, net of accumulated depreciation | $ | 88,014 | $ | 107,419 | $ | 429,780 | ||||||
Total assets | 93,242 | 114,658 | 472,904 | |||||||||
Non-recourse property debt and other notes payable | 60,660 | 122,019 | 321,236 | |||||||||
Total liabilities | 64,859 | 132,767 | 455,591 | |||||||||
Partners’ capital (deficit) | 28,383 | (18,109 | ) | 17,313 | ||||||||
Rental and other property revenues | 16,268 | 72,636 | 114,974 | |||||||||
Property operating expenses | (8,470 | ) | (49,331 | ) | (75,934 | ) | ||||||
Depreciation and amortization | (3,300 | ) | (18,388 | ) | (26,323 | ) | ||||||
Interest expense | (4,185 | ) | (21,354 | ) | (27,108 | ) | ||||||
Gain on sale and impairment losses, net | 36,212 | (4,140 | ) | 22,598 | ||||||||
Net income (loss) | 35,909 | (21,108 | ) | 6,773 | ||||||||
NonRecourse_Property_Debt_and_1
Non-Recourse Property Debt and Credit Agreement (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Debt Instrument [Line Items] | ' | |||||||||||
Scheduled principal amortization and maturity payments | ' | |||||||||||
As of December 31, 2013, the scheduled principal amortization and maturity payments for our non-recourse property debt related to apartment communities in continuing operations are as follows (in thousands): | ||||||||||||
Amortization | Maturities | Total | ||||||||||
2014 | $ | 88,010 | $ | 82,192 | $ | 170,202 | ||||||
2015 | 88,424 | 183,317 | 271,741 | |||||||||
2016 | 85,380 | 465,321 | 550,701 | |||||||||
2017 | 79,223 | 398,320 | 477,543 | |||||||||
2018 | 74,232 | 238,253 | 312,485 | |||||||||
Thereafter | 2,555,113 | |||||||||||
$ | 4,337,785 | |||||||||||
Property Notes Payable | ' | |||||||||||
Debt Instrument [Line Items] | ' | |||||||||||
Summarizes property loans payable related to properties classified as held for use | ' | |||||||||||
The following table summarizes our property debt related to assets classified as held for use at December 31, 2013 and 2012 (dollars in thousands): | ||||||||||||
Weighted Average Interest Rate | Principal | |||||||||||
Outstanding | ||||||||||||
2013 | 2013 | 2012 | ||||||||||
Fixed rate property debt | 5.46% | $ | 4,107,141 | $ | 4,181,821 | |||||||
Variable rate property debt | 2.92% | 13,099 | 13,443 | |||||||||
Total | $ | 4,120,240 | $ | 4,195,264 | ||||||||
Property Tax Exempt Bonds Payable | ' | |||||||||||
Debt Instrument [Line Items] | ' | |||||||||||
Summarizes property loans payable related to properties classified as held for use | ' | |||||||||||
The following table summarizes our property tax-exempt bond financings related to assets classified as held for use at December 31, 2013 and 2012 (dollars in thousands): | ||||||||||||
Weighted Average Interest Rate | Principal | |||||||||||
Outstanding | ||||||||||||
2013 | 2013 | 2012 | ||||||||||
Fixed rate property tax-exempt debt | 4.87% | $ | 85,634 | $ | 87,220 | |||||||
Variable rate property tax-exempt debt | 1.09% | 131,911 | 130,599 | |||||||||
Total | $ | 217,545 | $ | 217,819 | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||
Fair value of assets and liabilities measured on a recurring basis | ' | |||||||||||
Information regarding these items measured at fair value, both of which are classified within Level 2 of the fair value hierarchy, is presented below (in thousands): | ||||||||||||
AFS Investments | Interest Rate Swaps | Total | ||||||||||
Fair value at December 31, 2011 | $ | 51,693 | $ | (7,012 | ) | $ | 44,681 | |||||
Investment accretion | 3,111 | — | 3,111 | |||||||||
Unrealized losses included in interest expense | — | (48 | ) | (48 | ) | |||||||
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss | — | 1,673 | 1,673 | |||||||||
Unrealized gains (losses) included in equity and partners’ capital | 4,341 | (2,581 | ) | 1,760 | ||||||||
Fair value at December 31, 2012 | $ | 59,145 | $ | (7,968 | ) | $ | 51,177 | |||||
Investment accretion | 3,451 | — | 3,451 | |||||||||
Unrealized losses included in interest expense | — | (48 | ) | (48 | ) | |||||||
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss | — | 1,678 | 1,678 | |||||||||
Unrealized (losses) gains included in equity and partners’ capital | (4,188 | ) | 1,734 | (2,454 | ) | |||||||
Fair value at December 31, 2013 | $ | 58,408 | $ | (4,604 | ) | $ | 53,804 | |||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Approximate minimum annual rentals under operating lease obligations and sublease receivables | ' | |||
Approximate minimum annual rental payments under operating leases are as follows (in thousands): | ||||
Operating Lease Obligations | ||||
2014 | $ | 3,249 | ||
2015 | 2,442 | |||
2016 | 2,249 | |||
2017 | 1,985 | |||
2018 | 841 | |||
Total | $ | 10,766 | ||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
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, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||
Partnership differences | $ | 50,290 | $ | 29,745 | |||||||||||||||||
Deferred revenue | 25,596 | 23,139 | |||||||||||||||||||
Capitalized interest | 11,424 | 16,157 | |||||||||||||||||||
Other | 49 | — | |||||||||||||||||||
Total deferred tax liabilities | $ | 87,359 | $ | 69,041 | |||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||
Net operating, capital and other loss carryforwards | $ | 62,651 | $ | 66,145 | |||||||||||||||||
Differences in basis of real estate | 35,604 | 33,321 | |||||||||||||||||||
Receivables | 440 | 1,183 | |||||||||||||||||||
Accruals and expenses | 9,272 | 9,398 | |||||||||||||||||||
Tax credit carryforwards | 12,905 | 7,724 | |||||||||||||||||||
Management contracts and other | 393 | 629 | |||||||||||||||||||
Total deferred tax assets | 121,265 | 118,400 | |||||||||||||||||||
Valuation allowance | (3,553 | ) | (4,531 | ) | |||||||||||||||||
Net deferred income tax assets | $ | 30,353 | $ | 44,828 | |||||||||||||||||
Reconciliation of unrecognized tax benefits | ' | ||||||||||||||||||||
A reconciliation of the beginning and ending balance of our unrecognized tax benefits is presented below (in thousands): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Balance at January 1 | $ | 3,536 | $ | 3,917 | $ | 4,071 | |||||||||||||||
Reductions as a result of a lapse of the applicable statutes | (764 | ) | (684 | ) | — | ||||||||||||||||
Additions (reductions) based on tax positions related to prior years and current year excess benefits related to stock-based compensation | 99 | 303 | (154 | ) | |||||||||||||||||
Balance at December 31 | $ | 2,871 | $ | 3,536 | $ | 3,917 | |||||||||||||||
Components of the provision (benefit) for income taxes | ' | ||||||||||||||||||||
Significant components of the income tax benefit or expense are as follows and are classified within income tax benefit in continuing operations and income from discontinued operations, net in our statements of operations for the years ended December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Current: | |||||||||||||||||||||
Federal | $ | — | $ | — | $ | (109 | ) | ||||||||||||||
State | 63 | 1,047 | 604 | ||||||||||||||||||
Total current | 63 | 1,047 | 495 | ||||||||||||||||||
Deferred: | |||||||||||||||||||||
Federal | 7,621 | 7,116 | (143 | ) | |||||||||||||||||
State | 1,685 | 812 | (903 | ) | |||||||||||||||||
Total deferred | 9,306 | 7,928 | (1,046 | ) | |||||||||||||||||
Total expense (benefit) | $ | 9,369 | $ | 8,975 | $ | (551 | ) | ||||||||||||||
Classification: | |||||||||||||||||||||
Continuing operations | $ | (1,959 | ) | $ | (858 | ) | $ | (5,941 | ) | ||||||||||||
Discontinued operations | $ | 11,328 | $ | 9,833 | $ | 5,390 | |||||||||||||||
Reconciliation of income tax attributable to continuing and discontinued operations | ' | ||||||||||||||||||||
The reconciliation of income tax attributable to continuing and discontinued operations computed at the U.S. statutory rate to income tax expense (benefit) is shown below (dollars in thousands): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||
Tax at U.S. statutory rates on consolidated income or loss subject to tax | $ | 16,326 | 35 | % | $ | 6,642 | 35 | % | $ | 1,756 | 35 | % | |||||||||
State income tax expense (benefit), net of Federal tax (benefit) expense | 1,748 | 3.7 | % | 1,859 | 9.8 | % | (299 | ) | (6.0 | )% | |||||||||||
Effect of permanent differences | (296 | ) | (0.6 | )% | (256 | ) | (1.3 | )% | (565 | ) | (11.3 | )% | |||||||||
Tax effect of intercompany transfers of assets between the REIT and taxable REIT subsidiaries (1) | (4,272 | ) | (9.2 | )% | 730 | 3.8 | % | (1,965 | ) | (39.2 | )% | ||||||||||
Tax credits | (4,137 | ) | (8.9 | )% | — | — | % | — | — | % | |||||||||||
Increase in valuation allowance | — | — | % | — | — | % | 522 | 10.4 | % | ||||||||||||
$ | 9,369 | 20 | % | $ | 8,975 | 47.3 | % | $ | (551 | ) | (11.1 | )% | |||||||||
-1 | Includes the effect of assets contributed by the Aimco Operating Partnership to TRS entities, for which deferred tax expense or benefit was recognized upon the sale or impairment of the asset by the TRS entity. | ||||||||||||||||||||
Dividends paid to holders of Common Stock | ' | ||||||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, dividends per share held for the entire year were estimated to be taxable as follows: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Amount | Percentage | Amount | Percentage | Amount | Percentage | ||||||||||||||||
Ordinary income | $ | 0.17 | 17.9 | % | $ | — | — | % | $ | — | — | % | |||||||||
Capital gains | 0.13 | 13.9 | % | 0.35 | 46.6 | % | 0.12 | 24 | % | ||||||||||||
Unrecaptured Section 1250 gain | 0.66 | 68.2 | % | 0.41 | 53.4 | % | 0.36 | 76 | % | ||||||||||||
$ | 0.96 | 100 | % | $ | 0.76 | 100 | % | $ | 0.48 | 100 | % | ||||||||||
Aimco_Equity_Tables
Aimco Equity (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Classes of perpetual preferred stock | ' | |||||||||||
At December 31, 2013 and 2012, Aimco had the following classes of perpetual preferred stock outstanding (dollars in thousands): | ||||||||||||
Redemption | Annual Dividend Rate Per Share | Balance December 31, | ||||||||||
Date (1) | (paid quarterly) | 2013 | 2012 | |||||||||
Class Z Cumulative Preferred Stock, 4,800,000 shares authorized and 1,274,243 shares issued/outstanding | 7/29/16 | 7.00% | $ | 31,114 | $ | 31,114 | ||||||
Series A Community Reinvestment Act Preferred Stock, 240 shares authorized and 74 shares issued/outstanding | 6/30/11 | -2 | 37,000 | 37,000 | ||||||||
Preferred stock per consolidated balance sheets | $ | 68,114 | $ | 68,114 | ||||||||
-1 | All classes of preferred stock were or are redeemable at our option on and after the dates specified. | |||||||||||
-2 | For the period from the date of original issuance through March 31, 2015, the dividend rate is a variable rate per annum equal to the Three-Month LIBOR Rate (as defined in the articles supplementary designating the Series A Community Reinvestment Act Perpetual Preferred Stock, or CRA Preferred Stock) plus 1.25%, calculated as of the beginning of each quarterly dividend period. The rate at December 31, 2013 and 2012 was 1.50% and 1.61%, respectively. | |||||||||||
Issuance of preferred stock | ' | |||||||||||
The following table summarizes our issuances of Class Z Preferred Stock during the years ended December 31, 2012 and 2011 (dollars in thousands, except per share amounts): | ||||||||||||
Years Ended December 31, | ||||||||||||
2012 | 2011 | |||||||||||
Number of shares of preferred stock issued | 405,090 | 869,153 | ||||||||||
Price to public per share | $ | 24.78 | $ | 24.25 | ||||||||
Underwriting discounts, commissions and transaction costs per share | $ | 0.54 | $ | 1.25 | ||||||||
Net proceeds per share | $ | 24.24 | $ | 23 | ||||||||
Net proceeds to Aimco | $ | 9,818 | $ | 19,990 | ||||||||
Issuance costs (primarily underwriting commissions) recognized as an adjustment of additional paid-in capital | $ | 221 | $ | 1,085 | ||||||||
Partners_Capital_Tables
Partners Capital (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Partners' Capital [Abstract] | ' | |||||||||||||||||||||
Schedule of Preferred Units | ' | |||||||||||||||||||||
As of December 31, 2013 and 2012, the following classes of Preferred OP Units (stated at their redemption values, in thousands, except unit and per unit data): | ||||||||||||||||||||||
Distributions per Annum | Units Issued and Outstanding | Balances | ||||||||||||||||||||
Class of Preferred Units | Percent | Per Unit | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Class One | 8.75 | % | $ | 8 | 90,000 | 90,000 | $ | 8,229 | $ | 8,229 | ||||||||||||
Class Two | 1.84 | % | $ | 0.46 | 18,589 | 18,589 | 465 | 465 | ||||||||||||||
Class Three | 7.88 | % | $ | 1.97 | 1,354,091 | 1,357,691 | 33,852 | 33,942 | ||||||||||||||
Class Four | 8 | % | $ | 2 | 644,954 | 644,954 | 16,124 | 16,124 | ||||||||||||||
Class Six | 8.5 | % | $ | 2.13 | 790,883 | 790,883 | 19,772 | 19,772 | ||||||||||||||
Class Seven | 7.87 | % | $ | 1.97 | 27,960 | 27,960 | 699 | 699 | ||||||||||||||
Total | 2,926,477 | 2,930,077 | $ | 79,141 | $ | 79,231 | ||||||||||||||||
Temporary Equity | ' | |||||||||||||||||||||
The redeemable Partnership Preferred Units presented in this reconciliation include the redeemable Preferred OP Units as well as the CRA Preferred Units held by Aimco, which were redeemed by Aimco during 2011. | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Balance at January 1 | $ | 80,046 | $ | 83,384 | $ | 103,428 | ||||||||||||||||
Preferred distributions | (6,423 | ) | (6,496 | ) | (6,683 | ) | ||||||||||||||||
Redemption of preferred units | (93 | ) | (3,338 | ) | (20,044 | ) | ||||||||||||||||
Net income | 6,423 | 6,496 | 6,683 | |||||||||||||||||||
Balance at December 31 | $ | 79,953 | $ | 80,046 | $ | 83,384 | ||||||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Summary of outstanding stock options | ' | ||||||||||||||||||||
The following table summarizes activity for our outstanding stock options for the years ended December 31, 2013, 2012 and 2011 (numbers of options in thousands): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Number of Options | Weighted | Number of Options | Weighted | Number of Options | Weighted | ||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||
Price | Price | Price | |||||||||||||||||||
Outstanding at beginning of year | 3,045 | $ | 28.39 | 6,809 | $ | 26.47 | 7,733 | $ | 26.53 | ||||||||||||
Exercised | (44 | ) | 22.52 | (2,253 | ) | 21.75 | (203 | ) | 8.99 | ||||||||||||
Forfeited | (10 | ) | 27.82 | (1,511 | ) | 29.66 | (721 | ) | 32.09 | ||||||||||||
Outstanding at end of year | 2,991 | $ | 28.48 | 3,045 | $ | 28.39 | 6,809 | $ | 26.47 | ||||||||||||
Exercisable at end of year | 2,991 | $ | 28.48 | 2,841 | $ | 29.79 | 6,146 | $ | 27.5 | ||||||||||||
Summary of restricted stock awards | ' | ||||||||||||||||||||
The following table summarizes activity for restricted stock awards for the years ended December 31, 2013, 2012 and 2011 (numbers of shares in thousands): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Number of Shares | Weighted | Number of Shares | Weighted | Number of Shares | Weighted | ||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Grant-Date | Grant-Date | Grant-Date | |||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||
Unvested at beginning of year | 526 | $ | 22.69 | 463 | $ | 21.53 | 544 | $ | 19.36 | ||||||||||||
Granted | 253 | 27.86 | 241 | 24.31 | 290 | 25.59 | |||||||||||||||
Vested | (204 | ) | 21.81 | (178 | ) | 21.86 | (243 | ) | 24.31 | ||||||||||||
Forfeited | — | — | — | — | (128 | ) | 16.16 | ||||||||||||||
Unvested at end of year | 575 | $ | 25.28 | 526 | $ | 22.69 | 463 | $ | 21.53 | ||||||||||||
Assets_Held_for_Sale_and_Disco1
Assets Held for Sale and Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Amounts classified as held for sale in consolidated balance sheets | ' | |||||||||||
Amounts classified as held for sale in the accompanying consolidated balance sheets as of December 31, 2012, are as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2012 | ||||||||||||
Real estate, net | $ | 279,653 | ||||||||||
Other assets | 10,093 | |||||||||||
Assets held for sale | $ | 289,746 | ||||||||||
Non-recourse property debt | $ | 278,538 | ||||||||||
Other liabilities | 2,900 | |||||||||||
Liabilities related to assets held for sale | $ | 281,438 | ||||||||||
Summary of discontinued operations | ' | |||||||||||
The following is a summary of the components of income from discontinued operations and the related amounts of income from discontinued operations attributable to Aimco, the Aimco Operating Partnership and noncontrolling interests for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Rental and other property revenues | $ | 62,152 | $ | 140,634 | $ | 226,623 | ||||||
Property operating expenses | (30,695 | ) | (62,781 | ) | (111,549 | ) | ||||||
Depreciation and amortization | (16,372 | ) | (41,577 | ) | (72,099 | ) | ||||||
Recovery of (provision for) real estate impairment losses | 16 | (17,452 | ) | (20,246 | ) | |||||||
Operating income | 15,101 | 18,824 | 22,729 | |||||||||
Interest income | 343 | 568 | 1,561 | |||||||||
Interest expense | (13,346 | ) | (29,972 | ) | (49,030 | ) | ||||||
Income (loss) before gain on dispositions of real estate and income tax | 2,098 | (10,580 | ) | (24,740 | ) | |||||||
Gain on dispositions of real estate | 212,459 | 234,530 | 108,203 | |||||||||
Income tax expense | (11,328 | ) | (9,833 | ) | (5,390 | ) | ||||||
Income from discontinued operations, net | $ | 203,229 | $ | 214,117 | $ | 78,073 | ||||||
Income from discontinued operations attributable to noncontrolling interests in consolidated real estate partnerships | (31,842 | ) | (41,633 | ) | (32,231 | ) | ||||||
Income from discontinued operations attributable to the Aimco Operating Partnership | $ | 171,387 | $ | 172,484 | 45,842 | |||||||
Income from discontinued operations attributable to noncontrolling interests in Aimco Operating Partnership | (9,248 | ) | (10,238 | ) | (3,147 | ) | ||||||
Income from discontinued operations attributable to Aimco | $ | 162,139 | $ | 162,246 | $ | 42,695 | ||||||
Earnings_Loss_per_ShareUnit_Ta
Earnings (Loss) per Share/Unit (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share | ' | |||||||||||
Earnings (Loss) per Share/Unit | ' | |||||||||||
The following table illustrates Aimco’s calculation of basic and diluted earnings (loss) per share for the years ended December 31, 2013, 2012 and 2011 (in thousands, except per share data): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Numerator: | ||||||||||||
Income (loss) from continuing operations | $ | 34,596 | $ | (18,756 | ) | $ | (136,237 | ) | ||||
Loss (income) from continuing operations attributable to noncontrolling interests | 10,555 | (11,034 | ) | 36,455 | ||||||||
Income attributable to preferred stockholders | (2,804 | ) | (49,888 | ) | (45,852 | ) | ||||||
Income attributable to participating securities | (813 | ) | (422 | ) | (222 | ) | ||||||
Income (loss) from continuing operations attributable to Aimco common stockholders | $ | 41,534 | $ | (80,100 | ) | $ | (145,856 | ) | ||||
Income from discontinued operations | $ | 203,229 | $ | 214,117 | $ | 78,073 | ||||||
Income from discontinued operations attributable to noncontrolling interests | (41,090 | ) | (51,871 | ) | (35,378 | ) | ||||||
Income from discontinued operations attributable to Aimco common stockholders | $ | 162,139 | $ | 162,246 | $ | 42,695 | ||||||
Net income (loss) | $ | 237,825 | $ | 195,361 | $ | (58,164 | ) | |||||
Net (income) loss attributable to noncontrolling interests | (30,535 | ) | (62,905 | ) | 1,077 | |||||||
Net income attributable to preferred stockholders | (2,804 | ) | (49,888 | ) | (45,852 | ) | ||||||
Net income attributable to participating securities | (813 | ) | (422 | ) | (222 | ) | ||||||
Net income (loss) attributable to Aimco common stockholders | $ | 203,673 | $ | 82,146 | $ | (103,161 | ) | |||||
Denominator: | ||||||||||||
Weighted average common shares outstanding – basic | 145,291 | 134,479 | 119,312 | |||||||||
