Apartment Investment and Management (AIV) 10-Q 31 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 30, 2015
Entity Registrant Name	APARTMENT INVESTMENT & MANAGEMENT CO
Entity Central Index Key	922,864
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		156,281,519
AIMCO PROPERTIES, L.P [Member]
Entity Registrant Name	AIMCO PROPERTIES LP
Entity Central Index Key	926,660
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		163,892,509

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
ASSETS
Buildings and improvements	$ 6,349,056	$ 6,259,318
Land	1,881,739	1,885,640
Total real estate	8,230,795	8,144,958
Less accumulated depreciation	(2,666,610)	(2,672,179)
Net real estate ($348,562 and $360,160 related to VIEs)	5,564,185	5,472,779
Cash and cash equivalents ($19,937 and $17,108 related to VIEs)	46,835	28,971
Restricted cash ($32,661 and $36,196 related to VIEs)	89,083	91,445
Other assets ($177,533 and $182,108 related to VIEs)	457,591	476,727
Assets held for sale	0	27,106
Total assets	6,157,694	6,097,028
LIABILITIES AND EQUITY
Non-recourse property debt ($328,934 and $336,471 related to VIEs)	3,818,487	4,022,809
Revolving credit facility borrowings	47,520	112,330
Total indebtedness	3,866,007	4,135,139
Accounts payable	35,239	41,919
Accrued liabilities and other ($137,398 and $135,644 related to VIEs)	280,118	279,077
Deferred income	70,303	81,882
Liabilities related to assets held for sale	0	28,969
Total liabilities	4,251,667	4,566,986
Preferred noncontrolling interests in Aimco Operating Partnership	$ 87,942	$ 87,937
Commitments and contingencies (Note 6)
Equity/Partners' Capital:
Perpetual Preferred Stock	$ 159,126	$ 186,126
Common Stock, $0.01 par value, 500,787,260 shares authorized, 156,281,519 and 146,403,274 shares issued/outstanding at June 30, 2015 and December 31, 2014, respectively	1,563	1,464
Additional paid-in capital	4,064,959	3,696,143
Accumulated other comprehensive loss	(7,402)	(6,456)
Distributions in excess of earnings	(2,589,336)	(2,649,542)
Total Aimco equity	1,628,910	1,227,735
Noncontrolling interests in consolidated real estate partnerships	205,123	233,296
Common noncontrolling interests in Aimco Operating Partnership	(15,948)	(18,926)
Total equity	1,818,085	1,442,105
Total liabilities and equity/partners' capital	6,157,694	6,097,028
AIMCO PROPERTIES, L.P [Member]
ASSETS
Buildings and improvements	6,349,056	6,259,318
Land	1,881,739	1,885,640
Total real estate	8,230,795	8,144,958
Less accumulated depreciation	(2,666,610)	(2,672,179)
Net real estate ($348,562 and $360,160 related to VIEs)	5,564,185	5,472,779
Cash and cash equivalents ($19,937 and $17,108 related to VIEs)	46,835	28,971
Restricted cash ($32,661 and $36,196 related to VIEs)	89,083	91,445
Other assets ($177,533 and $182,108 related to VIEs)	457,591	476,727
Assets held for sale	0	27,106
Total assets	6,157,694	6,097,028
LIABILITIES AND EQUITY
Non-recourse property debt ($328,934 and $336,471 related to VIEs)	3,818,487	4,022,809
Revolving credit facility borrowings	47,520	112,330
Total indebtedness	3,866,007	4,135,139
Accounts payable	35,239	41,919
Accrued liabilities and other ($137,398 and $135,644 related to VIEs)	280,118	279,077
Deferred income	70,303	81,882
Liabilities related to assets held for sale	0	28,969
Total liabilities	4,251,667	4,566,986
Preferred noncontrolling interests in Aimco Operating Partnership	$ 87,942	$ 87,937
Commitments and contingencies (Note 6)
Equity/Partners' Capital:
Preferred units	$ 159,126	$ 186,126
General Partner and Special Limited Partner	1,469,784	1,041,609
Limited Partners	(15,948)	(18,926)
Partners’ capital attributable to the Aimco Operating Partnership	1,612,962	1,208,809
Noncontrolling interests in consolidated real estate partnerships	205,123	233,296
Total partners’ capital	1,818,085	1,442,105
Total liabilities and equity/partners' capital	$ 6,157,694	$ 6,097,028

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Real estate, net	$ 5,564,185	$ 5,472,779
Cash and cash equivalents	46,835	28,971
Restricted cash	89,083	91,445
Other assets	457,591	476,727
Non-recourse property debt	3,818,487	4,022,809
Accrued liabilities and other	$ 280,118	$ 279,077
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	500,787,260	500,787,260
Common Stock, shares issued (in shares)	156,281,519	146,403,274
Common Stock, shares outstanding (in shares)	156,281,519	146,403,274
AIMCO PROPERTIES, L.P [Member]
Real estate, net	$ 5,564,185	$ 5,472,779
Cash and cash equivalents	46,835	28,971
Restricted cash	89,083	91,445
Other assets	457,591	476,727
Non-recourse property debt	3,818,487	4,022,809
Accrued liabilities and other	280,118	279,077
Variable Interest Entity, Primary Beneficiary [Member]
Real estate, net	348,562	360,160
Cash and cash equivalents	19,937	17,108
Restricted cash	32,661	36,196
Other assets	177,533	182,108
Non-recourse property debt	328,934	336,471
Accrued liabilities and other	137,398	135,644
Variable Interest Entity, Primary Beneficiary [Member] | AIMCO PROPERTIES, L.P [Member]
Real estate, net	348,562	360,160
Cash and cash equivalents	19,537	17,108
Restricted cash	32,661	36,196
Other assets	177,533	182,108
Non-recourse property debt	328,934	336,471
Accrued liabilities and other	$ 137,398	$ 135,644

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
REVENUES
Rental and other property revenues	$ 238,637	$ 239,492	$ 476,926	$ 479,628
Tax credit and asset management revenues	6,146	6,926	12,122	15,714
Total revenues	244,783	246,418	489,048	495,342
OPERATING EXPENSES
Property operating expenses	87,930	94,500	183,422	193,768
Investment management expenses	1,086	1,021	2,689	2,273
Depreciation and amortization	75,150	71,399	149,582	141,706
General and administrative expenses	12,062	10,119	22,714	20,646
Other expenses, net	2,912	3,582	3,931	5,874
Total operating expenses	179,140	180,621	362,338	364,267
Operating income	65,643	65,797	126,710	131,075
Interest income	1,705	1,671	3,430	3,400
Interest expense	(49,605)	(55,061)	(103,125)	(110,807)
Other, net	350	189	2,614	(1,790)
Income before income taxes and gain on dispositions	18,093	12,596	29,629	21,878
Income tax benefit	5,814	5,347	12,735	8,105
Income from continuing operations	23,907	17,943	42,364	29,983
Gain on dispositions of real estate, net of tax	44,781	66,662	130,474	136,154
Net income	68,688	84,605	172,838	166,137
Noncontrolling interests:
Net income attributable to noncontrolling interests in consolidated real estate partnerships	(111)	(2,226)	(4,867)	(13,615)
Net income attributable to preferred noncontrolling interests in Aimco Operating Partnership	(1,736)	(1,602)	(3,472)	(3,207)
Net income attributable to common noncontrolling interests in Aimco Operating Partnership	(2,972)	(3,735)	(7,370)	(7,346)
Net income attributable to noncontrolling interests	(4,819)	(7,563)	(15,709)	(24,168)
Net income attributable to the company	63,869	77,042	157,129	141,969
Net income attributable to the company's preferred equity holders	(2,758)	(1,758)	(6,280)	(2,212)
Net income attributable to participating securities	(307)	(274)	(701)	(513)
Net income attributable to the company's common equity holders	$ 60,804	$ 75,010	$ 150,148	$ 139,244
Earnings attributable to the company per common share/unit – basic (Note 7):
Income from continuing operations (in dollars per share/unit)	$ 0.39	$ 0.51	$ 0.97	$ 0.96
Net Income (in dollars per share/unit)	0.39	0.51	0.97	0.96
Earnings attributable to the company per common share/unit – diluted (Note 7):
Income from continuing operations (in dollars per share/unit)	0.39	0.51	0.97	0.95
Net income (in dollars per share/unit)	0.39	0.51	0.97	0.95
Dividends declared per common share/unit	$ 0.30	$ 0.26	$ 0.58	$ 0.52
AIMCO PROPERTIES, L.P [Member]
REVENUES
Rental and other property revenues	$ 238,637	$ 239,492	$ 476,926	$ 479,628
Tax credit and asset management revenues	6,146	6,926	12,122	15,714
Total revenues	244,783	246,418	489,048	495,342
OPERATING EXPENSES
Property operating expenses	87,930	94,500	183,422	193,768
Investment management expenses	1,086	1,021	2,689	2,273
Depreciation and amortization	75,150	71,399	149,582	141,706
General and administrative expenses	12,062	10,119	22,714	20,646
Other expenses, net	2,912	3,582	3,931	5,874
Total operating expenses	179,140	180,621	362,338	364,267
Operating income	65,643	65,797	126,710	131,075
Interest income	1,705	1,671	3,430	3,400
Interest expense	(49,605)	(55,061)	(103,125)	(110,807)
Other, net	350	189	2,614	(1,790)
Income before income taxes and gain on dispositions	18,093	12,596	29,629	21,878
Income tax benefit	5,814	5,347	12,735	8,105
Income from continuing operations	23,907	17,943	42,364	29,983
Gain on dispositions of real estate, net of tax	44,781	66,662	130,474	136,154
Net income	68,688	84,605	172,838	166,137
Noncontrolling interests:
Net income attributable to noncontrolling interests in consolidated real estate partnerships	(111)	(2,226)	(4,867)	(13,615)
Net income attributable to noncontrolling interests	(111)	(2,226)	(4,867)	(13,615)
Net income attributable to the company	68,577	82,379	167,971	152,522
Net income attributable to the company's preferred equity holders	(4,494)	(3,360)	(9,752)	(5,419)
Net income attributable to participating securities	(307)	(274)	(701)	(513)
Net income attributable to the company's common equity holders	$ 63,776	$ 78,745	$ 157,518	$ 146,590
Earnings attributable to the company per common share/unit – basic (Note 7):
Income from continuing operations (in dollars per share/unit)	$ 0.39	$ 0.51	$ 0.97	$ 0.96
Net Income (in dollars per share/unit)	0.39	0.51	0.97	0.96
Earnings attributable to the company per common share/unit – diluted (Note 7):
Income from continuing operations (in dollars per share/unit)	0.39	0.51	0.97	0.95
Net income (in dollars per share/unit)	0.39	0.51	0.97	0.95
Dividends declared per common share/unit	$ 0.30	$ 0.26	$ 0.58	$ 0.52

