Apartment Investment and Management (AIV) 10-Q5 Nov 152015 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2015	Nov. 03, 2015
Entity Registrant Name	APARTMENT INVESTMENT & MANAGEMENT CO
Entity Central Index Key	922,864
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		156,423,545
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	Sep. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		163,972,576

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Buildings and improvements	$ 6,421,572	$ 6,259,318
Land	1,878,350	1,885,640
Total real estate	8,299,922	8,144,958
Accumulated depreciation	(2,719,651)	(2,672,179)
Net real estate ($342,568 and $360,160 related to VIEs)	5,580,271	5,472,779
Cash and cash equivalents ($19,944 and $17,108 related to VIEs)	45,241	28,971
Restricted cash ($34,930 and $36,196 related to VIEs)	93,230	91,445
Other assets ($170,046 and $182,108 related to VIEs)	478,961	476,727
Assets held for sale	19,959	27,106
Total assets	6,217,662	6,097,028
LIABILITIES AND EQUITY
Non-recourse property debt ($327,403 and $336,471 related to VIEs)	3,807,699	4,022,809
Revolving credit facility borrowings	128,200	112,330
Total indebtedness	3,935,899	4,135,139
Accounts payable	37,311	41,919
Accrued liabilities and other ($172,290 and $135,644 related to VIEs)	324,746	279,077
Deferred income	65,694	81,882
Liabilities related to assets held for sale	17,311	28,969
Total liabilities	4,380,961	4,566,986
Preferred noncontrolling interests in Aimco Operating Partnership	$ 87,937	$ 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, 156,421,276 and 146,403,274 shares issued/outstanding at September 30, 2015 and December 31, 2014, respectively	1,564	1,464
Additional paid-in capital	4,064,729	3,696,143
Accumulated other comprehensive loss	(6,810)	(6,456)
Distributions in excess of earnings	(2,616,919)	(2,649,542)
Total Aimco equity	1,601,690	1,227,735
Noncontrolling interests in consolidated real estate partnerships	164,439	233,296
Common noncontrolling interests in Aimco Operating Partnership	(17,365)	(18,926)
Total equity	1,748,764	1,442,105
Total liabilities and equity/partners' capital	6,217,662	6,097,028
AIMCO PROPERTIES, L.P [Member]
ASSETS
Buildings and improvements	6,421,572	6,259,318
Land	1,878,350	1,885,640
Total real estate	8,299,922	8,144,958
Accumulated depreciation	(2,719,651)	(2,672,179)
Net real estate ($342,568 and $360,160 related to VIEs)	5,580,271	5,472,779
Cash and cash equivalents ($19,944 and $17,108 related to VIEs)	45,241	28,971
Restricted cash ($34,930 and $36,196 related to VIEs)	93,230	91,445
Other assets ($170,046 and $182,108 related to VIEs)	478,961	476,727
Assets held for sale	19,959	27,106
Total assets	6,217,662	6,097,028
LIABILITIES AND EQUITY
Non-recourse property debt ($327,403 and $336,471 related to VIEs)	3,807,699	4,022,809
Revolving credit facility borrowings	128,200	112,330
Total indebtedness	3,935,899	4,135,139
Accounts payable	37,311	41,919
Accrued liabilities and other ($172,290 and $135,644 related to VIEs)	324,746	279,077
Deferred income	65,694	81,882
Liabilities related to assets held for sale	17,311	28,969
Total liabilities	4,380,961	4,566,986
Preferred noncontrolling interests in Aimco Operating Partnership	$ 87,937	$ 87,937
Commitments and contingencies (Note 6)
Equity/Partners' Capital:
Preferred units	$ 159,126	$ 186,126
General Partner and Special Limited Partner	1,442,564	1,041,609
Limited Partners	(17,365)	(18,926)
Partners’ capital attributable to the Aimco Operating Partnership	1,584,325	1,208,809
Noncontrolling interests in consolidated real estate partnerships	164,439	233,296
Total partners’ capital	1,748,764	1,442,105
Total liabilities and equity/partners' capital	$ 6,217,662	$ 6,097,028

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Real estate, net	$ 5,580,271	$ 5,472,779
Cash and cash equivalents	45,241	28,971
Restricted cash	93,230	91,445
Other assets	478,961	476,727
Non-recourse property debt	3,807,699	4,022,809
Accrued liabilities and other	$ 324,746	$ 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)	156,421,276	146,403,274
Common Stock, shares outstanding (in shares)	156,421,276	146,403,274
AIMCO PROPERTIES, L.P [Member]
Real estate, net	$ 5,580,271	$ 5,472,779
Cash and cash equivalents	45,241	28,971
Restricted cash	93,230	91,445
Other assets	478,961	476,727
Non-recourse property debt	3,807,699	4,022,809
Accrued liabilities and other	324,746	279,077
Variable Interest Entity, Primary Beneficiary [Member]
Real estate, net	342,568	360,160
Cash and cash equivalents	19,944	17,108
Restricted cash	34,930	36,196
Other assets	170,046	182,108
Non-recourse property debt	327,403	336,471
Accrued liabilities and other	172,290	135,644
Variable Interest Entity, Primary Beneficiary [Member] \| AIMCO PROPERTIES, L.P [Member]
Real estate, net	342,568	360,160
Cash and cash equivalents	19,944	17,108
Restricted cash	34,930	36,196
Other assets	170,046	182,108
Non-recourse property debt	327,403	336,471
Accrued liabilities and other	$ 172,290	$ 135,644

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
REVENUES
Rental and other property revenues	$ 240,382	$ 239,873	$ 717,308	$ 719,501
Tax credit and asset management revenues	6,005	6,970	18,127	22,684
Total revenues	246,387	246,843	735,435	742,185
OPERATING EXPENSES
Property operating expenses	88,621	95,240	272,043	289,008
Investment management expenses	1,905	1,279	4,594	3,552
Depreciation and amortization	77,237	69,437	226,819	211,143
Impairment of Real Estate	0	1,413	0	1,413
General and administrative expenses	11,013	10,658	33,727	31,304
Other expenses, net	3,590	1,349	7,521	7,223
Total operating expenses	182,366	179,376	544,704	543,643
Operating income	64,021	67,467	190,731	198,542
Interest income	1,737	1,787	5,167	5,187
Interest expense	(48,285)	(57,806)	(151,410)	(168,613)
Other, net	(1,983)	1,733	631	(57)
Income before income taxes and gain on dispositions	15,490	13,181	45,119	35,059
Income tax benefit	8,279	5,005	21,014	13,110
Income from continuing operations	23,769	18,186	66,133	48,169
Gain on dispositions of real estate, net of tax	0	126,329	130,474	262,483
Net income	23,769	144,515	196,607	310,652
Noncontrolling interests:
Net loss (income) attributable to noncontrolling interests in consolidated real estate partnerships	785	(8,337)	(4,082)	(21,952)
Net income attributable to preferred noncontrolling interests in Aimco Operating Partnership	(1,736)	(1,601)	(5,208)	(4,808)
Net income attributable to common noncontrolling interests in Aimco Operating Partnership	(893)	(6,549)	(8,263)	(13,895)
Net income attributable to noncontrolling interests	(1,844)	(16,487)	(17,553)	(40,655)
Net income attributable to the company	21,925	128,028	179,054	269,997
Net income attributable to the company's preferred equity holders	(2,757)	(2,875)	(9,037)	(5,087)
Net loss (income) attributable to participating securities	11	(447)	(690)	(962)
Net income attributable to the company's common equity holders	$ 19,179	$ 124,706	$ 169,327	$ 263,948
Earnings attributable to the company per common share/unit – basic (Note 7):
Income from continuing operations (in dollars per share/unit)	$ 0.12	$ 0.86	$ 1.09	$ 1.81
Net Income (in dollars per share/unit)	0.12	0.86	1.09	1.81
Earnings attributable to the company per common share/unit – diluted (Note 7):
Income from continuing operations (in dollars per share/unit)	0.12	0.85	1.09	1.81
Net income (in dollars per share/unit)	0.12	0.85	1.09	1.81
Dividends declared per common share/unit	$ 0.30	$ 0.26	$ 0.88	$ 0.78
AIMCO PROPERTIES, L.P [Member]
REVENUES
Rental and other property revenues	$ 240,382	$ 239,873	$ 717,308	$ 719,501
Tax credit and asset management revenues	6,005	6,970	18,127	22,684
Total revenues	246,387	246,843	735,435	742,185
OPERATING EXPENSES
Property operating expenses	88,621	95,240	272,043	289,008
Investment management expenses	1,905	1,279	4,594	3,552
Depreciation and amortization	77,237	69,437	226,819	211,143
Impairment of Real Estate	0	1,413	0	1,413
General and administrative expenses	11,013	10,658	33,727	31,304
Other expenses, net	3,590	1,349	7,521	7,223
Total operating expenses	182,366	179,376	544,704	543,643
Operating income	64,021	67,467	190,731	198,542
Interest income	1,737	1,787	5,167	5,187
Interest expense	(48,285)	(57,806)	(151,410)	(168,613)
Other, net	(1,983)	1,733	631	(57)
Income before income taxes and gain on dispositions	15,490	13,181	45,119	35,059
Income tax benefit	8,279	5,005	21,014	13,110
Income from continuing operations	23,769	18,186	66,133	48,169
Gain on dispositions of real estate, net of tax	0	126,329	130,474	262,483
Net income	23,769	144,515	196,607	310,652
Noncontrolling interests:
Net loss (income) attributable to noncontrolling interests in consolidated real estate partnerships	785	(8,337)	(4,082)	(21,952)
Net income attributable to noncontrolling interests	785	(8,337)	(4,082)	(21,952)
Net income attributable to the company	24,554	136,178	192,525	288,700
Net income attributable to the company's preferred equity holders	(4,493)	(4,476)	(14,245)	(9,895)
Net loss (income) attributable to participating securities	11	(447)	(690)	(962)
Net income attributable to the company's common equity holders	$ 20,072	$ 131,255	$ 177,590	$ 277,843
Earnings attributable to the company per common share/unit – basic (Note 7):
Income from continuing operations (in dollars per share/unit)	$ 0.12	$ 0.86	$ 1.09	$ 1.81
Net Income (in dollars per share/unit)	0.12	0.86	1.09	1.81
Earnings attributable to the company per common share/unit – diluted (Note 7):
Income from continuing operations (in dollars per share/unit)	0.12	0.85	1.09	1.81
Net income (in dollars per share/unit)	0.12	0.85	1.09	1.81
Dividends declared per common share/unit	$ 0.30	$ 0.26	$ 0.88	$ 0.78