Dilutive potential common shares | 241 | — | — | |||||||||
Weighted average common shares outstanding – diluted | 145,532 | 134,479 | 119,312 | |||||||||
Earnings (loss) per common share – basic and diluted: | ||||||||||||
Income (loss) from continuing operations attributable to Aimco common stockholders | $ | 0.29 | $ | (0.60 | ) | $ | (1.22 | ) | ||||
Income from discontinued operations attributable to Aimco common stockholders | 1.11 | 1.21 | 0.36 | |||||||||
Net income (loss) attributable to Aimco common stockholders | $ | 1.4 | $ | 0.61 | $ | (0.86 | ) | |||||
Dividends declared per common share | $ | 0.96 | $ | 0.76 | $ | 0.48 | ||||||
AIMCO PROPERTIES, L.P | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
Earnings (Loss) per Share/Unit | ' | |||||||||||
The following table illustrates the Aimco Operating Partnership’s calculation of basic and diluted earnings (loss) per unit for the years ended December 31, 2013, 2012 and 2011 (in thousands, except per unit data): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Numerator: | ||||||||||||
Income (loss) from continuing operations | $ | 34,596 | $ | (18,756 | ) | $ | (134,938 | ) | ||||
Loss (income) from continuing operations attributable to noncontrolling interests | 19,369 | (9,585 | ) | 32,488 | ||||||||
Income attributable to the Partnership’s preferred unitholders | (9,227 | ) | (56,384 | ) | (52,535 | ) | ||||||
Income attributable to participating securities | (813 | ) | (422 | ) | (222 | ) | ||||||
Income (loss) from continuing operations attributable to the Partnership’s common unitholders | $ | 43,925 | $ | (85,147 | ) | $ | (155,207 | ) | ||||
Income from discontinued operations | $ | 203,229 | $ | 214,117 | $ | 78,073 | ||||||
Income from discontinued operations attributable to noncontrolling interests | (31,842 | ) | (41,633 | ) | (32,231 | ) | ||||||
Income from discontinued operations attributable to the Partnership’s common unitholders | $ | 171,387 | $ | 172,484 | $ | 45,842 | ||||||
Net income (loss) | $ | 237,825 | $ | 195,361 | $ | (56,865 | ) | |||||
Net (income) loss attributable to noncontrolling interests | (12,473 | ) | (51,218 | ) | 257 | |||||||
Net income attributable to the Partnership’s preferred unitholders | (9,227 | ) | (56,384 | ) | (52,535 | ) | ||||||
Net income attributable to participating securities | (813 | ) | (422 | ) | (222 | ) | ||||||
Net income (loss) attributable to the Partnership’s common unitholders | $ | 215,312 | $ | 87,337 | $ | (109,365 | ) | |||||
Denominator: | ||||||||||||
Weighted average common units outstanding – basic | 153,256 | 142,614 | 127,681 | |||||||||
Dilutive potential common units | 241 | — | — | |||||||||
Weighted average common units outstanding – diluted | 153,497 | 142,614 | 127,681 | |||||||||
Earnings (loss) per common unit – basic and diluted: | ||||||||||||
Income (loss) from continuing operations attributable to the Partnership’s common unitholders | $ | 0.29 | $ | (0.60 | ) | $ | (1.22 | ) | ||||
Income from discontinued operations attributable to the Partnership’s common unitholders | 1.11 | 1.21 | 0.36 | |||||||||
Net income (loss) attributable to the Partnership’s common unitholders | $ | 1.4 | $ | 0.61 | $ | (0.86 | ) | |||||
Distributions declared per unit | $ | 0.96 | $ | 0.76 | $ | 0.63 | ||||||
Unaudited_Summarized_Consolida1
Unaudited Summarized Consolidated Quarterly Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Schedule of Unaudited Quarterly Financial Information [Line Items] | ' | ||||||||||||||||
Summarized unaudited consolidated quarterly information | ' | ||||||||||||||||
Aimco’s summarized unaudited consolidated quarterly information for 2013 and 2012 is provided below (in thousands, except per share amounts). | |||||||||||||||||
Quarter (1) | |||||||||||||||||
2013 | First | Second | Third | Fourth | |||||||||||||
Total revenues | $ | 237,504 | $ | 241,744 | $ | 243,943 | $ | 250,862 | |||||||||
Total operating expenses | (184,864 | ) | (183,033 | ) | (179,430 | ) | (177,707 | ) | |||||||||
Operating income | 52,640 | 58,711 | 64,513 | 73,155 | |||||||||||||
(Loss) income from continuing operations | (1,662 | ) | 2,477 | 6,977 | 26,804 | ||||||||||||
Income from discontinued operations, net | 4,495 | 4,502 | 72,433 | 121,799 | |||||||||||||
Net income | 2,833 | 6,979 | 79,410 | 148,603 | |||||||||||||
Net income attributable to Aimco common stockholders | $ | 5,050 | $ | 10,107 | $ | 66,268 | $ | 122,037 | |||||||||
Earnings (loss) per common share - basic and diluted: | |||||||||||||||||
(Loss) income from continuing operations attributable to Aimco common stockholders | $ | (0.01 | ) | $ | 0.01 | $ | 0.04 | $ | 0.25 | ||||||||
Net income attributable to Aimco common stockholders | $ | 0.03 | $ | 0.07 | $ | 0.46 | $ | 0.84 | |||||||||
Weighted average common shares outstanding - basic | 145,169 | 145,321 | 145,334 | 145,341 | |||||||||||||
Weighted average common shares outstanding - diluted | 145,169 | 145,674 | 145,563 | 145,499 | |||||||||||||
Quarter (1) | |||||||||||||||||
2012 | First | Second | Third | Fourth | |||||||||||||
Total revenues | $ | 231,748 | $ | 236,085 | $ | 242,973 | $ | 247,705 | |||||||||
Total operating expenses | (199,743 | ) | (190,343 | ) | (197,071 | ) | (192,338 | ) | |||||||||
Operating income | 32,005 | 45,742 | 45,902 | 55,367 | |||||||||||||
(Loss) income from continuing operations | (26,294 | ) | (5,670 | ) | 5,369 | 7,839 | |||||||||||
Income from discontinued operations, net | 36,941 | 39,801 | 47,966 | 89,409 | |||||||||||||
Net income | 10,647 | 34,131 | 53,335 | 97,248 | |||||||||||||
Net (loss) income attributable to Aimco common stockholders | $ | (10,609 | ) | $ | 523 | $ | 24,163 | $ | 67,928 | ||||||||
Loss per common share - basic and diluted: | |||||||||||||||||
Loss from continuing operations attributable to Aimco common stockholders | $ | (0.30 | ) | $ | (0.25 | ) | $ | (0.07 | ) | $ | (0.01 | ) | |||||
Net (loss) income attributable to Aimco common stockholders | $ | (0.09 | ) | $ | — | $ | 0.17 | $ | 0.47 | ||||||||
Weighted average common shares outstanding - basic and diluted | 120,526 | 127,395 | 144,959 | 145,035 | |||||||||||||
AIMCO PROPERTIES, L.P | ' | ||||||||||||||||
Schedule of Unaudited Quarterly Financial Information [Line Items] | ' | ||||||||||||||||
Summarized unaudited consolidated quarterly information | ' | ||||||||||||||||
Quarter (1) | |||||||||||||||||
2013 | First | Second | Third | Fourth | |||||||||||||
Total revenues | $ | 237,504 | $ | 241,744 | $ | 243,943 | $ | 250,862 | |||||||||
Total operating expenses | (184,864 | ) | (183,033 | ) | (179,430 | ) | (177,707 | ) | |||||||||
Operating income | 52,640 | 58,711 | 64,513 | 73,155 | |||||||||||||
(Loss) income from continuing operations | (1,662 | ) | 2,477 | 6,977 | 26,804 | ||||||||||||
Income from discontinued operations, net | 4,495 | 4,502 | 72,433 | 121,799 | |||||||||||||
Net income | 2,833 | 6,979 | 79,410 | 148,603 | |||||||||||||
Net income attributable to the Partnership’s common unitholders | $ | 5,347 | $ | 10,682 | $ | 70,064 | $ | 129,008 | |||||||||
Earnings (loss) per common unit - basic and diluted: | |||||||||||||||||
(Loss) income from continuing operations attributable to the Partnership’s common unitholders | $ | (0.01 | ) | $ | 0.01 | $ | 0.04 | $ | 0.25 | ||||||||
Net income attributable to the Partnership’s common unitholders | $ | 0.03 | $ | 0.07 | $ | 0.46 | $ | 0.84 | |||||||||
Weighted average common units outstanding - basic | 153,169 | 153,294 | 153,287 | 153,276 | |||||||||||||
Weighted average common units outstanding - diluted | 153,169 | 153,647 | 153,516 | 153,434 | |||||||||||||
Quarter (1) | |||||||||||||||||
2012 | First | Second | Third | Fourth | |||||||||||||
Total revenues | $ | 231,748 | $ | 236,085 | $ | 242,973 | $ | 247,705 | |||||||||
Total operating expenses | (199,743 | ) | (190,343 | ) | (197,071 | ) | (192,338 | ) | |||||||||
Operating income | 32,005 | 45,742 | 45,902 | 55,367 | |||||||||||||
(Loss) income from continuing operations | (26,294 | ) | (5,670 | ) | 5,369 | 7,839 | |||||||||||
Income from discontinued operations, net | 36,941 | 39,801 | 47,966 | 89,409 | |||||||||||||
Net income | 10,647 | 34,131 | 53,335 | 97,248 | |||||||||||||
Net (loss) income attributable to the Partnership’s common unitholders | $ | (11,346 | ) | $ | 578 | $ | 25,774 | $ | 72,190 | ||||||||
Loss per common unit - basic and diluted: | |||||||||||||||||
Loss from continuing operations attributable to the Partnership’s common unitholders | $ | (0.30 | ) | $ | (0.25 | ) | $ | (0.07 | ) | $ | (0.01 | ) | |||||
Net (loss) income attributable to the Partnership’s common unitholders | $ | (0.09 | ) | $ | — | $ | 0.17 | $ | 0.47 | ||||||||
Weighted average common units outstanding - basic and diluted | 128,729 | 135,622 | 152,997 | 153,107 | |||||||||||||
-1 | Certain reclassifications have been made to 2013 and 2012 quarterly amounts to conform to the full year 2013 presentation, primarily related to treatment of discontinued operations. |
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Summary information for the reportable segments | ' | |||||||||||||||||||
The following tables present the revenues, net operating income (loss) and income (loss) from continuing operations of our conventional and affordable real estate operations segments on a proportionate basis for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||||||||||
Conventional | Affordable | Proportionate | Corporate and | Consolidated | ||||||||||||||||
Real Estate | Real Estate | Adjustments (1) | Amounts Not | |||||||||||||||||
Operations | Operations | Allocated to | ||||||||||||||||||
Segments | ||||||||||||||||||||
Year Ended December 31, 2013: | ||||||||||||||||||||
Rental and other property revenues (2) | $ | 803,242 | $ | 98,713 | $ | 37,201 | $ | 75 | $ | 939,231 | ||||||||||
Tax credit and asset management revenues | — | — | — | 34,822 | 34,822 | |||||||||||||||
Total revenues | 803,242 | 98,713 | 37,201 | 34,897 | 974,053 | |||||||||||||||
Property operating expenses (2) | 285,062 | 39,717 | 13,406 | 37,487 | 375,672 | |||||||||||||||
Investment management expenses | — | — | — | 4,341 | 4,341 | |||||||||||||||
Depreciation and amortization (2) | — | — | — | 291,910 | 291,910 | |||||||||||||||
General and administrative expenses | — | — | — | 45,708 | 45,708 | |||||||||||||||
Other expenses, net | — | — | — | 7,403 | 7,403 | |||||||||||||||
Total operating expenses | 285,062 | 39,717 | 13,406 | 386,849 | 725,034 | |||||||||||||||
Operating income (loss) | 518,180 | 58,996 | 23,795 | (351,952 | ) | 249,019 | ||||||||||||||
Other items included in continuing operations | — | — | — | (214,423 | ) | (214,423 | ) | |||||||||||||
Income (loss) from continuing operations | $ | 518,180 | $ | 58,996 | $ | 23,795 | $ | (566,375 | ) | $ | 34,596 | |||||||||
Conventional | Affordable | Proportionate | Corporate and | Consolidated | ||||||||||||||||
Real Estate | Real Estate | Adjustments (1) | Amounts Not | |||||||||||||||||
Operations | Operations | Allocated to | ||||||||||||||||||
Segments | ||||||||||||||||||||
Year Ended December 31, 2012: | ||||||||||||||||||||
Rental and other property revenues (2) | $ | 761,876 | $ | 97,135 | $ | 57,251 | $ | 480 | $ | 916,742 | ||||||||||
Tax credit and asset management revenues | — | — | — | 41,769 | 41,769 | |||||||||||||||
Total revenues | 761,876 | 97,135 | 57,251 | 42,249 | 958,511 | |||||||||||||||
Property operating expenses (2) | 274,414 | 38,932 | 23,562 | 37,439 | 374,347 | |||||||||||||||
Investment management expenses | — | — | — | 12,008 | 12,008 | |||||||||||||||
Depreciation and amortization (2) | — | — | — | 325,173 | 325,173 | |||||||||||||||
Provision for real estate impairment losses (2) | — | — | — | 6,235 | 6,235 | |||||||||||||||
General and administrative expenses | — | — | — | 49,602 | 49,602 | |||||||||||||||
Other expenses, net | — | — | — | 12,130 | 12,130 | |||||||||||||||
Total operating expenses | 274,414 | 38,932 | 23,562 | 442,587 | 779,495 | |||||||||||||||
Operating income (loss) | 487,462 | 58,203 | 33,689 | (400,338 | ) | 179,016 | ||||||||||||||
Other items included in continuing operations | — | — | — | (197,772 | ) | (197,772 | ) | |||||||||||||
Income (loss) from continuing operations | $ | 487,462 | $ | 58,203 | $ | 33,689 | $ | (598,110 | ) | $ | (18,756 | ) | ||||||||
Conventional | Affordable | Proportionate | Corporate and | Consolidated | ||||||||||||||||
Real Estate | Real Estate | Adjustments (1) | Amounts Not | |||||||||||||||||
Operations | Operations | Allocated to | ||||||||||||||||||
Segments | ||||||||||||||||||||
Year Ended December 31, 2011: | ||||||||||||||||||||
Rental and other property revenues (2) | $ | 724,866 | $ | 94,007 | $ | 55,627 | $ | 1,194 | $ | 875,694 | ||||||||||
Tax credit and asset management revenues | — | — | — | 38,661 | 38,661 | |||||||||||||||
Total revenues | 724,866 | 94,007 | 55,627 | 39,855 | 914,355 | |||||||||||||||
Property operating expenses (2) | 263,969 | 37,096 | 22,140 | 52,959 | 376,164 | |||||||||||||||
Investment management expenses | — | — | — | 10,459 | 10,459 | |||||||||||||||
Depreciation and amortization (2) | — | — | — | 323,233 | 323,233 | |||||||||||||||
General and administrative expenses | — | — | — | 50,906 | 50,906 | |||||||||||||||
Other expenses, net | — | — | — | 18,302 | 18,302 | |||||||||||||||
Total operating expenses | 263,969 | 37,096 | 22,140 | 455,859 | 779,064 | |||||||||||||||
Operating income (loss) | 460,897 | 56,911 | 33,487 | (416,004 | ) | 135,291 | ||||||||||||||
Other items included in continuing operations (3) | — | — | — | (271,528 | ) | (271,528 | ) | |||||||||||||
Income (loss) from continuing operations | $ | 460,897 | $ | 56,911 | $ | 33,487 | $ | (687,532 | ) | $ | (136,237 | ) | ||||||||
-1 | Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the results of our consolidated apartment communities and the results of consolidated apartment communities that we do not manage, which are excluded from our measurement of segment performance but included in the related consolidated amounts, and our share of the results of operations of our unconsolidated real estate partnerships that we manage, which are included in our measurement of segment performance but excluded from the related consolidated amounts. | |||||||||||||||||||
-2 | Proportionate property net operating income, our key measurement of segment profit or loss, excludes property management revenues (which are included in rental and other property revenues), property management expenses and casualty gains and losses (which are included in property operating expenses), depreciation and amortization and provision for real estate impairment losses. Accordingly, we do not allocate these amounts to our segments. | |||||||||||||||||||
-3 | In addition to the other items included in continuing operations presented in the table for the year ending December 31, 2011, the Aimco Operating Partnership recognized $1.3 million of interest income on its notes receivable from Aimco. These notes were repaid by Aimco during the three months ended December 31, 2011. | |||||||||||||||||||
Assets of reportable segments | ' | |||||||||||||||||||
The assets of our reportable segments on a proportionate basis, together with the proportionate adjustments to reconcile these amounts to the consolidated assets of our segments, and the consolidated assets not allocated to our segments are as follows (in thousands): | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Conventional | $ | 4,793,472 | $ | 4,837,236 | ||||||||||||||||
Affordable | 382,091 | 466,678 | ||||||||||||||||||
Proportionate adjustments (1) | 428,376 | 634,858 | ||||||||||||||||||
Corporate and other assets | 475,474 | 462,608 | ||||||||||||||||||
Total consolidated assets | $ | 6,079,413 | $ | 6,401,380 | ||||||||||||||||
-1 | Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the assets of our consolidated apartment communities, which are excluded from our measurement of segment financial condition, and our share of the assets of our unconsolidated real estate partnerships, which are included in our measure of segment financial condition. |
Organization_Details_Textual
Organization (Details Textual) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Conventional Real Estate Operations [Member] | Affordable Real Estate Operations [Member] | Consolidated Properties [Member] | Consolidated Properties [Member] | AIMCO PROPERTIES, L.P | |||
Units | Units | Conventional Real Estate Operations [Member] | Affordable Real Estate Operations [Member] | ||||
Property | Property | Units | Property | ||||
Property | Units | ||||||
Organization | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock outstanding | 145,917,387 | 145,563,903 | ' | ' | ' | ' | 153,837,804 |
Aimco's ownership interest in AIMCO Properties, L.P. | 94.90% | ' | ' | ' | ' | ' | ' |
Number of apartment communities | ' | ' | 162 | 74 | 158 | 58 | ' |
Number of homes in apartment communities | ' | ' | 50,486 | 10,067 | 50,344 | 8,953 | ' |
Percentage of proportionate property net operating income generated by segment | ' | ' | 90.00% | 10.00% | ' | ' | ' |
Basis_of_Presentation_and_Summ3
Basis of Presentation and Summary of Significant Accounting Policies (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Schedule of expected amortization of below market obligations related to acquired leases | ' |
2014 | ($2,270) |
2015 | -2,016 |
2016 | -1,757 |
2017 | -1,550 |
2018 | ($1,331) |
Basis_of_Presentation_and_Summ4
Basis of Presentation and Summary of Significant Accounting Policies (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of other assets [Line Items] | ' | ' |
Deferred financing costs, net | $36,641 | $37,312 |
Investments in unconsolidated real estate partnerships | 16,930 | 18,753 |
Investments in securitization trust that holds Aimco property debt | 58,408 | 59,145 |
Intangible assets, net | 50,025 | 50,322 |
Deferred tax asset, net (Note 8) | 30,353 | 44,828 |
Assets related to the legacy asset management business (Note 3) | 163,849 | 176,756 |
Prepaid expenses, accounts receivable, deposits and other | 146,065 | 156,662 |
Other assets per consolidated balance sheets | $502,271 | $543,778 |
Basis_of_Presentation_and_Summ5
Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Basis of Presentation and Summary of Significant Accounting Policies | ' | ' | ' |
Net real estate | $5,391,209,000 | $5,234,961,000 | ' |
Non-recourse property debt | 4,337,785,000 | 4,413,083,000 | ' |
Net below market lease amounts | 16,900,000 | 19,800,000 | ' |
Accumulated amortization of below market lease values | -35,900,000 | -33,000,000 | ' |
Amortization of below market lease values included in rental and other property revenues | -2,900,000 | -3,800,000 | -4,300,000 |
Interest costs capitalized | 17,600,000 | 16,600,000 | 14,000,000 |
Other direct and indirect costs capitalized | 33,200,000 | 33,700,000 | 29,000,000 |
Minimum [Member] | ' | ' | ' |
Basis of Presentation and Summary of Significant Accounting Policies | ' | ' | ' |
Depreciable life of acquired buildings and improvements | '5 years | ' | ' |
Average [Member] | ' | ' | ' |
Basis of Presentation and Summary of Significant Accounting Policies | ' | ' | ' |
Depreciable life of acquired buildings and improvements | '15 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Basis of Presentation and Summary of Significant Accounting Policies | ' | ' | ' |
Depreciable life of acquired buildings and improvements | '30 years | ' | ' |
Building and Building Improvements [Member] | Weighted Average [Member] | ' | ' | ' |
Basis of Presentation and Summary of Significant Accounting Policies | ' | ' | ' |
Depreciable life of acquired buildings and improvements | '30 years | ' | ' |
Leases, Acquired-in-Place, Market Adjustment [Member] | ' | ' | ' |
Basis of Presentation and Summary of Significant Accounting Policies | ' | ' | ' |