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net income	$ 68,688	$ 84,605	$ 172,838	$ 166,137
Other comprehensive (loss) income:
Unrealized gains (losses) on interest rate swaps	161	(666)	(625)	(1,427)
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss	419	418	842	844
Unrealized losses on debt securities classified as available-for-sale	(945)	(518)	(1,162)	(51)
Other comprehensive loss	(365)	(766)	(945)	(634)
Comprehensive income	68,323	83,839	171,893	165,503
Comprehensive income attributable to noncontrolling interests	(4,846)	(7,537)	(15,709)	(24,173)
Comprehensive income attributable to Aimco/Operating Partnership	63,477	76,302	156,184	141,330
AIMCO PROPERTIES, L.P [Member]
Net income	68,688	84,605	172,838	166,137
Other comprehensive (loss) income:
Unrealized gains (losses) on interest rate swaps	161	(666)	(625)	(1,427)
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss	419	418	842	844
Unrealized losses on debt securities classified as available-for-sale	(945)	(518)	(1,162)	(51)
Other comprehensive loss	(365)	(766)	(945)	(634)
Comprehensive income	68,323	83,839	171,893	165,503
Comprehensive income attributable to noncontrolling interests	(157)	(2,239)	(4,913)	(13,654)
Comprehensive income attributable to Aimco/Operating Partnership	$ 68,166	$ 81,600	$ 166,980	$ 151,849

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 172,838	$ 166,137
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	149,582	141,706
Gain on dispositions of real estate, net of tax	(130,474)	(136,154)
Other adjustments	(11,252)	1,549
Net changes in operating assets and operating liabilities	(23,390)	(28,959)
Net cash provided by operating activities	157,304	144,279
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of real estate	(141,264)	(13,981)
Capital expenditures	(173,075)	(182,424)
Proceeds from dispositions of real estate	227,911	238,855
Purchases of corporate assets	(3,352)	(4,130)
Change in restricted cash	2,692	(96,186)
Other investing activities	3,240	(3,447)
Net cash used in investing activities	(83,848)	(61,313)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from non-recourse property debt	197,646	62,974
Principal repayments on non-recourse property debt	(390,234)	(178,739)
Net (repayments) borrowings on revolving credit facility	(64,810)	3,000
Proceeds from issuance of preferred securities	0	123,658
Proceeds from issuance of common securities	366,580	0
Redemption and repurchase of preferred securities	(27,000)	(9,500)
Payment of dividends to holders of preferred securities	(5,585)	(1,355)
Payment of dividends to holders of Common Stock	(90,473)	(76,004)
Payment of distributions to noncontrolling interests	(39,286)	(32,107)
Other financing activities	(2,430)	3,182
Net cash used in financing activities	(55,592)	(104,891)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	17,864	(21,925)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	28,971	55,751
CASH AND CASH EQUIVALENTS AT END OF PERIOD	46,835	33,826
AIMCO PROPERTIES, L.P [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	172,838	166,137
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	149,582	141,706
Gain on dispositions of real estate, net of tax	(130,474)	(136,154)
Other adjustments	(11,252)	1,549
Net changes in operating assets and operating liabilities	(23,390)	(28,959)
Net cash provided by operating activities	157,304	144,279
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of real estate	(141,264)	(13,981)
Capital expenditures	(173,075)	(182,424)
Proceeds from dispositions of real estate	227,911	238,855
Purchases of corporate assets	(3,352)	(4,130)
Change in restricted cash	2,692	(96,186)
Other investing activities	3,240	(3,447)
Net cash used in investing activities	(83,848)	(61,313)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from non-recourse property debt	197,646	62,974
Principal repayments on non-recourse property debt	(390,234)	(178,739)
Net (repayments) borrowings on revolving credit facility	(64,810)	3,000
Proceeds from issuance of preferred securities	0	123,658
Proceeds from issuance of common securities	366,580	0
Redemption and repurchase of preferred securities	(27,000)	(9,500)
Payment of dividends to holders of preferred securities	(9,057)	(4,562)
Payment of distributions to General Partner and Special Limited Partner	(90,473)	(76,004)
Payment of distributions to Limited Partners	(4,425)	(4,026)
Payment of distributions to noncontrolling interests	(31,389)	(24,874)
Other financing activities	(2,430)	3,182
Net cash used in financing activities	(55,592)	(104,891)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	17,864	(21,925)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	28,971	55,751
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 46,835	$ 33,826

Organization

Organization	6 Months Ended
	Jun. 30, 2015
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 and management of quality apartment communities located in the largest coastal and job growth markets in the United States. Aimco, and 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 OP Unit equivalents. At June 30, 2015 , after eliminations for units held by consolidated entities, the Aimco Operating Partnership had 163,895,567 common partnership units and equivalents outstanding. At June 30, 2015 , Aimco owned 156,281,519 of the common partnership units ( 95.4% 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 June 30, 2015 , we owned an equity interest in 143 conventional apartment communities with 41,425 apartment homes and 56 affordable apartment communities with 8,685 apartment homes. Of these, we consolidated 139 conventional apartment communities with 41,283 apartment homes and 49 affordable apartment communities with 7,998 apartment homes. Conventional and affordable apartment communities generated 90% and 10% , respectively, of the proportionate property net operating income (as defined in Note 8 and excluding amounts related to apartment communities sold or classified as held for sale) during the six months ended June 30, 2015 .

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
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 Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2015 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 . The balance sheets of Aimco and the Aimco Operating Partnership at December 31, 2014 , have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in Aimco’s and the Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2014 . Except where indicated, the footnotes refer to both Aimco and the Aimco Operating Partnership. Principles of Consolidation Aimco’s accompanying condensed consolidated financial statements include the accounts of Aimco, the Aimco Operating Partnership, and their consolidated subsidiaries. The Aimco Operating Partnership’s condensed 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 June 30, 2015 , we were the primary beneficiary of, and therefore consolidated, 61 VIEs, which owned 47 apartment communities with 7,459 apartment homes. Substantially all these VIEs are partnerships that are involved in the ownership or operation of 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 carrying value of $348.6 million collateralized $328.9 million of debt of those VIEs. Any significant amounts of assets and liabilities related to our consolidated VIEs are identified parenthetically on our accompanying condensed consolidated balance sheets. The creditors of the consolidated VIEs do not have recourse to our general credit. In addition to the consolidated VIEs discussed above, at June 30, 2015 , 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 4 . 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 condensed 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. Temporary Equity and Partners’ Capital The following table presents a reconciliation of the Aimco Operating Partnership’s Preferred OP Units from December 31, 2014 to June 30, 2015 (in thousands). These amounts are presented within temporary equity in Aimco’s condensed consolidated balance sheets as preferred noncontrolling interests in the Aimco Operating Partnership, and within temporary capital in the Aimco Operating Partnership’s condensed consolidated balance sheets as redeemable preferred units. Balance, December 31, 2014 $ 87,937 Distributions to preferred unitholders (3,472 ) Other 5 Net income 3,472 Balance, June 30, 2015 $ 87,942 Aimco Equity (including Noncontrolling Interests) The following table presents a reconciliation of Aimco’s consolidated permanent equity accounts from December 31, 2014 to June 30, 2015 (in thousands): Aimco Equity Noncontrolling interests in consolidated real estate partnerships Common noncontrolling interests in Aimco Operating Partnership Total Equity Balance, December 31, 2014 $ 1,227,735 $ 233,296 $ (18,926 ) $ 1,442,105 Issuance of Common Stock 366,580 — — 366,580 Repurchase of preferred stock (27,000 ) — — (27,000 ) Preferred stock dividends (5,585 ) — — (5,585 ) Common dividends and distributions (90,641 ) (33,043 ) (4,425 ) (128,109 ) Redemptions of common OP Units — — (1,444 ) (1,444 ) Amortization of stock-based compensation cost 4,459 — — 4,459 Effect of changes in ownership for consolidated entities (2,956 ) — 1,523 (1,433 ) Change in accumulated other comprehensive loss (945 ) 46 (46 ) (945 ) Other 134 (43 ) — 91 Net income 157,129 4,867 7,370 169,366 Balance, June 30, 2015 $ 1,628,910 $ 205,123 $ (15,948 ) $ 1,818,085 Partners’ Capital attributable to the Aimco Operating Partnership The following table presents a reconciliation of the consolidated partners’ capital balances in permanent capital that are attributable to the Aimco Operating Partnership from December 31, 2014 to June 30, 2015 (in thousands): Partners’ capital attributable to the Partnership Balance, December 31, 2014 $ 1,208,809 Issuance of common partnership units to Aimco 366,580 Repurchase of Preferred Units from Aimco (27,000 ) Distributions to preferred units held by Aimco (5,585 ) Distributions to common units held by Aimco (90,641 ) Distributions to common units held by Limited Partners (4,425 ) Redemption of common OP Units (1,444 ) Amortization of Aimco stock-based compensation cost 4,459 Effect of changes in ownership for consolidated entities (1,433 ) Change in accumulated other comprehensive loss (991 ) Other 134 Net income 164,499 Balance, June 30, 2015 $ 1,612,962 A separate reconciliation of noncontrolling interests in consolidated real estate partnerships and total partners’ capital for the Aimco Operating Partnership is not presented as these amounts are identical to the corresponding noncontrolling interests in consolidated real estate partnerships and total equity for Aimco, which are presented above. Use of Estimates The preparation of our condensed 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. Recent Accounting Pronouncements In February 2015, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update 2015-02, which significantly changes the consolidation analysis required under GAAP for VIEs. Under this revised guidance, it is less likely that certain fees, such as asset management fees, would be considered variable interests and therefore fewer entities may be considered VIEs. Additionally, limited partnerships may no longer be viewed as VIEs if the limited partners hold certain rights over the general partner. For public companies, the guidance in ASU 2015-02 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015, with early adoption permitted. We have not yet determined the effect ASU 2015-02 will have on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-03 to revise the presentation of debt issuance costs. Under ASU 2015-03, entities will present debt issuance costs in their balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the deferred costs will continue to be included in interest expense. For public companies, the guidance in the ASU, which is to be applied retrospectively to all prior periods, is effective for fiscal years beginning after December 15, 2015, with early adoption permitted for financial statements that have not been previously issued. We do not expect ASU 2015-03 to have a significant effect on our consolidated financial statements.

