Apartment Investment and Management (AIV) 10-Q 29 Jul 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 28, 2016
Entity Registrant Name	APARTMENT INVESTMENT & MANAGEMENT CO
Entity Central Index Key	922,864
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		156,613,451
AIMCO PROPERTIES, L.P [Member]
Entity Registrant Name	AIMCO PROPERTIES LP
Entity Central Index Key	926,660
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		164,409,759

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
ASSETS
Buildings and improvements	$ 6,283,998	$ 6,446,326
Land	1,847,582	1,861,157
Total real estate	8,131,580	8,307,483
Accumulated depreciation	(2,657,290)	(2,778,022)
Net real estate	5,474,290	5,529,461
Cash and cash equivalents	55,225	50,789
Restricted cash	375,092	86,956
Other assets	360,669	448,405
Assets held for sale	8,952	3,070
Total assets	6,274,228	6,118,681
LIABILITIES AND EQUITY
Non-recourse property debt, net	3,795,098	3,822,141
Revolving credit facility borrowings	160,540	27,000
Total indebtedness	3,955,638	3,849,141
Accounts payable	43,414	36,123
Accrued liabilities and other	206,104	317,481
Deferred income	57,819	64,052
Liabilities related to assets held for sale	6,214	53
Total liabilities	4,269,189	4,266,850
Preferred noncontrolling interests/Redeemable Preferred Units	86,198	87,926
Commitments and contingencies (Note 5)
Equity/Partners' Capital:
Perpetual Preferred Stock	159,126	159,126
Common Stock, $0.01 par value, 500,787,260 shares authorized, 156,613,451 and 156,326,416 shares issued/outstanding at June 30, 2016 and December 31, 2015, respectively	1,566	1,563
Additional paid-in capital	4,066,476	4,064,659
Accumulated other comprehensive loss	(710)	(6,040)
Distributions in excess of earnings	(2,455,302)	(2,596,917)
Total Aimco equity	1,771,156	1,622,391
Noncontrolling interests in consolidated real estate partnerships	150,257	151,365
Common noncontrolling interests in Aimco Operating Partnership	(2,572)	(9,851)
Total equity	1,918,841	1,763,905
Total liabilities and equity/partners' capital	6,274,228	6,118,681
AIMCO PROPERTIES, L.P [Member]
ASSETS
Buildings and improvements	6,283,998	6,446,326
Land	1,847,582	1,861,157
Total real estate	8,131,580	8,307,483
Accumulated depreciation	(2,657,290)	(2,778,022)
Net real estate	5,474,290	5,529,461
Cash and cash equivalents	55,225	50,789
Restricted cash	375,092	86,956
Other assets	360,669	448,405
Assets held for sale	8,952	3,070
Total assets	6,274,228	6,118,681
LIABILITIES AND EQUITY
Non-recourse property debt, net	3,795,098	3,822,141
Revolving credit facility borrowings	160,540	27,000
Total indebtedness	3,955,638	3,849,141
Accounts payable	43,414	36,123
Accrued liabilities and other	206,104	317,481
Deferred income	57,819	64,052
Liabilities related to assets held for sale	6,214	53
Total liabilities	4,269,189	4,266,850
Preferred noncontrolling interests/Redeemable Preferred Units	86,198	87,926
Commitments and contingencies (Note 5)
Equity/Partners' Capital:
Preferred units	159,126	159,126
General Partner and Special Limited Partner	1,612,030	1,463,265
Limited Partners	(2,572)	(9,851)
Partners’ capital attributable to the Aimco Operating Partnership	1,768,584	1,612,540
Noncontrolling interests in consolidated real estate partnerships	150,257	151,365
Total partners’ capital	1,918,841	1,763,905
Total liabilities and equity/partners' capital	$ 6,274,228	$ 6,118,681

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	500,787,260	500,787,260
Common Stock, shares issued (in shares)	156,613,451	156,326,416
Common Stock, shares outstanding (in shares)	156,613,451	156,326,416