Weighted average amortization period | '6 years 6 months 15 days | ' | ' |
Variable Interest Entity, Primary Beneficiary [Member] | ' | ' | ' |
Basis of Presentation and Summary of Significant Accounting Policies | ' | ' | ' |
Number of variable interest entities | 63 | ' | ' |
Number of apartment communities | 49 | ' | ' |
Number of homes in apartment communities | 7,656 | ' | ' |
Net real estate | 392,245,000 | 578,421,000 | ' |
Non-recourse property debt | $355,372,000 | $477,791,000 | ' |
Basis_of_Presentation_and_Summ6
Basis of Presentation and Summary of Significant Accounting Policies (Details Textual 1) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Basis of Presentation and Summary of Significant Accounting Policies | ' | ' | ' | |
Provision for real estate impairment losses | $0 | $6,235,000 | [1] | $0 |
Goodwill associated with reportable segments | 49,000,000 | 49,000,000 | ' | |
Goodwill written off related to apartment communities sold or classified as held for sale | 5,500,000 | 7,500,000 | 5,100,000 | |
Useful life of capitalized software costs | '5 years 0 months 0 days | ' | ' | |
Capitalized software purchase and development cost | 3,300,000 | 5,800,000 | 12,600,000 | |
Capitalized software net | 22,000,000 | 27,500,000 | ' | |
Amortization of capitalized software | 8,900,000 | 10,000,000 | 8,700,000 | |
Noncontrolling interests in consolidated real estate partnerships | 233,008,000 | 271,065,000 | ' | |
Noncontrolling interests in the Aimco Operating Partnership, weighted average ownership percentage by Noncontrolling Owners During Period | 5.20% | 5.70% | 6.60% | |
Average term of operating leases with apartment residents | '12 months | ' | ' | |
Period of time over which low income housing tax credits realized by investors | '10 years | ' | ' | |
Typical compliance period related to low income housing tax credit arrangements | '15 years | ' | ' | |
General partner interests in low income housing tax credit partnerships held by Aimco | 'one percent or less | ' | ' | |
Limited partner interests in low income housing tax credit partnerships held by unaffiliated investors | 'at least 99% | ' | ' | |
Percentage of income tax on arms length transactions | 100.00% | ' | ' | |
Legally Sold Portfolio, Not Derecognized for Accounting Purposes [Member] | ' | ' | ' | |
Basis of Presentation and Summary of Significant Accounting Policies | ' | ' | ' | |
Noncontrolling interests in consolidated real estate partnerships | 35,818,000 | 57,208,000 | ' | |
Assets Held-for-sale [Member] | ' | ' | ' | |
Basis of Presentation and Summary of Significant Accounting Policies | ' | ' | ' | |
Goodwill associated with reportable segments | ' | $5,500,000 | ' | |
[1] | Proportionate property net operating income, our key measurement of segment profit or loss, excludes property management revenues (which are included in rental and other property revenues), property management expenses and casualty gains and losses (which are included in property operating expenses), depreciation and amortization and provision for real estate impairment losses. Accordingly, we do not allocate these amounts to our segments. |
Significant_Transactions_Detai
Significant Transactions (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Asset Managed Portoflio Sale Amounts [Line Items] | ' | ' |
Real estate, net | $120,175 | $125,065 |
Cash and cash equivalents and restricted cash | 29,046 | 31,558 |
Investment in unconsolidated real estate partnerships | 10,817 | 15,987 |
Other assets | 3,811 | 4,146 |
Total assets | 163,849 | 176,756 |
Total indebtedness | 106,032 | 107,562 |
Accrued and other liabilities | 19,263 | 29,422 |
Total liabilities | 125,295 | 136,984 |
Noncontrolling interests in consolidated real estate partnerships | 233,008 | 271,065 |
Equity attributable to Aimco and the Aimco Operating Partnership | -27,721 | -31,596 |
Total liabilities and equity | 6,079,413 | 6,401,380 |
Legally Sold Portfolio, Not Derecognized for Accounting Purposes [Member] | ' | ' |
Schedule of Asset Managed Portoflio Sale Amounts [Line Items] | ' | ' |
Noncontrolling interests in consolidated real estate partnerships | 35,818 | 57,208 |
Equity attributable to Aimco and the Aimco Operating Partnership | 2,736 | -17,436 |
Total liabilities and equity | $163,849 | $176,756 |
Significant_Transactions_Detai1
Significant Transactions (Details 1) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Statement of Income Related to Legally Sold Portfolio [Line Items] | ' |
Revenues | $23,711 |
Expenses | -21,188 |
Equity in earnings or loss of unconsolidated entities, gains or losses on dispositions and other, net | -748 |
Net income related to legacy asset management business | 1,775 |
Income tax expense associated with legacy asset management business | -639 |
Noncontrolling interests in consolidated real estate partnerships | 21,370 |
Net income of legacy asset management business attributable to Aimco and the Aimco Operating Partnership | $22,506 |
Significant_Transactions_Detai2
Significant Transactions (Details 2) (Series of Individually Immaterial Business Acquisitions [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Property | Property | |
Series of Individually Immaterial Business Acquisitions [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Number of apartment homes | 134 | 614 |
Acquisition price | $53,575 | $126,873 |
Non-recourse property debt assumed (outstanding principal balance) | 12,446 | 38,819 |
Non-recourse property debt assumed (fair value) | 14,767 | 43,938 |
Total fair value allocated to real estate | $55,896 | $130,547 |
Significant_Transactions_Detai3
Significant Transactions (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property | Property | PartnershipUnit | |
PartnershipUnit | PartnershipUnit | Property | |
Business Acquisition [Line Items] | ' | ' | ' |
Consolidated partnerships in which remaining limited partnership interests were acquired | 3 | 11 | 12 |
Number of apartment communities owned by partnerships | 5 | 17 | 15 |
Cost of limited partnership interests acquired | $17,900 | ' | ' |
Partners Capital Account Effect Of Changes In Ownership For Consolidated | 17,170 | 50,654 | 22,305 |
Excess of consideration paid over the carrying amount of noncontrolling interests acquired | ' | $44,777 | $36,260 |
Significant_Transactions_Detai4
Significant Transactions (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2006 | |
West Harlem Property Loans [Member] | West Harlem Property Loans [Member] | First Mortgage [Member] | Second Mortgage [Member] | ||||
Units | West Harlem Property Loans [Member] | West Harlem Property Loans [Member] | |||||
Property | |||||||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of communities collateralizing notes receivable | ' | ' | ' | ' | 84 | ' | ' |
Payments to Acquire Notes Receivable | $119,101,000 | $0 | $0 | ' | ' | $119,100,000 | ' |
Number Of Apartment Homes In Communities Collateralizing Notes Receivable | ' | ' | ' | ' | 1,596 | ' | ' |
Number Of Commercial Spaces In Communities Collateralizing Notes Receivable | ' | ' | ' | ' | 43 | ' | ' |
Aggregate Carrying Amount Of Second Mortgage Loans And Purchase Option | ' | ' | ' | ' | 110,500,000 | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | ' | ' | ' | ' | ' | ' | 100,100,000 |
Proceeds from repayment of first and second mortgage loans and unexercised option | ' | ' | ' | $229,800,000 | ' | ' | ' |
Significant_Transactions_Detai5
Significant Transactions (Details Textual 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property | |||
Schedule of Asset Managed Portoflio Sale Amounts [Line Items] | ' | ' | ' |
Gain on dispositions of unconsolidated real estate and other, net | $1,797,000 | $21,886,000 | $2,403,000 |
Number of partnerships in legally sold portfolio | 17 | ' | ' |
Number of consolidated communities in legally sold portfolio | 14 | ' | ' |
Number of unconsolidated communities in legally sold portfolio | 61 | ' | ' |
Noncontrolling Interest in Limited Partnerships share of net income for dercognition | 20,600,000 | ' | ' |
Parent Company [Member] | ' | ' | ' |
Schedule of Asset Managed Portoflio Sale Amounts [Line Items] | ' | ' | ' |
Gain on dispositions of unconsolidated real estate and other, net | ' | $15,700,000 | ' |
Significant_Transactions_Detai6
Significant Transactions (Details Textual 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2011 |
In Millions, unless otherwise specified | Newly Acquired Redevelopment Property [Member] | Newly Acquired Redevelopment Property [Member] | Newly Acquired Conventional Properties [Member] |
Units | Units | ||
Property | |||
Business Acquisition [Line Items] | ' | ' | ' |
Number of homes in apartment communities | ' | 126 | ' |
Minimum Expected Investment In Redevelopment Property | $101 | ' | ' |
Percentage Of Non Controlling Interests Acquired | ' | ' | 50.00% |
Number Of Real Estate Contiguous Communities | ' | ' | 4 |
Number Of Homes In Real Estate Contiguous Properties | ' | ' | 142 |
Investments_in_Unconsolidated_2
Investments in Unconsolidated Real Estate Partnerships (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financial information for the unconsolidated real estate partnerships | ' | ' | ' |
Real estate, net of accumulated depreciation | $88,014 | $107,419 | $429,780 |
Total assets | 93,242 | 114,658 | 472,904 |
Non-recourse property debt and other notes payable | 60,660 | 122,019 | 321,236 |
Total liabilities | 64,859 | 132,767 | 455,591 |
Partners’ capital (deficit) | 28,383 | -18,109 | 17,313 |
Rental and other property revenues | 16,268 | 72,636 | 114,974 |
Property operating expenses | -8,470 | -49,331 | -75,934 |
Depreciation and amortization | -3,300 | -18,388 | -26,323 |
Interest expense | -4,185 | -21,354 | -27,108 |
Gain on sale and impairment losses, net | -36,212 | 4,140 | -22,598 |
Net income (loss) | $35,909 | ($21,108) | $6,773 |
Investments_in_Unconsolidated_3
Investments in Unconsolidated Real Estate Partnerships (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | Property | Property | Property |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Aggregate investment in unconsolidated partnerships | 16.9 | 18.7 | ' |
Excess of equity method investment aggregate cost over share of underlying historical partners deficit | 1.1 | 6.9 | ' |
Maximum [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Range of ownership interests in unconsolidated real estate partnerships | 67.00% | ' | ' |
Minimum [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Range of ownership interests in unconsolidated real estate partnerships | 5.00% | ' | ' |
Unconsolidated Properties [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Number of apartment communities | 20 | 22 | 123 |
NonRecourse_Property_Debt_and_2
Non-Recourse Property Debt and Credit Agreement (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Non-recourse property debt | $4,337,785 | $4,413,083 |
Property Notes Payable | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Non-recourse property debt | 4,120,240 | 4,195,264 |
Fixed Rate | Property Notes Payable | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Weighted Average Interest Rate | 5.46% | ' |
Non-recourse property debt | 4,107,141 | 4,181,821 |
Variable Rate | Property Notes Payable | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Weighted Average Interest Rate | 2.92% | ' |
Non-recourse property debt | $13,099 | $13,443 |
NonRecourse_Property_Debt_and_3
Non-Recourse Property Debt and Credit Agreement (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Summarizes property tax-exempt bond financings related to properties classified as held for use | ' | ' |
Non-recourse property debt | $4,337,785 | $4,413,083 |
Property Tax Exempt Bonds Payable | ' | ' |
Summarizes property tax-exempt bond financings related to properties classified as held for use | ' | ' |
Non-recourse property debt | 217,545 | 217,819 |
Property Tax Exempt Bonds Payable | Fixed Rate | ' | ' |
Summarizes property tax-exempt bond financings related to properties classified as held for use | ' | ' |
Weighted Average Interest Rate | 4.87% | ' |
Non-recourse property debt | 85,634 | 87,220 |
Property Tax Exempt Bonds Payable | Variable Rate | ' | ' |
Summarizes property tax-exempt bond financings related to properties classified as held for use | ' | ' |
Weighted Average Interest Rate | 1.09% | ' |
Non-recourse property debt | $131,911 | $130,599 |
NonRecourse_Property_Debt_and_4
Non-Recourse Property Debt and Credit Agreement (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Scheduled principal amortization and maturity payments | ' | ' |
Amortization, 2014 | $88,010 | ' |
Amortization, 2015 | 88,424 | ' |
Amortization, 2016 | 85,380 | ' |
Amortization, 2017 | 79,223 | ' |
Amortization, 2018 | 74,232 | ' |
Maturities, 2014 | 82,192 | ' |
Maturities, 2015 | 183,317 | ' |
Maturities, 2016 | 465,321 | ' |
Maturities, 2017 | 398,320 | ' |
Maturities, 2018 | 238,253 | ' |
Total Amortization and Maturities, 2014 | 170,202 | ' |
Total Amortization and Maturities, 2015 | 271,741 | ' |
Total Amortization and Maturities, 2016 | 550,701 | ' |
Total Amortization and Maturities, 2017 | 477,543 | ' |
Total Amortization and Maturities, 2018 | 312,485 | ' |
Total Amortization and Maturities, Thereafter | 2,555,113 | ' |
Principal outstanding | $4,337,785 | $4,413,083 |
NonRecourse_Property_Debt_and_5
Non-Recourse Property Debt and Credit Agreement (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' |
Estimated Fair Value Of Unencumbered Real Estate | $380,000,000 | ' |
Credit Agreement | ' | ' |
Revolving loan commitments | 600,000,000 | ' |
Initial interest rate for credit facility | 'LIBOR, plus 1.875%, or, at our option, Prime plus 0.5% | ' |
Credit facility maturity date | 1-Sep-17 | ' |
Credit Facility Extension option | 'an additional one-year period | ' |
Revolving credit facility borrowings | 50,400,000 | 0 |
Remaining borrowing capacity under credit facility | 505,000,000 | ' |
Amount outstanding for undrawn letters of credit issued under revolving credit facility | 44,600,000 | ' |
Line of Credit Facility, Interest Rate at Period End | 3.75% | ' |
Property Notes Payable | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Collateral Amount | 7,251,100,000 | ' |
Property tax-exempt bonds payable | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Collateral Amount | $514,200,000 | ' |
Fixed Rate | Property Notes Payable | ' | ' |
Non-Recourse Property Debt (Textual) [Abstract] | ' | ' |
Debt Instrument, Maximum Maturity Date | 31-Jan-55 | ' |
Fixed Rate | Property tax-exempt bonds payable | ' | ' |
Non-Recourse Property Debt (Textual) [Abstract] | ' | ' |
Debt Instrument, Maximum Maturity Date | 28-Feb-61 | ' |
Variable Rate | Property Notes Payable | ' | ' |
Non-Recourse Property Debt (Textual) [Abstract] | ' | ' |
Debt Instrument, Maximum Maturity Date | 31-Jan-16 | ' |
Variable Rate | Property tax-exempt bonds payable | ' | ' |
Non-Recourse Property Debt (Textual) [Abstract] | ' | ' |
Debt Instrument, Maximum Maturity Date | 31-Jul-33 | ' |
Unencumbered Real Estate Property [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Number of apartment communities | 7 | ' |
Pledged as collateral [Member] | Property Notes Payable | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Number of apartment communities | 186 | ' |
Pledged as collateral [Member] | Property tax-exempt bonds payable | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Number of apartment communities | 20 | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value of Assets and Liabilities Measured on a Recurring Basis [Roll Forward] | ' | ' | ' |
Fair Value, Beginning Balance | $51,177 | $44,681 | ' |
Investment accretion | 3,451 | 3,111 | ' |
Unrealized losses included in interest expense | -48 | -48 | ' |
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss | 1,678 | 1,673 | 1,667 |
Unrealized gains (losses) included in equity and partners’ capital | -2,454 | 1,760 | ' |
Fair Value, Ending Balance | 53,804 | 51,177 | 44,681 |
Fair Value, Inputs, Level 2 [Member] | Available for sale [Member] | ' | ' | ' |
Fair Value of Assets and Liabilities Measured on a Recurring Basis [Roll Forward] | ' | ' | ' |
Fair Value, Beginning Balance | 59,145 | 51,693 | ' |
Investment accretion | 3,451 | 3,111 | ' |
Unrealized losses included in interest expense | ' | ' | ' |
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss | ' | ' | ' |
Unrealized gains (losses) included in equity and partners’ capital | -4,188 | 4,341 | ' |
Fair Value, Ending Balance | 58,408 | 59,145 | ' |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ' | ' | ' |
Fair Value of Assets and Liabilities Measured on a Recurring Basis [Roll Forward] | ' | ' | ' |
Fair Value, Beginning Balance | -7,968 | -7,012 | ' |
Investment accretion | ' | ' | ' |
Unrealized losses included in interest expense | -48 | -48 | ' |
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss | 1,678 | 1,673 | ' |
Unrealized gains (losses) included in equity and partners’ capital | 1,734 | -2,581 | ' |
Fair Value, Ending Balance | ($4,604) | ($7,968) | ' |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | ||||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Property | Property | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Face Value | ' | ' | $100,900,000 | ' | ' | ' |
Excepted remaining term of available-for-sale debt securities | ' | ' | '7 years 5 months | ' | ' | ' |
Amortized cost of the investment in securities | 56,300,000 | ' | 59,800,000 | ' | ' | ' |
Interest Rate Swap Notional Amount | ' | ' | ' | 50,700,000 | 51,000,000 | ' |
Weighted Average Remaining Term of interest Rate Swaps | ' | ' | ' | ' | ' | '7 years 0 months |
Period for reclassification of earnings | ' | ' | '12 months | ' | ' | ' |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | ' | ' | ' | ' | ' | -1,700,000 |
Weighted average fixed receive rate under total rate of return swaps | ' | ' | ' | ' | ' | 3.43% |
Number of properties impaired | 9 | 19 | ' | ' | ' | ' |
Carrying amount of real estate (held for use or held for sale) prior to recognition of impairment losses | 81,800,000 | 108,200,000 | ' | ' | ' | ' |
Fair value measurement, impairment losses on real estate | 65,800,000 | 92,300,000 | ' | ' | ' | ' |
Impairment losses on real estate | 16,000,000 | 15,900,000 | ' | ' | ' | ' |
Unlevered FCF rate of return | 7.39% | 7.87% | ' | ' | ' | ' |
Estimated fair value of consolidated debt | 5,100,000,000 | ' | 4,500,000,000 | ' | ' | ' |
Carrying amount of consolidated debt (including amounts reported in liabilities related to assets for sale) | $4,700,000,000 | ' | $4,400,000,000 | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Approximate minimum annual rentals under operating lease obligations | ' |
Operating Lease Obligations, 2014 | $3,249 |
Operating Lease Obligations, 2015 | 2,442 |
Operating Lease Obligations, 2016 | 2,249 |
Operating Lease Obligations, 2017 | 1,985 |
Operating Lease Obligations, 2018 | 841 |
Operating Lease Obligations, Total | $10,766 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments and Contingencies [Abstract] | ' | ' | ' |
Commitments related to capital spending activities | $147 | ' | ' |
Long-term Purchase Commitment, Time Period | '12 months | ' | ' |
Term of commitments to purchase goods or services related to the operations of properties | 'one year or less | ' | ' |
Range of remaining compliance periods for tax credit syndication arrangements | 'less than one year to 12 years | ' | ' |
Rent expense | 4.2 | 4.6 | 5.4 |
One Canal Project [Member] | ' | ' | ' |
Commitments and Contingencies [Abstract] | ' | ' | ' |
Number of stories in real estate development project | 12 | ' | ' |
Expected Investment in Development Project | 190 | ' | ' |
Expected Development Period | 'two and one-half years | ' | ' |
Number of homes in apartment communities | 310 | ' | ' |
Net Rentable Area | 22,000 | ' | ' |