Disposals and Assets Held for S

Disposals and Assets Held for Sale	6 Months Ended
	Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Disposals and Assets Held for Sale	Disposals and Assets Held for Sale During the three and six months ended June 30, 2015 , we sold two and eight consolidated apartment communities with an aggregate of 1,791 and 2,891 apartment homes, respectively, and during the year ended December 31, 2014 , we sold 30 consolidated apartment communities with an aggregate of 9,067 apartment homes. The results of operations for the three and six months ended June 30, 2015 and 2014 , for these apartment communities are reflected within income from continuing operations in our condensed consolidated statements of operations. The apartment communities sold during 2015 generated $1.0 million and $3.6 million of net income (before gains on dispositions) during the three and six months ended June 30, 2015 , respectively. The apartment communities sold during 2015 and 2014 , generated $8.8 million and $20.4 million of net income (before gains on dispositions) during the three and six months ended June 30, 2014 , respectively. The sale of these apartment communities resulted in gains on disposition of real estate of $44.8 million and $130.5 million , respectively, for the three and six months ended June 30, 2015 . For the three and six months ended June 30, 2014 , the sale of apartment communities resulted in gains on disposition of real estate of $66.7 million and $136.2 million , respectively, which are net of $8.6 million and $8.7 million of related income taxes. We report gains on disposition 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 $7.6 million and $19.8 million for consolidated dispositions during the three and six months ended June 30, 2015 , respectively, and $2.7 million and $8.5 million for consolidated dispositions during the three and six months ended June 30, 2014 , respectively. In connection with sales of apartment communities during the three and six months ended June 30, 2015 , the purchasers assumed $6.1 million of non-recourse property debt. In connection with sales of apartment communities during the three and six months ended June 30, 2014 , the purchasers assumed $8.8 million and $38.6 million of non-recourse property debt, respectively. 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. As of June 30, 2015 , we had no apartment communities classified as held for sale.

Other Significant Transactions

Other Significant Transactions	6 Months Ended
	Jun. 30, 2015
Other Significant Transactions [Abstract]
Other Significant Transactions	Other Significant Transactions Investments in Apartment Communities During the the six months ended June 30, 2015 , we acquired for $38.3 million a 94 -apartment home community located in Atlanta, Georgia, and we acquired for $63.0 million a 115 -apartment home community located in Cambridge, Massachusetts. During the the six months ended June 30, 2015 , we also purchased a 91 -apartment home community currently under construction. This community is also located in Cambridge, Massachusetts, and is two blocks from the apartment community described in the prior paragraph. At closing, we paid $27.9 million and agreed to fund the remaining construction costs up to $15.1 million , for total consideration not to exceed $43.0 million . Asset Management Business Disposition In December 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 several years. The notes will be repaid from the operation and liquidation of the 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. 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. To date we have received all required payments under the seller-financed notes. At June 30, 2015 , the Napico portfolio consisted of 15 partnerships that held investments in 13 apartment communities that were consolidated and 50 apartment communities that were accounted for under the equity or cost methods of accounting. The portfolio’s assets and liabilities included in our condensed consolidated balance sheets are summarized below (in thousands): June 30, 2015 December 31, 2014 Real estate, net $ 113,395 $ 117,851 Cash and cash equivalents 31,128 23,133 Investment in unconsolidated real estate partnerships 1,095 8,392 Other assets 19,448 11,759 Total assets $ 165,066 $ 161,135 Total indebtedness $ 110,850 $ 113,641 Accrued and other liabilities 10,390 4,417 Total liabilities $ 121,240 $ 118,058 Noncontrolling interests in consolidated real estate partnerships 39,948 44,106 Equity attributable to Aimco and the Aimco Operating Partnership 3,878 (1,029 ) Total liabilities and equity $ 165,066 $ 161,135 Summarized information regarding the Napico portfolio’s results of operations, including any expense we recognize under the profit sharing method, is shown below in thousands. The net income (loss) related to Napico (before income taxes and noncontrolling interests) is included in other, net in our condensed consolidated statements of operations. Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Revenues $ 6,467 $ 5,675 $ 12,934 $ 11,350 Expenses (5,067 ) (5,677 ) (10,477 ) (10,878 ) Equity in loss of unconsolidated entities, gains or losses on dispositions and other, net (885 ) 41 195 (1,953 ) Net income (loss) related to legacy asset management business 515 39 2,652 (1,481 ) Income tax (expense) benefit associated with legacy asset management business (1,005 ) 240 (2,024 ) 349 Loss (income) allocated to noncontrolling interests in consolidated real estate partnerships 2,105 (711 ) 2,511 188 Net income (losses) of legacy asset management business attributable to Aimco and the Aimco Operating Partnership $ 1,615 $ (432 ) $ 3,139 $ (944 ) Revenues increased during the three and six months ended June 30, 2015 , as compared to the three and six months ended June 30, 2014 , due to an increase in rent subsidies to reflect current market rates for one of the apartment communities in this portfolio. 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 and partners’ capital. Additionally, the operating results of this portfolio generally have an insignificant effect on the amounts of income or loss attributable to us. 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. Equity and Partners’ Capital Transactions During the six months ended June 30, 2015 , Aimco issued 9,430,000 shares of its Common Stock, par value $0.01 per share, in an underwritten public offering, for net proceeds per share of $38.90 . The offering generated net proceeds to Aimco of $366.6 million , net of issuance costs. Aimco contributed the net proceeds from the sale of Common Stock to the Aimco Operating Partnership in exchange for a number of common partnership units equal to the number of shares of Common Stock issued. Using the proceeds from this offering, during the six months ended June 30, 2015 , we repaid the then outstanding balance on our Credit Agreement, expanded our unencumbered asset pool, funded redevelopment and property upgrades investments that would otherwise have been funded with property debt on a leverage-neutral basis, and Aimco redeemed the remaining outstanding shares of its Series A Community Reinvestment Act Preferred Stock at its par value of $27.0 million . In connection with Aimco’s redemption of preferred stock, the Aimco Operating Partnership redeemed from Aimco an equal number of the corresponding class of partnership preferred units.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Recurring Fair Value Measurements We measure at fair value on a recurring basis our investment in the securitization trust that holds certain of our property debt, which we classify as available for sale, or 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 GAAP fair value hierarchy, is presented below (in thousands): AFS Investments Interest Rate Swaps Total Fair value at December 31, 2013 $ 58,408 $ (4,604 ) $ 53,804 Investment accretion included in interest income 1,864 — 1,864 Unrealized losses included in interest expense — (24 ) (24 ) Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss — 844 844 Unrealized losses included in equity and partners’ capital (51 ) (1,427 ) (1,478 ) Fair value at June 30, 2014 $ 60,221 $ (5,211 ) $ 55,010 Fair value at December 31, 2014 $ 61,043 $ (5,273 ) $ 55,770 Investment accretion included in interest income 2,068 — 2,068 Unrealized losses included in interest expense — (24 ) (24 ) Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss — 842 842 Unrealized losses included in equity and partners’ capital (1,162 ) (625 ) (1,787 ) Fair value at June 30, 2015 $ 61,949 $ (5,080 ) $ 56,869 Our investments classified as AFS are presented within other assets in the accompanying consolidated balance sheets. We hold the most subordinate position in the securitization, along with several mezzanine positions. 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 June 30, 2015 , was approximately 5.9 years. Our amortized cost basis for these investments, which represents the original cost adjusted for interest accretion less interest payments received, was $65.7 million and $63.6 million at June 30, 2015 and December 31, 2014 , respectively. The amortized cost exceeded the fair value of the most subordinate position at June 30, 2015 , primarily due to a decrease in demand for similar investments as compared to when we purchased the investments. We currently expect to hold each of 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 the most subordinate position is temporary and we have not recognized any of the decline 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 June 30, 2015 and December 31, 2014 , we had interest rate swaps with aggregate notional amounts of $50.1 million and $50.3 million , respectively. As of June 30, 2015 , these swaps had a weighted average remaining term of 5.5 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 condensed 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 June 30, 2015 , 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. 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 June 30, 2015 and December 31, 2014 , due to their relatively short-term nature and high probability of realization. The estimated aggregate fair value of our consolidated total indebtedness was approximately $4.0 billion and $4.4 billion at June 30, 2015 and December 31, 2014 , respectively, as compared to aggregate carrying amounts of $3.9 billion and $4.1 billion , respectively. Substantially all of the difference between the fair value and the carrying value of our consolidated indebtedness relates to apartment communities we wholly own. 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 GAAP valuation hierarchy based on the significance of certain of the unobservable inputs used to estimate their fair values.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments In connection with our development, redevelopment and capital improvement activities, we have entered into various construction related contracts and we have made commitments to complete certain projects, pursuant to financing or other arrangements. As of June 30, 2015 , our commitments related to these capital activities totaled approximately $173.9 million , most of which we expect to incur during the next 12 months . Our commitments related to our One Canal Street development project will be funded in part by a $114.0 million non-recourse property loan, of which $66.4 million was available to draw at June 30, 2015 . We also 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. 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 condensed 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 11 years . We do not anticipate that any material refunds or reductions of investor capital contributions will be required in connection with these arrangements. Income Taxes On March 19, 2014, the Internal Revenue Service notified the Aimco Operating Partnership of its intent to audit the 2011 and 2012 tax years. We do not believe the audit will have any material effect on our unrecognized tax benefits, financial condition or results of operations. 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 that may be present in the land or buildings of an apartment community. Potentially hazardous materials may include polychlorinated biphenyls, petroleum-based fuels, lead-based paint, or asbestos. Such laws often impose liability without regard to fault or whether the owner or operator knew of, or was responsible for, the presence of such materials. The presence of, or the failure to manage or remediate properly, these materials may adversely affect occupancy at such apartment communities as well as the ability to sell or finance such apartment communities. In addition, governmental agencies may bring claims for costs associated with investigation and remediation actions, damages to natural resources and for potential fines or penalties in connection with such damage or with respect to the improper management of hazardous materials. Moreover, private plaintiffs may potentially make claims for personal injury, disease, disability or other infirmities related to the alleged presence of hazardous materials at an apartment community. In addition to potential environmental liabilities or costs associated with our current apartment communities, we may also be responsible for such liabilities or costs associated with communities we acquire or manage in the future, or apartment communities we no longer own or operate. We are engaged in discussions with the Environmental Protection Agency, or EPA, regarding contaminated groundwater in a residential area identified in the vicinity of an Indiana apartment community that has not been owned by us since 2008. The EPA alleges that we are liable for addressing the contamination in the residential area because a dry cleaner that operated on our former property, prior to our ownership, discharged hazardous materials into the sanitary sewers and the environment. We are currently undertaking a voluntary remediation of the drycleaner contamination at our former property under the oversight of the Indiana Department of Environmental Management, or IDEM, but based on our review of the scientific data, we believe that the presence of hazardous materials in the separate residential area under review by the EPA is attributable to neighboring property owners (including an auto parts manufacturer), and not the dry cleaner. The EPA and the IDEM are discussing whether the area under review by the EPA should be listed on the EPA’s National Priorities List (i.e., as a Superfund site), which would make it eligible for additional Federal funding. Were the site to be listed, the EPA could use the funding to further investigate and clean-up the residential area and could then seek to recoup its costs from responsible parties. Although the outcome of this process is uncertain, we do not expect the resolution to have a material adverse effect on our consolidated financial condition, results of operations or cash flows. We have determined that our legal obligations to remove or remediate certain potentially hazardous materials may be conditional asset retirement obligations, as defined in GAAP. Except in limited circumstances where the asset retirement activities are expected to be performed in connection with a planned construction project or apartment community casualty, we believe that the fair value of our asset retirement obligations cannot be reasonably estimated due to significant uncertainties in the timing and manner of settlement of those obligations. Asset retirement obligations that are reasonably estimable as of June 30, 2015 , are immaterial to our consolidated financial condition, results of operations and cash flows.