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net income	$ 23,769	$ 144,515	$ 196,607	$ 310,652
Other comprehensive (loss) income:
Unrealized losses on interest rate swaps	(892)	(61)	(1,517)	(1,488)
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss	418	421	1,260	1,265
Unrealized gains (losses) on debt securities classified as available-for-sale	1,111	(566)	(51)	(618)
Other comprehensive income (loss)	637	(206)	(308)	(841)
Comprehensive income	24,406	144,309	196,299	309,811
Comprehensive income attributable to noncontrolling interests	(1,888)	(16,555)	(17,597)	(40,728)
Comprehensive income attributable to Aimco/Operating Partnership	22,518	127,754	178,702	269,083
AIMCO PROPERTIES, L.P [Member]
Net income	23,769	144,515	196,607	310,652
Other comprehensive (loss) income:
Unrealized losses on interest rate swaps	(892)	(61)	(1,517)	(1,488)
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss	418	421	1,260	1,265
Unrealized gains (losses) on debt securities classified as available-for-sale	1,111	(566)	(51)	(618)
Other comprehensive income (loss)	637	(206)	(308)	(841)
Comprehensive income	24,406	144,309	196,299	309,811
Comprehensive income attributable to noncontrolling interests	770	(8,419)	(4,143)	(22,073)
Comprehensive income attributable to Aimco/Operating Partnership	$ 25,176	$ 135,890	$ 192,156	$ 287,738

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 196,607	$ 310,652
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	226,819	211,143
Gain on dispositions of real estate, net of tax	(130,474)	(262,483)
Other adjustments	(17,137)	204
Net changes in operating assets and operating liabilities	(17,371)	(26,127)
Net cash provided by operating activities	258,444	233,389
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of real estate	(142,207)	(132,463)
Capital expenditures	(277,575)	(277,214)
Proceeds from dispositions of real estate	227,911	564,687
Purchases of corporate assets	(4,625)	(6,405)
Change in restricted cash	2,900	(33,784)
Other investing activities	(22,123)	854
Net cash (used in) provided by investing activities	(215,719)	115,675
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from non-recourse property debt	232,994	83,130
Principal repayments on non-recourse property debt	(418,744)	(376,713)
Net borrowings (repayments) on revolving credit facility	15,870	(35,950)
Proceeds from issuance of preferred securities	0	123,620
Proceeds from issuance of common securities	366,580	0
Redemption and repurchase of preferred securities	(27,000)	(9,516)
Payment of dividends to holders of preferred securities	(8,342)	(3,481)
Payment of dividends to holders of Common Stock	(137,268)	(113,988)
Payment of distributions to noncontrolling interests	(46,026)	(42,969)
Other financing activities	(4,519)	238
Net cash used in financing activities	(26,455)	(375,629)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	16,270	(26,565)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	28,971	55,751
CASH AND CASH EQUIVALENTS AT END OF PERIOD	45,241	29,186
AIMCO PROPERTIES, L.P [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	196,607	310,652
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	226,819	211,143
Gain on dispositions of real estate, net of tax	(130,474)	(262,483)
Other adjustments	(17,137)	204
Net changes in operating assets and operating liabilities	(17,371)	(26,127)
Net cash provided by operating activities	258,444	233,389
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of real estate	(142,207)	(132,463)
Capital expenditures	(277,575)	(277,214)
Proceeds from dispositions of real estate	227,911	564,687
Purchases of corporate assets	(4,625)	(6,405)
Change in restricted cash	2,900	(33,784)
Other investing activities	(22,123)	854
Net cash (used in) provided by investing activities	(215,719)	115,675
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from non-recourse property debt	232,994	83,130
Principal repayments on non-recourse property debt	(418,744)	(376,713)
Net borrowings (repayments) on revolving credit facility	15,870	(35,950)
Proceeds from issuance of preferred securities	0	123,620
Proceeds from issuance of common securities	366,580	0
Redemption and repurchase of preferred securities	(27,000)	(9,516)
Payment of dividends to holders of preferred securities	(13,550)	(8,289)
Payment of distributions to General Partner and Special Limited Partner	(137,268)	(113,988)
Payment of distributions to Limited Partners	(6,701)	(6,020)
Payment of distributions to noncontrolling interests	(34,117)	(32,141)
Other financing activities	(4,519)	238
Net cash used in financing activities	(26,455)	(375,629)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	16,270	(26,565)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	28,971	55,751
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 45,241	$ 29,186

Organization

Organization	9 Months Ended
Organization	Sep. 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 September 30, 2015 , after eliminations for units held by consolidated entities, the Aimco Operating Partnership had 164,005,054 common partnership units and equivalents outstanding. At September 30, 2015 , Aimco owned 156,421,276 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 September 30, 2015 , we owned an equity interest in 143 conventional apartment communities with 41,429 apartment homes and 56 affordable apartment communities with 8,685 apartment homes. Of these, we consolidated 139 conventional apartment communities with 41,287 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 nine months ended September 30, 2015 .