Term of ground lease | '99 years 0 months | ' | ' |
Prepaid Rent | 13 | ' | ' |
Redevelopment and capital improvement activities [Member] | ' | ' | ' |
Commitments and Contingencies [Abstract] | ' | ' | ' |
Commitments related to capital spending activities | $82.60 | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Deferred tax liabilities: | ' | ' | ' |
Partnership differences | $50,290 | $29,745 | ' |
Deferred revenue | 25,596 | 23,139 | ' |
Capitalized interest | 11,424 | 16,157 | ' |
Other | 49 | 0 | ' |
Total deferred tax liabilities | 87,359 | 69,041 | ' |
Deferred tax assets: | ' | ' | ' |
Net operating, capital and other loss carryforwards | 62,651 | 66,145 | ' |
Differences in basis of real estate | 35,604 | 33,321 | ' |
Receivables | 440 | 1,183 | ' |
Accruals and expenses | 9,272 | 9,398 | ' |
Tax credit carryforwards | 12,905 | 7,724 | ' |
Management contracts and other | 393 | 629 | ' |
Total deferred tax assets | 121,265 | 118,400 | ' |
Valuation allowance | -3,553 | -4,531 | ' |
Net deferred income tax assets | 30,353 | 44,828 | ' |
Reconciliation of unrecognized tax benefits | ' | ' | ' |
Balance at January 1 | 3,536 | 3,917 | 4,071 |
Reductions as a result of a lapse of the applicable statutes | -764 | -684 | 0 |
Additions (reductions) based on tax positions related to prior years and current year excess benefits related to stock-based compensation | 99 | 303 | ' |
Additions (reductions) based on tax positions related to prior years and current year excess benefits related to stock-based compensation | ' | ' | -154 |
Balance at December 31 | $2,871 | $3,536 | $3,917 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $0 | $0 | ($109) |
State | 63 | 1,047 | 604 |
Total current | 63 | 1,047 | 495 |
Deferred: | ' | ' | ' |
Federal | 7,621 | 7,116 | -143 |
State | 1,685 | 812 | -903 |
Total deferred | 9,306 | 7,928 | -1,046 |
Total expense (benefit) | 9,369 | 8,975 | -551 |
Classification: | ' | ' | ' |
Continuing operations | 1,959 | 858 | 5,941 |
Discontinued operations | $11,328 | $9,833 | $5,390 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Reconciliation of income tax attributable to continuing and discontinued operations | ' | ' | ' | |||
Tax at U.S. statutory rates on consolidated income or loss subject to tax | $16,326 | $6,642 | $1,756 | |||
Tax at U.S. statutory rates on consolidated income or loss subject to tax, percentage | 35.00% | 35.00% | 35.00% | |||
State income tax expense (benefit), net of Federal tax (benefit) expense | 1,748 | 1,859 | -299 | |||
State income tax expense (benefit), net of Federal tax (benefit), percentage | 3.70% | 9.80% | -6.00% | |||
Effect of permanent differences | 296 | 256 | 565 | |||
Effect of permanent differences, percentage | -0.60% | -1.30% | -11.30% | |||
Tax effect of intercompany transfers of assets between the REIT and taxable REIT subsidiaries (1) | -4,272 | [1] | 730 | [1] | -1,965 | [1] |
Tax effect of intercompany transfers of assets between the REIT and taxable REIT subsidiaries, percentage (1) | -9.20% | [1] | 3.80% | [1] | -39.20% | [1] |
Tax credits | -4,137 | 0 | 0 | |||
Tax credits, percentage | -8.90% | 0.00% | 0.00% | |||
Increase in valuation allowance | 0 | 0 | 522 | |||
Increase in valuation allowance, percentage | 0.00% | 0.00% | 10.40% | |||
Total expense (benefit) | $9,369 | $8,975 | ($551) | |||
Reconciliation of income tax, percentage | 20.00% | 47.30% | -11.10% | |||
[1] | Includes the effect of assets contributed by the Aimco Operating Partnership to TRS entities, for which deferred tax expense or benefit was recognized upon the sale or impairment of the asset by the TRS entity. |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Dividends paid to holders of common stock | ' | ' | ' |
Ordinary income | $0.17 | $0 | $0 |
Ordinary income, percentage | 17.90% | 0.00% | 0.00% |
Capital gains | $0.13 | $0.35 | $0.12 |
Capital gains, percentage | 13.90% | 46.60% | 24.00% |
Unrecaptured Section 1250 gain | $0.66 | $0.41 | $0.36 |
Unrecaptured Section 1250 gain, percentage | 68.20% | 53.40% | 76.00% |
Dividends declared per common share/unit | $0.96 | $0.76 | $0.48 |
Dividends declared per common share, percentage | 100.00% | 100.00% | 100.00% |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | $1,000,000 | ' | ' |
Income Taxes (Textual) [Abstract] | ' | ' | ' |
Portion of unrecognized tax benefit that, if recognized, would impact the effective tax rate | 2,200,000 | ' | ' |
Excess tax benefits recognized related to employee stock option exercises and vested restricted stock awards | 600,000 | 500,000 | ' |
Consolidated income (loss) subject to tax | 46,600,000 | 19,000,000 | 5,000,000 |
Cash paid for income taxes | 600,000 | 1,100,000 | 1,200,000 |
Operating loss carryforwards | 150,800,000 | ' | ' |
Net operating losses generated during period | 15,800,000 | ' | ' |
Net deferred tax asset related to tax credit carryforwards | 13,400,000 | ' | ' |
Net deferred tax asset related to credits | $12,900,000 | ' | ' |
Minimum [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Expiration years of net operating loss carryforwards | 1-Jan-27 | ' | ' |
Tax Credit Carryforward, Expiration Date | 1-Jan-17 | ' | ' |
Maximum [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Expiration years of net operating loss carryforwards | 1-Jan-32 | ' | ' |
Tax Credit Carryforward, Expiration Date | 1-Jan-32 | ' | ' |
Aimco_Equity_Details
Aimco Equity (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | |
Classes of perpetual preferred stock | ' | ' | |
Preferred stock amounts | $68,114 | $68,114 | |
Preferred Stock [Member] | ' | ' | |
Classes of perpetual preferred stock | ' | ' | |
Annual per share dividend rate | ' | 7.86% | |
Class Z Cumulative Preferred Stock [Member] | ' | ' | |
Classes of perpetual preferred stock | ' | ' | |
Redemption Date | 29-Jul-16 | [1] | ' |
Annual per share dividend rate | 7.00% | ' | |
Preferred stock amounts | 31,114 | 31,114 | |
Shares of preferred stock authorized | 4,800,000 | 4,800,000 | |
Shares of preferred stock issued | 1,274,243 | 1,274,243 | |
Shares of preferred stock outstanding | 1,274,243 | 1,274,243 | |
Series A Community Reinvestment Act Preferred Stock [Member] | ' | ' | |
Classes of perpetual preferred stock | ' | ' | |
Redemption Date | 30-Jun-11 | [1] | ' |
Annual per share dividend rate | 1.50% | 1.61% | |
Preferred stock amounts | $37,000 | $37,000 | |
Shares of preferred stock authorized | 240 | 240 | |
Shares of preferred stock issued | 74 | 74 | |
Shares of preferred stock outstanding | 74 | 74 | |
Dividend rate | 1.25% | ' | |
[1] | All classes of preferred stock were or are redeemable at our option on and after the dates specified. |
Aimco_Equity_Details_1
Aimco Equity (Details 1) (Class Z Cumulative Preferred Stock [Member], USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Class Z Cumulative Preferred Stock [Member] | ' | ' |
Issuances of Preferred Stock [Abstract] | ' | ' |
Number of shares of stock issued | 405,090 | 869,153 |
Price to public per share | $24.78 | $24.25 |
Underwriting discounts, commissions and transaction costs per share | $0.54 | $1.25 |
Net proceeds per share | $24.24 | $23 |
Net proceeds to Aimco | $9,818 | $19,990 |
Issuance costs (primarily underwriting commissions) recognized as an adjustment of additional paid-in capital | $221 | $1,085 |
Aimco_Equity_Details_Textual
Aimco Equity (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Class of Stock [Line Items] | ' | ' | ' |
Per share par value of preferred stock issued | $0.01 | ' | ' |
Net proceeds from stock issued during period | ' | $9,818,000 | $19,990,000 |
Proceeds to Aimco from stock options exercised | 993,000 | 48,907,000 | ' |
Class Z Cumulative Preferred Stock [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Dividend rate of preferred stock issued | 7.00% | ' | ' |
Preferred stock, liquidation preference per share | $25 | ' | ' |
Number of shares of stock issued | ' | 405,090 | 869,153 |
Net proceeds per share of stock issued | ' | $24.24 | $23 |
Shares available for issuance under at-the-market offering programs | 3,500,000 | ' | ' |
Series A Community Reinvestment Act Preferred Stock [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Preferred stock dividend description | 'variable rate per annum equal to the Three-Month LIBOR Rate (as defined in the articles supplementary designating the Series A Community Reinvestment Act Perpetual Preferred Stock, or CRA Preferred Stock) plus 1.25%, calculated as of the beginning of each quarterly dividend period | ' | ' |
Dividend rate of preferred stock issued | 1.50% | 1.61% | ' |
Preferred stock, liquidation preference per share | $500,000 | ' | ' |
Preferred Stock [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Dividend rate of preferred stock issued | ' | 7.86% | ' |
Shares of preferred stock redeemed during period | ' | 24,000,000 | ' |
Preferred stock redeemed during period at redemption value | ' | 600,900,000 | ' |
Previously deferred issuance costs reflected as an adjustment of net income attributable to preferred security holders | ' | 20,700,000 | ' |
Class V Cumulative Preferred Stock [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Dividend rate of preferred stock issued | ' | ' | 8.00% |
Shares of preferred stock redeemed during period | ' | ' | 900,000 |
Preferred stock redeemed during period at redemption value | ' | ' | 21,600,000 |
Previously deferred issuance costs reflected as an adjustment of net income attributable to preferred security holders | ' | ' | 800,000 |
Class A Common Stock [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Number of public stock offerings completed during period | ' | 2 | ' |
Number of shares of stock issued | ' | 22,144,200 | 2,914,000 |
Net proceeds from stock issued during period | ' | 594,400,000 | 71,900,000 |
Net proceeds per share of stock issued | ' | $26.84 | ' |
Number of public stock offerings completed during period to which exercise of stock options related | ' | 1 | ' |
Near-term expiring stock options exercised | ' | 2,041,934 | ' |
Weighted average exercise price of stock options exercised by holders of near-term expiring stock options | ' | $23.01 | ' |
Shares available for issuance under at-the-market offering programs | 3,500,000 | ' | ' |
Options Exercised With Public Offering [Member] | Class A Common Stock [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Proceeds to Aimco from stock options exercised | ' | $47,000,000 | ' |
Partners_Capital_Details
Partners Capital (Details) (AIMCO PROPERTIES, L.P, USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Limited Partners' Capital Account [Line Items] | ' | ' |
Perpetual Partnership Preferred Units issued | 2,926,477 | 2,930,077 |
Perpetual Partnership Preferred Units outstanding | 2,930,077 | 2,930,077 |
Perpetual Partnership Preferred Units, Redemption Value | $79,141 | $79,231 |
Class One [Member] | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' |
Per Annum Distribution Rate | 8.75% | ' |
Distribution Made to Limited Partner, Distributions Paid, Per Unit | $8 | ' |
Perpetual Partnership Preferred Units issued | 90,000 | 90,000 |
Perpetual Partnership Preferred Units outstanding | 90,000 | 90,000 |
Perpetual Partnership Preferred Units, Redemption Value | 8,229 | 8,229 |
Class Two [Member] | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' |
Per Annum Distribution Rate | 1.84% | ' |
Distribution Made to Limited Partner, Distributions Paid, Per Unit | $0.46 | ' |
Perpetual Partnership Preferred Units issued | 18,589 | 18,589 |
Perpetual Partnership Preferred Units outstanding | 18,589 | 18,589 |
Perpetual Partnership Preferred Units, Redemption Value | 465 | 465 |
Class Three [Member] | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' |
Per Annum Distribution Rate | 7.88% | ' |
Distribution Made to Limited Partner, Distributions Paid, Per Unit | $1.97 | ' |
Perpetual Partnership Preferred Units issued | 1,354,091 | 1,357,691 |
Perpetual Partnership Preferred Units outstanding | 1,354,091 | 1,357,691 |
Perpetual Partnership Preferred Units, Redemption Value | 33,852 | 33,942 |
Class Four [Member] | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' |
Per Annum Distribution Rate | 8.00% | ' |
Distribution Made to Limited Partner, Distributions Paid, Per Unit | $2 | ' |
Perpetual Partnership Preferred Units issued | 644,954 | 644,954 |
Perpetual Partnership Preferred Units outstanding | 644,954 | 644,954 |
Perpetual Partnership Preferred Units, Redemption Value | 16,124 | 16,124 |
Class Six [Member] | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' |
Per Annum Distribution Rate | 8.50% | ' |
Distribution Made to Limited Partner, Distributions Paid, Per Unit | $2.13 | ' |
Perpetual Partnership Preferred Units issued | 790,883 | 790,883 |
Perpetual Partnership Preferred Units outstanding | 790,883 | 790,883 |
Perpetual Partnership Preferred Units, Redemption Value | 19,772 | 19,772 |
Class Seven [Member] | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' |
Per Annum Distribution Rate | 7.87% | ' |
Distribution Made to Limited Partner, Distributions Paid, Per Unit | $1.97 | ' |
Perpetual Partnership Preferred Units issued | 27,960 | 27,960 |
Perpetual Partnership Preferred Units outstanding | 27,960 | 27,960 |
Perpetual Partnership Preferred Units, Redemption Value | $699 | $699 |
Partners_Capital_Details_1
Partners Capital (Details 1) (AIMCO PROPERTIES, L.P, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
AIMCO PROPERTIES, L.P | ' | ' | ' |
Increase (Decrease) in Temporary Equity [Roll Forward] | ' | ' | ' |
Balance at January 1 | $80,046 | $83,384 | $103,428 |
Preferred distributions | -6,423 | -6,496 | -6,683 |
Redemption of preferred units | -93 | -3,338 | -20,044 |
Net income attributable to preferred noncontrolling interests in Aimco Operating Partnership | 6,423 | 6,496 | 6,683 |
Balance at December 31 | $79,953 | $80,046 | $83,384 |
Partners_Capital_Details_Textu
Partners Capital (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
AIMCO PROPERTIES, L.P | AIMCO PROPERTIES, L.P | AIMCO PROPERTIES, L.P | Aimco [Member] | Aimco [Member] | Special Distribution to Common Partnership Units [Member] | High Performance Units [Member] | High Performance Units [Member] | ||||
AIMCO PROPERTIES, L.P | AIMCO PROPERTIES, L.P | AIMCO PROPERTIES, L.P | AIMCO PROPERTIES, L.P | AIMCO PROPERTIES, L.P | |||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable Partnership Preferred Units redeemed for cash during period | ' | ' | ' | 3,600 | 131,400 | 1,600 | ' | ' | ' | ' | ' |
Operating Partnership Units Issued To Acquire Noncontrolling Limited Partnership Interests In Consolidated Partnerships | ' | ' | ' | 21,500 | 184,000 | 6,900 | ' | ' | ' | ' | ' |
Common OP Units redeemed in exchange for cash during period | ' | ' | ' | 105,000 | 416,000 | 237,000 | ' | ' | ' | ' | ' |
HPUs outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,339,950 | 2,339,950 |
Note receivable from Aimco, stated interest rate percentage | ' | ' | ' | ' | ' | ' | ' | 5.70% | ' | ' | ' |
Face value of notes receivable from Aimco | ' | ' | ' | ' | ' | ' | ' | $10,100,000 | ' | ' | ' |
Repayment of notes receivable from Aimco | ' | ' | ' | ' | ' | ' | 18,500,000 | ' | ' | ' | ' |
Special distribution on common partnership units | $140,052,000 | $104,006,000 | $57,583,000 | ' | ' | ' | ' | ' | $19,700,000 | ' | ' |
Special distribution on common partnership units, per share | $0.96 | $0.76 | $0.48 | $0.96 | $0.76 | $0.63 | ' | ' | $0.15 | ' | ' |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (Stock Options [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Options [Member] | ' | ' | ' |
Summary of outstanding stock options | ' | ' | ' |
Number of options outstanding, beginning balance | 3,045,000 | 6,809,000 | 7,733,000 |
Weighted average exercise price, beginning balance | $28.39 | $26.47 | $26.53 |
Number of options, exercised | -44,000 | -2,253,000 | -203,000 |
Weighted average exercise price options, exercised | $22.52 | $21.75 | $8.99 |
Number of options, forfeited | -10,000 | -1,511,000 | -721,000 |
Weighted average exercise price options, forfeited | $27.82 | $29.66 | $32.09 |
Number of options outstanding, ending balance | 2,991,000 | 3,045,000 | 6,809,000 |
Weighted average exercise price, ending balance | $28.48 | $28.39 | $26.47 |
Number of options exercisable at end of year | 2,991,000 | 2,841,000 | 6,146,000 |
Weighted average exercise price, exercisable | $28.48 | $29.79 | $27.50 |
ShareBased_Compensation_Detail1
Share-Based Compensation (Details 1) (Restricted Stock [Member], USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restricted Stock [Member] | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Numer of shares, Unvested at beginning of year | 526 | 463 | 544 |
Weighted Average Grant-Date Fair Value, Unvested at beginning of year | $22.69 | $21.53 | $19.36 |
Numer of shares, Granted | 253 | 241 | 290 |
Weighted Average Grant-Date Fair Value, Granted | $27.86 | $24.31 | $25.59 |
Numer of shares, Vested | -204 | -178 | -243 |
Weighted Average Grant-Date Fair Value, Vested | $21.81 | $21.86 | $24.31 |
Numer of shares, Forfeited | 0 | 0 | -128 |
Forfeited, weighted average grant date fair value | $0 | $0 | $16.16 |
Numer of shares, Unvested at end of year | 575 | 526 | 463 |
Weighted Average Grant-Date Fair Value, Unvested at end of year | $25.28 | $22.69 | $21.53 |
ShareBased_Compensation_Detail2
Share-Based Compensation (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-Based Compensation and Employee Benefit Plans (Textual) [Abstract] | ' | ' | ' |
Maximum number of shares reserved for issuance under stock plan | 4.4 | ' | ' |
Shares available to be granted under plan | 1 | ' | ' |
Term of stock options | '10 years | ' | ' |
Options outstanding, aggregate intrinsic value | $3.60 | ' | ' |
Options outstanding, Weighted average remaining contractual term | '3 years 0 months 0 days | ' | ' |
Options exercisable, aggregate intrinsic value | 3.6 | ' | ' |
Options exercisable, Weighted average remaining contractual term | '3 years 0 months 0 days | ' | ' |
Intrinsic value of stock options exercised | 0.3 | 10.9 | 3 |
Total Compensation cost recognized for stock options and restricted stock awards | 5.9 | 5.3 | 5.9 |
Total compensation cost capitalized for options and restricted stock awards | 0.3 | 0.4 | 0.5 |
Total unvested compensation cost not yet recognized for options and restricted stock awards | 8.6 | ' | ' |
Weighted average period over which unvested compensation cost expected to be recognized | '1 year 8 months | ' | ' |
Stock Options [Member] | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Options vest period | '4 years | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Options vest period | '4 years | ' | ' |
Aggregate fair value of shares that vested | $5.70 | $4.40 | $6.10 |
Assets_Held_for_Sale_and_Disco2
Assets Held for Sale and Discontinued Operations (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Amounts classified as held for sale in consolidated balance sheets | ' | ' |
Real estate, net | ' | $279,653 |
Other assets | ' | 10,093 |
Assets held for sale | 0 | 289,746 |
Non-recourse property debt | ' | 278,538 |
Other liabilities | ' | 2,900 |
Liabilities related to assets held for sale | $0 | $281,438 |
Assets_Held_for_Sale_and_Disco3
Assets Held for Sale and Discontinued Operations (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Components of income from discontinued operations including portions attributable to Aimco and noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Rental and other property revenues | ' | ' | ' | ' | ' | ' | ' | ' | $62,152 | $140,634 | $226,623 | ||||||||
Property operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -30,695 | -62,781 | -111,549 | ||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -16,372 | -41,577 | -72,099 | ||||||||