Earnings per Share_Unit

Earnings per Share/Unit	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings per Share/Unit	Earnings per Share/Unit Aimco Aimco calculates earnings 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 following table illustrates Aimco’s calculation of basic and diluted earnings per share for the three and six months ended June 30, 2015 and 2014 (in thousands, except per share data): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Numerator: Income from continuing operations $ 23,907 $ 17,943 $ 42,364 $ 29,983 Gain on dispositions of real estate, net of tax 44,781 66,662 130,474 136,154 Income from continuing operations and gain on dispositions attributable to noncontrolling interests (4,819 ) (7,563 ) (15,709 ) (24,168 ) Income attributable to preferred stockholders (2,758 ) (1,758 ) (6,280 ) (2,212 ) Income attributable to participating securities (307 ) (274 ) (701 ) (513 ) Income from continuing operations attributable to Aimco common stockholders $ 60,804 $ 75,010 $ 150,148 $ 139,244 Net income $ 68,688 $ 84,605 $ 172,838 $ 166,137 Net income attributable to noncontrolling interests (4,819 ) (7,563 ) (15,709 ) (24,168 ) Net income attributable to preferred stockholders (2,758 ) (1,758 ) (6,280 ) (2,212 ) Net income attributable to participating securities (307 ) (274 ) (701 ) (513 ) Net income attributable to Aimco common stockholders $ 60,804 $ 75,010 $ 150,148 $ 139,244 Denominator: Weighted average common shares outstanding – basic 155,524 145,657 154,672 145,565 Dilutive potential common shares 430 328 443 268 Weighted average common shares outstanding – diluted 155,954 145,985 155,115 145,833 Earnings attributable to Aimco per common share – basic: Income from continuing operations $ 0.39 $ 0.51 $ 0.97 $ 0.96 Net income $ 0.39 $ 0.51 $ 0.97 $ 0.96 Earnings attributable to Aimco per common share – diluted: Income from continuing operations $ 0.39 $ 0.51 $ 0.97 $ 0.95 Net income $ 0.39 $ 0.51 $ 0.97 $ 0.95 The Aimco Operating Partnership The Aimco Operating Partnership calculates earnings 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 OP Units and HPUs, which have identical rights to distributions and undistributed earnings, to be common units for purposes of the earnings per unit data presented below. The following table illustrates the Aimco Operating Partnership’s calculation of basic and diluted earnings per unit for the three and six months ended June 30, 2015 and 2014 (in thousands, except per unit data): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Numerator: Income from continuing operations $ 23,907 $ 17,943 $ 42,364 $ 29,983 Gain on dispositions of real estate, net of tax 44,781 66,662 130,474 136,154 Income from continuing operations and gain on dispositions attributable to noncontrolling interests (111 ) (2,226 ) (4,867 ) (13,615 ) Income attributable to the Aimco Operating Partnership’s preferred unitholders (4,494 ) (3,360 ) (9,752 ) (5,419 ) Income attributable to participating securities (307 ) (274 ) (701 ) (513 ) Income from continuing operations attributable to the Aimco Operating Partnership’s common unitholders $ 63,776 $ 78,745 $ 157,518 $ 146,590 Net income $ 68,688 $ 84,605 $ 172,838 $ 166,137 Net income attributable to noncontrolling interests (111 ) (2,226 ) (4,867 ) (13,615 ) Net income attributable to the Aimco Operating Partnership’s preferred unitholders (4,494 ) (3,360 ) (9,752 ) (5,419 ) Net income attributable to participating securities (307 ) (274 ) (701 ) (513 ) Net income attributable to the Aimco Operating Partnership’s common unitholders $ 63,776 $ 78,745 $ 157,518 $ 146,590 Denominator: Weighted average common units outstanding – basic 163,149 153,377 162,304 153,295 Dilutive potential common units 430 328 443 268 Weighted average common units outstanding – diluted 163,579 153,705 162,747 153,563 Earnings attributable to the Aimco Operating Partnership per common unit – basic: Income from continuing operations $ 0.39 $ 0.51 $ 0.97 $ 0.96 Net income $ 0.39 $ 0.51 $ 0.97 $ 0.96 Earnings attributable to the Aimco Operating Partnership per common unit – diluted: Income from continuing operations $ 0.39 $ 0.51 $ 0.97 $ 0.95 Net income $ 0.39 $ 0.51 $ 0.97 $ 0.95 Aimco and the Aimco Operating Partnership As of June 30, 2015 , the common share equivalents or common partnership unit equivalents that could potentially dilute basic earnings per share or unit in future periods totaled 1.9 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 three and six months ended June 30, 2015 and 2014 , and accordingly has been included in the denominator for calculating diluted earnings per share and unit during these periods. Participating securities, consisting of unvested restricted shares of Common Stock, receive dividends similar to shares of Common Stock and common partnership units and totaled 0.8 million shares and 0.5 million shares at June 30, 2015 and 2014 , respectively. The effect of participating securities is included in basic and diluted earnings per share and unit computations for the periods presented above using the two-class method of allocating distributed and undistributed earnings. Various classes of preferred OP Units of the Aimco Operating Partnership are outstanding. Depending on the terms of each class, these preferred OP Units are convertible into common OP Units or redeemable for cash or, at the Aimco Operating Partnership’s option, Common Stock, and are paid distributions varying from 1.9% to 8.8% per annum per unit. As of June 30, 2015 , a total of 3.3 million preferred OP Units were outstanding with an aggregate redemption value of $87.9 million and were potentially redeemable for approximately 2.4 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 have excluded these securities from earnings per share and unit computations for the periods presented above, and we expect to exclude them in future periods.

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2015
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 143 apartment communities with 41,425 apartment homes at June 30, 2015 . Our affordable real estate operations consisted of 56 apartment communities with 8,685 apartment homes at June 30, 2015 , 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 chief operating decision maker, uses proportionate property net operating income to assess 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 own. 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 (excluding amounts related to apartment communities sold or classified as held for sale) for the three and six months ended June 30, 2015 and 2014 (in thousands): Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended June 30, 2015: Rental and other property revenues $ 201,437 $ 24,158 $ 9,320 $ 3,722 $ 238,637 Tax credit and asset management revenues — — — 6,146 6,146 Total revenues 201,437 24,158 9,320 9,868 244,783 Property operating expenses 65,700 9,103 3,237 9,890 87,930 Investment management expenses — — — 1,086 1,086 Depreciation and amortization — — — 75,150 75,150 General and administrative expenses — — — 12,062 12,062 Other expenses, net — — — 2,912 2,912 Total operating expenses 65,700 9,103 3,237 101,100 179,140 Net operating income (loss) 135,737 15,055 6,083 (91,232 ) 65,643 Other items included in continuing operations — — — (41,736 ) (41,736 ) Income (loss) from continuing operations $ 135,737 $ 15,055 $ 6,083 $ (132,968 ) $ 23,907 Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended June 30, 2014: Rental and other property revenues $ 182,934 $ 23,613 $ 7,225 $ 25,720 $ 239,492 Tax credit and asset management revenues — — — 6,926 6,926 Total revenues 182,934 23,613 7,225 32,646 246,418 Property operating expenses 62,153 9,589 1,942 20,816 94,500 Investment management expenses — — — 1,021 1,021 Depreciation and amortization — — — 71,399 71,399 General and administrative expenses — — — 10,119 10,119 Other expenses, net — — — 3,582 3,582 Total operating expenses 62,153 9,589 1,942 106,937 180,621 Net operating income (loss) 120,781 14,024 5,283 (74,291 ) 65,797 Other items included in continuing operations — — — (47,854 ) (47,854 ) Income (loss) from continuing operations $ 120,781 $ 14,024 $ 5,283 $ (122,145 ) $ 17,943 Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Six Months Ended June 30, 2015: Rental and other property revenues $ 398,678 $ 48,391 $ 18,049 $ 11,808 $ 476,926 Asset management and tax credit revenues — — — 12,122 12,122 Total revenues 398,678 48,391 18,049 23,930 489,048 Property operating expenses 133,209 19,333 6,843 24,037 183,422 Investment management expenses — — — 2,689 2,689 Depreciation and amortization — — — 149,582 149,582 General and administrative expenses — — — 22,714 22,714 Other expenses, net — — — 3,931 3,931 Total operating expenses 133,209 19,333 6,843 202,953 362,338 Net operating income (loss) 265,469 29,058 11,206 (179,023 ) 126,710 Other items included in continuing operations — — — (84,346 ) (84,346 ) Income (loss) from continuing operations $ 265,469 $ 29,058 $ 11,206 $ (263,369 ) $ 42,364 Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Six Months Ended June 30, 2014: Rental and other property revenues $ 362,199 $ 46,993 $ 14,362 $ 56,074 $ 479,628 Asset management and tax credit revenues — — — 15,714 15,714 Total revenues 362,199 46,993 14,362 71,788 495,342 Property operating expenses 125,018 19,856 4,395 44,499 193,768 Investment management expenses — — — 2,273 2,273 Depreciation and amortization — — — 141,706 141,706 General and administrative expenses — — — 20,646 20,646 Other expenses, net — — — 5,874 5,874 Total operating expenses 125,018 19,856 4,395 214,998 364,267 Net operating income (loss) 237,181 27,137 9,967 (143,210 ) 131,075 Other items included in continuing operations — — — (101,092 ) (101,092 ) Income (loss) from continuing operations $ 237,181 $ 27,137 $ 9,967 $ (244,302 ) $ 29,983 (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) Our basis for assessing segment performance excludes the results of apartment communities sold or classified as held for sale. In the segment presentation above, the current year and prior year operating results for apartment communities sold or classified as held for sale during 2015 or 2014 are presented within the Corporate and Amounts Not Allocated to Segments column. Proportionate property net operating income, our key measurement of segment profit or loss, also excludes property management expenses and casualty gains and losses (which are included in property operating expenses) and depreciation and amortization. Accordingly, we do not allocate these amounts to our segments and they are presented within the Corporate and Amounts Not Allocated to Segments column. For the six months ended June 30, 2015 and 2014 , capital additions related to our conventional segment totaled $156.6 million and $178.2 million , respectively, and capital additions related to our affordable segment totaled $4.5 million and $3.6 million , respectively.