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 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 nine months ended September 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 September 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 $342.6 million collateralized $327.4 million of debt of those VIEs. Any significant amounts of assets and liabilities related to our consolidated VIEs are identified parenthetically on our accompanying 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 September 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 September 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 (5,208 ) Net income 5,208 Balance, September 30, 2015 $ 87,937 Aimco Equity (including Noncontrolling Interests) The following table presents a reconciliation of Aimco’s consolidated permanent equity accounts from December 31, 2014 to September 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 (8,342 ) — — (8,342 ) Common dividends and distributions (137,493 ) (72,873 ) (6,701 ) (217,067 ) Redemptions of common OP Units — — (2,612 ) (2,612 ) Amortization of stock-based compensation cost 5,572 — — 5,572 Effect of changes in ownership for consolidated entities (4,328 ) — 2,628 (1,700 ) Change in accumulated other comprehensive loss (352 ) 61 (17 ) (308 ) Other 264 (127 ) — 137 Net income 179,054 4,082 8,263 191,399 Balance, September 30, 2015 $ 1,601,690 $ 164,439 $ (17,365 ) $ 1,748,764 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 September 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 (8,342 ) Distributions to common units held by Aimco (137,493 ) Distributions to common units held by Limited Partners (6,701 ) Redemption of common OP Units (2,612 ) Amortization of Aimco stock-based compensation cost 5,572 Effect of changes in ownership for consolidated entities (1,700 ) Change in accumulated other comprehensive loss (369 ) Other 264 Net income 187,317 Balance, September 30, 2015 $ 1,584,325 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. Alternatively, limited partnerships not previously viewed as VIEs may now be considered VIEs in the absence of such rights. 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 generally 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. In August 2015, the FASB issued ASU 2015-15 to clarify the SEC staff’s position regarding the presentation and subsequent measurement of debt issuance costs related to line-of-credit arrangements due to the lack of guidance on this topic in the recently issued ASU 2015-03. The SEC staff recently announced that it would not object to an entity deferring and presenting debt issuance costs associated with line-of-credit arrangements as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the arrangement, regardless of whether there are any outstanding borrowings under the arrangement. For public companies, the guidance in ASUs 2015-03 and 2015-15, 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 ASUs 2015-03 and 2015-15 to have a significant effect on our consolidated financial statements.

Disposals and Assets Held for S

Disposals and Assets Held for Sale	9 Months Ended
Disposals and Assets Held for Sale	Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Disposals and Assets Held for Sale	Disposals and Assets Held for Sale During the three months ended September 30, 2015 , we did not sell any consolidated apartment communities, and during the nine months ended September 30, 2015 , we sold eight consolidated apartment communities with an aggregate of 2,891 apartment homes and during the year ended December 31, 2014 , we sold 30 consolidated apartment communities with an aggregate of 9,067 apartment homes. In addition to the apartment communities we sold, 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 September 30, 2015 , we had two apartment communities with 476 apartment homes classified as held for sale. The results of operations for the apartment communities sold or classified as held for sale are reflected within income from continuing operations in our condensed consolidated statements of operations. The apartment communities sold or classified as held for sale during 2015 generated $1.1 million and $6.6 million of net income (before gains on dispositions) during the three and nine months ended September 30, 2015 , respectively. The apartment communities sold or classified as held for sale during 2015 and 2014 , generated $6.7 million and $29.0 million of net income (before gains on dispositions) during the three and nine months ended September 30, 2014 , respectively. The sale of these apartment communities resulted in gains on disposition of real estate of $130.5 million for the nine months ended September 30, 2015 . For the three and nine months ended September 30, 2014 , the sale of apartment communities resulted in gains on disposition of real estate of $126.3 million and $262.5 million , respectively, which are net of $21.1 million and $29.8 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 $19.8 million for consolidated dispositions during the nine months ended September 30, 2015 ( $13.2 million of which represented the mark-to-market adjustment), and $13.6 million and $22.1 million for consolidated dispositions during the three and nine months ended September 30, 2014 , respectively ( $9.4 million and $15.1 million of which represented the mark-to-market adjustments). In connection with sales of apartment communities during the nine months ended September 30, 2015 , the purchasers assumed $6.1 million of non-recourse property debt. In connection with sales of apartment communities during the nine months ended September 30, 2014 , the purchasers assumed $56.9 million of non-recourse property debt.

Other Significant Transactions

Other Significant Transactions	9 Months Ended
Other Significant Transactions	Sep. 30, 2015
Other Significant Transactions [Abstract]
Other Significant Transactions	Other Significant Transactions Investments in Apartment Communities In March 2015, we acquired for $38.3 million a 94 -apartment home community located in Atlanta, Georgia. In April 2015, we acquired for $63.0 million a 115 -apartment home community located in Cambridge, Massachusetts at the completion of its construction. At September 30, 2015 , 77% of the apartment homes were occupied. In June 2015, we purchased a 91 -apartment home community under construction at the time of acquisition. 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. We expect a total investment of $45.0 million in this community, of which $38.8 million has been invested through September 30, 2015 . Construction of the apartment homes was completed during the third quarter, and we began lease-up in October. Construction of the community's amenities is expected to be complete by year end. 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 September 30, 2015 , the Napico portfolio consisted of 14 partnerships that held investments in 12 apartment communities that were consolidated and 47 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): September 30, 2015 December 31, 2014 Real estate, net $ 107,407 $ 117,851 Cash and cash equivalents 33,715 23,133 Investment in unconsolidated real estate partnerships 766 8,392 Other assets 16,419 11,759 Total assets $ 158,307 $ 161,135 Total indebtedness $ 143,987 $ 113,641 Accrued and other liabilities 9,299 4,417 Total liabilities $ 153,286 $ 118,058 Noncontrolling interests in consolidated real estate partnerships 697 44,106 Equity attributable to Aimco and the Aimco Operating Partnership 4,324 (1,029 ) Total liabilities and equity $ 158,307 $ 161,135 During the nine months ended September 30, 2015, Napico sold a property, resulting in a reduction of real estate, and Napico refinanced a property, resulting in an increase in indebtedness and a reduction in noncontrolling interests in consolidated real estate partnerships, following distribution of the proceeds. 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 Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Revenues $ 6,120 $ 9,884 $ 19,054 $ 21,234 Expenses (5,399 ) (5,114 ) (15,876 ) (15,992 ) Equity in loss of unconsolidated entities, gains or losses on dispositions and other, net (2,614 ) (3,246 ) (2,420 ) (5,198 ) Net (loss) income related to legacy asset management business (1,893 ) 1,524 758 44 Income tax benefit (expense) associated with legacy asset management business 108 101 (1,916 ) 411 Loss (income) allocated to noncontrolling interests in consolidated real estate partnerships 2,161 (1,768 ) 4,672 (1,580 ) Net income (losses) of legacy asset management business attributable to Aimco and the Aimco Operating Partnership $ 376 $ (143 ) $ 3,514 $ (1,125 ) Revenues decreased during the three and nine months ended September 30, 2015 , as compared to the three and nine months ended September 30, 2014 , due to an adjustment in 2014 to increase 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 nine months ended September 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 nine months ended September 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	9 Months Ended
Fair Value Measurements	Sep. 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 2,833 — 2,833 Unrealized losses included in interest expense — (36 ) (36 ) Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss — 1,265 1,265 Unrealized losses included in equity and partners’ capital (618 ) (1,488 ) (2,106 ) Fair value at September 30, 2014 $ 60,623 $ (4,863 ) $ 55,760 Fair value at December 31, 2014 $ 61,043 $ (5,273 ) $ 55,770 Investment accretion included in interest income 3,142 — 3,142 Unrealized losses included in interest expense — (36 ) (36 ) Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss — 1,260 1,260 Unrealized losses included in equity and partners’ capital (51 ) (1,517 ) (1,568 ) Fair value at September 30, 2015 $ 64,134 $ (5,566 ) $ 58,568 Our investments classified as AFS are presented within other assets in the accompanying consolidated balance sheets. We hold several positions in the securitization which pay interest currently, and we also hold the first loss position in the securitization which accrues interest over the term of the investment. 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 September 30, 2015 , was approximately 5.7 years. Our amortized cost basis for these investments, which represents the original cost adjusted for interest accretion less interest payments received, was $66.7 million and $63.6 million at September 30, 2015 and December 31, 2014 , respectively. We estimate the fair value of these investments in accordance with GAAP using an income and market approach with primarily observable inputs, including yields and other information regarding similar types of investments, and adjusted for certain unobservable inputs specific to these investments. The fair value of the positions that pay interest currently, which typically moves in an inverse relationship with movements in interest rates, exceeded the amortized cost of these investments at the balance sheet dates. The fair value of the first loss position, which is less correlated to movements in interest rates, was less than the amortized cost at the balance sheet dates. 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 tranche of these investments 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 September 30, 2015 and December 31, 2014 , we had interest rate swaps with aggregate notional amounts of $50.0 million and $50.3 million , respectively. As of September 30, 2015 , these swaps had a weighted average remaining term of 5.2 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 September 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 September 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 $4.1 billion and $4.4 billion at September 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 loans secured by 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	9 Months Ended
Commitments and Contingencies	Sep. 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 September 30, 2015 , our commitments related to these capital activities totaled approximately $114.8 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 $48.5 million was available to draw at September 30, 2015 . During the three months ended September 30, 2015 , we also entered into a contract to acquire an apartment community currently under construction in Northern California for $320.0 million . Closing of the acquisition is expected to occur upon completion of construction in the summer of 2016. Consistent with our paired-trade discipline, we intend to fund the acquisition on a leverage neutral basis through a ten-year property loan with the balance funded primarily by proceeds from sales of lower-rated apartment communities. 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 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 have undertaken a voluntary remediation of the dry cleaner contamination at our former property under the oversight of the Indiana Department of Environmental Management, or IDEM. However, IDEM has formally terminated us from the voluntary remediation, and we are presently appealing that termination. 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 is now proposing to list the area on the National Priorities List (i.e., as a Superfund site), which would make the site 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 also have been contacted by regulators and the current owner of a property in Lake Tahoe regarding environmental issues allegedly stemming from the historic operation of a dry cleaner on the site. An entity owned by us was the former general partner of a now-dissolved company that previously owned the dry cleaner site. The Lahontan Regional Water Quality Control Board, or Board, recently tested domestic wells in the area and found two wells with contaminants linked to dry cleaning. We entered into an agreement with the Board and the current owner to pay for an alternative water connection at an insignificant cost. During the three months ended September 30, 2015, the Board sent us and the current owner a proposed cleanup and abatement order that, if entered, would require us and the current owner to perform additional groundwater investigation and corrective actions. We are currently assessing potential legal and technical grounds for challenging and/or narrowing the scope of the proposed order. 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 September 30, 2015, are immaterial to our consolidated financial condition, results of operations and cash flows.