Recovery of (provision for) real estate impairment losses | ' | ' | ' | ' | ' | ' | ' | ' | 16 | -17,452 | -20,246 | ||||||||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 15,101 | 18,824 | 22,729 | ||||||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 343 | 568 | 1,561 | ||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -13,346 | -29,972 | -49,030 | ||||||||
Income (loss) before gain on dispositions of real estate and income tax | ' | ' | ' | ' | ' | ' | ' | ' | 2,098 | -10,580 | -24,740 | ||||||||
Gain on dispositions of real estate | ' | ' | ' | ' | ' | ' | ' | ' | 212,459 | 234,530 | 108,203 | ||||||||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -11,328 | -9,833 | -5,390 | ||||||||
Income from discontinued operations, net | 121,799 | [1] | 72,433 | [1] | 4,502 | [1] | 4,495 | [1] | 89,409 | [1] | 47,966 | [1] | 39,801 | [1] | 36,941 | [1] | 203,229 | 214,117 | 78,073 |
Income from discontinued operations attributable to noncontrolling interests in consolidated real estate partnerships | ' | ' | ' | ' | ' | ' | ' | ' | -31,842 | -41,633 | -32,231 | ||||||||
Income from discontinued operations attributable to the Aimco Operating Partnership | ' | ' | ' | ' | ' | ' | ' | ' | 171,387 | 172,484 | 45,842 | ||||||||
Income from discontinued operations attributable to noncontrolling interests in Aimco Operating Partnership | ' | ' | ' | ' | ' | ' | ' | ' | -9,248 | -10,238 | -3,147 | ||||||||
Income from discontinued operations attributable to Aimco | ' | ' | ' | ' | ' | ' | ' | ' | $162,139 | $162,246 | $42,695 | ||||||||
[1] | Certain reclassifications have been made to 2013 and 2012 quarterly amounts to conform to the full year 2013 presentation, primarily related to treatment of discontinued operations. |
Assets_Held_for_Sale_and_Disco4
Assets Held for Sale and Discontinued Operations (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Units | Units | Units | |
Property | Property | Property | |
Discontinued Operations And Assets Held For Sale (Textual) [Abstract] | ' | ' | ' |
Number of apartment communities to be sold period for evaluation | '12 months | ' | ' |
Number of consolidated apartment communities sold | 29 | 75 | 67 |
Number of units in consolidated apartment communities sold | 6,953 | 11,232 | 10,912 |
Prepayment penalties treated as reduction of gain upon repayment of property debt collateralized by apartment communities sold | $16.50 | $16.50 | $14.90 |
Assets Held-for-sale [Member] | ' | ' | ' |
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' |
Number of apartment communities | 0 | 29 | ' |
Number of homes in apartment communities | ' | 6,953 | ' |
Earnings_Loss_per_ShareUnit_De
Earnings (Loss) per Share/Unit (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Income (loss) from continuing operations | $26,804 | [1] | $6,977 | [1] | $2,477 | [1] | ($1,662) | [1] | $7,839 | [1] | $5,369 | [1] | ($5,670) | [1] | ($26,294) | [1] | $34,596 | ($18,756) | ($136,237) |
Loss (income) from continuing operations attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 10,555 | -11,034 | 36,455 | ||||||||
Income attributable to preferred stockholders | ' | ' | ' | ' | ' | ' | ' | ' | -2,804 | -49,888 | -45,852 | ||||||||
Income attributable to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | -813 | -422 | -222 | ||||||||
Income (loss) from continuing operations attributable to Aimco common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 41,534 | -80,100 | -145,856 | ||||||||
Income from discontinued operations, net | 121,799 | [1] | 72,433 | [1] | 4,502 | [1] | 4,495 | [1] | 89,409 | [1] | 47,966 | [1] | 39,801 | [1] | 36,941 | [1] | 203,229 | 214,117 | 78,073 |
Income from discontinued operations attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -41,090 | -51,871 | -35,378 | ||||||||
Income from discontinued operations attributable to Aimco | ' | ' | ' | ' | ' | ' | ' | ' | 162,139 | 162,246 | 42,695 | ||||||||
Net income (loss) | 148,603 | [1] | 79,410 | [1] | 6,979 | [1] | 2,833 | [1] | 97,248 | [1] | 53,335 | [1] | 34,131 | [1] | 10,647 | [1] | 237,825 | 195,361 | -58,164 |
Net (income) loss attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -30,535 | -62,905 | 1,077 | ||||||||
Net income attributable to the company's preferred equityholders | ' | ' | ' | ' | ' | ' | ' | ' | -2,804 | -49,888 | -45,852 | ||||||||
Net income attributable to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | -813 | -422 | -222 | ||||||||
Net income (loss) attributable to the company's common equityholders | 122,037 | [1] | 66,268 | [1] | 10,107 | [1] | 5,050 | [1] | 67,928 | [1] | 24,163 | [1] | 523 | [1] | -10,609 | [1] | 203,673 | 82,146 | -103,161 |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Weighted average common shares/units outstanding - basic | 145,341 | [1] | 145,334 | [1] | 145,321 | [1] | 145,169 | [1] | ' | ' | ' | ' | 145,291 | 134,479 | 119,312 | ||||
Dilutive potential common shares/units | ' | ' | ' | ' | ' | ' | ' | ' | -241 | 0 | 0 | ||||||||
Weighted average common shares/units outstanding - diluted | 145,499 | 145,563 | 145,674 | 145,169 | ' | ' | ' | ' | 145,532 | 134,479 | 119,312 | ||||||||
Earnings (loss) per common share/unit - basic and diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Loss from continuing operations attributable to the company's common equityholders (In dollars per share/unit)s | $0.25 | $0.04 | $0.01 | ($0.01) | ($0.01) | ($0.07) | ($0.25) | ($0.30) | $0.29 | ($0.60) | ($1.22) | ||||||||
Income from discontinued operations attributable to the company's common equityholders (In dollars per share/unit) | ' | ' | ' | ' | ' | ' | ' | ' | $1.11 | $1.21 | $0.36 | ||||||||
Net income (loss) attributable to the company's common equityholders (In dollars per share/unit) | $0.84 | $0.46 | $0.07 | $0.03 | $0.47 | $0.17 | $0 | ($0.09) | $1.40 | $0.61 | ($0.86) | ||||||||
Dividends declared per common share/unit | ' | ' | ' | ' | ' | ' | ' | ' | $0.96 | $0.76 | $0.48 | ||||||||
AIMCO PROPERTIES, L.P | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Income (loss) from continuing operations | 26,804 | [1] | 6,977 | [1] | 2,477 | [1] | -1,662 | [1] | 7,839 | [1] | 5,369 | [1] | -5,670 | [1] | -26,294 | [1] | 34,596 | -18,756 | -134,938 |
Loss (income) from continuing operations attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 19,369 | -9,585 | 32,488 | ||||||||
Income attributable to preferred stockholders | ' | ' | ' | ' | ' | ' | ' | ' | -9,227 | -56,384 | -52,535 | ||||||||
Income attributable to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | -813 | -422 | -222 | ||||||||
Income (loss) from continuing operations attributable to Aimco common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 43,925 | -85,147 | -155,207 | ||||||||
Income from discontinued operations, net | 121,799 | [1] | 72,433 | [1] | 4,502 | [1] | 4,495 | [1] | 89,409 | [1] | 47,966 | [1] | 39,801 | [1] | 36,941 | [1] | 203,229 | 214,117 | 78,073 |
Income from discontinued operations attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -31,842 | -41,633 | -32,231 | ||||||||
Income from discontinued operations attributable to Aimco | ' | ' | ' | ' | ' | ' | ' | ' | 171,387 | 172,484 | 45,842 | ||||||||
Net income (loss) | 148,603 | [1] | 79,410 | [1] | 6,979 | [1] | 2,833 | [1] | 97,248 | [1] | 53,335 | [1] | 34,131 | [1] | 10,647 | [1] | 237,825 | 195,361 | -56,865 |
Net (income) loss attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -12,473 | -51,218 | 257 | ||||||||
Net income attributable to the company's preferred equityholders | ' | ' | ' | ' | ' | ' | ' | ' | -9,227 | -56,384 | -52,535 | ||||||||
Net income attributable to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | -813 | -422 | -222 | ||||||||
Net income (loss) attributable to the company's common equityholders | $129,008 | [1] | $70,064 | [1] | $10,682 | [1] | $5,347 | [1] | $72,190 | [1] | $25,774 | [1] | $578 | [1] | ($11,346) | [1] | $215,312 | $87,337 | ($109,365) |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Weighted average common shares/units outstanding - basic | 153,276 | [1] | 153,287 | [1] | 153,294 | [1] | 153,169 | [1] | ' | ' | ' | ' | 153,256 | 142,614 | 127,681 | ||||
Dilutive potential common shares/units | ' | ' | ' | ' | ' | ' | ' | ' | -241 | 0 | 0 | ||||||||
Weighted average common shares/units outstanding - diluted | 153,434 | 153,516 | 153,647 | 153,169 | ' | ' | ' | ' | 153,497 | 142,614 | 127,681 | ||||||||
Earnings (loss) per common share/unit - basic and diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Loss from continuing operations attributable to the company's common equityholders (In dollars per share/unit)s | $0.25 | $0.04 | $0.01 | ($0.01) | ($0.01) | ($0.07) | ($0.25) | ($0.30) | $0.29 | ($0.60) | ($1.22) | ||||||||
Income from discontinued operations attributable to the company's common equityholders (In dollars per share/unit) | ' | ' | ' | ' | ' | ' | ' | ' | $1.11 | $1.21 | $0.36 | ||||||||
Net income (loss) attributable to the company's common equityholders (In dollars per share/unit) | $0.84 | $0.46 | $0.07 | $0.03 | $0.47 | $0.17 | $0 | ($0.09) | $1.40 | $0.61 | ($0.86) | ||||||||
Dividends declared per common share/unit | ' | ' | ' | ' | ' | ' | ' | ' | $0.96 | $0.76 | $0.63 | ||||||||
Special Distribution to Common Partnership Units [Member] | AIMCO PROPERTIES, L.P | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Earnings (loss) per common share/unit - basic and diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Dividends declared per common share/unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.15 | ||||||||
[1] | Certain reclassifications have been made to 2013 and 2012 quarterly amounts to conform to the full year 2013 presentation, primarily related to treatment of discontinued operations. |
Earnings_Loss_per_ShareUnit_De1
Earnings (Loss) per Share/Unit (Details Textual) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3 | ' | ' |
Nonvested Restricted Shares of Common Stock with Non-forfeitable Dividend Rights | 0.6 | 0.5 | 0.5 |
Method Used In Calculating Earnings Per Share | 'two-class method | ' | ' |
Number of Sares of Cmmon Stock Required to Redeem Preferred OP Units Tendered for Redemption, if Parent Chooses to Redeem in Sares Rther than Cash | 3.1 | ' | ' |
Unaudited_Summarized_Consolida2
Unaudited Summarized Consolidated Quarterly Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Summarized unaudited consolidated quarterly information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Total revenues | $250,862 | [1] | $243,943 | [1] | $241,744 | [1] | $237,504 | [1] | $247,705 | [1] | $242,973 | [1] | $236,085 | [1] | $231,748 | [1] | $974,053 | $958,511 | $914,355 |
Total operating expenses | -177,707 | [1] | -179,430 | [1] | -183,033 | [1] | -184,864 | [1] | -192,338 | [1] | -197,071 | [1] | -190,343 | [1] | -199,743 | [1] | -725,034 | -779,495 | -779,064 |
Operating income | 73,155 | [1] | 64,513 | [1] | 58,711 | [1] | 52,640 | [1] | 55,367 | [1] | 45,902 | [1] | 45,742 | [1] | 32,005 | [1] | 249,019 | 179,016 | 135,291 |
Income (loss) from continuing operations | 26,804 | [1] | 6,977 | [1] | 2,477 | [1] | -1,662 | [1] | 7,839 | [1] | 5,369 | [1] | -5,670 | [1] | -26,294 | [1] | 34,596 | -18,756 | -136,237 |
Income from discontinued operations, net | 121,799 | [1] | 72,433 | [1] | 4,502 | [1] | 4,495 | [1] | 89,409 | [1] | 47,966 | [1] | 39,801 | [1] | 36,941 | [1] | 203,229 | 214,117 | 78,073 |
Net income | 148,603 | [1] | 79,410 | [1] | 6,979 | [1] | 2,833 | [1] | 97,248 | [1] | 53,335 | [1] | 34,131 | [1] | 10,647 | [1] | 237,825 | 195,361 | -58,164 |
Net income (loss) attributable to the company's common equityholders | 122,037 | [1] | 66,268 | [1] | 10,107 | [1] | 5,050 | [1] | 67,928 | [1] | 24,163 | [1] | 523 | [1] | -10,609 | [1] | 203,673 | 82,146 | -103,161 |
Loss from continuing operations attributable to the company's common equityholders (In dollars per share/unit)s | $0.25 | $0.04 | $0.01 | ($0.01) | ($0.01) | ($0.07) | ($0.25) | ($0.30) | $0.29 | ($0.60) | ($1.22) | ||||||||
Net income attributable to the company's common equityholders (In dollars per share/unit) | $0.84 | $0.46 | $0.07 | $0.03 | $0.47 | $0.17 | $0 | ($0.09) | $1.40 | $0.61 | ($0.86) | ||||||||
Loss per common share - basic and diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Weighted average common shares/units outstanding - basic | 145,341 | [1] | 145,334 | [1] | 145,321 | [1] | 145,169 | [1] | ' | ' | ' | ' | 145,291 | 134,479 | 119,312 | ||||
Weighted average common shares/units outstanding - diluted | 145,499 | 145,563 | 145,674 | 145,169 | ' | ' | ' | ' | 145,532 | 134,479 | 119,312 | ||||||||
Weighted average common shares/units outstanding - basic and diluted | ' | ' | ' | ' | 145,035 | [1] | 144,959 | [1] | 127,395 | [1] | 120,526 | [1] | ' | ' | ' | ||||
AIMCO PROPERTIES, L.P | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Summarized unaudited consolidated quarterly information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Total revenues | 250,862 | [1] | 243,943 | [1] | 241,744 | [1] | 237,504 | [1] | 247,705 | [1] | 242,973 | [1] | 236,085 | [1] | 231,748 | [1] | 974,053 | 958,511 | 914,355 |
Total operating expenses | -177,707 | [1] | -179,430 | [1] | -183,033 | [1] | -184,864 | [1] | -192,338 | [1] | -197,071 | [1] | -190,343 | [1] | -199,743 | [1] | -725,034 | -779,495 | -779,064 |
Operating income | 73,155 | [1] | 64,513 | [1] | 58,711 | [1] | 52,640 | [1] | 55,367 | [1] | 45,902 | [1] | 45,742 | [1] | 32,005 | [1] | 249,019 | 179,016 | 135,291 |
Income (loss) from continuing operations | 26,804 | [1] | 6,977 | [1] | 2,477 | [1] | -1,662 | [1] | 7,839 | [1] | 5,369 | [1] | -5,670 | [1] | -26,294 | [1] | 34,596 | -18,756 | -134,938 |
Income from discontinued operations, net | 121,799 | [1] | 72,433 | [1] | 4,502 | [1] | 4,495 | [1] | 89,409 | [1] | 47,966 | [1] | 39,801 | [1] | 36,941 | [1] | 203,229 | 214,117 | 78,073 |
Net income | 148,603 | [1] | 79,410 | [1] | 6,979 | [1] | 2,833 | [1] | 97,248 | [1] | 53,335 | [1] | 34,131 | [1] | 10,647 | [1] | 237,825 | 195,361 | -56,865 |
Net income (loss) attributable to the company's common equityholders | $129,008 | [1] | $70,064 | [1] | $10,682 | [1] | $5,347 | [1] | $72,190 | [1] | $25,774 | [1] | $578 | [1] | ($11,346) | [1] | $215,312 | $87,337 | ($109,365) |
Loss from continuing operations attributable to the company's common equityholders (In dollars per share/unit)s | $0.25 | $0.04 | $0.01 | ($0.01) | ($0.01) | ($0.07) | ($0.25) | ($0.30) | $0.29 | ($0.60) | ($1.22) | ||||||||
Net income attributable to the company's common equityholders (In dollars per share/unit) | $0.84 | $0.46 | $0.07 | $0.03 | $0.47 | $0.17 | $0 | ($0.09) | $1.40 | $0.61 | ($0.86) | ||||||||
Loss per common share - basic and diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Weighted average common shares/units outstanding - basic | 153,276 | [1] | 153,287 | [1] | 153,294 | [1] | 153,169 | [1] | ' | ' | ' | ' | 153,256 | 142,614 | 127,681 | ||||
Weighted average common shares/units outstanding - diluted | 153,434 | 153,516 | 153,647 | 153,169 | ' | ' | ' | ' | 153,497 | 142,614 | 127,681 | ||||||||
Weighted average common shares/units outstanding - basic and diluted | ' | ' | ' | ' | 153,107 | [1] | 152,997 | [1] | 135,622 | [1] | 128,729 | [1] | ' | ' | ' | ||||
[1] | Certain reclassifications have been made to 2013 and 2012 quarterly amounts to conform to the full year 2013 presentation, primarily related to treatment of discontinued operations. |
Business_Segments_Details
Business Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Summary information for the reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Rental and other property revenues (2) | ' | ' | ' | ' | ' | ' | ' | ' | $939,231 | $916,742 | $875,694 | |||||||||||
Tax credit and asset management revenues | ' | ' | ' | ' | ' | ' | ' | ' | 34,822 | 41,769 | 38,661 | |||||||||||
Total revenues | 250,862 | [1] | 243,943 | [1] | 241,744 | [1] | 237,504 | [1] | 247,705 | [1] | 242,973 | [1] | 236,085 | [1] | 231,748 | [1] | 974,053 | 958,511 | 914,355 | |||
Property operating expenses (2) | ' | ' | ' | ' | ' | ' | ' | ' | 375,672 | 374,347 | 376,164 | |||||||||||
Investment management expenses | ' | ' | ' | ' | ' | ' | ' | ' | 4,341 | 12,008 | 10,459 | |||||||||||
Depreciation and amortization (2) | ' | ' | ' | ' | ' | ' | ' | ' | 291,910 | [2] | 325,173 | [2] | 323,233 | [2] | ||||||||
Provision for real estate impairment losses (2) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 6,235 | [2] | 0 | ||||||||||
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 45,708 | 49,602 | 50,906 | |||||||||||
Other expenses, net | ' | ' | ' | ' | ' | ' | ' | ' | 7,403 | 12,130 | 18,302 | |||||||||||
Total operating expenses | 177,707 | [1] | 179,430 | [1] | 183,033 | [1] | 184,864 | [1] | 192,338 | [1] | 197,071 | [1] | 190,343 | [1] | 199,743 | [1] | 725,034 | 779,495 | 779,064 | |||
Net operating income (loss) | 73,155 | [1] | 64,513 | [1] | 58,711 | [1] | 52,640 | [1] | 55,367 | [1] | 45,902 | [1] | 45,742 | [1] | 32,005 | [1] | 249,019 | 179,016 | 135,291 | |||
Other items included in continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -214,423 | -197,772 | -271,528 | [3] | ||||||||||
Income (loss) from continuing operations | 26,804 | [1] | 6,977 | [1] | 2,477 | [1] | -1,662 | [1] | 7,839 | [1] | 5,369 | [1] | -5,670 | [1] | -26,294 | [1] | 34,596 | -18,756 | -136,237 | |||
Conventional Real Estate Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Summary information for the reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Rental and other property revenues (2) | ' | ' | ' | ' | ' | ' | ' | ' | 803,242 | [2] | 761,876 | [2] | 724,866 | [2] | ||||||||
Tax credit and asset management revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 803,242 | 761,876 | 724,866 | |||||||||||
Property operating expenses (2) | ' | ' | ' | ' | ' | ' | ' | ' | 285,062 | [2] | 274,414 | [2] | 263,969 | [2] | ||||||||
Investment management expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Depreciation and amortization (2) | ' | ' | ' | ' | ' | ' | ' | ' | ' | [2] | ' | [2] | ' | [2] | ||||||||
Provision for real estate impairment losses (2) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | [2] | ' | ||||||||||
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Other expenses, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 285,062 | 274,414 | 263,969 | |||||||||||
Net operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 518,180 | 487,462 | 460,897 | |||||||||||
Other items included in continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | [3] | ||||||||||
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 518,180 | 487,462 | 460,897 | |||||||||||
Affordable Real Estate Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Summary information for the reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Rental and other property revenues (2) | ' | ' | ' | ' | ' | ' | ' | ' | 98,713 | [2] | 97,135 | [2] | 94,007 | [2] | ||||||||
Tax credit and asset management revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 98,713 | 97,135 | 94,007 | |||||||||||
Property operating expenses (2) | ' | ' | ' | ' | ' | ' | ' | ' | 39,717 | [2] | 38,932 | [2] | 37,096 | [2] | ||||||||
Investment management expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Depreciation and amortization (2) | ' | ' | ' | ' | ' | ' | ' | ' | ' | [2] | ' | [2] | ' | [2] | ||||||||
Provision for real estate impairment losses (2) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | [2] | ' | ||||||||||
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Other expenses, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 39,717 | 38,932 | 37,096 | |||||||||||
Net operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 58,996 | 58,203 | 56,911 | |||||||||||
Other items included in continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | [3] | ||||||||||
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 58,996 | 58,203 | 56,911 | |||||||||||