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
REVENUES
Rental and other property revenues	$ 242,871	$ 238,637	$ 484,352	$ 476,926
Tax credit and asset management revenues	8,347	6,146	13,105	12,122
Total revenues	251,218	244,783	497,457	489,048
OPERATING EXPENSES
Property operating expenses	88,305	87,930	176,702	183,422
Investment management expenses	1,017	1,086	1,992	2,689
Depreciation and amortization	80,680	75,150	160,508	149,582
General and administrative expenses	11,254	12,062	23,189	22,714
Other expenses, net	5,526	2,912	7,096	3,931
Total operating expenses	186,782	179,140	369,487	362,338
Operating income	64,436	65,643	127,970	126,710
Interest income	1,843	1,705	3,678	3,430
Interest expense	(48,894)	(49,605)	(96,528)	(103,125)
Other, net	4,906	350	4,983	2,614
Income before income taxes and gain on dispositions	22,291	18,093	40,103	29,629
Income tax benefit	7,121	5,814	13,007	12,735
Income before gain on dispositions	29,412	23,907	53,110	42,364
Gain on dispositions of real estate, net of tax	216,541	44,781	222,728	130,474
Net income	245,953	68,688	275,838	172,838
Noncontrolling interests:
Net income attributable to noncontrolling interests in consolidated real estate partnerships	(8,677)	(111)	(9,607)	(4,867)
Net income attributable to preferred noncontrolling interests in Aimco Operating Partnership	(1,708)	(1,736)	(3,434)	(3,472)
Net income attributable to common noncontrolling interests in Aimco Operating Partnership	(11,135)	(2,972)	(12,307)	(7,370)
Net income attributable to noncontrolling interests	(21,520)	(4,819)	(25,348)	(15,709)
Net income attributable to the company	224,433	63,869	250,490	157,129
Net income attributable to the company's preferred equity holders	(2,758)	(2,758)	(5,515)	(6,280)
Net income attributable to participating securities	(293)	(307)	(370)	(701)
Net income attributable to the company's common equity holders	$ 221,382	$ 60,804	$ 244,605	$ 150,148
Earnings attributable to the company per common share/unit – basic (Note 7):
Net income (in dollars per share/unit)	$ 1.42	$ 0.39	$ 1.57	$ 0.97
Earnings attributable to the company per common share/unit - diluted (Note 7)
Net income (in dollars per share/unit)	1.41	0.39	1.57	0.97
Dividends declared per common share/unit	$ 0.33	$ 0.30	$ 0.66	$ 0.58
Weighted average number of shares outstanding - basic	156,375	155,524	155,876	154,672
Weighted average number of shares outstanding - diluted	156,793	155,954	156,248	155,115
AIMCO PROPERTIES, L.P [Member]
REVENUES
Rental and other property revenues	$ 242,871	$ 238,637	$ 484,352	$ 476,926
Tax credit and asset management revenues	8,347	6,146	13,105	12,122
Total revenues	251,218	244,783	497,457	489,048
OPERATING EXPENSES
Property operating expenses	88,305	87,930	176,702	183,422
Investment management expenses	1,017	1,086	1,992	2,689
Depreciation and amortization	80,680	75,150	160,508	149,582
General and administrative expenses	11,254	12,062	23,189	22,714
Other expenses, net	5,526	2,912	7,096	3,931
Total operating expenses	186,782	179,140	369,487	362,338
Operating income	64,436	65,643	127,970	126,710
Interest income	1,843	1,705	3,678	3,430
Interest expense	(48,894)	(49,605)	(96,528)	(103,125)
Other, net	4,906	350	4,983	2,614
Income before income taxes and gain on dispositions	22,291	18,093	40,103	29,629
Income tax benefit	7,121	5,814	13,007	12,735
Income before gain on dispositions	29,412	23,907	53,110	42,364
Gain on dispositions of real estate, net of tax	216,541	44,781	222,728	130,474
Net income	245,953	68,688	275,838	172,838
Noncontrolling interests:
Net income attributable to noncontrolling interests in consolidated real estate partnerships	(8,677)	(111)	(9,607)	(4,867)
Net income attributable to the company	237,276	68,577	266,231	167,971
Net income attributable to the company's preferred equity holders	(4,466)	(4,494)	(8,949)	(9,752)
Net income attributable to participating securities	(293)	(307)	(370)	(701)
Net income attributable to the company's common equity holders	$ 232,517	$ 63,776	$ 256,912	$ 157,518
Earnings attributable to the company per common share/unit – basic (Note 7):
Net income (in dollars per share/unit)	$ 1.42	$ 0.39	$ 1.57	$ 0.97
Earnings attributable to the company per common share/unit - diluted (Note 7)
Net income (in dollars per share/unit)	1.41	0.39	1.57	0.97
Dividends declared per common share/unit	$ 0.33	$ 0.30	$ 0.66	$ 0.58
Weighted average number of shares outstanding - basic	164,188	163,149	163,707	162,304
Weighted average number of shares outstanding - diluted	164,606	163,579	164,079	162,747