Earnings per Share_Unit

Earnings per Share/Unit	9 Months Ended
Earnings per Share/Unit	Sep. 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 nine months ended September 30, 2015 and 2014 (in thousands, except per share data): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Numerator: Income from continuing operations $ 23,769 $ 18,186 $ 66,133 $ 48,169 Gain on dispositions of real estate, net of tax — 126,329 130,474 262,483 Income from continuing operations and gain on dispositions attributable to noncontrolling interests (1,844 ) (16,487 ) (17,553 ) (40,655 ) Income attributable to preferred stockholders (2,757 ) (2,875 ) (9,037 ) (5,087 ) Loss (income) attributable to participating securities 11 (447 ) (690 ) (962 ) Income from continuing operations attributable to Aimco common stockholders $ 19,179 $ 124,706 $ 169,327 $ 263,948 Net income $ 23,769 $ 144,515 $ 196,607 $ 310,652 Net income attributable to noncontrolling interests (1,844 ) (16,487 ) (17,553 ) (40,655 ) Net income attributable to preferred stockholders (2,757 ) (2,875 ) (9,037 ) (5,087 ) Net loss (income) attributable to participating securities 11 (447 ) (690 ) (962 ) Net income attributable to Aimco common stockholders $ 19,179 $ 124,706 $ 169,327 $ 263,948 Denominator: Weighted average common shares outstanding – basic 155,639 145,672 154,994 145,601 Dilutive potential common shares 369 432 418 323 Weighted average common shares outstanding – diluted 156,008 146,104 155,412 145,924 Earnings attributable to Aimco per common share – basic: Income from continuing operations $ 0.12 $ 0.86 $ 1.09 $ 1.81 Net income $ 0.12 $ 0.86 $ 1.09 $ 1.81 Earnings attributable to Aimco per common share – diluted: Income from continuing operations $ 0.12 $ 0.85 $ 1.09 $ 1.81 Net income $ 0.12 $ 0.85 $ 1.09 $ 1.81 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 nine months ended September 30, 2015 and 2014 (in thousands, except per unit data): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Numerator: Income from continuing operations $ 23,769 $ 18,186 $ 66,133 $ 48,169 Gain on dispositions of real estate, net of tax — 126,329 130,474 262,483 Loss (income) from continuing operations and gain on dispositions attributable to noncontrolling interests 785 (8,337 ) (4,082 ) (21,952 ) Income attributable to the Aimco Operating Partnership’s preferred unitholders (4,493 ) (4,476 ) (14,245 ) (9,895 ) Loss (income) attributable to participating securities 11 (447 ) (690 ) (962 ) Income from continuing operations attributable to the Aimco Operating Partnership’s common unitholders $ 20,072 $ 131,255 $ 177,590 $ 277,843 Net income $ 23,769 $ 144,515 $ 196,607 $ 310,652 Net loss (income) attributable to noncontrolling interests 785 (8,337 ) (4,082 ) (21,952 ) Net income attributable to the Aimco Operating Partnership’s preferred unitholders (4,493 ) (4,476 ) (14,245 ) (9,895 ) Net loss (income) attributable to participating securities 11 (447 ) (690 ) (962 ) Net income attributable to the Aimco Operating Partnership’s common unitholders $ 20,072 $ 131,255 $ 177,590 $ 277,843 Denominator: Weighted average common units outstanding – basic 163,241 153,337 162,616 153,326 Dilutive potential common units 369 432 418 323 Weighted average common units outstanding – diluted 163,610 153,769 163,034 153,649 Earnings attributable to the Aimco Operating Partnership per common unit – basic: Income from continuing operations $ 0.12 $ 0.86 $ 1.09 $ 1.81 Net income $ 0.12 $ 0.86 $ 1.09 $ 1.81 Earnings attributable to the Aimco Operating Partnership per common unit – diluted: Income from continuing operations $ 0.12 $ 0.85 $ 1.09 $ 1.81 Net income $ 0.12 $ 0.85 $ 1.09 $ 1.81 Aimco and the Aimco Operating Partnership As of September 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 1.4 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 nine months ended September 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 0.7 million shares and 0.5 million shares at September 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 September 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	9 Months Ended
Business Segments	Sep. 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 41,429 apartment homes at September 30, 2015 . Our affordable real estate operations consisted of 56 apartment communities with 8,685 apartment homes at September 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 nine months ended September 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 September 30, 2015: Rental and other property revenues $ 204,246 $ 24,388 $ 10,219 $ 1,529 $ 240,382 Tax credit and asset management revenues — — — 6,005 6,005 Total revenues 204,246 24,388 10,219 7,534 246,387 Property operating expenses 68,456 9,631 3,434 7,100 88,621 Investment management expenses — — — 1,905 1,905 Depreciation and amortization — — — 77,237 77,237 General and administrative expenses — — — 11,013 11,013 Other expenses, net — — — 3,590 3,590 Total operating expenses 68,456 9,631 3,434 100,845 182,366 Net operating income (loss) 135,790 14,757 6,785 (93,311 ) 64,021 Other items included in continuing operations — — — (40,252 ) (40,252 ) Income (loss) from continuing operations $ 135,790 $ 14,757 $ 6,785 $ (133,563 ) $ 23,769 Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended September 30, 2014: Rental and other property revenues $ 187,063 $ 23,724 $ 7,337 $ 21,749 $ 239,873 Tax credit and asset management revenues — — — 6,970 6,970 Total revenues 187,063 23,724 7,337 28,719 246,843 Property operating expenses 63,869 9,274 2,422 19,675 95,240 Investment management expenses — — — 1,279 1,279 Depreciation and amortization — — — 69,437 69,437 Provision for real estate impairment losses — — — 1,413 1,413 General and administrative expenses — — — 10,658 10,658 Other expenses, net — — — 1,349 1,349 Total operating expenses 63,869 9,274 2,422 103,811 179,376 Net operating income (loss) 123,194 14,450 4,915 (75,092 ) 67,467 Other items included in continuing operations — — — (49,281 ) (49,281 ) Income (loss) from continuing operations $ 123,194 $ 14,450 $ 4,915 $ (124,373 ) $ 18,186 Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Nine Months Ended September 30, 2015: Rental and other property revenues $ 599,977 $ 72,779 $ 28,269 $ 16,283 $ 717,308 Asset management and tax credit revenues — — — 18,127 18,127 Total revenues 599,977 72,779 28,269 34,410 735,435 Property operating expenses 200,660 28,965 10,274 32,144 272,043 Investment management expenses — — — 4,594 4,594 Depreciation and amortization — — — 226,819 226,819 General and administrative expenses — — — 33,727 33,727 Other expenses, net — — — 7,521 7,521 Total operating expenses 200,660 28,965 10,274 304,805 544,704 Net operating income (loss) 399,317 43,814 17,995 (270,395 ) 190,731 Other items included in continuing operations — — — (124,598 ) (124,598 ) Income (loss) from continuing operations $ 399,317 $ 43,814 $ 17,995 $ (394,993 ) $ 66,133 Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Nine Months Ended September 30, 2014: Rental and other property revenues $ 546,381 $ 70,717 $ 21,704 $ 80,699 $ 719,501 Asset management and tax credit revenues — — — 22,684 22,684 Total revenues 546,381 70,717 21,704 103,383 742,185 Property operating expenses 187,881 29,129 6,820 65,178 289,008 Investment management expenses — — — 3,552 3,552 Depreciation and amortization — — — 211,143 211,143 Provision for real estate impairment losses — — — 1,413 1,413 General and administrative expenses — — — 31,304 31,304 Other expenses, net — — — 7,223 7,223 Total operating expenses 187,881 29,129 6,820 319,813 543,643 Net operating income (loss) 358,500 41,588 14,884 (216,430 ) 198,542 Other items included in continuing operations — — — (150,373 ) (150,373 ) Income (loss) from continuing operations $ 358,500 $ 41,588 $ 14,884 $ (366,803 ) $ 48,169 (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 nine months ended September 30, 2015 and 2014 , capital additions related to our conventional segment totaled $258.7 million and $270.4 million , respectively, and capital additions related to our affordable segment totaled $6.5 million and $6.6 million , respectively.