Proportionate Adjustments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Summary information for the reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Rental and other property revenues (2) | ' | ' | ' | ' | ' | ' | ' | ' | 37,201 | [2],[4] | 57,251 | [2],[4] | 55,627 | [2],[4] | ||||||||
Tax credit and asset management revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | [4] | ' | [4] | ' | [4] | ||||||||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 37,201 | [2],[4] | 57,251 | [4] | 55,627 | [4] | ||||||||
Property operating expenses (2) | ' | ' | ' | ' | ' | ' | ' | ' | 13,406 | [2],[4] | 23,562 | [2],[4] | 22,140 | [2],[4] | ||||||||
Investment management expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | [4] | ' | [4] | ' | [4] | ||||||||
Depreciation and amortization (2) | ' | ' | ' | ' | ' | ' | ' | ' | ' | [2],[4] | ' | [2],[4] | ' | [2],[4] | ||||||||
Provision for real estate impairment losses (2) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | [2],[4] | ' | ||||||||||
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | [4] | ' | [4] | ' | [4] | ||||||||
Other expenses, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | [4] | ' | [4] | ' | [4] | ||||||||
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 13,406 | [4] | 23,562 | [4] | 22,140 | [4] | ||||||||
Net operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 23,795 | [4] | 33,689 | [4] | 33,487 | [4] | ||||||||
Other items included in continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | [4] | ' | [4] | ' | [3],[4] | ||||||||
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 23,795 | [4] | 33,689 | [4] | 33,487 | [4] | ||||||||
Corporate and Amounts Not Allocated to Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Summary information for the reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Rental and other property revenues (2) | ' | ' | ' | ' | ' | ' | ' | ' | 75 | [2] | 480 | [2] | 1,194 | [2] | ||||||||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 34,897 | 42,249 | 39,855 | |||||||||||
Property operating expenses (2) | ' | ' | ' | ' | ' | ' | ' | ' | 37,487 | [2] | 37,439 | [2] | 52,959 | |||||||||
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 386,849 | 442,587 | 455,859 | |||||||||||
Net operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -351,952 | -400,338 | -416,004 | |||||||||||
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ($566,375) | ($598,110) | ($687,532) | |||||||||||
[1] | Certain reclassifications have been made to 2013 and 2012 quarterly amounts to conform to the full year 2013 presentation, primarily related to treatment of discontinued operations. | |||||||||||||||||||||
[2] | Proportionate property net operating income, our key measurement of segment profit or loss, excludes property management revenues (which are included in rental and other property revenues), property management expenses and casualty gains and losses (which are included in property operating expenses), depreciation and amortization and provision for real estate impairment losses. Accordingly, we do not allocate these amounts to our segments. | |||||||||||||||||||||
[3] | In addition to the other items included in continuing operations presented in the table for the year ending December 31, 2011, the Aimco Operating Partnership recognized $1.3 million of interest income on its notes receivable from Aimco. These notes were repaid by Aimco during the three months ended December 31, 2011. | |||||||||||||||||||||
[4] | Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the results of our consolidated apartment communities and the results of consolidated apartment communities that we do not manage, which are excluded from our measurement of segment performance but included in the related consolidated amounts, and our share of the results of operations of our unconsolidated real estate partnerships that we manage, which are included in our measurement of segment performance but excluded from the related consolidated amounts. |
Business_Segments_Details_1
Business Segments (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Segment Reporting Information [Line Items] | ' | ' | ||
Total consolidated assets | $6,079,413 | $6,401,380 | ||
Conventional Real Estate Operations [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total consolidated assets | 4,793,472 | 4,837,236 | ||
Affordable Real Estate Operations [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total consolidated assets | 382,091 | 466,678 | ||
Proportionate Adjustments [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total consolidated assets | 428,376 | [1] | 634,858 | [1] |
Corporate and Amounts Not Allocated to Segments [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total consolidated assets | $475,474 | $462,608 | ||
[1] | Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the assets of our consolidated apartment communities, which are excluded from our measurement of segment financial condition, and our share of the assets of our unconsolidated real estate partnerships, which are included in our measure of segment financial condition. |
Business_Segments_Details_Text
Business Segments (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of reportable segments | 2 | ' | ' |
AIMCO PROPERTIES, L.P | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Interest income recognized from notes receivable from Aimco | ' | ' | $1.30 |
Conventional Real Estate Operations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Captial Additions | 365.3 | 252.3 | 191.6 |
Affordable Real Estate Operations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Captial Additions | $10.70 | $19.80 | $15.60 |
Affordable Real Estate [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of apartment communities in segments | 74 | ' | ' |
Number of homes in apartment communities | 10,067 | ' | ' |
Conventional Real Estate [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of apartment communities in segments | 162 | ' | ' |
Number of homes in apartment communities | 50,486 | ' | ' |
Real_Estate_and_Accumulated_De1
Real Estate and Accumulated Depreciation (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Continuing Operations [Member] | Total Conventional Properties [Member] | 100 Forest Place [Member] | 118-122 West 23rd Street [Member] | 1582 First Avenue [Member] | 173 E. 90th Street [Member] | 182-188 Columbus Avenue [Member] | 204-206 West 133rd Street [Member] | 2232-2240 Seventh Avenue [Member] | 2247-2253 Seventh Avenue [Member] | 2252-2258 Seventh Avenue [Member] | 2300-2310 Seventh Avenue [Member] | 236-238 East 88th Street [Member] | 237-239 Ninth Avenue [Member] | 240 West 73rd Street, LLC [Member] | 2484 Seventh Avenue [Member] | 2900 on First Apartments [Member] | 306 East 89th Street [Member] | 311 & 313 East 73rd Street [Member] | 322-324 East 61st Street [Member] | 3400 Avenue of the Arts [Member] | 452 East 78th Street [Member] | 464-466 Amsterdam & 200-210 W. 83rd Street [Member] | 510 East 88th Street [Member] | 514-516 East 88th Street [Member] | 707 Leahy [Member] | 865 Bellevue [Member] | Arbours of Hermitage, The [Member] | Auburn Glen [Member] | Bank Lofts [Member] | Bay Parc Plaza [Member] | Bay Ridge at Nashua [Member] | Bayberry Hill Estates [Member] | Bluffs at Pacifica, The [Member] | Boston Lofts [Member] | Boulder Creek [Member] | Broadcast Center [Member] | Broadway Lofts [Member] | Buena Vista [Member] | Burke Shire Commons [Member] | Calhoun Beach Club [Member] | Canterbury Green [Member] | Canyon Terrace [Member] | Casa del Mar at Baymeadows [Member] | Cedar Rim [Member] | Center Square [Member] | Charlesbank Apartment Homes [Member] | Chestnut Hall [Member] | Chestnut Hill Village [Member] | Chimneys of Cradle Rock [Member] | Colony at Kenilworth [Member] | Columbus Avenue [Member] | Creekside [Member] | Crescent at West Hollywood, The [Member] | Elm Creek [Member] | Evanston Place [Member] | Farmingdale [Member] | Flamingo Towers [Member] | Four Quarters Habitat [Member] | Foxchase [Member] | Georgetown [Member] | Granada [Member] | Grand Pointe [Member] | Greens [Member] | Heritage Park Escondido [Member] | Heritage Park Livermore [Member] | Heritage Village Anaheim [Member] | Hidden Cove [Member] | Hidden Cove II [Member] | Hillcreste [Member] | Hillmeade [Member] | Horizons West Apartments [Member] | Hunt Club [Member] | Hunters Chase [Member] | Hunters Glen [Member] | Hyde Park Tower [Member] | Indian Oaks [Member] | Island Club [Member] | Key Towers [Member] | Lakeside [Member] | Lakeside at Vinings Mountain [Member] | Latrobe [Member] | Lazy Hollow [Member] | Lincoln Place Garden (5) [Member] | Lodge at Chattahoochee, The [Member] | Los Arboles [Member] | Malibu Canyon [Member] | Maple Bay [Member] | Mariners Cove [Member] | Meadow Creek [Member] | Merrill House [Member] | Monterey Grove [Member] | Oak Park Village [Member] | Ocean House on Prospect [Member] | Pacific Bay Vistas (5) [Member] | Pacifica Park [Member] | Palazzo at Park La Brea, The [Member] | Palazzo East at Park La Brea, The [Member] | Paradise Palms [Member] | Park & 12th [Member] | Park Towne Place [Member] | Parktown Townhouses [Member] | Parkway [Member] | Pathfinder Village [Member] | Peachtree Park [Member] | Peak At Vinings Mountain, The [Member] | Peakview Place [Member] | Peppertree [Member] | Pine Lake Terrace [Member] | Plantation Gardens [Member] | Post Ridge [Member] | Preserve at Marin [Member] | Ramblewood [Member] | Ravensworth Towers [Member] | Reflections [Member] | Remington at Ponte Vedra Lakes [Member] | River Club, The [Member] | Riverloft [Member] | Riverside [Member] | Rosewood [Member] | Royal Crest Estates [Member] | Royal Crest Estates [Member] | Royal Crest Estates [Member] | Royal Crest Estates [Member] | Runaway Bay [Member] | San Melia [Member] | Savannah Trace [Member] | Scotchollow [Member] | Shenandoah Crossing [Member] | Signal Pointe [Member] | Signature Point [Member] | Springwoods at Lake Ridge [Member] | Spyglass at Cedar Cove [Member] | Stafford [Member] | Steeplechase [Member] | Sterling Apartment Homes, The [Member] | Stone Creek Club [Member] | Tamarac Village [Member] | Towers Of Westchester Park, The [Member] | Township At Highlands [Member] | Twin Lake Towers [Member] | Vantage Pointe [Member] | Views at Vinings Mountain, The [Member] | Villa Del Sol [Member] | Village in the Woods [Member] | Village of Pennbrook [Member] | Villages of Baymeadows [Member] | Villas at Park La Brea, The [Member] | Vista Del Lagos [Member] | Waterford Village [Member] | Waterways Village [Member] | Waverly Apartments [Member] | Wexford Village [Member] | Willow Bend [Member] | Windrift [Member] | Windsor Crossing [Member] | Windsor Park [Member] | Woods of williamsburg [Member] | Yacht Club at Brickell [Member] | Yorktown Apartments [Member] | Total Affordable Properties [Member] | All Hallows [Member] | Arvada House [Member] | Bayview [Member] | Beacon Hill [Member] | Biltmore Towers [Member] | Butternut Creek [Member] | Carriage House [Member] | City Line [Member] | Copperwood I Apartments [Member] | Copperwood II Apartments [Member] | Country Club Heights [Member] | Crevenna Oaks [Member] | Fairwood [Member] | Fountain Place [Member] | Friendset Apartments [Member] | Hopkins Village [Member] | Hudson Gardens [Member] | Ingram Square [Member] | Kirkwood House [Member] | La Salle [Member] | La Vista [Member] | Loring Towers [Member] | Loring Towers Apartments [Member] | Montblanc Gardens [Member] | New Baltimore [Member] | Newberry Park [Member] | Northpoint [Member] | Panorama Park [Member] | Parc Chateau I [Member] | Parc Chateau II [Member] | Park Place [Member] | Parkways, The [Member] | Pavilion [Member] | Pleasant Hills [Member] | Plummer Village [Member] | Riverwoods [Member] | Round Barn Manor [Member] | San Jose Apartments [Member] | San Juan Del Centro [Member] | Shoreview [Member] | South Bay Villa [Member] | St.George Villas [Member] | Stonegate Apts [Member] | Summit Oaks [Member] | Tamarac Pines Apartments I [Member] | Tamarac Pines Apartments II [Member] | Terry Manor [Member] | Tompkins Terrace [Member] | University Square [Member] | Van Nuys Apartments [Member] | Verdes Del Oriente [Member] | Villas of Mount Dora [Member] | Wah Luck House [Member] | Walnut Hills [Member] | Washington Square West [Member] | Whitefield Place [Member] | Winter Gardens [Member] | Woodland Hills [Member] | Other [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | Property | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Type | ' | ' | ' | ' | ' | ' | 'High Rise | 'High Rise | 'High Rise | 'High Rise | 'Mid Rise | 'Mid Rise | 'Mid Rise | 'Mid Rise | 'Mid Rise | 'Mid Rise | 'High Rise | 'High Rise | 'High Rise | 'Mid Rise | 'Mid Rise | 'High Rise | 'Mid Rise | 'High Rise | 'Mid Rise | 'High Rise | 'Mid Rise | 'High Rise | 'High Rise | 'Garden | 'Garden | 'Garden | 'Garden | [1] | 'High Rise | 'High Rise | 'Garden | 'Garden | 'Garden | 'High Rise | 'Garden | 'Garden | 'High Rise | 'Mid Rise | 'Garden | 'High Rise | 'Garden | 'Garden | 'Garden | 'Garden | 'High Rise | 'Mid Rise | 'High Rise | 'Garden | 'Garden | 'Garden | 'Mid Rise | 'Garden | 'Mid Rise | 'Mid Rise | 'High Rise | 'Mid Rise | 'High Rise | 'Garden | 'Garden | 'Garden | 'Mid Rise | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'Mid Rise | 'Garden | 'Garden | 'Garden | 'High Rise | 'Garden | 'Garden | 'High Rise | 'Garden | 'Garden | 'High Rise | 'Garden | 'Garden | [1] | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'High Rise | 'Garden | 'Garden | 'Mid Rise | 'Garden | [1] | 'Garden | 'Mid Rise | 'Mid Rise | 'Garden | 'Mid Rise | 'High Rise | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'Mid Rise | 'Garden | 'High Rise | 'Garden | 'Garden | 'Garden | 'High Rise | 'High Rise | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'High Rise | 'Garden | 'Garden | 'Garden | 'Garden | 'High Rise | 'Town Home | 'High Rise | 'Mid Rise | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'High Rise | 'High Rise | ' | 'Garden | 'High Rise | 'Garden | 'High Rise | 'High Rise | 'Mid Rise | 'Mid Rise | 'Garden | 'Garden | 'Garden | 'Garden | 'Town Home | 'Garden | 'Mid Rise | 'High Rise | 'Mid Rise | 'Garden | 'Garden | 'High Rise | 'Garden | 'Garden | 'High Rise | 'High Rise | 'Town Home | 'Mid Rise | 'Garden | 'Garden | 'Garden | 'Garden | 'Garden | 'Mid Rise | 'Garden | 'High Rise | 'Garden | 'Mid Rise | 'High Rise | 'Garden | 'Garden | 'Mid Rise | 'Garden | 'Garden | 'Garden | 'Mid Rise | 'Town Home | 'Garden | 'Garden | 'Mid Rise | 'Garden | 'High Rise | 'High Rise | 'Garden | 'Garden | [1] | 'High Rise | 'High Rise | 'Mid Rise | 'Garden | 'High Rise | 'Garden | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Date Consolidated | ' | ' | ' | ' | ' | ' | 'Dec-97 | [2] | 'Jun-12 | [2] | 'Mar-05 | [2] | 'May-04 | [2] | 'Feb-07 | [2] | 'Jun-07 | [2] | 'Jun-07 | [2] | 'Jun-07 | [2] | 'Jun-07 | [2] | 'Jun-07 | [2] | 'Jan-04 | [2] | 'Mar-05 | [2] | 'Sep-04 | [2] | 'Jun-07 | [2] | 'Oct-08 | [2] | 'Jul-04 | [2] | 'Mar-03 | [2] | 'Mar-05 | [2] | 'Mar-02 | [2] | 'Jan-04 | [2] | 'Feb-07 | [2] | 'Jan-04 | [2] | 'Mar-05 | [2] | 'Apr-07 | [2] | 'Jul-00 | [2] | 'Jul-00 | [2] | 'Dec-06 | [1],[2] | 'Apr-01 | [2] | 'Sep-04 | [2] | 'Jan-03 | [2] | 'Aug-02 | [2] | 'Oct-06 | [2] | 'Apr-01 | [2] | 'Jul-94 | [2] | 'Mar-02 | [2] | 'Sep-12 | [2] | 'Jan-06 | [2] | 'Mar-01 | [2] | 'Dec-98 | [2] | 'Dec-99 | [2] | 'Mar-02 | [2] | 'Oct-06 | [2] | 'Apr-00 | [2] | 'Oct-99 | [2] | 'Sep-13 | [2] | 'Oct-06 | [2] | 'Apr-00 | [2] | 'Jun-04 | [2] | 'Oct-99 | [2] | 'Sep-03 | [2] | 'Jan-00 | [2] | 'Mar-02 | [2] | 'Dec-97 | [2] | 'Dec-97 | [2] | 'Oct-00 | [2] | 'Sep-97 | [2] | 'Jan-06 | [2] | 'Dec-97 | [2] | 'Aug-02 | [2] | 'Aug-02 | [2] | 'Dec-99 | [2] | 'Jul-94 | [2] | 'Oct-00 | [2] | 'Oct-00 | [2] | 'Oct-00 | [2] | 'Jul-98 | [2] | 'Jul-07 | [2] | 'Mar-02 | [2] | 'Nov-94 | [2] | 'Dec-06 | [2] | 'Sep-00 | [2] | 'Jan-01 | [2] | 'Oct-99 | [2] | 'Oct-04 | [2] | 'Mar-02 | [2] | 'Oct-00 | [2] | 'Apr-01 | [2] | 'Oct-99 | [2] | 'Jan-00 | [2] | 'Jan-03 | [2] | 'Apr-05 | [2] | 'Oct-04 | [1],[2] | 'Oct-99 | [2] | 'Sep-97 | [2] | 'Mar-02 | [2] | 'Dec-99 | [2] | 'Mar-02 | [2] | 'Jul-94 | [2] | 'Jan-00 | [2] | 'Jun-08 | [2] | 'Oct-00 | [2] | 'Apr-13 | [2] | 'Mar-01 | [1],[2] | 'Jul-06 | [2] | 'Feb-04 | [2] | 'Mar-05 | [2] | 'Jul-94 | [2] | 'Jul-13 | [2] | 'Apr-00 | [2] | 'Oct-99 | [2] | 'Mar-00 | [2] | 'Jan-06 | [2] | 'Jan-96 | [2] | 'Jan-00 | [2] | 'Jan-00 | [2] | 'Mar-02 | [2] | 'Mar-02 | [2] | 'Oct-99 | [2] | 'Jul-00 | [2] | 'Aug-11 | [2] | 'Dec-99 | [2] | 'Jun-04 | [2] | 'Sep-00 | [2] | 'Dec-06 | [2] | 'Apr-05 | [2] | 'Oct-99 | [2] | 'Apr-00 | [2] | 'Mar-02 | [2] | 'Aug-02 | [2] | 'Aug-02 | [2] | 'Aug-02 | [2] | 'Aug-02 | [2] | 'Oct-00 | [2] | 'Mar-12 | [2] | 'Mar-01 | [2] | 'Jan-06 | [2] | 'Sep-00 | [2] | 'Oct-99 | [2] | 'Nov-96 | [2] | 'Jul-02 | [2] | 'Sep-00 | [2] | 'Oct-02 | [2] | 'Sep-00 | [2] | 'Oct-99 | [2] | 'Sep-00 | [2] | 'Apr-00 | [2] | 'Jan-06 | [2] | 'Nov-96 | [2] | 'Oct-99 | [2] | 'Aug-02 | [2] | 'Jan-06 | [2] | 'Mar-02 | [2] | 'Jan-00 | [2] | 'Oct-98 | [2] | 'Oct-99 | [2] | 'Mar-02 | [2] | 'Dec-97 | [2] | 'Aug-02 | [2] | 'Jun-97 | [2] | 'Aug-08 | [2] | 'Aug-02 | [2] | 'May-98 | [2] | 'Mar-01 | [2] | 'Mar-00 | [2] | 'Mar-01 | [2] | 'Jan-06 | [2] | 'Dec-03 | [2] | 'Dec-99 | [2] | ' | 'Jan-06 | [2] | 'Nov-04 | [2] | 'Jun-05 | [2] | 'Mar-02 | [2] | 'Mar-02 | [2] | 'Jan-06 | [2] | 'Dec-06 | [2] | 'Mar-02 | [2] | 'Apr-06 | [2] | 'Oct-05 | [2] | 'Mar-04 | [2] | 'Jan-06 | [2] | 'Jan-06 | [2] | 'Jan-06 | [2] | 'Jan-06 | [2] | 'Sep-03 | [2] | 'Mar-02 | [2] | 'Jan-06 | [2] | 'Sep-04 | [2] | 'Oct-00 | [2] | 'Jan-06 | [2] | 'Oct-02 | [2] | 'Sep-03 | [2] | 'Dec-03 | [2] | 'Mar-02 | [2] | 'Dec-97 | [2] | 'Jan-00 | [2] | 'Mar-02 | [2] | 'Jan-06 | [2] | 'Jan-06 | [2] | 'Jun-05 | [2] | 'Jun-04 | [2] | 'Mar-04 | [2] | 'Apr-05 | [2] | 'Mar-02 | [2] | 'Jan-06 | [2] | 'Mar-02 | [2] | 'Sep-05 | [2] | 'Sep-05 | [2] | 'Oct-99 | [2] | 'Mar-02 | [2] | 'Jan-06 | [2] | 'Jul-09 | [2] | 'Jan-06 | [2] | 'Nov-04 | [2] | 'Nov-04 | [2] | 'Oct-05 | [2] | 'Oct-02 | [2] | 'Mar-05 | [2] | 'Mar-02 | [2] | 'Jan-10 | [2] | 'Jan-10 | [1],[2] | 'Jan-06 | [2] | 'Jan-06 | [2] | 'Sep-04 | [2] | 'Apr-05 | [2] | 'Mar-04 | [2] | 'Oct-05 | [2] | ' | ||||