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net income	$ 245,953	$ 68,688	$ 275,838	$ 172,838
Other comprehensive (loss) income:
Unrealized (losses) gains on interest rate swaps	(411)	161	(1,085)	(625)
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss	398	419	818	842
Unrealized (losses) gains on investments in debt securities classified as available-for-sale	(232)	(945)	5,951	(1,162)
Other comprehensive (loss) income	(245)	(365)	5,684	(945)
Comprehensive income	245,708	68,323	281,522	171,893
Comprehensive income attributable to noncontrolling interests	(21,554)	(4,846)	(25,702)	(15,709)
Comprehensive income attributable to Aimco/Operating Partnership	224,154	63,477	255,820	156,184
AIMCO PROPERTIES, L.P [Member]
Net income	245,953	68,688	275,838	172,838
Other comprehensive (loss) income:
Unrealized (losses) gains on interest rate swaps	(411)	161	(1,085)	(625)
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss	398	419	818	842
Unrealized (losses) gains on investments in debt securities classified as available-for-sale	(232)	(945)	5,951	(1,162)
Other comprehensive (loss) income	(245)	(365)	5,684	(945)
Comprehensive income	245,708	68,323	281,522	171,893
Comprehensive income attributable to noncontrolling interests	(8,725)	(157)	(9,694)	(4,913)
Comprehensive income attributable to Aimco/Operating Partnership	$ 236,983	$ 68,166	$ 271,828	$ 166,980

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 275,838	$ 172,838
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	160,508	149,582
Gain on dispositions of real estate, net of tax	(222,728)	(130,474)
Other adjustments	(10,380)	(11,252)
Net changes in operating assets and operating liabilities	(26,473)	(23,390)
Net cash provided by operating activities	176,765	157,304
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of real estate	(6,119)	(141,264)
Capital expenditures	(166,030)	(173,075)
Proceeds from dispositions of real estate	298,691	227,911
Purchases of corporate assets	(4,425)	(3,352)
Change in restricted cash	(286,841)	2,692
Other investing activities	10,013	3,240
Net cash used in investing activities	(154,711)	(83,848)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from non-recourse property debt	38,261	197,646
Principal repayments on non-recourse property debt	(59,267)	(390,234)
Net borrowings (repayments) on revolving credit facility	133,540	(64,810)
Proceeds from issuance of common securities	0	366,580
Redemption and repurchase of preferred securities	0	(27,000)
Payment of dividends to holders of preferred securities	(5,515)	(5,585)
Payment of dividends to holders of Common Stock	(103,050)	(90,473)
Payment of distributions to noncontrolling interests	(11,898)	(39,286)
Other financing activities	(9,689)	(2,430)
Net cash used in financing activities	(17,618)	(55,592)
NET INCREASE IN CASH AND CASH EQUIVALENTS	4,436	17,864
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	50,789	28,971
CASH AND CASH EQUIVALENTS AT END OF PERIOD	55,225	46,835
AIMCO PROPERTIES, L.P [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	275,838	172,838
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	160,508	149,582
Gain on dispositions of real estate, net of tax	(222,728)	(130,474)
Other adjustments	(10,380)	(11,252)
Net changes in operating assets and operating liabilities	(26,473)	(23,390)
Net cash provided by operating activities	176,765	157,304
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of real estate	(6,119)	(141,264)
Capital expenditures	(166,030)	(173,075)
Proceeds from dispositions of real estate	298,691	227,911
Purchases of corporate assets	(4,425)	(3,352)
Change in restricted cash	(286,841)	2,692
Other investing activities	10,013	3,240
Net cash used in investing activities	(154,711)	(83,848)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from non-recourse property debt	38,261	197,646
Principal repayments on non-recourse property debt	(59,267)	(390,234)
Net borrowings (repayments) on revolving credit facility	133,540	(64,810)
Proceeds from issuance of common securities	0	366,580
Redemption and repurchase of preferred securities	0	(27,000)
Payment of dividends to holders of preferred securities	(8,949)	(9,057)
Payment of distributions to General Partner and Special Limited Partner	(103,050)	(90,473)
Payment of distributions to Limited Partners	(5,169)	(4,425)
Payment of distributions to noncontrolling interests	(3,295)	(31,389)
Other financing activities	(9,689)	(2,430)
Net cash used in financing activities	(17,618)	(55,592)
NET INCREASE IN CASH AND CASH EQUIVALENTS	4,436	17,864
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	50,789	28,971
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 55,225	$ 46,835