Basis of Presentation and Sum15

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 nine months ended September 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 September 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 $342.6 million collateralized $327.4 million of debt of those VIEs. Any significant amounts of assets and liabilities related to our consolidated VIEs are identified parenthetically on our accompanying 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 September 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. Alternatively, limited partnerships not previously viewed as VIEs may now be considered VIEs in the absence of such rights. 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 generally 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. In August 2015, the FASB issued ASU 2015-15 to clarify the SEC staff’s position regarding the presentation and subsequent measurement of debt issuance costs related to line-of-credit arrangements due to the lack of guidance on this topic in the recently issued ASU 2015-03. The SEC staff recently announced that it would not object to an entity deferring and presenting debt issuance costs associated with line-of-credit arrangements as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the arrangement, regardless of whether there are any outstanding borrowings under the arrangement. For public companies, the guidance in ASUs 2015-03 and 2015-15, 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 ASUs 2015-03 and 2015-15 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)	9 Months Ended
	Sep. 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 September 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 (5,208 ) Net income 5,208 Balance, September 30, 2015 $ 87,937
Reconciliation of consolidated permanent equity accounts	The following table presents a reconciliation of Aimco’s consolidated permanent equity accounts from December 31, 2014 to September 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 (8,342 ) — — (8,342 ) Common dividends and distributions (137,493 ) (72,873 ) (6,701 ) (217,067 ) Redemptions of common OP Units — — (2,612 ) (2,612 ) Amortization of stock-based compensation cost 5,572 — — 5,572 Effect of changes in ownership for consolidated entities (4,328 ) — 2,628 (1,700 ) Change in accumulated other comprehensive loss (352 ) 61 (17 ) (308 ) Other 264 (127 ) — 137 Net income 179,054 4,082 8,263 191,399 Balance, September 30, 2015 $ 1,601,690 $ 164,439 $ (17,365 ) $ 1,748,764
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 (8,342 ) Distributions to common units held by Aimco (137,493 ) Distributions to common units held by Limited Partners (6,701 ) Redemption of common OP Units (2,612 ) Amortization of Aimco stock-based compensation cost 5,572 Effect of changes in ownership for consolidated entities (1,700 ) Change in accumulated other comprehensive loss (369 ) Other 264 Net income 187,317 Balance, September 30, 2015 $ 1,584,325

Other Significant Transactions

Other Significant Transactions (Tables)	9 Months Ended
Other Significant Transactions (Tables)	Sep. 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): September 30, 2015 December 31, 2014 Real estate, net $ 107,407 $ 117,851 Cash and cash equivalents 33,715 23,133 Investment in unconsolidated real estate partnerships 766 8,392 Other assets 16,419 11,759 Total assets $ 158,307 $ 161,135 Total indebtedness $ 143,987 $ 113,641 Accrued and other liabilities 9,299 4,417 Total liabilities $ 153,286 $ 118,058 Noncontrolling interests in consolidated real estate partnerships 697 44,106 Equity attributable to Aimco and the Aimco Operating Partnership 4,324 (1,029 ) Total liabilities and equity $ 158,307 $ 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 Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Revenues $ 6,120 $ 9,884 $ 19,054 $ 21,234 Expenses (5,399 ) (5,114 ) (15,876 ) (15,992 ) Equity in loss of unconsolidated entities, gains or losses on dispositions and other, net (2,614 ) (3,246 ) (2,420 ) (5,198 ) Net (loss) income related to legacy asset management business (1,893 ) 1,524 758 44 Income tax benefit (expense) associated with legacy asset management business 108 101 (1,916 ) 411 Loss (income) allocated to noncontrolling interests in consolidated real estate partnerships 2,161 (1,768 ) 4,672 (1,580 ) Net income (losses) of legacy asset management business attributable to Aimco and the Aimco Operating Partnership $ 376 $ (143 ) $ 3,514 $ (1,125 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 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 2,833 — 2,833 Unrealized losses included in interest expense — (36 ) (36 ) Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss — 1,265 1,265 Unrealized losses included in equity and partners’ capital (618 ) (1,488 ) (2,106 ) Fair value at September 30, 2014 $ 60,623 $ (4,863 ) $ 55,760 Fair value at December 31, 2014 $ 61,043 $ (5,273 ) $ 55,770 Investment accretion included in interest income 3,142 — 3,142 Unrealized losses included in interest expense — (36 ) (36 ) Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss — 1,260 1,260 Unrealized losses included in equity and partners’ capital (51 ) (1,517 ) (1,568 ) Fair value at September 30, 2015 $ 64,134 $ (5,566 ) $ 58,568