Property Location | ' | ' | ' | ' | ' | ' | 'Oak Park, IL | 'New York, NY | 'New York, NY | 'New York, NY | 'New York, NY | 'New York, NY | 'New York, NY | 'New York, NY | 'New York, NY | 'New York, NY | 'New York, NY | 'New York, NY | 'New York, NY | 'New York, NY | 'Seattle, WA | 'New York, NY | 'New York, NY | 'New York, NY | 'Costa Mesa, CA | 'New York, NY | 'New York, NY | 'New York, NY | 'New York, NY | 'Redwood City, CA | 'Nashville, TN | 'Hermitage, TN | 'Jacksonville, FL | [1] | 'Denver, CO | 'Miami, FL | 'Nashua, NH | 'Framingham, MA | 'Pacifica, CA | 'Denver, CO | 'Boulder, CO | 'Los Angeles, CA | 'San Diego, CA | 'Pasadena, CA | 'Burke, VA | 'Minneapolis, MN | 'Fort Wayne, IN | 'Saugus, CA | 'Jacksonville, FL | 'Newcastle, WA | 'Doylestown, PA | 'Watertown, MA | 'Philadelphia, PA | 'Philadelphia, PA | 'Columbia, MD | 'Towson, MD | 'New York, NY | 'Denver, CO | 'West Hollywood, CA | 'Elmhurst, IL | 'Evanston, IL | 'Darien, IL | 'Miami Beach, FL | 'Miami, FL | 'Alexandria, VA | 'Framingham, MA | 'Framingham, MA | 'Columbia, MD | 'Chandler, AZ | 'Escondido, CA | 'Livermore, CA | 'Anaheim, CA | 'Escondido, CA | 'Escondido, CA | 'Century City, CA | 'Nashville, TN | 'Pacifica, CA | 'Gaithersburg, MD | 'Midlothian, VA | 'Plainsboro, NJ | 'Chicago, IL | 'Simi Valley, CA | 'Oceanside, CA | 'Alexandria, VA | 'Lisle, IL | 'Atlanta, GA | 'Washington, DC | 'Columbia, MD | 'Venice, CA | [1] | 'Sandy Springs, GA | 'Chandler, AZ | 'Calabasas, CA | 'Virginia Beach, VA | 'San Diego, CA | 'Boulder, CO | 'Falls Church, VA | 'San Jose, CA | 'Lansing, MI | 'La Jolla, CA | 'San Bruno, CA | [1] | 'Pacifica, CA | 'Los Angeles, CA | 'Los Angeles, CA | 'Phoenix, AZ | 'Atlanta, GA | 'Philadelphia, PA | 'Deer Park, TX | 'Willamsburg, VA | 'Fremont, CA | 'Atlanta, GA | 'Atlanta, GA | 'Englewood, CO | 'Cypress, CA | 'Garden Grove, CA | 'Plantation ,FL | 'Nashville, TN | 'Corte Madera, CA | 'Wyoming, MI | 'Annandale, VA | 'Virginia Beach, VA | 'Ponte Vedra Beach, FL | 'Edgewater, NJ | 'Philadelphia, PA | 'Alexandria ,VA | 'Camarillo, CA | 'Warwick, RI | 'Nashua, NH | 'Marlborough, MA | 'North Andover, MA | 'Lantana, FL | 'Phoenix, AZ | 'Shaumburg, IL | 'San Mateo, CA | 'Fairfax, VA | 'Winter Park, FL | 'League City, TX | 'Woodbridge, VA | 'Lexington Park, MD | 'Baltimore, MD | 'Largo, MD | 'Philadelphia, PA | 'Germantown, MD | 'Denver, CO | 'College Park, MD | 'Centennial, CO | 'Westmont, IL | 'Swampscott, MA | 'Atlanta, GA | 'Norwalk, CA | 'Cypress, TX | 'Levittown, PA | 'Jacksonville, FL | 'Los Angeles, CA | 'Chandler, AZ | 'Bridgewater, MA | 'Aventura, FL | 'Brighton, MA | 'Worcester, MA | 'Rolling Meadows, IL | 'Oceanside, CA | 'Newport News, VA | 'Woodbridge, VA | 'Williamsburg, VA | 'Miami, FL | 'Lombard, IL | ' | 'San Francisco, CA | 'Arvada, CO | 'San Francisco, CA | 'Hillsdale, MI | 'Dayton, OH | 'Charlotte, MI | 'Petersburg, VA | 'Newport News, VA | 'The Woodlands, TX | 'The Woodlands, TX | 'Quincy, IL | 'Burke, VA | 'Carmichael, CA | 'Connersville, IN | 'Brooklyn, NY | 'Baltimore, MD | 'Pasadena, CA | 'San Antonio, TX | 'Baltimore, MD | 'San Francisco, CA | 'Concord, CA | 'Minneapolis, MN | 'Salem, MA | 'Yauco, PR | 'New Baltimore, MI | 'Chicago, IL | 'Chicago, IL | 'Bakersfield, CA | 'Lithonia, GA | 'Lithonia, GA | 'St Louis, MO | 'Chicago, IL | 'Philadelphia, PA | 'Austin, TX | 'North Hills, CA | 'Kankakee, IL | 'Champaign, IL | 'San Antonio, TX | 'Boulder, CO | 'San Francisco, CA | 'Los Angeles, CA | 'St. George, SC | 'Indianapolis, IN | 'Burke, VA | 'Woodlands, TX | 'Woodlands, TX | 'Los Angeles, CA | 'Beacon, NY | 'Philadelphia, PA | 'Los Angeles, CA | 'San Pedro, CA | 'Mt. Dora, FL | [1] | 'Washington, DC | 'Cincinnati, OH | 'Philadelphia, PA | 'San Antonio, TX | 'St Louis, MO | 'Jackson, MI | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Built | ' | ' | ' | ' | ' | ' | 1-Jan-87 | 1-Jan-87 | 1-Jan-00 | 1-Jan-10 | 1-Jan-10 | 1-Jan-10 | 1-Jan-10 | 1-Jan-10 | 1-Jan-10 | 1-Jan-10 | 1-Jan-00 | 1-Jan-00 | 1-Jan-00 | 1-Jan-21 | 1-Jan-89 | 1-Jan-30 | 1-Jan-04 | 1-Jan-00 | 1-Jan-87 | 1-Jan-00 | 1-Jan-10 | 1-Jan-00 | 1-Jan-00 | 1-Jan-73 | 1-Jan-72 | 1-Jan-72 | 1-Jan-74 | [1] | 1-Jan-20 | 1-Jan-00 | 1-Jan-84 | 1-Jan-71 | 1-Jan-63 | Jan 1, 1890 | 1-Jan-73 | 1-Jan-90 | 1-Jan-09 | 1-Jan-73 | 1-Jan-86 | 1-Jan-28 | 1-Jan-70 | 1-Jan-84 | 1-Jan-84 | 1-Jan-80 | 1-Jan-75 | 1-Jan-12 | 1-Jan-23 | 1-Jan-63 | 1-Jan-79 | 1-Jan-66 | Jan 1, 1880 | 1-Jan-74 | 1-Jan-85 | 1-Jan-87 | 1-Jan-90 | 1-Jan-75 | 1-Jan-60 | 1-Jan-76 | 1-Jan-40 | 1-Jan-64 | 1-Jan-58 | 1-Jan-72 | 1-Jan-00 | 1-Jan-86 | 1-Jan-88 | 1-Jan-86 | 1-Jan-83 | 1-Jan-86 | 1-Jan-89 | 1-Jan-86 | 1-Jan-70 | 1-Jan-86 | 1-Jan-85 | 1-Jan-76 | 1-Jan-90 | 1-Jan-86 | 1-Jan-86 | 1-Jan-64 | 1-Jan-72 | 1-Jan-83 | 1-Jan-80 | 1-Jan-79 | 1-Jan-51 | [1] | 1-Jan-70 | 1-Jan-86 | 1-Jan-86 | 1-Jan-71 | 1-Jan-84 | 1-Jan-68 | 1-Jan-64 | 1-Jan-99 | 1-Jan-72 | 1-Jan-70 | 1-Jan-87 | [1] | 1-Jan-77 | 1-Jan-02 | 1-Jan-05 | 1-Jan-85 | 1-Jan-12 | 1-Jan-59 | 1-Jan-68 | 1-Jan-71 | 1-Jan-73 | 1-Jan-69 | 1-Jan-80 | 1-Jan-75 | 1-Jan-71 | 1-Jan-71 | 1-Jan-71 | 1-Jan-72 | 1-Jan-64 | 1-Jan-73 | 1-Jan-74 | 1-Jan-87 | 1-Jan-86 | 1-Jan-98 | 1-Jan-10 | 1-Jan-73 | 1-Jan-76 | 1-Jan-72 | 1-Jan-70 | 1-Jan-70 | 1-Jan-70 | 1-Jan-87 | 1-Jan-98 | 1-Jan-86 | 1-Jan-71 | 1-Jan-84 | 1-Jan-69 | 1-Jan-94 | 1-Jan-84 | 1-Jan-85 | Jan 1, 1889 | 1-Jan-86 | 1-Jan-61 | 1-Jan-84 | 1-Jan-79 | 1-Jan-72 | 1-Jan-85 | 1-Jan-69 | 1-Jan-87 | 1-Jan-83 | 1-Jan-72 | 1-Jan-83 | 1-Jan-69 | 1-Jan-72 | 1-Jan-02 | 1-Jan-86 | 1-Jan-71 | 1-Jan-94 | 1-Jan-70 | 1-Jan-74 | 1-Jan-69 | 1-Jan-87 | 1-Jan-78 | 1-Jan-87 | 1-Jan-76 | 1-Jan-98 | 1-Jan-71 | ' | 1-Jan-76 | 1-Jan-77 | 1-Jan-76 | 1-Jan-80 | 1-Jan-80 | 1-Jan-80 | Jan 1, 1885 | 1-Jan-76 | 1-Jan-80 | 1-Jan-81 | 1-Jan-76 | 1-Jan-79 | 1-Jan-79 | 1-Jan-80 | 1-Jan-79 | 1-Jan-79 | 1-Jan-83 | 1-Jan-80 | 1-Jan-79 | 1-Jan-76 | 1-Jan-81 | 1-Jan-75 | 1-Jan-73 | 1-Jan-82 | 1-Jan-80 | 1-Jan-95 | 1-Jan-21 | 1-Jan-82 | 1-Jan-73 | 1-Jan-74 | 1-Jan-77 | 1-Jan-25 | 1-Jan-76 | 1-Jan-82 | 1-Jan-83 | 1-Jan-83 | 1-Jan-79 | 1-Jan-70 | 1-Jan-71 | 1-Jan-76 | 1-Jan-81 | 1-Jan-84 | 1-Jan-20 | 1-Jan-80 | 1-Jan-80 | 1-Jan-80 | 1-Jan-77 | 1-Jan-74 | 1-Jan-78 | 1-Jan-81 | 1-Jan-76 | 1-Jan-79 | [1] | 1-Jan-82 | 1-Jan-83 | 1-Jan-82 | 1-Jan-80 | 1-Jan-20 | 1-Jan-80 | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of apartment homes | ' | ' | ' | ' | 59,297 | 50,344 | 234 | 42 | 17 | 72 | 32 | 44 | 24 | 35 | 35 | 63 | 43 | 36 | 200 | 23 | 135 | 20 | 34 | 40 | 770 | 12 | 72 | 20 | 36 | 110 | 326 | 350 | 251 | [1] | 117 | 471 | 412 | 424 | 64 | 158 | 221 | 279 | 84 | 92 | 360 | 332 | 1,988 | 130 | 144 | 104 | 350 | 44 | 315 | 821 | 198 | 383 | 59 | 328 | 130 | 400 | 189 | 240 | 1,161 | 336 | 2,113 | 207 | 72 | 325 | 324 | 196 | 167 | 196 | 334 | 118 | 315 | 288 | 78 | 336 | 320 | 896 | 155 | 254 | 592 | 140 | 568 | 220 | 175 | 178 | 696 | [1] | 312 | 232 | 698 | 414 | 500 | 332 | 159 | 224 | 618 | 60 | 308 | [1] | 104 | 521 | 611 | 130 | 30 | 959 | 309 | 148 | 246 | 303 | 280 | 296 | 136 | 111 | 372 | 150 | 126 | 1,707 | 219 | 480 | 344 | 266 | 184 | 1,222 | 152 | 492 | 902 | 473 | 588 | 404 | 488 | 368 | 418 | 640 | 368 | 304 | 180 | 152 | 96 | 240 | 537 | 240 | 564 | 303 | 161 | 399 | 96 | 180 | 120 | 530 | 722 | 904 | 250 | 200 | 588 | 180 | 103 | 264 | 328 | 404 | 156 | 220 | 125 | 357 | 364 | 8,953 | 157 | 88 | 146 | 198 | 230 | 100 | 118 | 200 | 150 | 150 | 200 | 50 | 86 | 102 | 259 | 165 | 41 | 120 | 261 | 145 | 75 | 230 | 250 | 128 | 101 | 84 | 304 | 66 | 86 | 88 | 242 | 446 | 296 | 100 | 75 | 125 | 156 | 220 | 150 | 156 | 80 | 40 | 52 | 50 | 144 | 156 | 170 | 193 | 442 | 299 | 113 | 70 | [1] | 153 | 198 | 132 | 80 | 112 | 125 | 0 | [3] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost, Land | ' | ' | ' | ' | $1,971,178,000 | [4] | $1,923,523,000 | [4] | $2,664,000 | [4] | $14,985,000 | [4] | $4,281,000 | [4] | $12,066,000 | [4] | $19,123,000 | [4] | $4,352,000 | [4] | $3,366,000 | [4] | $7,356,000 | [4] | $4,318,000 | [4] | $10,417,000 | [4] | $8,820,000 | [4] | $8,495,000 | [4] | $68,109,000 | [4] | $2,601,000 | [4] | $19,070,000 | [4] | $2,680,000 | [4] | $5,678,000 | [4] | $6,372,000 | [4] | $57,241,000 | [4] | $1,982,000 | [4] | $25,553,000 | [4] | $3,163,000 | [4] | $6,282,000 | [4] | $15,444,000 | [4] | $3,562,000 | [4] | $3,217,000 | [4] | $7,670,000 | [1],[4] | $3,525,000 | [4] | $22,680,000 | [4] | $3,262,000 | [4] | $19,944,000 | [4] | $8,108,000 | [4] | $3,446,000 | [4] | $754,000 | [4] | $29,407,000 | [4] | $5,367,000 | [4] | $9,693,000 | [4] | $4,867,000 | [4] | $11,708,000 | [4] | $13,659,000 | [4] | $7,508,000 | [4] | $5,039,000 | [4] | $761,000 | [4] | $582,000 | [4] | $3,399,000 | [4] | $12,338,000 | [4] | $6,469,000 | [4] | $2,040,000 | [4] | $2,403,000 | [4] | $35,527,000 | [4] | $3,189,000 | [4] | $15,765,000 | [4] | $5,910,000 | [4] | $3,232,000 | [4] | $11,763,000 | [4] | $32,239,000 | [4] | $2,379,000 | [4] | $15,496,000 | [4] | $12,351,000 | [4] | $4,577,000 | [4] | $2,714,000 | [4] | $2,303,000 | [4] | $1,055,000 | [4] | $1,039,000 | [4] | $1,832,000 | [4] | $3,043,000 | [4] | $12,849,000 | [4] | $35,862,000 | [4] | $2,872,000 | [4] | $8,887,000 | [4] | $17,859,000 | [4] | $7,935,000 | [4] | $8,778,000 | [4] | $4,731,000 | [4] | $24,523,000 | [4] | $18,027,000 | [4] | $1,526,000 | [4] | $5,840,000 | [4] | $2,111,000 | [4] | $3,459,000 | [4] | $2,429,000 | [4] | $128,332,000 | [1],[4] | $2,335,000 | [4] | $1,662,000 | [4] | $69,834,000 | [4] | $2,597,000 | [4] | $0 | [4] | $1,435,000 | [4] | $1,836,000 | [4] | $34,325,000 | [4] | $10,048,000 | [4] | $12,528,000 | [4] | $28,694,000 | [1],[4] | $12,970,000 | [4] | $48,362,000 | [4] | $72,578,000 | [4] | $647,000 | [4] | $2,793,000 | [4] | $10,472,000 | [4] | $2,572,000 | [4] | $386,000 | [4] | $19,595,000 | [4] | $4,684,000 | [4] | $2,651,000 | [4] | $3,442,000 | [4] | $8,030,000 | [4] | $4,124,000 | [4] | $3,773,000 | [4] | $1,883,000 | [4] | $18,179,000 | [4] | $8,661,000 | [4] | $3,455,000 | [4] | $15,988,000 | [4] | $18,795,000 | [4] | $30,579,000 | [4] | $2,120,000 | [4] | $10,493,000 | [4] | $12,430,000 | [4] | $22,433,000 | [4] | $68,230,000 | [4] | $25,178,000 | [4] | $51,292,000 | [4] | $5,935,000 | [4] | $16,631,000 | [4] | $13,960,000 | [4] | $49,475,000 | [4] | $18,200,000 | [4] | $2,392,000 | [4] | $2,810,000 | [4] | $5,587,000 | [4] | $3,241,000 | [4] | $562,000 | [4] | $3,675,000 | [4] | $8,871,000 | [4] | $13,593,000 | [4] | $4,224,000 | [4] | $15,198,000 | [4] | $1,536,000 | [4] | $3,268,000 | [4] | $4,748,000 | [4] | $610,000 | [4] | $7,476,000 | [4] | $3,463,000 | [4] | $10,240,000 | [4] | $4,860,000 | [4] | $8,630,000 | [4] | $804,000 | [4] | $29,110,000 | [4] | $4,504,000 | [4] | $7,920,000 | [4] | $6,349,000 | [4] | $2,717,000 | [4] | $24,960,000 | [4] | $131,000 | [4] | $4,279,000 | [4] | $798,000 | [4] | $31,362,000 | [4] | $3,055,000 | [4] | $46,966,000 | [4] | $1,338,000 | [4] | $405,000 | [4] | $582,000 | [4] | $1,094,000 | [4] | $1,814,000 | [4] | $505,000 | [4] | $716,000 | [4] | $500,000 | [4] | $383,000 | [4] | $459,000 | [4] | $676,000 | [4] | $355,000 | [4] | $177,000 | [4] | $378,000 | [4] | $550,000 | [4] | $549,000 | [4] | $914,000 | [4] | $800,000 | [4] | $1,337,000 | [4] | $1,866,000 | [4] | $581,000 | [4] | $886,000 | [4] | $187,000 | [4] | $390,000 | [4] | $896,000 | [4] | $1,380,000 | [4] | $2,510,000 | [4] | $521,000 | [4] | $592,000 | [4] | $596,000 | [4] | $705,000 | [4] | $3,426,000 | [4] | $0 | [4] | $1,229,000 | [4] | $666,000 | [4] | $598,000 | [4] | $810,000 | [4] | $234,000 | [4] | $439,000 | [4] | $1,476,000 | [4] | $1,352,000 | [4] | $107,000 | [4] | $122,000 | [4] | $381,000 | [4] | $363,000 | [4] | $266,000 | [4] | $1,997,000 | [4] | $872,000 | [4] | $702,000 | [4] | $3,576,000 | [4] | $1,139,000 | [4] | $322,000 | [4] | $0 | [4] | $826,000 | [4] | $582,000 | [4] | $219,000 | [4] | $300,000 | [4] | $320,000 | [4] | $689,000 | [3],[4] |
Initial Cost, Buildings and Improvements | ' | ' | ' | ' | 3,652,336,000 | [4] | 3,215,827,000 | [4] | 18,815,000 | [4] | 23,459,000 | [4] | 752,000 | [4] | 4,535,000 | [4] | 3,300,000 | [4] | 1,450,000 | [4] | 3,785,000 | [4] | 3,335,000 | [4] | 4,504,000 | [4] | 6,964,000 | [4] | 2,914,000 | [4] | 1,866,000 | [4] | 12,140,000 | [4] | 1,726,000 | [4] | 17,518,000 | [4] | 1,006,000 | [4] | 1,609,000 | [4] | 2,224,000 | [4] | 65,506,000 | [4] | 608,000 | [4] | 7,101,000 | [4] | 1,002,000 | [4] | 2,168,000 | [4] | 7,909,000 | [4] | 12,037,000 | [4] | 12,023,000 | [4] | 8,191,000 | [1],[4] | 9,045,000 | [4] | 41,847,000 | [4] | 40,713,000 | [4] | 35,945,000 | [4] | 4,132,000 | [4] | 20,589,000 | [4] | 7,730,000 | [4] | 41,244,000 | [4] | 14,442,000 | [4] | 6,818,000 | [4] | 23,617,000 | [4] | 73,334,000 | [4] | 73,115,000 | [4] | 6,601,000 | [4] | 10,562,000 | [4] | 5,218,000 | [4] | 4,190,000 | [4] | 11,726,000 | [4] | 14,299,000 | [4] | 49,316,000 | [4] | 8,108,000 | [4] | 18,799,000 | [4] | 9,450,000 | [4] | 12,698,000 | [4] | 10,215,000 | [4] | 30,830,000 | [4] | 25,546,000 | [4] | 15,174,000 | [4] | 39,410,000 | [4] | 17,199,000 | [4] | 96,062,000 | [4] | 13,168,000 | [4] | 4,057,000 | [4] | 16,771,000 | [4] | 713,000 | [4] | 7,565,000 | [4] | 9,170,000 | [4] | 8,541,000 | [4] | 17,616,000 | [4] | 6,530,000 | [4] | 47,216,000 | [4] | 16,070,000 | [4] | 6,377,000 | [4] | 13,149,000 | [4] | 7,915,000 | [4] | 47,259,000 | [4] | 14,927,000 | [4] | 15,801,000 | [4] | 28,654,000 | [4] | 7,050,000 | [4] | 27,937,000 | [4] | 11,862,000 | [4] | 9,103,000 | [4] | 12,181,000 | [4] | 10,439,000 | [1],[4] | 16,370,000 | [4] | 9,504,000 | [4] | 53,438,000 | [4] | 16,141,000 | [4] | 66,861,000 | [4] | 24,533,000 | [4] | 10,831,000 | [4] | 21,939,000 | [4] | 16,771,000 | [4] | 18,805,000 | [4] | 62,460,000 | [1],[4] | 6,579,000 | [4] | 125,464,000 | [4] | 136,503,000 | [4] | 3,516,000 | [4] | 6,662,000 | [4] | 47,301,000 | [4] | 12,051,000 | [4] | 2,834,000 | [4] | 14,838,000 | [4] | 11,713,000 | [4] | 13,660,000 | [4] | 18,734,000 | [4] | 5,225,000 | [4] | 6,035,000 | [4] | 19,443,000 | [4] | 6,712,000 | [4] | 30,132,000 | [4] | 61,082,000 | [4] | 17,157,000 | [4] | 13,684,000 | [4] | 18,650,000 | [4] | 30,638,000 | [4] | 11,287,000 | [4] | 65,474,000 | [4] | 8,060,000 | [4] | 24,095,000 | [4] | 45,562,000 | [4] | 28,786,000 | [4] | 36,807,000 | [4] | 16,052,000 | [4] | 55,679,000 | [4] | 20,732,000 | [4] | 17,756,000 | [4] | 57,198,000 | [4] | 11,358,000 | [4] | 17,579,000 | [4] | 7,284,000 | [4] | 5,094,000 | [4] | 4,033,000 | [4] | 16,111,000 | [4] | 55,365,000 | [4] | 9,347,000 | [4] | 23,491,000 | [4] | 22,029,000 | [4] | 9,773,000 | [4] | 18,763,000 | [4] | 10,089,000 | [4] | 5,026,000 | [4] | 4,861,000 | [4] | 15,787,000 | [4] | 38,222,000 | [4] | 33,956,000 | [4] | 48,871,000 | [4] | 4,951,000 | [4] | 28,101,000 | [4] | 11,064,000 | [4] | 11,347,000 | [4] | 17,939,000 | [4] | 15,437,000 | [4] | 17,590,000 | [4] | 2,110,000 | [4] | 15,970,000 | [4] | 3,657,000 | [4] | 32,214,000 | [4] | 18,162,000 | [4] | 420,636,000 | [4] | 29,770,000 | [4] | 3,314,000 | [4] | 15,265,000 | [4] | 7,044,000 | [4] | 6,411,000 | [4] | 3,617,000 | [4] | 2,886,000 | [4] | 2,014,000 | [4] | 8,373,000 | [4] | 5,553,000 | [4] | 5,715,000 | [4] | 4,848,000 | [4] | 5,264,000 | [4] | 2,091,000 | [4] | 16,304,000 | [4] | 5,973,000 | [4] | 1,548,000 | [4] | 3,136,000 | [4] | 9,358,000 | [4] | 19,567,000 | [4] | 4,449,000 | [4] | 7,445,000 | [4] | 14,050,000 | [4] | 3,859,000 | [4] | 2,360,000 | [4] | 7,632,000 | [4] | 14,334,000 | [4] | 5,520,000 | [4] | 1,442,000 | [4] | 2,965,000 | [4] | 6,327,000 | [4] | 23,257,000 | [4] | 15,415,000 | [4] | 2,631,000 | [4] | 2,647,000 | [4] | 4,931,000 | [4] | 5,134,000 | [4] | 5,770,000 | [4] | 7,110,000 | [4] | 19,071,000 | [4] | 2,770,000 | [4] | 1,025,000 | [4] | 1,920,000 | [4] | 4,930,000 | [4] | 2,775,000 | [4] | 3,195,000 | [4] | 5,848,000 | [4] | 6,827,000 | [4] | 12,201,000 | [4] | 21,226,000 | [4] | 7,044,000 | [4] | 1,828,000 | [4] | 7,772,000 | [4] | 5,608,000 | [4] | 11,169,000 | [4] | 3,151,000 | [4] | 3,072,000 | [4] | 3,875,000 | [4] | 15,873,000 | [3],[4] |
Costs Capitalized Subsequent to Consolidation | ' | ' | ' | ' | 2,686,634,000 | [5] | 2,327,334,000 | [5] | 6,494,000 | [5] | 3,942,000 | [5] | 318,000 | [5] | 2,442,000 | [5] | 2,608,000 | [5] | 1,556,000 | [5] | 1,266,000 | [5] | 1,649,000 | [5] | 1,706,000 | [5] | 4,642,000 | [5] | 2,097,000 | [5] | 1,449,000 | [5] | 8,646,000 | [5] | 772,000 | [5] | 17,374,000 | [5] | 418,000 | [5] | 543,000 | [5] | 1,229,000 | [5] | 72,777,000 | [5] | 458,000 | [5] | 4,506,000 | [5] | 387,000 | [5] | 775,000 | [5] | 4,936,000 | [5] | 28,070,000 | [5] | 8,376,000 | [5] | 4,075,000 | [1],[5] | 2,173,000 | [5] | 6,979,000 | [5] | 5,719,000 | [5] | 12,775,000 | [5] | 13,692,000 | [5] | 6,072,000 | [5] | 18,580,000 | [5] | 27,142,000 | [5] | 760,000 | [5] | 1,499,000 | [5] | 8,707,000 | [5] | 50,873,000 | [5] | 24,041,000 | [5] | 6,160,000 | [5] | 2,902,000 | [5] | 17,029,000 | [5] | 3,022,000 | [5] | 23,000 | [5] | 6,812,000 | [5] | 48,831,000 | [5] | 1,243,000 | [5] | 15,903,000 | [5] | 4,598,000 | [5] | 5,479,000 | [5] | 14,427,000 | [5] | 30,750,000 | [5] | 6,229,000 | [5] | 10,119,000 | [5] | 240,961,000 | [5] | 18,160,000 | [5] | 32,317,000 | [5] | 2,038,000 | [5] | 867,000 | [5] | 5,401,000 | [5] | 28,836,000 | [5] | 1,495,000 | [5] | 1,382,000 | [5] | 1,513,000 | [5] | 7,508,000 | [5] | 6,257,000 | [5] | 24,470,000 | [5] | 10,594,000 | [5] | 1,868,000 | [5] | 8,445,000 | [5] | 3,113,000 | [5] | 42,658,000 | [5] | 3,373,000 | [5] | 5,200,000 | [5] | 14,010,000 | [5] | 6,262,000 | [5] | 32,029,000 | [5] | 15,823,000 | [5] | 16,140,000 | [5] | 326,000 | [5] | 242,465,000 | [1],[5] | 23,999,000 | [5] | 2,847,000 | [5] | 32,554,000 | [5] | 29,362,000 | [5] | 7,545,000 | [5] | 5,717,000 | [5] | 6,790,000 | [5] | 3,318,000 | [5] | 6,025,000 | [5] | 455,000 | [5] | 23,061,000 | [1],[5] | 3,452,000 | [5] | 21,929,000 | [5] | 13,319,000 | [5] | 6,452,000 | [5] | 14,000 | [5] | 126,690,000 | [5] | 13,434,000 | [5] | 3,055,000 | [5] | 9,664,000 | [5] | 12,566,000 | [5] | 18,412,000 | [5] | 985,000 | [5] | 2,393,000 | [5] | 2,216,000 | [5] | 18,613,000 | [5] | 4,587,000 | [5] | 38,133,000 | [5] | 10,060,000 | [5] | 2,566,000 | [5] | 5,004,000 | [5] | 4,810,000 | [5] | 3,051,000 | [5] | 28,203,000 | [5] | 86,890,000 | [5] | 3,806,000 | [5] | 5,316,000 | [5] | 9,315,000 | [5] | 6,772,000 | [5] | 17,229,000 | [5] | 8,712,000 | [5] | 5,018,000 | [5] | 4,112,000 | [5] | 11,075,000 | [5] | 16,755,000 | [5] | 26,388,000 | [5] | 2,795,000 | [5] | 3,292,000 | [5] | 2,858,000 | [5] | 4,029,000 | [5] | 4,954,000 | [5] | 30,746,000 | [5] | 6,216,000 | [5] | 8,856,000 | [5] | 8,846,000 | [5] | 6,406,000 | [5] | 38,188,000 | [5] | 984,000 | [5] | 12,136,000 | [5] | 2,465,000 | [5] | 10,256,000 | [5] | 13,191,000 | [5] | 54,761,000 | [5] | 4,909,000 | [5] | 3,334,000 | [5] | 3,145,000 | [5] | 4,413,000 | [5] | 1,808,000 | [5] | 1,165,000 | [5] | 25,531,000 | [5] | 19,610,000 | [5] | 2,944,000 | [5] | 5,040,000 | [5] | 1,305,000 | [5] | 8,198,000 | [5] | 32,723,000 | [5] | 359,300,000 | [5] | 20,865,000 | [5] | 2,310,000 | [5] | 17,474,000 | [5] | 6,687,000 | [5] | 13,777,000 | [5] | 3,847,000 | [5] | 3,789,000 | [5] | 7,686,000 | [5] | 5,529,000 | [5] | 3,514,000 | [5] | 4,957,000 | [5] | 368,000 | [5] | 267,000 | [5] | 3,038,000 | [5] | 1,540,000 | [5] | 3,613,000 | [5] | 1,287,000 | [5] | 5,769,000 | [5] | 8,585,000 | [5] | 17,716,000 | [5] | 4,296,000 | [5] | 8,262,000 | [5] | 7,424,000 | [5] | 653,000 | [5] | 5,211,000 | [5] | 445,000 | [5] | 16,870,000 | [5] | 1,085,000 | [5] | 326,000 | [5] | 293,000 | [5] | 10,151,000 | [5] | 20,458,000 | [5] | 1,905,000 | [5] | 3,573,000 | [5] | 1,685,000 | [5] | 3,539,000 | [5] | 5,946,000 | [5] | 11,859,000 | [5] | 12,822,000 | [5] | 19,256,000 | [5] | 3,850,000 | [5] | 349,000 | [5] | 486,000 | [5] | 391,000 | [5] | 3,845,000 | [5] | 4,248,000 | [5] | 6,754,000 | [5] | 13,782,000 | [5] | 9,925,000 | [5] | 21,634,000 | [5] | 55,000 | [5] | 290,000 | [5] | 704,000 | [5] | 5,505,000 | [5] | 6,814,000 | [5] | 2,760,000 | [5] | 4,662,000 | [5] | 4,569,000 | [5] | 0 | [3],[5] |