Organization

Organization	6 Months Ended
	Jun. 30, 2016
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 large coastal and job growth markets in the United States. Aimco, and through its wholly-owned subsidiaries, AIMCO-GP, Inc. and AIMCO-LP Trust, owns a majority of the ownership interests in the Aimco Operating Partnership. Aimco conducts all of its business and owns all of its assets through the Aimco Operating Partnership. Interests in the Aimco Operating Partnership that are held by limited partners other than Aimco are referred to as “OP Units.” OP Units include common partnership units, high performance partnership units and partnership preferred units, which we refer to as common OP Units, HPUs and preferred OP Units, respectively. We also refer to HPUs as common OP Unit equivalents. At June 30, 2016 , after eliminations for units held by consolidated entities, the Aimco Operating Partnership had 164,411,757 common partnership units and equivalents outstanding. At June 30, 2016 , Aimco owned 156,613,451 of the common partnership units ( 95.3% of the common partnership units and equivalents) of the Aimco Operating Partnership and Aimco had outstanding an equal number of shares of its Class A Common Stock, which we refer to as Common Stock. Except as the context otherwise requires, “we,” “our” and “us” refer to Aimco, the Aimco Operating Partnership and their consolidated subsidiaries, collectively. As of June 30, 2016 , we owned an equity interest in 137 conventional apartment communiti es with 38,841 apartment homes and 56 affordable apartment communities with 8,685 apartment homes. Of these, we consolidated 133 conventional apartment communities with 38,699 apartment homes and 49 affordable apartment communities with 7,998 apartment homes. Conventional and affordable apartment communities generated 90% and 10% , respectively, of the proportionate property net operating income (as defined in Note 8 and excluding amounts related to apartment communities sold or classified as held for sale) during the six months ended June 30, 2016 .