Basis of Presentation and Sum15

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2015 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 . The balance sheets of Aimco and the Aimco Operating Partnership at December 31, 2014 , have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in Aimco’s and the Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2014 . Except where indicated, the footnotes refer to both Aimco and the Aimco Operating Partnership.
Principles of Consolidation	Principles of Consolidation Aimco’s accompanying condensed consolidated financial statements include the accounts of Aimco, the Aimco Operating Partnership, and their consolidated subsidiaries. The Aimco Operating Partnership’s condensed 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 June 30, 2015 , we were the primary beneficiary of, and therefore consolidated, 61 VIEs, which owned 47 apartment communities with 7,459 apartment homes. Substantially all these VIEs are partnerships that are involved in the ownership or operation of 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 carrying value of $348.6 million collateralized $328.9 million of debt of those VIEs. Any significant amounts of assets and liabilities related to our consolidated VIEs are identified parenthetically on our accompanying condensed consolidated balance sheets. The creditors of the consolidated VIEs do not have recourse to our general credit. In addition to the consolidated VIEs discussed above, at June 30, 2015 , 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 4 . 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 condensed 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.
Temporary Equity and Partners' Capital	These amounts are presented within temporary equity in Aimco’s condensed consolidated balance sheets as preferred noncontrolling interests in the Aimco Operating Partnership, and within temporary capital in the Aimco Operating Partnership’s condensed consolidated balance sheets as redeemable preferred units.
Use of Estimates	Use of Estimates The preparation of our condensed 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2015, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update 2015-02, which significantly changes the consolidation analysis required under GAAP for VIEs. Under this revised guidance, it is less likely that certain fees, such as asset management fees, would be considered variable interests and therefore fewer entities may be considered VIEs. Additionally, limited partnerships may no longer be viewed as VIEs if the limited partners hold certain rights over the general partner. For public companies, the guidance in ASU 2015-02 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015, with early adoption permitted. We have not yet determined the effect ASU 2015-02 will have on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-03 to revise the presentation of debt issuance costs. Under ASU 2015-03, entities will present debt issuance costs in their balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the deferred costs will continue to be included in interest expense. For public companies, the guidance in the ASU, which is to be applied retrospectively to all prior periods, is effective for fiscal years beginning after December 15, 2015, with early adoption permitted for financial statements that have not been previously issued. We do not expect ASU 2015-03 to have a significant effect on our consolidated financial statements.

Basis of Presentation and Sum16

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2015
Schedule of Equity [Line Items]
Reconciliation of consolidated temporary equity accounts	The following table presents a reconciliation of the Aimco Operating Partnership’s Preferred OP Units from December 31, 2014 to June 30, 2015 (in thousands). These amounts are presented within temporary equity in Aimco’s condensed consolidated balance sheets as preferred noncontrolling interests in the Aimco Operating Partnership, and within temporary capital in the Aimco Operating Partnership’s condensed consolidated balance sheets as redeemable preferred units. Balance, December 31, 2014 $ 87,937 Distributions to preferred unitholders (3,472 ) Other 5 Net income 3,472 Balance, June 30, 2015 $ 87,942
Reconciliation of consolidated permanent equity accounts	The following table presents a reconciliation of Aimco’s consolidated permanent equity accounts from December 31, 2014 to June 30, 2015 (in thousands): Aimco Equity Noncontrolling interests in consolidated real estate partnerships Common noncontrolling interests in Aimco Operating Partnership Total Equity Balance, December 31, 2014 $ 1,227,735 $ 233,296 $ (18,926 ) $ 1,442,105 Issuance of Common Stock 366,580 — — 366,580 Repurchase of preferred stock (27,000 ) — — (27,000 ) Preferred stock dividends (5,585 ) — — (5,585 ) Common dividends and distributions (90,641 ) (33,043 ) (4,425 ) (128,109 ) Redemptions of common OP Units — — (1,444 ) (1,444 ) Amortization of stock-based compensation cost 4,459 — — 4,459 Effect of changes in ownership for consolidated entities (2,956 ) — 1,523 (1,433 ) Change in accumulated other comprehensive loss (945 ) 46 (46 ) (945 ) Other 134 (43 ) — 91 Net income 157,129 4,867 7,370 169,366 Balance, June 30, 2015 $ 1,628,910 $ 205,123 $ (15,948 ) $ 1,818,085
AIMCO PROPERTIES, L.P [Member]
Schedule of Equity [Line Items]
Reconciliation of consolidated permanent equity accounts	Partners’ capital attributable to the Partnership Balance, December 31, 2014 $ 1,208,809 Issuance of common partnership units to Aimco 366,580 Repurchase of Preferred Units from Aimco (27,000 ) Distributions to preferred units held by Aimco (5,585 ) Distributions to common units held by Aimco (90,641 ) Distributions to common units held by Limited Partners (4,425 ) Redemption of common OP Units (1,444 ) Amortization of Aimco stock-based compensation cost 4,459 Effect of changes in ownership for consolidated entities (1,433 ) Change in accumulated other comprehensive loss (991 ) Other 134 Net income 164,499 Balance, June 30, 2015 $ 1,612,962

Other Significant Transactions

Other Significant Transactions (Tables)	6 Months Ended
	Jun. 30, 2015
Other Significant Transactions [Abstract]
Schedule of Financial Position Related to Legally Sold Portfolio	The portfolio’s assets and liabilities included in our condensed consolidated balance sheets are summarized below (in thousands): June 30, 2015 December 31, 2014 Real estate, net $ 113,395 $ 117,851 Cash and cash equivalents 31,128 23,133 Investment in unconsolidated real estate partnerships 1,095 8,392 Other assets 19,448 11,759 Total assets $ 165,066 $ 161,135 Total indebtedness $ 110,850 $ 113,641 Accrued and other liabilities 10,390 4,417 Total liabilities $ 121,240 $ 118,058 Noncontrolling interests in consolidated real estate partnerships 39,948 44,106 Equity attributable to Aimco and the Aimco Operating Partnership 3,878 (1,029 ) Total liabilities and equity $ 165,066 $ 161,135
Statement of Income Related to Legally Sold Portfolio	Summarized information regarding the Napico portfolio’s results of operations, including any expense we recognize under the profit sharing method, is shown below in thousands. The net income (loss) related to Napico (before income taxes and noncontrolling interests) is included in other, net in our condensed consolidated statements of operations. Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Revenues $ 6,467 $ 5,675 $ 12,934 $ 11,350 Expenses (5,067 ) (5,677 ) (10,477 ) (10,878 ) Equity in loss of unconsolidated entities, gains or losses on dispositions and other, net (885 ) 41 195 (1,953 ) Net income (loss) related to legacy asset management business 515 39 2,652 (1,481 ) Income tax (expense) benefit associated with legacy asset management business (1,005 ) 240 (2,024 ) 349 Loss (income) allocated to noncontrolling interests in consolidated real estate partnerships 2,105 (711 ) 2,511 188 Net income (losses) of legacy asset management business attributable to Aimco and the Aimco Operating Partnership $ 1,615 $ (432 ) $ 3,139 $ (944 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	Information regarding these items measured at fair value, both of which are classified within Level 2 of the GAAP fair value hierarchy, is presented below (in thousands): AFS Investments Interest Rate Swaps Total Fair value at December 31, 2013 $ 58,408 $ (4,604 ) $ 53,804 Investment accretion included in interest income 1,864 — 1,864 Unrealized losses included in interest expense — (24 ) (24 ) Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss — 844 844 Unrealized losses included in equity and partners’ capital (51 ) (1,427 ) (1,478 ) Fair value at June 30, 2014 $ 60,221 $ (5,211 ) $ 55,010 Fair value at December 31, 2014 $ 61,043 $ (5,273 ) $ 55,770 Investment accretion included in interest income 2,068 — 2,068 Unrealized losses included in interest expense — (24 ) (24 ) Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss — 842 842 Unrealized losses included in equity and partners’ capital (1,162 ) (625 ) (1,787 ) Fair value at June 30, 2015 $ 61,949 $ (5,080 ) $ 56,869