Earnings per Share_Unit (Tables

Earnings per Share/Unit (Tables)	9 Months Ended
Earnings per Share/Unit (Tables)	Sep. 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 nine months ended September 30, 2015 and 2014 (in thousands, except per share data): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Numerator: Income from continuing operations $ 23,769 $ 18,186 $ 66,133 $ 48,169 Gain on dispositions of real estate, net of tax — 126,329 130,474 262,483 Income from continuing operations and gain on dispositions attributable to noncontrolling interests (1,844 ) (16,487 ) (17,553 ) (40,655 ) Income attributable to preferred stockholders (2,757 ) (2,875 ) (9,037 ) (5,087 ) Loss (income) attributable to participating securities 11 (447 ) (690 ) (962 ) Income from continuing operations attributable to Aimco common stockholders $ 19,179 $ 124,706 $ 169,327 $ 263,948 Net income $ 23,769 $ 144,515 $ 196,607 $ 310,652 Net income attributable to noncontrolling interests (1,844 ) (16,487 ) (17,553 ) (40,655 ) Net income attributable to preferred stockholders (2,757 ) (2,875 ) (9,037 ) (5,087 ) Net loss (income) attributable to participating securities 11 (447 ) (690 ) (962 ) Net income attributable to Aimco common stockholders $ 19,179 $ 124,706 $ 169,327 $ 263,948 Denominator: Weighted average common shares outstanding – basic 155,639 145,672 154,994 145,601 Dilutive potential common shares 369 432 418 323 Weighted average common shares outstanding – diluted 156,008 146,104 155,412 145,924 Earnings attributable to Aimco per common share – basic: Income from continuing operations $ 0.12 $ 0.86 $ 1.09 $ 1.81 Net income $ 0.12 $ 0.86 $ 1.09 $ 1.81 Earnings attributable to Aimco per common share – diluted: Income from continuing operations $ 0.12 $ 0.85 $ 1.09 $ 1.81 Net income $ 0.12 $ 0.85 $ 1.09 $ 1.81
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 nine months ended September 30, 2015 and 2014 (in thousands, except per unit data): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Numerator: Income from continuing operations $ 23,769 $ 18,186 $ 66,133 $ 48,169 Gain on dispositions of real estate, net of tax — 126,329 130,474 262,483 Loss (income) from continuing operations and gain on dispositions attributable to noncontrolling interests 785 (8,337 ) (4,082 ) (21,952 ) Income attributable to the Aimco Operating Partnership’s preferred unitholders (4,493 ) (4,476 ) (14,245 ) (9,895 ) Loss (income) attributable to participating securities 11 (447 ) (690 ) (962 ) Income from continuing operations attributable to the Aimco Operating Partnership’s common unitholders $ 20,072 $ 131,255 $ 177,590 $ 277,843 Net income $ 23,769 $ 144,515 $ 196,607 $ 310,652 Net loss (income) attributable to noncontrolling interests 785 (8,337 ) (4,082 ) (21,952 ) Net income attributable to the Aimco Operating Partnership’s preferred unitholders (4,493 ) (4,476 ) (14,245 ) (9,895 ) Net loss (income) attributable to participating securities 11 (447 ) (690 ) (962 ) Net income attributable to the Aimco Operating Partnership’s common unitholders $ 20,072 $ 131,255 $ 177,590 $ 277,843 Denominator: Weighted average common units outstanding – basic 163,241 153,337 162,616 153,326 Dilutive potential common units 369 432 418 323 Weighted average common units outstanding – diluted 163,610 153,769 163,034 153,649 Earnings attributable to the Aimco Operating Partnership per common unit – basic: Income from continuing operations $ 0.12 $ 0.86 $ 1.09 $ 1.81 Net income $ 0.12 $ 0.86 $ 1.09 $ 1.81 Earnings attributable to the Aimco Operating Partnership per common unit – diluted: Income from continuing operations $ 0.12 $ 0.85 $ 1.09 $ 1.81 Net income $ 0.12 $ 0.85 $ 1.09 $ 1.81

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
Business Segments (Tables)	Sep. 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 nine months ended September 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 September 30, 2015: Rental and other property revenues $ 204,246 $ 24,388 $ 10,219 $ 1,529 $ 240,382 Tax credit and asset management revenues — — — 6,005 6,005 Total revenues 204,246 24,388 10,219 7,534 246,387 Property operating expenses 68,456 9,631 3,434 7,100 88,621 Investment management expenses — — — 1,905 1,905 Depreciation and amortization — — — 77,237 77,237 General and administrative expenses — — — 11,013 11,013 Other expenses, net — — — 3,590 3,590 Total operating expenses 68,456 9,631 3,434 100,845 182,366 Net operating income (loss) 135,790 14,757 6,785 (93,311 ) 64,021 Other items included in continuing operations — — — (40,252 ) (40,252 ) Income (loss) from continuing operations $ 135,790 $ 14,757 $ 6,785 $ (133,563 ) $ 23,769 Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended September 30, 2014: Rental and other property revenues $ 187,063 $ 23,724 $ 7,337 $ 21,749 $ 239,873 Tax credit and asset management revenues — — — 6,970 6,970 Total revenues 187,063 23,724 7,337 28,719 246,843 Property operating expenses 63,869 9,274 2,422 19,675 95,240 Investment management expenses — — — 1,279 1,279 Depreciation and amortization — — — 69,437 69,437 Provision for real estate impairment losses — — — 1,413 1,413 General and administrative expenses — — — 10,658 10,658 Other expenses, net — — — 1,349 1,349 Total operating expenses 63,869 9,274 2,422 103,811 179,376 Net operating income (loss) 123,194 14,450 4,915 (75,092 ) 67,467 Other items included in continuing operations — — — (49,281 ) (49,281 ) Income (loss) from continuing operations $ 123,194 $ 14,450 $ 4,915 $ (124,373 ) $ 18,186 Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Nine Months Ended September 30, 2015: Rental and other property revenues $ 599,977 $ 72,779 $ 28,269 $ 16,283 $ 717,308 Asset management and tax credit revenues — — — 18,127 18,127 Total revenues 599,977 72,779 28,269 34,410 735,435 Property operating expenses 200,660 28,965 10,274 32,144 272,043 Investment management expenses — — — 4,594 4,594 Depreciation and amortization — — — 226,819 226,819 General and administrative expenses — — — 33,727 33,727 Other expenses, net — — — 7,521 7,521 Total operating expenses 200,660 28,965 10,274 304,805 544,704 Net operating income (loss) 399,317 43,814 17,995 (270,395 ) 190,731 Other items included in continuing operations — — — (124,598 ) (124,598 ) Income (loss) from continuing operations $ 399,317 $ 43,814 $ 17,995 $ (394,993 ) $ 66,133 Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Nine Months Ended September 30, 2014: Rental and other property revenues $ 546,381 $ 70,717 $ 21,704 $ 80,699 $ 719,501 Asset management and tax credit revenues — — — 22,684 22,684 Total revenues 546,381 70,717 21,704 103,383 742,185 Property operating expenses 187,881 29,129 6,820 65,178 289,008 Investment management expenses — — — 3,552 3,552 Depreciation and amortization — — — 211,143 211,143 Provision for real estate impairment losses — — — 1,413 1,413 General and administrative expenses — — — 31,304 31,304 Other expenses, net — — — 7,223 7,223 Total operating expenses 187,881 29,129 6,820 319,813 543,643 Net operating income (loss) 358,500 41,588 14,884 (216,430 ) 198,542 Other items included in continuing operations — — — (150,373 ) (150,373 ) Income (loss) from continuing operations $ 358,500 $ 41,588 $ 14,884 $ (366,803 ) $ 48,169 (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)	9 Months Ended
Organization (Details Textual)	Sep. 30, 2015UnitsPropertyshares	Dec. 31, 2014shares
Organization [Line Items]
Common partnership units and equivalents outstanding \| shares	156,421,276
Shares of Common Stock outstanding \| shares	156,421,276	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	41,429
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	41,287
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	164,005,054

Basis of Presentation and Sum22

Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) $ in Thousands	Sep. 30, 2015USD ($)EntityUnitsProperty	Dec. 31, 2014USD ($)
Variable Interest Entity [Line Items]
Net real estate related to VIEs	$ 5,580,271	$ 5,472,779
Non-recourse property debt related to VIEs	$ 3,807,699	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	$ 342,568	360,160
Non-recourse property debt related to VIEs	$ 327,403	$ 336,471

Basis of Presentation and Sum23

Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance, December 31, 2014	$ 87,937
Balance, September 30, 2015	87,937
AIMCO PROPERTIES, L.P [Member]
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance, December 31, 2014	87,937
Distributions to preferred unitholders	(5,208)
Net income	5,208
Balance, September 30, 2015	$ 87,937

Basis of Presentation and Sum24

Basis of Presentation and Summary of Significant Accounting Policies (Details 1) $ in Thousands	9 Months Ended
	Sep. 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	(8,342)
Common dividends and distributions	(217,067)
Redemptions of common OP Units	(2,612)
Amortization of stock-based compensation cost	5,572
Effect of changes in ownership for consolidated entities	(1,700)
Change in accumulated other comprehensive loss	(308)
Other	137
Net income	191,399
Balance, September 30, 2015	1,748,764
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	(8,342)
Common dividends and distributions	(137,493)
Amortization of stock-based compensation cost	5,572
Effect of changes in ownership for consolidated entities	(4,328)
Change in accumulated other comprehensive loss	(352)
Other	264
Net income	179,054
Balance, September 30, 2015	1,601,690
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	(72,873)
Change in accumulated other comprehensive loss	61
Other	(127)
Net income	4,082
Balance, September 30, 2015	164,439
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	(6,701)
Redemptions of common OP Units	(2,612)
Effect of changes in ownership for consolidated entities	2,628
Change in accumulated other comprehensive loss	(17)
Net income	8,263
Balance, September 30, 2015	$ (17,365)