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2016 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 . The balance sheets of Aimco and the Aimco Operating Partnership at December 31, 2015 , 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, 2015 . 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 subsidiaries. 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 real estate partnerships consolidated by the Aimco Operating Partnership must first be used to settle the liabilities of such consolidated real estate partnerships. These consolidated real estate partnerships’ creditors do not have recourse to the general credit of the Aimco Operating Partnership. Temporary Equity and Partners’ Capital The following table presents a reconciliation of the Aimco Operating Partnership’s Preferred OP Units from December 31, 2015 to June 30, 2016 . 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 (in thousands). Balance, December 31, 2015 $ 87,926 Distributions to preferred unitholders (3,434 ) Redemption of preferred units and other (1,728 ) Net income 3,434 Balance, June 30, 2016 $ 86,198 Aimco Equity (including Noncontrolling Interests) The following table presents a reconciliation of Aimco’s consolidated permanent equity accounts from December 31, 2015 to June 30, 2016 (in thousands): Aimco Equity Noncontrolling interests in consolidated real estate partnerships Common noncontrolling interests in Aimco Operating Partnership Total Equity Balance, December 31, 2015 $ 1,622,391 $ 151,365 $ (9,851 ) $ 1,763,905 Preferred stock dividends (5,515 ) — — (5,515 ) Common dividends and distributions (103,359 ) (10,802 ) (5,169 ) (119,330 ) Redemptions of common OP Units — — (2,252 ) (2,252 ) Amortization of stock-based compensation cost 4,915 — — 4,915 Stock option exercises 339 — — 339 Effect of changes in ownership for consolidated entities (4,232 ) — 2,232 (2,000 ) Change in accumulated other comprehensive loss 5,330 87 267 5,684 Other 797 — (106 ) 691 Net income 250,490 9,607 12,307 272,404 Balance, June 30, 2016 $ 1,771,156 $ 150,257 $ (2,572 ) $ 1,918,841 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, 2015 to June 30, 2016 (in thousands): Partners’ capital attributable to the Aimco Operating Partnership Balance, December 31, 2015 $ 1,612,540 Distributions to preferred units held by Aimco (5,515 ) Distributions to common units held by Aimco (103,359 ) Distributions to common units held by Limited Partners (5,169 ) Redemption of common OP Units (2,252 ) Amortization of Aimco stock-based compensation cost 4,915 Common OP Units issued to Aimco in connection with Aimco stock option exercises 339 Effect of changes in ownership for consolidated entities (2,000 ) Change in accumulated other comprehensive loss 5,597 Other 691 Net income 262,797 Balance, June 30, 2016 $ 1,768,584 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. Accounting Pronouncements Adopted in the Current Year During 2015, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Updates, or ASUs, 2015-03 and 2015-15, which revised the presentation of debt issuance costs on the balance sheet. Under ASUs 2015-03 and 2015-15, entities generally present debt issuance costs associated with long term debt in their balance sheet as a direct deduction from the related debt liability, and debt issuance costs related to line-of-credit arrangements may continue to be deferred and presented as assets. Amortization of the deferred costs will continue to be included in interest expense. We have adopted the guidance in ASUs 2015-03 and 2015-15 effective as of January 1, 2016. We have elected to continue to reflect deferred issuance costs associated with our revolving credit facility as an asset, which is included in other assets on our condensed consolidated balance sheets. We have retrospectively applied the guidance to debt issuance costs associated with our non-recourse property debt to all prior periods, which resulted in the reclassification of $24.0 million from other assets to non-recourse property debt on our condensed consolidated balance sheet at December 31, 2015. In February 2015, the FASB issued Accounting Standards Update 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , or ASU 2015-02, which significantly changed the consolidation analysis required under GAAP for variable interest entities, or VIEs. Under this revised guidance, limited partnerships are no longer VIEs when the limited partners hold certain rights over the general partner. Alternatively, limited partnerships not previously viewed as VIEs are now considered VIEs in the absence of such rights. We adopted the guidance in ASU 2015-02 as of March 31, 2016, as more fully described in Note 6 . Recent Accounting Pronouncements In March 2016, the FASB issued Accounting Standards Updated 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718) , or ASU 2016-09, which is intended to simplify the accounting for share-based compensation. Under current practice, tax benefits in excess of compensation cost, or windfalls, are recorded in equity and tax deficiencies, are recorded in equity up to the amount of previous windfalls and then recognized in earnings. Under ASU 2016-09 all of the tax effects related to share-based compensation will be recognized through earnings. This change is required to be applied prospectively to all windfalls and tax deficiencies resulting from settlements that occur after the date of adoption. ASU 2016-09 also removes the requirement to delay recognition of a windfall until it reduces current taxes payable. Under the new standard, the windfall will be recorded when it arises. This change is required to be applied on a modified retrospective basis, with a cumulative effect adjustment to opening retained earnings. ASU 2016-09 is effective for public entities for reporting periods beginning after December 15, 2016, and interim periods within that reporting period. We have completed our preliminary assessment of the effect ASU 2016-09 will have on our consolidated financial statements and do not anticipate recording a material cumulative effect adjustment upon adoption. Under ASU 2016-09, commencing in 2017, we may experience incremental volatility in income tax benefit or expense resulting from the recognition in earnings of windfall benefits or deficiencies upon the exercise of stock options and vesting of restricted shares. In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (Topic 842) , or ASU 2016-02, its standard on lease accounting. Under ASU 2016-02, lessor accounting will be substantially similar to the current model, but aligned with certain changes to the lessee model and Accounting Standards Update 2014-09, Revenue from Contracts with Customers . Lessors will continue to classify leases as operating, direct financing, or sales-type. Lessees will be required to recognize a right-of-use asset and a lease liability for virtually all leases, with such leases classified as either operating or finance. Operating leases will result in straight-line expense (similar to current operating leases) and finance leases will result in a front-loaded expense pattern (similar to current capital leases). Classification will be based on criteria that are largely similar to those applied in current lease accounting. ASU 2016-02 is effective for public entities for reporting periods beginning after December 15, 2018, and interim periods within those reporting periods, with early adoption permitted. The new standard must be adopted using a modified retrospective transition, requiring application of the new guidance at the beginning of the earliest comparative period presented and provides for certain practical expedients. We have not yet determined the effect ASU 2016-02 will have on our consolidated financial statements.