Earnings per Share_Unit (Tables

Earnings per Share/Unit (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Schedule of Earnings Per Share, Basic and Diluted	The following table illustrates Aimco’s calculation of basic and diluted earnings per share for the three and six months ended June 30, 2015 and 2014 (in thousands, except per share data): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Numerator: Income from continuing operations $ 23,907 $ 17,943 $ 42,364 $ 29,983 Gain on dispositions of real estate, net of tax 44,781 66,662 130,474 136,154 Income from continuing operations and gain on dispositions attributable to noncontrolling interests (4,819 ) (7,563 ) (15,709 ) (24,168 ) Income attributable to preferred stockholders (2,758 ) (1,758 ) (6,280 ) (2,212 ) Income attributable to participating securities (307 ) (274 ) (701 ) (513 ) Income from continuing operations attributable to Aimco common stockholders $ 60,804 $ 75,010 $ 150,148 $ 139,244 Net income $ 68,688 $ 84,605 $ 172,838 $ 166,137 Net income attributable to noncontrolling interests (4,819 ) (7,563 ) (15,709 ) (24,168 ) Net income attributable to preferred stockholders (2,758 ) (1,758 ) (6,280 ) (2,212 ) Net income attributable to participating securities (307 ) (274 ) (701 ) (513 ) Net income attributable to Aimco common stockholders $ 60,804 $ 75,010 $ 150,148 $ 139,244 Denominator: Weighted average common shares outstanding – basic 155,524 145,657 154,672 145,565 Dilutive potential common shares 430 328 443 268 Weighted average common shares outstanding – diluted 155,954 145,985 155,115 145,833 Earnings attributable to Aimco per common share – basic: Income from continuing operations $ 0.39 $ 0.51 $ 0.97 $ 0.96 Net income $ 0.39 $ 0.51 $ 0.97 $ 0.96 Earnings attributable to Aimco per common share – diluted: Income from continuing operations $ 0.39 $ 0.51 $ 0.97 $ 0.95 Net income $ 0.39 $ 0.51 $ 0.97 $ 0.95
AIMCO PROPERTIES, L.P [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Schedule of Earnings Per Share, Basic and Diluted	The following table illustrates the Aimco Operating Partnership’s calculation of basic and diluted earnings per unit for the three and six months ended June 30, 2015 and 2014 (in thousands, except per unit data): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Numerator: Income from continuing operations $ 23,907 $ 17,943 $ 42,364 $ 29,983 Gain on dispositions of real estate, net of tax 44,781 66,662 130,474 136,154 Income from continuing operations and gain on dispositions attributable to noncontrolling interests (111 ) (2,226 ) (4,867 ) (13,615 ) Income attributable to the Aimco Operating Partnership’s preferred unitholders (4,494 ) (3,360 ) (9,752 ) (5,419 ) Income attributable to participating securities (307 ) (274 ) (701 ) (513 ) Income from continuing operations attributable to the Aimco Operating Partnership’s common unitholders $ 63,776 $ 78,745 $ 157,518 $ 146,590 Net income $ 68,688 $ 84,605 $ 172,838 $ 166,137 Net income attributable to noncontrolling interests (111 ) (2,226 ) (4,867 ) (13,615 ) Net income attributable to the Aimco Operating Partnership’s preferred unitholders (4,494 ) (3,360 ) (9,752 ) (5,419 ) Net income attributable to participating securities (307 ) (274 ) (701 ) (513 ) Net income attributable to the Aimco Operating Partnership’s common unitholders $ 63,776 $ 78,745 $ 157,518 $ 146,590 Denominator: Weighted average common units outstanding – basic 163,149 153,377 162,304 153,295 Dilutive potential common units 430 328 443 268 Weighted average common units outstanding – diluted 163,579 153,705 162,747 153,563 Earnings attributable to the Aimco Operating Partnership per common unit – basic: Income from continuing operations $ 0.39 $ 0.51 $ 0.97 $ 0.96 Net income $ 0.39 $ 0.51 $ 0.97 $ 0.96 Earnings attributable to the Aimco Operating Partnership per common unit – diluted: Income from continuing operations $ 0.39 $ 0.51 $ 0.97 $ 0.95 Net income $ 0.39 $ 0.51 $ 0.97 $ 0.95

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2015
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 (excluding amounts related to apartment communities sold or classified as held for sale) for the three and six months ended June 30, 2015 and 2014 (in thousands): Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended June 30, 2015: Rental and other property revenues $ 201,437 $ 24,158 $ 9,320 $ 3,722 $ 238,637 Tax credit and asset management revenues — — — 6,146 6,146 Total revenues 201,437 24,158 9,320 9,868 244,783 Property operating expenses 65,700 9,103 3,237 9,890 87,930 Investment management expenses — — — 1,086 1,086 Depreciation and amortization — — — 75,150 75,150 General and administrative expenses — — — 12,062 12,062 Other expenses, net — — — 2,912 2,912 Total operating expenses 65,700 9,103 3,237 101,100 179,140 Net operating income (loss) 135,737 15,055 6,083 (91,232 ) 65,643 Other items included in continuing operations — — — (41,736 ) (41,736 ) Income (loss) from continuing operations $ 135,737 $ 15,055 $ 6,083 $ (132,968 ) $ 23,907 Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended June 30, 2014: Rental and other property revenues $ 182,934 $ 23,613 $ 7,225 $ 25,720 $ 239,492 Tax credit and asset management revenues — — — 6,926 6,926 Total revenues 182,934 23,613 7,225 32,646 246,418 Property operating expenses 62,153 9,589 1,942 20,816 94,500 Investment management expenses — — — 1,021 1,021 Depreciation and amortization — — — 71,399 71,399 General and administrative expenses — — — 10,119 10,119 Other expenses, net — — — 3,582 3,582 Total operating expenses 62,153 9,589 1,942 106,937 180,621 Net operating income (loss) 120,781 14,024 5,283 (74,291 ) 65,797 Other items included in continuing operations — — — (47,854 ) (47,854 ) Income (loss) from continuing operations $ 120,781 $ 14,024 $ 5,283 $ (122,145 ) $ 17,943 Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Six Months Ended June 30, 2015: Rental and other property revenues $ 398,678 $ 48,391 $ 18,049 $ 11,808 $ 476,926 Asset management and tax credit revenues — — — 12,122 12,122 Total revenues 398,678 48,391 18,049 23,930 489,048 Property operating expenses 133,209 19,333 6,843 24,037 183,422 Investment management expenses — — — 2,689 2,689 Depreciation and amortization — — — 149,582 149,582 General and administrative expenses — — — 22,714 22,714 Other expenses, net — — — 3,931 3,931 Total operating expenses 133,209 19,333 6,843 202,953 362,338 Net operating income (loss) 265,469 29,058 11,206 (179,023 ) 126,710 Other items included in continuing operations — — — (84,346 ) (84,346 ) Income (loss) from continuing operations $ 265,469 $ 29,058 $ 11,206 $ (263,369 ) $ 42,364 Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Six Months Ended June 30, 2014: Rental and other property revenues $ 362,199 $ 46,993 $ 14,362 $ 56,074 $ 479,628 Asset management and tax credit revenues — — — 15,714 15,714 Total revenues 362,199 46,993 14,362 71,788 495,342 Property operating expenses 125,018 19,856 4,395 44,499 193,768 Investment management expenses — — — 2,273 2,273 Depreciation and amortization — — — 141,706 141,706 General and administrative expenses — — — 20,646 20,646 Other expenses, net — — — 5,874 5,874 Total operating expenses 125,018 19,856 4,395 214,998 364,267 Net operating income (loss) 237,181 27,137 9,967 (143,210 ) 131,075 Other items included in continuing operations — — — (101,092 ) (101,092 ) Income (loss) from continuing operations $ 237,181 $ 27,137 $ 9,967 $ (244,302 ) $ 29,983 (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) Our basis for assessing segment performance excludes the results of apartment communities sold or classified as held for sale. In the segment presentation above, the current year and prior year operating results for apartment communities sold or classified as held for sale during 2015 or 2014 are presented within the Corporate and Amounts Not Allocated to Segments column. Proportionate property net operating income, our key measurement of segment profit or loss, also excludes property management expenses and casualty gains and losses (which are included in property operating expenses) and depreciation and amortization. Accordingly, we do not allocate these amounts to our segments and they are presented within the Corporate and Amounts Not Allocated to Segments column.

Organization (Details Textual)

Organization (Details Textual)	6 Months Ended
	Jun. 30, 2015UnitsPropertyshares	Dec. 31, 2014shares
Organization [Line Items]
Common partnership units and equivalents outstanding | shares	156,281,519
Shares of Common Stock outstanding | shares	156,281,519	146,403,274
Percentage of the Aimco Operating Partnership's common partnership units and equivalents owned by Aimco	95.40%
Conventional Real Estate Operations [Member]
Organization [Line Items]
Percentage of proportionate property net operating income generated by segment	90.00%
Affordable Real Estate Operations [Member]
Organization [Line Items]
Percentage of proportionate property net operating income generated by segment	10.00%
Conventional Real Estate Operations [Member]
Organization [Line Items]
Number of owned apartment communities in segments | Property	143
Number of apartment homes in apartment communities	41,425
Conventional Real Estate Operations [Member] | Wholly And Partially Owned Consolidated Properties [Member]
Organization [Line Items]
Number of owned apartment communities in segments | Property	139
Number of apartment homes in apartment communities	41,283
Affordable Real Estate Operations [Member]
Organization [Line Items]
Number of owned apartment communities in segments | Property	56
Number of apartment homes in apartment communities	8,685
Affordable Real Estate Operations [Member] | Wholly And Partially Owned Consolidated Properties [Member]
Organization [Line Items]
Number of owned apartment communities in segments | Property	49
Number of apartment homes in apartment communities	7,998
AIMCO PROPERTIES, L.P [Member]
Organization [Line Items]
Common partnership units and equivalents outstanding | shares	163,895,567

Basis of Presentation and Sum22

Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) $ in Thousands	Jun. 30, 2015USD ($)EntityUnitsProperty	Dec. 31, 2014USD ($)
Variable Interest Entity [Line Items]
Net real estate related to VIEs	$ 5,564,185	$ 5,472,779
Non-recourse property debt related to VIEs	$ 3,818,487	4,022,809
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Number of consolidated variable interest entities | Entity	61
Number of Apartment Communities | Property	47
Number of apartment homes owned by VIEs | Units	7,459
Net real estate related to VIEs	$ 348,562	360,160
Non-recourse property debt related to VIEs	$ 328,934	$ 336,471

Basis of Presentation and Sum23

Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance, December 31, 2014	$ 87,937
Balance, June 30, 2015	87,942
AIMCO PROPERTIES, L.P [Member]
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance, December 31, 2014	87,937
Distributions to preferred unitholders	(3,472)
Other	5
Net income	3,472
Balance, June 30, 2015	$ 87,942