Basis of Presentation and Sum25

Basis of Presentation and Summary of Significant Accounting Policies (Details 2) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Increase (Decrease) in Partners' Capital [Roll Forward]
Redemption of common OP Units	$ (2,612)
Amortization of Aimco stock-based compensation cost	5,572
Effect of changes in ownership for consolidated entities	(1,700)
Change in accumulated other comprehensive loss	(308)
Other	137
Net income	191,399
AIMCO PROPERTIES, L.P [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance, December 31, 2014	1,208,809
Balance, September 30, 2015	1,584,325
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	(8,342)
Distributions to common units held by Aimco	(137,493)
Distributions to common units held by Limited Partners	(6,701)
Redemption of common OP Units	(2,612)
Amortization of Aimco stock-based compensation cost	5,572
Effect of changes in ownership for consolidated entities	(1,700)
Change in accumulated other comprehensive loss	(369)
Other	264
Net income	187,317
Balance, September 30, 2015	$ 1,584,325

Disposals and Assets Held for26

Disposals and Assets Held for Sale (Details Textual) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015USD ($)Property	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)UnitsProperty	Sep. 30, 2014USD ($)	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			8		30
Number of apartment homes in consolidated apartment communities disposed \| Units			2,891		9,067
Net income (before gains on dispositions) generated by sold properties	$ 23,769	$ 18,186	$ 66,133	$ 48,169
Gain on dispositions of real estate, net of tax	$ 0	126,329	130,474	262,483
Non-recourse property debt assumed in connection with real estate dispositions			$ 6,100	56,900
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 homes in apartment communities \| Property	476		476
Number of Apartment Communities \| Property	2		2
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	$ 1,100	6,700	$ 6,600	29,000
Gain (Loss) on Sale of Properties, Applicable Income Taxes		21,100		29,800
Debt prepayment penalties associated with apartment community sales included in gain on dispositions		13,600		22,100
Mark To Market Portion Of Debt Extinguishment Cost Payments		$ 9,400		$ 15,100
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
Mark To Market Portion Of Debt Extinguishment Cost Payments			$ 13,200

Other Significant Transaction27

Other Significant Transactions (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Schedule of Financial Position Related to Legally Sold Portfolio [Line Items]
Real estate, net	$ 5,580,271	$ 5,472,779
Cash and cash equivalents	45,241	28,971	$ 29,186	$ 55,751
Other assets	478,961	476,727
Total assets	6,217,662	6,097,028
Total indebtedness	3,935,899	4,135,139
Accrued and other liabilities	324,746	279,077
Total liabilities	4,380,961	4,566,986
Noncontrolling interests in consolidated real estate partnerships	164,439	233,296
Equity attributable to Aimco and the Aimco Operating Partnership	(17,365)	(18,926)
Total liabilities and equity/partners' capital	6,217,662	6,097,028
Napico Portfolio [Member]
Schedule of Financial Position Related to Legally Sold Portfolio [Line Items]
Noncontrolling interests in consolidated real estate partnerships	697	44,106
Equity attributable to Aimco and the Aimco Operating Partnership	4,324	(1,029)
Total liabilities and equity/partners' capital	158,307	161,135
Napico Portfolio [Member] \| Other Assets [Member]
Schedule of Financial Position Related to Legally Sold Portfolio [Line Items]
Real estate, net	107,407	117,851
Cash and cash equivalents	33,715	23,133
Investment in unconsolidated real estate partnerships	766	8,392
Other assets	16,419	11,759
Total assets	158,307	161,135
Napico Portfolio [Member] \| Accrued liabilities and other [Member]
Schedule of Financial Position Related to Legally Sold Portfolio [Line Items]
Total indebtedness	143,987	113,641
Accrued and other liabilities	9,299	4,417
Total liabilities	$ 153,286	$ 118,058

Other Significant Transaction28

Other Significant Transactions (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Income Related to Legally Sold Portfolio [Line Items]
Revenues	$ 246,387	$ 246,843	$ 735,435	$ 742,185
Expenses	(182,366)	(179,376)	(544,704)	(543,643)
Equity in loss of unconsolidated entities, gains or losses on dispositions and other, net	(1,983)	1,733	631	(57)
Income tax benefit (expense) associated with legacy asset management business	8,279	5,005	21,014	13,110
Loss (income) allocated to noncontrolling interests in consolidated real estate partnerships	785	(8,337)	(4,082)	(21,952)
Net income (losses) of legacy asset management business attributable to Aimco and the Aimco Operating Partnership	21,925	128,028	179,054	269,997
Napico Portfolio [Member]
Statement of Income Related to Legally Sold Portfolio [Line Items]
Income tax benefit (expense) associated with legacy asset management business	108	101	(1,916)	411
Loss (income) allocated to noncontrolling interests in consolidated real estate partnerships	2,161	(1,768)	4,672	(1,580)
Net income (losses) of legacy asset management business attributable to Aimco and the Aimco Operating Partnership	376	(143)	3,514	(1,125)
Napico Portfolio [Member] \| Other Nonoperating Income Expense [Member]
Statement of Income Related to Legally Sold Portfolio [Line Items]
Revenues	6,120	9,884	19,054	21,234
Expenses	(5,399)	(5,114)	(15,876)	(15,992)
Equity in loss of unconsolidated entities, gains or losses on dispositions and other, net	(2,614)	(3,246)	(2,420)	(5,198)
Net (loss) income related to legacy asset management business	$ (1,893)	$ 1,524	$ 758	$ 44

Other Significant Transaction29

Other Significant Transactions (Details Textual) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)UnitsProperty$ / sharesshares	Sep. 30, 2014USD ($)
Other Significant Transactions [Line Items]
Proceeds from issuance of Common Stock	$ 366,580	$ 0
Preferred Stock, Redemption Amount	$ 27,000	$ 9,516
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	14
Napico Portfolio [Member] \| Wholly And Partially Owned Consolidated Properties [Member]
Other Significant Transactions [Line Items]
Number of apartment communities \| Property	12
Napico Portfolio [Member] \| Unconsolidated Properties [Member]
Other Significant Transactions [Line Items]
Number of apartment communities \| Property	47
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
Percentage of Apartment Homes Occupied	77.00%
270 on Third - Cambridge MA [Member]
Other Significant Transactions [Line Items]
Payments to Acquire Real Estate	$ 27,900
Expected Investment in Development Project	45,000
Development in Process	$ 38,800
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	9 Months Ended
	Sep. 30, 2015	Sep. 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	3,142	2,833
Unrealized losses included in interest expense	(36)	(36)
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss	1,260	1,265
Unrealized losses included in equity and partners’ capital	(1,568)	(2,106)
Fair Value, Ending Balance	58,568	55,760
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	3,142	2,833
Unrealized losses included in equity and partners’ capital	(51)	(618)
Fair Value, Ending Balance	64,134	60,623
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	(36)	(36)
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss	1,260	1,265
Unrealized losses included in equity and partners’ capital	(1,517)	(1,488)
Fair Value, Ending Balance	$ (5,566)	$ (4,863)

Fair Value Measurements (Deta31

Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated fair value of consolidated debt	$ 4,100,000	$ 4,400,000
Total indebtedness	3,935,899	4,135,139
Cash Flow Hedging [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notional amount of interest rate swaps	$ 50,000	50,300
Average Remaining Maturity of Interest Rate Swaps	5 years 2 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 8 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	$ 66,700