Land | ' | ' | ' | ' | 1,881,358,000 | 1,833,694,000 | 2,664,000 | 14,985,000 | 4,281,000 | 12,067,000 | 19,123,000 | 4,352,000 | 3,366,000 | 7,356,000 | 4,318,000 | 10,417,000 | 8,820,000 | 8,494,000 | 68,109,000 | 2,601,000 | 19,071,000 | 2,681,000 | 5,678,000 | 6,372,000 | 57,240,000 | 1,982,000 | 25,552,000 | 3,163,000 | 6,282,000 | 15,444,000 | 3,562,000 | 3,217,000 | 7,670,000 | [1] | 3,525,000 | 22,680,000 | 3,262,000 | 19,944,000 | 8,108,000 | 3,447,000 | 755,000 | 29,407,000 | 5,367,000 | 9,693,000 | 4,867,000 | 11,708,000 | 13,659,000 | 7,508,000 | 5,039,000 | 761,000 | 582,000 | 3,399,000 | 12,338,000 | 6,469,000 | 2,040,000 | 2,403,000 | 35,527,000 | 3,189,000 | 15,765,000 | 5,910,000 | 3,232,000 | 11,763,000 | 32,239,000 | 2,379,000 | 15,496,000 | 12,351,000 | 4,577,000 | 2,715,000 | 2,303,000 | 1,055,000 | 1,039,000 | 1,832,000 | 3,043,000 | 12,849,000 | 35,862,000 | 2,872,000 | 8,887,000 | 17,859,000 | 7,935,000 | 8,779,000 | 4,731,000 | 24,523,000 | 18,027,000 | 1,526,000 | 5,840,000 | 2,111,000 | 3,459,000 | 2,430,000 | 44,197,000 | [1] | 2,335,000 | 1,662,000 | 69,834,000 | 2,598,000 | 0 | 1,435,000 | 1,836,000 | 34,325,000 | 10,048,000 | 12,528,000 | 22,994,000 | [1] | 12,970,000 | 48,362,000 | 72,578,000 | 647,000 | 2,793,000 | 10,472,000 | 2,572,000 | 386,000 | 19,595,000 | 4,683,000 | 2,651,000 | 3,443,000 | 8,030,000 | 4,125,000 | 3,773,000 | 1,883,000 | 18,179,000 | 8,661,000 | 3,455,000 | 15,988,000 | 18,795,000 | 30,579,000 | 2,120,000 | 10,492,000 | 12,430,000 | 22,433,000 | 68,231,000 | 25,178,000 | 51,292,000 | 5,934,000 | 16,631,000 | 13,960,000 | 49,474,000 | 18,200,000 | 2,392,000 | 2,810,000 | 5,587,000 | 3,241,000 | 562,000 | 3,675,000 | 8,871,000 | 13,593,000 | 4,223,000 | 15,198,000 | 1,536,000 | 3,268,000 | 4,749,000 | 610,000 | 7,476,000 | 3,463,000 | 10,240,000 | 4,860,000 | 8,630,000 | 804,000 | 29,110,000 | 4,504,000 | 7,920,000 | 6,349,000 | 2,717,000 | 24,960,000 | 131,000 | 4,279,000 | 798,000 | 31,363,000 | 3,055,000 | 46,975,000 | 1,338,000 | 405,000 | 582,000 | 1,093,000 | 1,813,000 | 505,000 | 716,000 | 500,000 | 383,000 | 459,000 | 675,000 | 355,000 | 176,000 | 378,000 | 550,000 | 549,000 | 914,000 | 800,000 | 1,338,000 | 1,866,000 | 581,000 | 886,000 | 187,000 | 391,000 | 896,000 | 1,380,000 | 2,510,000 | 521,000 | 592,000 | 596,000 | 705,000 | 3,427,000 | 0 | 1,229,000 | 667,000 | 598,000 | 810,000 | 234,000 | 440,000 | 1,476,000 | 1,352,000 | 107,000 | 122,000 | 382,000 | 363,000 | 266,000 | 1,997,000 | 872,000 | 702,000 | 3,576,000 | 1,139,000 | 328,000 | 0 | 826,000 | 582,000 | 219,000 | 300,000 | 321,000 | 689,000 | [3] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Buildings and Improvements | ' | ' | ' | ' | 6,332,723,000 | 5,537,450,000 | 25,309,000 | 27,401,000 | 1,070,000 | 6,976,000 | 5,908,000 | 3,006,000 | 5,051,000 | 4,984,000 | 6,210,000 | 11,606,000 | 5,011,000 | 3,316,000 | 20,786,000 | 2,498,000 | 34,891,000 | 1,423,000 | 2,152,000 | 3,453,000 | 138,284,000 | 1,066,000 | 11,608,000 | 1,389,000 | 2,943,000 | 12,845,000 | 40,107,000 | 20,399,000 | 6,562,000 | [1] | 11,218,000 | 48,826,000 | 46,432,000 | 48,720,000 | 17,824,000 | 26,660,000 | 26,309,000 | 68,386,000 | 15,202,000 | 8,317,000 | 32,324,000 | 124,207,000 | 97,156,000 | 12,761,000 | 13,464,000 | 22,247,000 | 7,212,000 | 11,749,000 | 21,111,000 | 98,147,000 | 9,351,000 | 34,702,000 | 14,048,000 | 18,177,000 | 24,642,000 | 61,580,000 | 31,775,000 | 25,293,000 | 280,371,000 | 35,359,000 | 128,379,000 | 15,206,000 | 4,924,000 | 22,171,000 | 29,549,000 | 9,060,000 | 10,552,000 | 10,054,000 | 25,124,000 | 12,787,000 | 71,686,000 | 26,664,000 | 8,245,000 | 21,594,000 | 11,028,000 | 89,916,000 | 18,300,000 | 21,001,000 | 42,664,000 | 13,312,000 | 59,966,000 | 27,685,000 | 25,243,000 | 12,506,000 | 252,904,000 | [1] | 40,369,000 | 12,351,000 | 85,992,000 | 45,502,000 | 74,406,000 | 30,250,000 | 17,621,000 | 25,257,000 | 22,796,000 | 19,260,000 | 85,520,000 | [1] | 10,031,000 | 147,393,000 | 149,822,000 | 9,968,000 | 6,676,000 | 173,991,000 | 25,485,000 | 5,889,000 | 24,502,000 | 24,280,000 | 32,072,000 | 19,718,000 | 7,618,000 | 8,250,000 | 38,056,000 | 11,299,000 | 68,265,000 | 71,142,000 | 19,723,000 | 18,688,000 | 23,460,000 | 33,689,000 | 39,490,000 | 152,365,000 | 11,866,000 | 29,411,000 | 54,876,000 | 35,558,000 | 54,036,000 | 24,765,000 | 60,697,000 | 24,844,000 | 28,832,000 | 73,953,000 | 37,746,000 | 20,374,000 | 10,576,000 | 7,952,000 | 8,062,000 | 21,065,000 | 86,111,000 | 15,563,000 | 32,348,000 | 30,875,000 | 16,179,000 | 56,951,000 | 11,072,000 | 17,162,000 | 7,326,000 | 26,043,000 | 51,413,000 | 88,717,000 | 53,780,000 | 8,285,000 | 31,246,000 | 15,477,000 | 13,155,000 | 19,104,000 | 40,968,000 | 37,200,000 | 5,054,000 | 21,010,000 | 4,962,000 | 40,411,000 | 50,885,000 | 779,400,000 | 50,635,000 | 5,624,000 | 32,739,000 | 13,732,000 | 20,189,000 | 7,464,000 | 6,675,000 | 9,700,000 | 13,902,000 | 9,067,000 | 10,673,000 | 5,216,000 | 5,532,000 | 5,129,000 | 17,844,000 | 9,586,000 | 2,835,000 | 8,905,000 | 17,942,000 | 37,283,000 | 8,745,000 | 15,707,000 | 21,474,000 | 4,511,000 | 7,571,000 | 8,077,000 | 31,204,000 | 6,605,000 | 1,768,000 | 3,258,000 | 16,478,000 | 43,714,000 | 17,320,000 | 6,204,000 | 4,331,000 | 8,470,000 | 11,080,000 | 17,629,000 | 19,931,000 | 38,327,000 | 6,620,000 | 1,374,000 | 2,406,000 | 5,320,000 | 6,620,000 | 7,443,000 | 12,602,000 | 20,609,000 | 22,126,000 | 42,860,000 | 7,099,000 | 1,585,000 | 8,476,000 | 11,113,000 | 17,983,000 | 5,911,000 | 7,734,000 | 8,443,000 | 15,873,000 | [3] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 8,214,081,000 | 8,333,419,000 | 8,917,137,000 | 9,468,165,000 | 8,214,081,000 | [6] | 7,371,144,000 | [6] | 27,973,000 | [6] | 42,386,000 | [6] | 5,351,000 | [6] | 19,043,000 | [6] | 25,031,000 | [6] | 7,358,000 | [6] | 8,417,000 | [6] | 12,340,000 | [6] | 10,528,000 | [6] | 22,023,000 | [6] | 13,831,000 | [6] | 11,810,000 | [6] | 88,895,000 | [6] | 5,099,000 | [6] | 53,962,000 | [6] | 4,104,000 | [6] | 7,830,000 | [6] | 9,825,000 | [6] | 195,524,000 | [6] | 3,048,000 | [6] | 37,160,000 | [6] | 4,552,000 | [6] | 9,225,000 | [6] | 28,289,000 | [6] | 43,669,000 | [6] | 23,616,000 | [6] | 14,232,000 | [1],[6] | 14,743,000 | [6] | 71,506,000 | [6] | 49,694,000 | [6] | 68,664,000 | [6] | 25,932,000 | [6] | 30,107,000 | [6] | 27,064,000 | [6] | 97,793,000 | [6] | 20,569,000 | [6] | 18,010,000 | [6] | 37,191,000 | [6] | 135,915,000 | [6] | 110,815,000 | [6] | 20,269,000 | [6] | 18,503,000 | [6] | 23,008,000 | [6] | 7,794,000 | [6] | 15,148,000 | [6] | 33,449,000 | [6] | 104,616,000 | [6] | 11,391,000 | [6] | 37,105,000 | [6] | 49,575,000 | [6] | 21,366,000 | [6] | 40,407,000 | [6] | 67,490,000 | [6] | 35,007,000 | [6] | 37,056,000 | [6] | 312,610,000 | [6] | 37,738,000 | [6] | 143,875,000 | [6] | 27,557,000 | [6] | 9,501,000 | [6] | 24,886,000 | [6] | 31,852,000 | [6] | 10,115,000 | [6] | 11,591,000 | [6] | 11,886,000 | [6] | 28,167,000 | [6] | 25,636,000 | [6] | 107,548,000 | [6] | 29,536,000 | [6] | 17,132,000 | [6] | 39,453,000 | [6] | 18,963,000 | [6] | 98,695,000 | [6] | 23,031,000 | [6] | 45,524,000 | [6] | 60,691,000 | [6] | 14,838,000 | [6] | 65,806,000 | [6] | 29,796,000 | [6] | 28,702,000 | [6] | 14,936,000 | [6] | 297,101,000 | [1],[6] | 42,704,000 | [6] | 14,013,000 | [6] | 155,826,000 | [6] | 48,100,000 | [6] | 74,406,000 | [6] | 31,685,000 | [6] | 19,457,000 | [6] | 59,582,000 | [6] | 32,844,000 | [6] | 31,788,000 | [6] | 108,514,000 | [1],[6] | 23,001,000 | [6] | 195,755,000 | [6] | 222,400,000 | [6] | 10,615,000 | [6] | 9,469,000 | [6] | 184,463,000 | [6] | 28,057,000 | [6] | 6,275,000 | [6] | 44,097,000 | [6] | 28,963,000 | [6] | 34,723,000 | [6] | 23,161,000 | [6] | 15,648,000 | [6] | 12,375,000 | [6] | 41,829,000 | [6] | 13,182,000 | [6] | 86,444,000 | [6] | 79,803,000 | [6] | 23,178,000 | [6] | 34,676,000 | [6] | 42,255,000 | [6] | 64,268,000 | [6] | 41,610,000 | [6] | 162,857,000 | [6] | 24,296,000 | [6] | 51,844,000 | [6] | 123,107,000 | [6] | 60,736,000 | [6] | 105,328,000 | [6] | 30,699,000 | [6] | 77,328,000 | [6] | 38,804,000 | [6] | 78,306,000 | [6] | 92,153,000 | [6] | 40,138,000 | [6] | 23,184,000 | [6] | 16,163,000 | [6] | 11,193,000 | [6] | 8,624,000 | [6] | 24,740,000 | [6] | 94,982,000 | [6] | 29,156,000 | [6] | 36,571,000 | [6] | 46,073,000 | [6] | 17,715,000 | [6] | 60,219,000 | [6] | 15,821,000 | [6] | 17,772,000 | [6] | 14,802,000 | [6] | 29,506,000 | [6] | 61,653,000 | [6] | 93,577,000 | [6] | 62,410,000 | [6] | 9,089,000 | [6] | 60,356,000 | [6] | 19,981,000 | [6] | 21,075,000 | [6] | 25,453,000 | [6] | 43,685,000 | [6] | 62,160,000 | [6] | 5,185,000 | [6] | 25,289,000 | [6] | 5,760,000 | [6] | 71,774,000 | [6] | 53,940,000 | [6] | 826,375,000 | [6] | 51,973,000 | [6] | 6,029,000 | [6] | 33,321,000 | [6] | 14,825,000 | [6] | 22,002,000 | [6] | 7,969,000 | [6] | 7,391,000 | [6] | 10,200,000 | [6] | 14,285,000 | [6] | 9,526,000 | [6] | 11,348,000 | [6] | 5,571,000 | [6] | 5,708,000 | [6] | 5,507,000 | [6] | 18,394,000 | [6] | 10,135,000 | [6] | 3,749,000 | [6] | 9,705,000 | [6] | 19,280,000 | [6] | 39,149,000 | [6] | 9,326,000 | [6] | 16,593,000 | [6] | 21,661,000 | [6] | 4,902,000 | [6] | 8,467,000 | [6] | 9,457,000 | [6] | 33,714,000 | [6] | 7,126,000 | [6] | 2,360,000 | [6] | 3,854,000 | [6] | 17,183,000 | [6] | 47,141,000 | [6] | 17,320,000 | [6] | 7,433,000 | [6] | 4,998,000 | [6] | 9,068,000 | [6] | 11,890,000 | [6] | 17,863,000 | [6] | 20,371,000 | [6] | 39,803,000 | [6] | 7,972,000 | [6] | 1,481,000 | [6] | 2,528,000 | [6] | 5,702,000 | [6] | 6,983,000 | [6] | 7,709,000 | [6] | 14,599,000 | [6] | 21,481,000 | [6] | 22,828,000 | [6] | 46,436,000 | [6] | 8,238,000 | [6] | 1,913,000 | [6] | 8,476,000 | [6] | 11,939,000 | [6] | 18,565,000 | [6] | 6,130,000 | [6] | 8,034,000 | [6] | 8,764,000 | [6] | 16,562,000 | [3],[6] |
Accumulated Depreciation (AD) | -2,822,872,000 | -2,820,765,000 | -2,872,190,000 | -2,934,912,000 | -2,822,872,000 | -2,424,839,000 | -11,077,000 | -1,366,000 | -452,000 | -2,546,000 | -2,075,000 | -957,000 | -1,423,000 | -1,768,000 | -1,810,000 | -4,017,000 | -1,737,000 | -1,131,000 | -6,290,000 | -652,000 | -5,106,000 | -523,000 | -1,282,000 | -1,368,000 | -71,918,000 | -416,000 | -3,634,000 | -457,000 | -1,170,000 | -4,621,000 | -23,536,000 | -10,525,000 | -4,201,000 | [1] | -5,537,000 | -12,557,000 | -15,956,000 | -19,082,000 | -7,878,000 | -12,087,000 | -14,011,000 | -31,926,000 | -724,000 | -2,607,000 | -13,704,000 | -58,397,000 | -54,409,000 | -6,305,000 | -4,092,000 | -17,854,000 | -3,605,000 | -114,000 | -10,199,000 | -57,443,000 | -3,382,000 | -21,537,000 | -7,973,000 | -10,358,000 | -16,813,000 | -26,139,000 | -14,147,000 | -13,304,000 | -116,869,000 | -19,850,000 | -64,462,000 | -5,775,000 | -2,449,000 | -10,457,000 | -17,513,000 | -5,391,000 | -5,920,000 | -5,867,000 | -12,839,000 | -6,137,000 | -34,664,000 | -14,712,000 | -3,011,000 | -9,435,000 | -4,729,000 | -63,437,000 | -4,815,000 | -8,904,000 | -23,271,000 | -8,036,000 | -38,230,000 | -18,631,000 | -17,149,000 | -6,132,000 | -3,581,000 | [1] | -25,788,000 | -6,212,000 | -42,448,000 | -29,535,000 | -27,789,000 | -15,049,000 | -7,737,000 | -6,919,000 | -13,482,000 | -480,000 | -2,482,000 | [1] | -4,280,000 | -52,213,000 | -50,189,000 | -6,693,000 | -103,000 | -44,061,000 | -12,418,000 | -3,478,000 | -8,827,000 | -12,092,000 | -21,784,000 | -12,555,000 | -3,733,000 | -3,597,000 | -16,587,000 | -6,609,000 | 0 | -25,852,000 | -10,593,000 | -9,086,000 | -7,819,000 | -11,350,000 | -15,355,000 | -102,559,000 | -4,720,000 | -15,768,000 | -32,003,000 | -17,052,000 | -22,860,000 | -11,783,000 | -3,999,000 | -11,433,000 | -11,197,000 | -39,732,000 | -25,480,000 | -8,635,000 | -2,868,000 | -4,339,000 | -5,261,000 | -9,981,000 | -44,305,000 | -8,445,000 | -19,640,000 | -9,871,000 | -9,181,000 | -39,046,000 | -3,667,000 | -14,534,000 | -3,799,000 | -16,217,000 | -28,814,000 | -56,918,000 | -21,127,000 | -3,657,000 | -19,908,000 | -7,725,000 | -3,211,000 | -9,139,000 | -27,326,000 | -24,444,000 | -2,680,000 | -8,724,000 | -3,776,000 | -11,061,000 | -20,295,000 | -398,033,000 | -25,568,000 | -2,186,000 | -18,342,000 | -5,802,000 | -12,276,000 | -5,299,000 | -3,321,000 | -4,431,000 | -11,949,000 | -5,253,000 | -5,276,000 | -2,636,000 | -3,828,000 | -1,419,000 | -10,087,000 | -3,455,000 | -941,000 | -4,623,000 | -6,655,000 | -22,769,000 | -2,805,000 | -6,631,000 | -7,857,000 | -2,697,000 | -3,348,000 | -3,466,000 | -21,833,000 | -2,848,000 | -1,732,000 | -2,555,000 | -12,130,000 | -22,403,000 | -7,504,000 | -3,061,000 | -2,702,000 | -2,845,000 | -2,923,000 | -7,881,000 | -8,834,000 | -24,049,000 | -5,412,000 | -1,062,000 | -1,145,000 | -2,534,000 | -3,358,000 | -3,830,000 | -9,098,000 | -7,952,000 | -8,836,000 | -14,213,000 | -3,151,000 | -995,000 | -2,554,000 | -4,487,000 | -12,831,000 | -3,150,000 | -2,268,000 | -4,937,000 | 0 | [3] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Cost Net of Accumulated Depreciation | ' | ' | ' | ' | 5,391,209,000 | 4,946,305,000 | 16,896,000 | 41,020,000 | 4,899,000 | 16,497,000 | 22,956,000 | 6,401,000 | 6,994,000 | 10,572,000 | 8,718,000 | 18,006,000 | 12,094,000 | 10,679,000 | 82,605,000 | 4,447,000 | 48,856,000 | 3,581,000 | 6,548,000 | 8,457,000 | 123,606,000 | 2,632,000 | 33,526,000 | 4,095,000 | 8,055,000 | 23,668,000 | 20,133,000 | 13,091,000 | 10,031,000 | [1] | 9,206,000 | 58,949,000 | 33,738,000 | 49,582,000 | 18,054,000 | 18,020,000 | 13,053,000 | 65,867,000 | 19,845,000 | 15,403,000 | 23,487,000 | 77,518,000 | 56,406,000 | 13,964,000 | 14,411,000 | 5,154,000 | 4,189,000 | 15,034,000 | 23,250,000 | 47,173,000 | 8,009,000 | 15,568,000 | 41,602,000 | 11,008,000 | 23,594,000 | 41,351,000 | 20,860,000 | 23,752,000 | 195,741,000 | 17,888,000 | 79,413,000 | 21,782,000 | 7,052,000 | 14,429,000 | 14,339,000 | 4,724,000 | 5,671,000 | 6,019,000 | 15,328,000 | 19,499,000 | 72,884,000 | 14,824,000 | 14,121,000 | 30,018,000 | 14,234,000 | 35,258,000 | 18,216,000 | 36,620,000 | 37,420,000 | 6,802,000 | 27,576,000 | 11,165,000 | 11,553,000 | 8,804,000 | 293,520,000 | [1] | 16,916,000 | 7,801,000 | 113,378,000 | 18,565,000 | 46,617,000 | 16,636,000 | 11,720,000 | 52,663,000 | 19,362,000 | 31,308,000 | 106,032,000 | [1] | 18,721,000 | 143,542,000 | 172,211,000 | 3,922,000 | 9,366,000 | 140,402,000 | 15,639,000 | 2,797,000 | 35,270,000 | 16,871,000 | 12,939,000 | 10,606,000 | 11,915,000 | 8,778,000 | 25,242,000 | 6,573,000 | 86,444,000 | 53,951,000 | 12,585,000 | 25,590,000 | 34,436,000 | 52,918,000 | 26,255,000 | 60,298,000 | 19,576,000 | 36,076,000 | 91,104,000 | 43,684,000 | 82,468,000 | 18,916,000 | 73,329,000 | 27,371,000 | 67,109,000 | 52,421,000 | 14,658,000 | 14,549,000 | 13,295,000 | 6,854,000 | 3,363,000 | 14,759,000 | 50,677,000 | 20,711,000 | 16,931,000 | 36,202,000 | 8,534,000 | 21,173,000 | 12,154,000 | 3,238,000 | 11,003,000 | 13,289,000 | 32,839,000 | 36,659,000 | 41,283,000 | 5,432,000 | 40,448,000 | 12,256,000 | 17,864,000 | 16,314,000 | 16,359,000 | 37,716,000 | 2,505,000 | 16,565,000 | 1,984,000 | 60,713,000 | 33,645,000 | 428,342,000 | 26,405,000 | 3,843,000 | 14,979,000 | 9,023,000 | 9,726,000 | 2,670,000 | 4,070,000 | 5,769,000 | 2,336,000 | 4,273,000 | 6,072,000 | 2,935,000 | 1,880,000 | 4,088,000 | 8,307,000 | 6,680,000 | 2,808,000 | 5,082,000 | 12,625,000 | 16,380,000 | 6,521,000 | 9,962,000 | 13,804,000 | 2,205,000 | 5,119,000 | 5,991,000 | 11,881,000 | 4,278,000 | 628,000 | 1,299,000 | 5,053,000 | 24,738,000 | 9,816,000 | 4,372,000 | 2,296,000 | 6,223,000 | 8,967,000 | 9,982,000 | 11,537,000 | 15,754,000 | 2,560,000 | 419,000 | 1,383,000 | 3,168,000 | 3,625,000 | 3,879,000 | 5,501,000 | 13,529,000 | 13,992,000 | 32,223,000 | 5,087,000 | 918,000 | 5,922,000 | 7,452,000 | 5,734,000 | 2,980,000 | 5,766,000 | 3,827,000 | 16,562,000 | [3] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Encumbrances | ' | ' | ' | ' | 4,337,785,000 | 3,941,913,000 | 25,955,000 | 19,493,000 | 2,520,000 | 7,435,000 | 13,471,000 | 2,963,000 | 2,972,000 | 5,483,000 | 5,125,000 | 9,362,000 | 12,000,000 | 6,155,000 | 27,704,000 | 2,472,000 | 19,337,000 | 2,055,000 | 2,512,000 | 3,780,000 | 113,022,000 | 1,456,000 | 19,679,000 | 2,396,000 | 4,097,000 | 9,601,000 | 18,154,000 | 9,398,000 | 9,271,000 | [1] | 11,601,000 | 45,252,000 | 30,740,000 | 33,252,000 | 5,963,000 | 16,948,000 | 8,771,000 | 55,083,000 | 10,194,000 | 10,033,000 | 42,239,000 | 46,590,000 | 50,629,000 | 10,091,000 | 8,820,000 | 7,479,000 | 12,910,000 | 8,500,000 | 17,238,000 | 56,368,000 | 16,156,000 | 23,048,000 | 27,843,000 | 12,424,000 | 23,694,000 | 41,472,000 | 20,628,000 | 16,027,000 | 112,970,000 | 8,644,000 | 246,181,000 | 9,692,000 | 3,246,000 | 15,695,000 | 9,377,000 | 7,236,000 | 7,468,000 | 8,781,000 | 29,073,000 | 10,864,000 | 70,250,000 | 17,073,000 | 4,807,000 | 0 | 15,350,000 | 64,358,000 | 14,028,000 | 31,184,000 | 61,169,000 | 10,287,000 | 27,808,000 | 14,459,000 | 29,452,000 | 13,332,000 | 134,869,000 | [1] | 21,201,000 | 7,687,000 | 90,240,000 | 31,143,000 | 1,904,000 | 22,643,000 | 18,514,000 | 33,438,000 | 0 | 14,583,000 | 58,108,000 | [1] | 12,135,000 | 117,943,000 | 122,992,000 | 6,026,000 | 6,185,000 | 0 | 10,180,000 | 8,642,000 | 18,345,000 | 8,155,000 | 15,276,000 | 12,066,000 | 12,654,000 | 9,117,000 | 22,637,000 | 5,683,000 | 39,795,000 | 33,314,000 | 22,352,000 | 30,374,000 | 23,169,000 | 33,049,000 | 15,272,000 | 117,689,000 | 17,230,000 | 35,878,000 | 39,468,000 | 33,393,000 | 58,306,000 | 20,647,000 | 31,570,000 | 24,985,000 | 46,867,000 | 64,844,000 | 17,884,000 | 8,329,000 | 13,406,000 | 9,906,000 | 4,053,000 | 0 | 72,940,000 | 0 | 17,596,000 | 25,955,000 | 15,443,000 | 32,241,000 | 5,610,000 | 0 | 11,617,000 | 18,552,000 | 45,689,000 | 0 | 23,480,000 | 11,201,000 | 38,596,000 | 3,983,000 | 12,664,000 | 11,036,000 | 18,715,000 | 42,602,000 | 0 | 18,580,000 | 0 | 49,106,000 | 31,516,000 | 395,872,000 | 23,289,000 | 4,000,000 | 11,993,000 | 6,995,000 | 10,401,000 | 4,051,000 | 1,892,000 | 4,526,000 | 5,321,000 | 5,490,000 | 6,095,000 | 2,803,000 | 1,944,000 | 1,007,000 | 13,099,000 | 9,100,000 | 3,096,000 | 3,493,000 | 16,000,000 | 18,053,000 | 5,155,000 | 9,891,000 | 11,035,000 | 0 | 2,067,000 | 6,946,000 | 17,943,000 | 1,995,000 | 99,000 | 100,000 | 8,918,000 | 18,797,000 | 7,475,000 | 3,048,000 | 2,433,000 | 3,565,000 | 4,592,000 | 4,540,000 | 11,998,000 | 19,371,000 | 2,867,000 | 420,000 | 1,852,000 | 2,794,000 | 3,878,000 | 4,201,000 | 6,517,000 | 7,126,000 | 17,494,000 | 24,714,000 | 4,984,000 | 1,480,000 | 6,823,000 | 5,445,000 | 3,630,000 | 2,114,000 | 3,515,000 | 3,402,000 | 0 | [3] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate cost of land and depreciable property for federal income tax purposes | $3,700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[1] | The current carrying value of the apartment community reflects an impairment loss recognized during the current period or prior periods. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Date we acquired the apartment community or first consolidated the partnership which owns the apartment community. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Other includes land parcels, commercial properties and other related costs. We exclude such properties from our residential apartment home counts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | For 2008 and prior periods, costs to acquire the noncontrolling interest’s share of our consolidated real estate partnerships were capitalized as part of the initial cost. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Costs capitalized subsequent to consolidation includes costs capitalized since acquisition or first consolidation of the partnership/apartment community. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | The aggregate cost of land and depreciable property for federal income tax purposes was approximately $3.7 billion at December 31, 2013. |
Real_Estate_and_Accumulated_De2
Real Estate and Accumulated Depreciation (Details 1) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Real Estate | ' | ' | ' | |||
Balance at beginning of year | $8,333,419,000 | $8,917,137,000 | $9,468,165,000 | |||
Additions during the year: | ' | ' | ' | |||
Acquisitions | 66,058,000 | 131,374,000 | 44,681,000 | |||
Capital additions | 376,038,000 | 272,103,000 | 207,263,000 | |||
Deductions during the year: | ' | ' | ' | |||
Casualty and other write-offs | -98,489,000 | [1] | -62,589,000 | [1] | -192,542,000 | [1] |
Reclassification of real estate included in sale of asset management business | 0 | -160,420,000 | 0 | |||
Sales | -462,945,000 | -764,186,000 | -610,430,000 | |||
Balance at end of year | 8,214,081,000 | 8,333,419,000 | 8,917,137,000 | |||
Accumulated Depreciation | ' | ' | ' | |||
Balance at beginning of year | 2,820,765,000 | 2,872,190,000 | 2,934,912,000 | |||
Additions during the year | ' | ' | ' | |||
Depreciation | 288,666,000 | 353,414,000 | 382,213,000 | |||
Deductions during the year: | ' | ' | ' | |||
Casualty and other write-offs | -92,775,000 | [1] | -46,869,000 | [1] | -173,941,000 | [1] |
Reclassification of real estate included in sale of asset management business | 0 | -33,394,000 | 0 | |||
Sales | -193,784,000 | -324,576,000 | -270,994,000 | |||
Balance at end of year | 2,822,872,000 | 2,820,765,000 | 2,872,190,000 | |||
Write-off of fully depreciated assets | $91,900,000 | $38,700,000 | $165,900,000 | |||
[1] | Includes the write-off of fully depreciated assets totaling $91.9 million, $38.7 million and $165.9 million, during the years ended December 31, 2013, 201 |