Basis of Presentation and Sum24

Basis of Presentation and Summary of Significant Accounting Policies (Details 1) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, December 31, 2014	$ 1,442,105
Issuance of Common Stock	366,580
Repurchase of preferred stock	(27,000)
Preferred stock dividends	(5,585)
Common dividends and distributions	(128,109)
Redemptions of common OP Units	(1,444)
Amortization of stock-based compensation cost	4,459
Effect of changes in ownership for consolidated entities	(1,433)
Change in accumulated other comprehensive loss	(945)
Other	91
Net income	169,366
Balance, June 30, 2015	1,818,085
Aimco Equity [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, December 31, 2014	1,227,735
Issuance of Common Stock	366,580
Repurchase of preferred stock	(27,000)
Preferred stock dividends	(5,585)
Common dividends and distributions	(90,641)
Amortization of stock-based compensation cost	4,459
Effect of changes in ownership for consolidated entities	(2,956)
Change in accumulated other comprehensive loss	(945)
Other	134
Net income	157,129
Balance, June 30, 2015	1,628,910
Noncontrolling Interests in Consolidated Real Estate Partnerships [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, December 31, 2014	233,296
Issuance of Common Stock	0
Common dividends and distributions	(33,043)
Change in accumulated other comprehensive loss	46
Other	(43)
Net income	4,867
Balance, June 30, 2015	205,123
Common Noncontrolling Interests in Aimco Operating Partnership [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, December 31, 2014	(18,926)
Issuance of Common Stock	0
Common dividends and distributions	(4,425)
Redemptions of common OP Units	(1,444)
Effect of changes in ownership for consolidated entities	1,523
Change in accumulated other comprehensive loss	(46)
Net income	7,370
Balance, June 30, 2015	$ (15,948)

Basis of Presentation and Sum25

Basis of Presentation and Summary of Significant Accounting Policies (Details 2) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)
Increase (Decrease) in Partners' Capital [Roll Forward]
Redemption of common OP Units	$ (1,444)
Amortization of Aimco stock-based compensation cost	4,459
Effect of changes in ownership for consolidated entities	(1,433)
Change in accumulated other comprehensive loss	(945)
Other	91
Net income	169,366
AIMCO PROPERTIES, L.P [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance, December 31, 2014	1,208,809
Balance, June 30, 2015	1,612,962
Partners Capital [Member] | AIMCO PROPERTIES, L.P [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance, December 31, 2014	1,208,809
Issuance of common partnership units to Aimco	366,580
Repurchase of Preferred Units from Aimco	(27,000)
Distributions to preferred units held by Aimco	(5,585)
Distributions to common units held by Aimco	(90,641)
Distributions to common units held by Limited Partners	(4,425)
Redemption of common OP Units	(1,444)
Amortization of Aimco stock-based compensation cost	4,459
Effect of changes in ownership for consolidated entities	(1,433)
Change in accumulated other comprehensive loss	(991)
Other	134
Net income	164,499
Balance, June 30, 2015	$ 1,612,962

Disposals and Assets Held for26

Disposals and Assets Held for Sale (Details Textual) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)UnitsProperty	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)UnitsProperty	Jun. 30, 2014USD ($)	Dec. 31, 2014UnitsProperty
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of consolidated apartment communities disposed | Property	2		8		30
Number of apartment homes in consolidated apartment communities disposed | Units	1,791		2,891		9,067
Net income (before gains on dispositions) generated by sold properties	$ 23,907	$ 17,943	$ 42,364	$ 29,983
Gain on dispositions of real estate, net of tax	$ 44,781	66,662	130,474	136,154
Non-recourse property debt assumed in connection with real estate dispositions		8,800	$ 6,100	38,600
Wholly And Partially Owned Consolidated Properties [Member] | Assets Held-for-sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Apartment Communities | Property	0		0
Disposal Group Disposed Of By Sale Not Discontinued Operations [Member] | Wholly And Partially Owned Consolidated Properties [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net income (before gains on dispositions) generated by sold properties	$ 1,000	8,800	$ 3,600	20,400
Gain (Loss) on Sale of Properties, Applicable Income Taxes		8,600		8,700
Debt prepayment penalties associated with apartment community sales included in gain on dispositions	$ 7,600	$ 2,700		$ 8,500
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | Wholly And Partially Owned Consolidated Properties [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt prepayment penalties associated with apartment community sales included in gain on dispositions			$ 19,800

Other Significant Transaction27

Other Significant Transactions (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Schedule of Financial Position Related to Legally Sold Portfolio [Line Items]
Real estate, net	$ 5,564,185	$ 5,472,779
Cash and cash equivalents	46,835	28,971	$ 33,826	$ 55,751
Other assets	457,591	476,727
Total assets	6,157,694	6,097,028
Total indebtedness	3,866,007	4,135,139
Accrued and other liabilities	280,118	279,077
Total liabilities	4,251,667	4,566,986
Noncontrolling interests in consolidated real estate partnerships	205,123	233,296
Equity attributable to Aimco and the Aimco Operating Partnership	(15,948)	(18,926)
Total liabilities and equity/partners' capital	6,157,694	6,097,028
Napico Portfolio [Member]
Schedule of Financial Position Related to Legally Sold Portfolio [Line Items]
Noncontrolling interests in consolidated real estate partnerships	39,948	44,106
Equity attributable to Aimco and the Aimco Operating Partnership	3,878	(1,029)
Total liabilities and equity/partners' capital	165,066	161,135
Napico Portfolio [Member] | Other Assets [Member]
Schedule of Financial Position Related to Legally Sold Portfolio [Line Items]
Real estate, net	113,395	117,851
Cash and cash equivalents	31,128	23,133
Investment in unconsolidated real estate partnerships	1,095	8,392
Other assets	19,448	11,759
Total assets	165,066	161,135
Napico Portfolio [Member] | Accrued liabilities and other [Member]
Schedule of Financial Position Related to Legally Sold Portfolio [Line Items]
Total indebtedness	110,850	113,641
Accrued and other liabilities	10,390	4,417
Total liabilities	$ 121,240	$ 118,058

Other Significant Transaction28

Other Significant Transactions (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Income Related to Legally Sold Portfolio [Line Items]
Revenues	$ 244,783	$ 246,418	$ 489,048	$ 495,342
Expenses	(179,140)	(180,621)	(362,338)	(364,267)
Equity in loss of unconsolidated entities, gains or losses on dispositions and other, net	350	189	2,614	(1,790)
Income tax (expense) benefit associated with legacy asset management business	5,814	5,347	12,735	8,105
Loss (income) allocated to noncontrolling interests in consolidated real estate partnerships	(111)	(2,226)	(4,867)	(13,615)
Net income (losses) of legacy asset management business attributable to Aimco and the Aimco Operating Partnership	63,869	77,042	157,129	141,969
Napico Portfolio [Member]
Statement of Income Related to Legally Sold Portfolio [Line Items]
Income tax (expense) benefit associated with legacy asset management business	(1,005)	240	(2,024)	349
Loss (income) allocated to noncontrolling interests in consolidated real estate partnerships	2,105	(711)	2,511	188
Net income (losses) of legacy asset management business attributable to Aimco and the Aimco Operating Partnership	1,615	(432)	3,139	(944)
Napico Portfolio [Member] | Other Nonoperating Income Expense [Member]
Statement of Income Related to Legally Sold Portfolio [Line Items]
Revenues	6,467	5,675	12,934	11,350
Expenses	(5,067)	(5,677)	(10,477)	(10,878)
Equity in loss of unconsolidated entities, gains or losses on dispositions and other, net	(885)	41	195	(1,953)
Net income (loss) related to legacy asset management business	$ 515	$ 39	$ 2,652	$ (1,481)

Other Significant Transaction29

Other Significant Transactions (Details Textual) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)UnitsProperty$ / sharesshares	Jun. 30, 2014USD ($)
Other Significant Transactions [Line Items]
Proceeds from issuance of Common Stock	$ 366,580	$ 0
Preferred Stock, Redemption Amount	$ 27,000	$ 9,500
Common Class A [Member]
Other Significant Transactions [Line Items]
Shares of Common Stock Issued (in shares) | shares	9,430,000
Gross Offering Price Per Share Of Common Stock Issued (in dollars per share) | $ / shares	$ 38.90
Class A Cumulative Preferred Stock [Member]
Other Significant Transactions [Line Items]
Par Value Per Share of Common Stock Issued (in dollars per share) | $ / shares	$ 0.01
Series A Community Reinvestment Act Preferred Stock [Member]
Other Significant Transactions [Line Items]
Preferred Stock, Redemption Amount	$ 27,000
Napico Portfolio [Member]
Other Significant Transactions [Line Items]
Number of partnerships in legally sold portfolio	15
Napico Portfolio [Member] | Wholly And Partially Owned Consolidated Properties [Member]
Other Significant Transactions [Line Items]
Number of apartment communities | Property	13
Napico Portfolio [Member] | Unconsolidated Properties [Member]
Other Significant Transactions [Line Items]
Number of apartment communities | Property	50
Mezzo - Atlanta GA [Member] [Member]
Other Significant Transactions [Line Items]
Apartment Community Acquisition Price	$ 38,300
Number of apartment homes in apartment communities | Units	94
Axiom Apartment Homes - Cambridge MA [Member]
Other Significant Transactions [Line Items]
Apartment Community Acquisition Price	$ 63,000
Number of apartment homes in apartment communities | Units	115
270 on Third - Cambridge MA [Member]
Other Significant Transactions [Line Items]
Apartment Community Acquisition Price	$ 43,000
Payments to Acquire Real Estate	27,900
Purchase Commitment, Remaining Minimum Amount Committed	$ 15,100
Number of apartment homes in apartment communities | Units	91

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Fair Value Assets and Liabilities Measured on Recurring Basis Fair value and input reconciliation [Roll Forward]
Fair Value, Beginning Balance	$ 55,770	$ 53,804
Investment accretion included in interest income	2,068	1,864
Unrealized losses included in interest expense	(24)	(24)
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss	842	844
Unrealized losses included in equity and partners’ capital	(1,787)	(1,478)
Fair Value, Ending Balance	56,869	55,010
Available-for-sale Securities [Member]
Fair Value Assets and Liabilities Measured on Recurring Basis Fair value and input reconciliation [Roll Forward]
Fair Value, Beginning Balance	61,043	58,408
Investment accretion included in interest income	2,068	1,864
Unrealized losses included in equity and partners’ capital	(1,162)	(51)
Fair Value, Ending Balance	61,949	60,221
Interest Rate Swap [Member]
Fair Value Assets and Liabilities Measured on Recurring Basis Fair value and input reconciliation [Roll Forward]
Fair Value, Beginning Balance	(5,273)	(4,604)
Unrealized losses included in interest expense	(24)	(24)
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss	842	844
Unrealized losses included in equity and partners’ capital	(625)	(1,427)
Fair Value, Ending Balance	$ (5,080)	$ (5,211)