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Long-term Purchase Commitment [Line Items]
Long-term construction loan commitment	$ 114
Undrawn portion of long term construction loans	48.5
Contract to purchase apartment community currently under construction	320
Commitments related to development, redevelopment and capital improvement activities [Member]
Long-term Purchase Commitment [Line Items]
Commitments related to capital spending activities	$ 114.8
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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator:
Income from continuing operations	$ 23,769	$ 18,186	$ 66,133	$ 48,169
Gain on dispositions of real estate, net of tax	0	126,329	130,474	262,483
Income from continuing operations and gain on dispositions attributable to noncontrolling interests	(1,844)	(16,487)	(17,553)	(40,655)
Income attributable to preferred equity holders	(2,757)	(2,875)	(9,037)	(5,087)
Loss (income) attributable to participating securities	11	(447)	(690)	(962)
Income from continuing operations attributable to the company's common equity holders	19,179	124,706	169,327	263,948
Net income	23,769	144,515	196,607	310,652
Net income attributable to noncontrolling interests	(1,844)	(16,487)	(17,553)	(40,655)
Net income attributable to preferred equity holders	(2,757)	(2,875)	(9,037)	(5,087)
Net loss (income) attributable to participating securities	11	(447)	(690)	(962)
Net income attributable to the company's common equity holders	$ 19,179	$ 124,706	$ 169,327	$ 263,948
Denominator:
Weighted average common shares/units outstanding – basic (in shares)	155,639	145,672	154,994	145,601
Dilutive potential common shares/units (in shares)	369	432	418	323
Weighted average common shares/units outstanding – diluted (in shares)	156,008	146,104	155,412	145,924
Earnings attributable to the company per common share/unit – basic:
Income from continuing operations	$ 0.12	$ 0.86	$ 1.09	$ 1.81
Net Income	0.12	0.86	1.09	1.81
Earnings attributable to the company per common share/unit - diluted:
Income from continuing operations (in dollars per share/unit)	0.12	0.85	1.09	1.81
Net income	$ 0.12	$ 0.85	$ 1.09	$ 1.81
AIMCO PROPERTIES, L.P [Member]
Numerator:
Income from continuing operations	$ 23,769	$ 18,186	$ 66,133	$ 48,169
Gain on dispositions of real estate, net of tax	0	126,329	130,474	262,483
Income from continuing operations and gain on dispositions attributable to noncontrolling interests	785	(8,337)	(4,082)	(21,952)
Income attributable to preferred equity holders	(4,493)	(4,476)	(14,245)	(9,895)
Loss (income) attributable to participating securities	11	(447)	(690)	(962)
Income from continuing operations attributable to the company's common equity holders	20,072	131,255	177,590	277,843
Net income	23,769	144,515	196,607	310,652
Net income attributable to noncontrolling interests	785	(8,337)	(4,082)	(21,952)
Net income attributable to preferred equity holders	(4,493)	(4,476)	(14,245)	(9,895)
Net loss (income) attributable to participating securities	11	(447)	(690)	(962)
Net income attributable to the company's common equity holders	$ 20,072	$ 131,255	$ 177,590	$ 277,843
Denominator:
Weighted average common shares/units outstanding – basic (in shares)	163,241	153,337	162,616	153,326
Dilutive potential common shares/units (in shares)	369	432	418	323
Weighted average common shares/units outstanding – diluted (in shares)	163,610	153,769	163,034	153,649
Earnings attributable to the company per common share/unit – basic:
Income from continuing operations	$ 0.12	$ 0.86	$ 1.09	$ 1.81
Net Income	0.12	0.86	1.09	1.81
Earnings attributable to the company per common share/unit - diluted:
Income from continuing operations (in dollars per share/unit)	0.12	0.85	1.09	1.81
Net income	$ 0.12	$ 0.85	$ 1.09	$ 1.81

Earnings per Share_Unit (Deta34

Earnings per Share/Unit (Details Textual) - USD ($) $ in Thousands, shares in Millions	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014
Earnings Per Share [Abstract]
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements (in shares)	1.4
Participating securities outstanding (in shares)	0.7		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	$ 87,937	$ 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		9 Months Ended
Business Segments (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Summary information for the reportable segments
Rental and other property revenues		$ 240,382	$ 239,873	$ 717,308	$ 719,501
Tax credit and asset management revenues		6,005	6,970	18,127	22,684
Total revenues		246,387	246,843	735,435	742,185
Property operating expenses		88,621	95,240	272,043	289,008
Investment management expenses		1,905	1,279	4,594	3,552
Depreciation and amortization		77,237	69,437	226,819	211,143
Impairment of Real Estate		0	1,413	0	1,413
General and administrative expenses		11,013	10,658	33,727	31,304
Other expenses, net		3,590	1,349	7,521	7,223
Total operating expenses		182,366	179,376	544,704	543,643
Net operating income (loss)		64,021	67,467	190,731	198,542
Other items included in continuing operations		(40,252)	(49,281)	(124,598)	(150,373)
Income from continuing operations		23,769	18,186	66,133	48,169
Operating Segments [Member] \| Conventional Real Estate Operations [Member]
Summary information for the reportable segments
Rental and other property revenues		204,246	187,063	599,977	546,381
Total revenues		204,246	187,063	599,977	546,381
Property operating expenses		68,456	63,869	200,660	187,881
Total operating expenses		68,456	63,869	200,660	187,881
Net operating income (loss)		135,790	123,194	399,317	358,500
Income from continuing operations		135,790	123,194	399,317	358,500
Operating Segments [Member] \| Affordable Real Estate Operations [Member]
Summary information for the reportable segments
Rental and other property revenues		24,388	23,724	72,779	70,717
Total revenues		24,388	23,724	72,779	70,717
Property operating expenses		9,631	9,274	28,965	29,129
Impairment of Real Estate					0
Total operating expenses		9,631	9,274	28,965	29,129
Net operating income (loss)		14,757	14,450	43,814	41,588
Income from continuing operations		14,757	14,450	43,814	41,588
Proportionate Adjustments [Member]
Summary information for the reportable segments
Rental and other property revenues	[1]	10,219	7,337	28,269	21,704
Total revenues	[1]	10,219	7,337	28,269	21,704
Property operating expenses	[1]	3,434	2,422	10,274	6,820
Total operating expenses	[1]	3,434	2,422	10,274	6,820
Net operating income (loss)	[1]	6,785	4,915	17,995	14,884
Income from continuing operations	[1]	6,785	4,915	17,995	14,884
Corporate Nonsegment And Other Reconciling Items Member [Member]
Summary information for the reportable segments
Rental and other property revenues	[2]	1,529	21,749	16,283	80,699
Tax credit and asset management revenues	[2]	6,005	6,970	18,127	22,684
Total revenues	[2]	7,534	28,719	34,410	103,383
Property operating expenses	[2]	7,100	19,675	32,144	65,178
Investment management expenses	[2]	1,905	1,279	4,594	3,552
Depreciation and amortization	[2]	77,237	69,437	226,819	211,143
Impairment of Real Estate			1,413		1,413
General and administrative expenses	[2]	11,013	10,658	33,727	31,304
Other expenses, net	[2]	3,590	1,349	7,521	7,223
Total operating expenses	[2]	100,845	103,811	304,805	319,813
Net operating income (loss)	[2]	(93,311)	(75,092)	(270,395)	(216,430)
Other items included in continuing operations	[2]	(40,252)	(49,281)	(124,598)	(150,373)
Income from continuing operations	[2]	$ (133,563)	$ (124,373)	$ (394,993)	$ (366,803)

[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	9 Months Ended
Business Segments (Details Textual) $ in Millions	Sep. 30, 2015USD ($)UnitsPropertySegment	Sep. 30, 2014USD ($)
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 \| Property	143
Number of apartment homes in apartment communities	41,429
Affordable Real Estate Operations [Member]
Business Segments (Textual) [Abstract]
Number of owned apartment communities in segments \| Property	56
Number of apartment homes in apartment communities	8,685
Operating Segments [Member] \| Conventional Real Estate Operations [Member]
Business Segments (Textual) [Abstract]
Capital additions related to segments \| $	$ 258.7	$ 270.4
Operating Segments [Member] \| Affordable Real Estate Operations [Member]
Business Segments (Textual) [Abstract]
Capital additions related to segments \| $	$ 6.5	$ 6.6