Fair Value Measurements (Deta31

Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated fair value of consolidated debt	$ 4,000,000	$ 4,400,000
Total indebtedness	3,866,007	4,135,139
Cash Flow Hedging [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notional amount of interest rate swaps	$ 50,100	50,300
Average Remaining Maturity of Interest Rate Swaps	5 years 6 months
Period For Reclassification Into Earnings	12 months
Amount of unrealized gains (losses) estimated to be reclassified from accumulated other comprehensive loss to earnings during the next 12 months	$ (1,700)
Weighted average fixed rate of interest rate swaps	3.43%
Available-for-sale Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Face amount of investment in available-for-sale debt securities	$ 100,900
Excepted Remaining Term of Available For Sale Securities	5 years 11 months
Amortized cost of the investment in available-for-sale debt securities		$ 63,600
Available-for-sale Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized cost of the investment in available-for-sale debt securities	$ 65,700

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) - Jun. 30, 2015 - USD ($) $ in Millions	Total
Long-term Purchase Commitment [Line Items]
Long-term construction loan commitment	$ 114
Undrawn portion of long term construction loans	66.4
Commitments related to development, redevelopment and capital improvement activities [Member]
Long-term Purchase Commitment [Line Items]
Commitments related to capital spending activities	$ 173.9
Time Period of Long-term Purchase Commitment	12 months
Minimum [Member]
Long-term Purchase Commitment [Line Items]
Compliance Period For Low Income Housing Tax Credit Syndication Agreements	1 year
Maximum [Member]
Long-term Purchase Commitment [Line Items]
Compliance Period For Low Income Housing Tax Credit Syndication Agreements	11 years
Maximum [Member] | Commitments related to operations [Member]
Long-term Purchase Commitment [Line Items]
Time Period of Long-term Purchase Commitment	1 year

Earnings per Share_Unit (Detail

Earnings per Share/Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerator:
Income from continuing operations	$ 23,907	$ 17,943	$ 42,364	$ 29,983
Gain on dispositions of real estate, net of tax	44,781	66,662	130,474	136,154
Income from continuing operations and gain on dispositions attributable to noncontrolling interests	(4,819)	(7,563)	(15,709)	(24,168)
Income attributable to preferred equity holders	(2,758)	(1,758)	(6,280)	(2,212)
Income attributable to participating securities	(307)	(274)	(701)	(513)
Income from continuing operations attributable to the company's common equity holders	60,804	75,010	150,148	139,244
Net income	68,688	84,605	172,838	166,137
Net income attributable to noncontrolling interests	(4,819)	(7,563)	(15,709)	(24,168)
Net income attributable to preferred equity holders	(2,758)	(1,758)	(6,280)	(2,212)
Net income attributable to participating securities	(307)	(274)	(701)	(513)
Net income attributable to the company's common equity holders	$ 60,804	$ 75,010	$ 150,148	$ 139,244
Denominator:
Weighted average common shares/units outstanding – basic (in shares)	155,524	145,657	154,672	145,565
Dilutive potential common shares/units (in shares)	430	328	443	268
Weighted average common shares/units outstanding – diluted (in shares)	155,954	145,985	155,115	145,833
Earnings attributable to the company per common share/unit – basic:
Income from continuing operations	$ 0.39	$ 0.51	$ 0.97	$ 0.96
Net Income	0.39	0.51	0.97	0.96
Earnings attributable to the company per common share/unit - diluted:
Income from continuing operations (in dollars per share/unit)	0.39	0.51	0.97	0.95
Net income	$ 0.39	$ 0.51	$ 0.97	$ 0.95
AIMCO PROPERTIES, L.P [Member]
Numerator:
Income from continuing operations	$ 23,907	$ 17,943	$ 42,364	$ 29,983
Gain on dispositions of real estate, net of tax	44,781	66,662	130,474	136,154
Income from continuing operations and gain on dispositions attributable to noncontrolling interests	(111)	(2,226)	(4,867)	(13,615)
Income attributable to preferred equity holders	(4,494)	(3,360)	(9,752)	(5,419)
Income attributable to participating securities	(307)	(274)	(701)	(513)
Income from continuing operations attributable to the company's common equity holders	63,776	78,745	157,518	146,590
Net income	68,688	84,605	172,838	166,137
Net income attributable to noncontrolling interests	(111)	(2,226)	(4,867)	(13,615)
Net income attributable to preferred equity holders	(4,494)	(3,360)	(9,752)	(5,419)
Net income attributable to participating securities	(307)	(274)	(701)	(513)
Net income attributable to the company's common equity holders	$ 63,776	$ 78,745	$ 157,518	$ 146,590
Denominator:
Weighted average common shares/units outstanding – basic (in shares)	163,149	153,377	162,304	153,295
Dilutive potential common shares/units (in shares)	430	328	443	268
Weighted average common shares/units outstanding – diluted (in shares)	163,579	153,705	162,747	153,563
Earnings attributable to the company per common share/unit – basic:
Income from continuing operations	$ 0.39	$ 0.51	$ 0.97	$ 0.96
Net Income	0.39	0.51	0.97	0.96
Earnings attributable to the company per common share/unit - diluted:
Income from continuing operations (in dollars per share/unit)	0.39	0.51	0.97	0.95
Net income	$ 0.39	$ 0.51	$ 0.97	$ 0.95

Earnings per Share_Unit (Deta34

Earnings per Share/Unit (Details Textual) - USD ($) $ in Thousands, shares in Millions	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Earnings Per Share [Abstract]
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements (in shares)	1.9
Participating securities outstanding (in shares)	0.8		0.5
Preferred OP Units, Distributions, Low Range	1.90%
Preferred OP Units, Distributions, High Range	8.80%
Preferred OP Units Outstanding (in shares)	3.3
Preferred noncontrolling interests in Aimco Operating Partnership	$ 87,942	$ 87,937
Number of Shares of Common Stock Required to Redeem Preferred OP Units Tendered for Redemption, if Parent Chooses to Redeem in Shares Rather than Cash (in shares)	2.4

Business Segments (Details)

Business Segments (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Summary information for the reportable segments
Rental and other property revenues		$ 238,637	$ 239,492	$ 476,926	$ 479,628
Tax credit and asset management revenues		6,146	6,926	12,122	15,714
Total revenues		244,783	246,418	489,048	495,342
Property operating expenses		87,930	94,500	183,422	193,768
Investment management expenses		1,086	1,021	2,689	2,273
Depreciation and amortization		75,150	71,399	149,582	141,706
General and administrative expenses		12,062	10,119	22,714	20,646
Other expenses, net		2,912	3,582	3,931	5,874
Total operating expenses		179,140	180,621	362,338	364,267
Net operating income (loss)		65,643	65,797	126,710	131,075
Other items included in continuing operations		(41,736)	(47,854)	(84,346)	(101,092)
Income from continuing operations		23,907	17,943	42,364	29,983
Operating Segments [Member] | Conventional Real Estate Operations [Member]
Summary information for the reportable segments
Rental and other property revenues		201,437	182,934	398,678	362,199
Total revenues		201,437	182,934	398,678	362,199
Property operating expenses		65,700	62,153	133,209	125,018
Total operating expenses		65,700	62,153	133,209	125,018
Net operating income (loss)		135,737	120,781	265,469	237,181
Income from continuing operations		135,737	120,781	265,469	237,181
Operating Segments [Member] | Affordable Real Estate Operations [Member]
Summary information for the reportable segments
Rental and other property revenues		24,158	23,613	48,391	46,993
Total revenues		24,158	23,613	48,391	46,993
Property operating expenses		9,103	9,589	19,333	19,856
Total operating expenses		9,103	9,589	19,333	19,856
Net operating income (loss)		15,055	14,024	29,058	27,137
Income from continuing operations		15,055	14,024	29,058	27,137
Proportionate Adjustments [Member]
Summary information for the reportable segments
Rental and other property revenues	[1]	9,320	7,225	18,049	14,362
Total revenues	[1]	9,320	7,225	18,049	14,362
Property operating expenses	[1]	3,237	1,942	6,843	4,395
Total operating expenses	[1]	3,237	1,942	6,843	4,395
Net operating income (loss)	[1]	6,083	5,283	11,206	9,967
Income from continuing operations	[1]	6,083	5,283	11,206	9,967
Corporate Nonsegment And Other Reconciling Items Member [Member]
Summary information for the reportable segments
Rental and other property revenues	[2]	3,722	25,720	11,808	56,074
Tax credit and asset management revenues	[2]	6,146	6,926	12,122	15,714
Total revenues	[2]	9,868	32,646	23,930	71,788
Property operating expenses	[2]	9,890	20,816	24,037	44,499
Investment management expenses	[2]	1,086	1,021	2,689	2,273
Depreciation and amortization	[2]	75,150	71,399	149,582	141,706
General and administrative expenses	[2]	12,062	10,119	22,714	20,646
Other expenses, net	[2]	2,912	3,582	3,931	5,874
Total operating expenses	[2]	101,100	106,937	202,953	214,998
Net operating income (loss)	[2]	(91,232)	(74,291)	(179,023)	(143,210)
Other items included in continuing operations	[2]	(41,736)	(47,854)	(84,346)	(101,092)
Income from continuing operations	[2]	$ (132,968)	$ (122,145)	$ (263,369)	$ (244,302)
[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]	Our basis for assessing segment performance excludes the results of apartment communities sold or classified as held for sale. In the segment presentation above, the current year and prior year operating results for apartment communities sold or classified as held for sale during 2015 or 2014 are presented within the Corporate and Amounts Not Allocated to Segments column.

Business Segments (Details Text

Business Segments (Details Textual) $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)UnitsPropertySegment	Jun. 30, 2014USD ($)
Business Segments (Textual) [Abstract]
Number of reportable segments | Segment	2
Conventional Real Estate Operations [Member]
Business Segments (Textual) [Abstract]
Number of owned apartment communities in segments	143
Number of apartment homes in apartment communities | Units	41,425
Affordable Real Estate Operations [Member]
Business Segments (Textual) [Abstract]
Number of owned apartment communities in segments	56
Number of apartment homes in apartment communities | Units	8,685
Operating Segments [Member] | Conventional Real Estate Operations [Member]
Business Segments (Textual) [Abstract]
Capital additions related to segments | $	$ 156.6	$ 178.2
Operating Segments [Member] | Affordable Real Estate Operations [Member]
Business Segments (Textual) [Abstract]
Capital additions related to segments | $	$ 4.5	$ 3.6