Disposals and Other Significant

Disposals and Other Significant Transactions	6 Months Ended
	Jun. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Disposals and Other Significant Transactions	Disposals and Other Significant Transactions Summarized information regarding apartment communities sold during the three and six months ended June 30, 2016 and 2015 , is set forth in the table below (dollars in thousands): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Apartment communities sold 2 2 3 8 Apartment homes sold 1,547 1,791 1,643 2,891 (Loss) income before income taxes and gain on disposition $ (93 ) $ 340 $ 773 $ 1,740 Gain on disposition of real estate, net of tax (1) 216,541 44,781 222,728 130,474 Income tax (expense) benefit related to gain on disposition of real estate (2,266 ) 166 (2,461 ) 176 Prepayment penalties incurred upon repayment of debt collateralized by apartment communities sold (1) — 7,633 — 19,768 Mark-to-market adjustment included in prepayment penalties — 5,873 — 13,579 Non-recourse property debt assumed by purchasers — 6,068 — 6,068 (1) 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. At June 30, 2016 , $289.4 million of proceeds from the sale of apartment communities during the three months ended June 30, 2016 , are included in restricted cash as they are held by an intermediary for reinvestment through a tax free exchange. During the year ended December 31, 2015 , we sold 11 apartment communities with 3,855 apartment homes, inclusive of the communities sold during the three and six months ended June 30, 2015 detailed in the table above. The apartment communities sold during 2015 generated $0.6 million and $2.4 million of income before income taxes and gain on disposition during the three and six months ended June 30, 2015 , respectively. 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 June 30, 2016 , we had one affordable apartment community with 296 apartment homes classified as held for sale. Asset Management Business Disposition In 2012, we sold the Napico portfolio, our legacy asset management business. The transaction was primarily seller-financed, and the associated notes were scheduled to be repaid from the operation and liquidation of the Napico portfolio and were collateralized by the buyer’s interests in the portfolio. In January 2016, we received final payment on the first of the two seller-financed notes. In June 2016, the buyer prepaid the second seller-financed note as well as an agreed upon final payment representing future contingent consideration that may have been due under the terms of the sale. The June 2016 payment represents the final amounts that the buyer owed to us; however, we have continuing involvement in two of the communities within the Napico portfolio in the form of legal interest in the properties and pre-existing guarantees related to property level debt. In accordance with the provisions of GAAP applicable to sales of real estate or interests therein, we derecognized the net assets and liabilities of the Napico portfolio, with the exception of the amounts related to the final two communities, in June 2016, upon receipt of the final payment.The derecognition resulted in our reduction of other assets and accrued liabilities and other by $105.4 million and $111.6 million , respectively, and our recognition of a gain of $5.0 million , which is recorded in other, net on our condensed consolidated statements of operations. We also wrote off a deficit balance in noncontrolling interest in consolidated real estate partnerships associated with the Napico portfolio of $7.8 million , which is recorded in net income attributable to noncontrolling interests in consolidated real estate partnerships for the three and six months ended June 30, 2016 . We will continue to account for the final two communities under the profit sharing method until we have been released from the guarantees and our legal interests have been transfered to the buyer. Accordingly, we will defer profit recognition associated with these communities, and will continue to recognize their assets and liabilities, each condensed into single line items within other assets and accrued liabilities and other, respectively, and related deficit balance in noncontrolling interests in consolidated real estate partnerships in our consolidated balance sheets. Such amounts were $35.9 million , $42.0 million and $0.2 million , respectively, as of June 30, 2016 .

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
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, both of which are classified within Level 2 of the GAAP fair value hierarchy. Our investments classified as AFS are presented within other assets in the accompanying consolidated balance sheets. We hold several positions in the securitization trust that pay interest currently, and we also hold the first loss position in the securitization trust, which accrues interest over the term of the investment. We are accreting the discount to the $100.9 million face value of the investments into interest income using the effective interest method over the remaining expected term of the investments, which, as of June 30, 2016 , was approximately 4.9 years. Our amortized cost basis for these investments, which represents the original cost adjusted for interest accretion less interest payments received, was $70.1 million and $67.8 million at June 30, 2016 and December 31, 2015 , respectively. We estimated the fair value of these investments to be $73.7 million and $65.5 million at June 30, 2016 and December 31, 2015 , respectively. We estimate the fair value of these investments in accordance with GAAP using an income and market approach primarily with observable inputs, including yields and other information regarding similar types of investments, and adjusted for certain unobservable inputs specific to these investments. The fair value of the positions that pay interest currently typically moves in an inverse relationship with movements in interest rates. The fair value of the first loss position is primarily correlated to collateral quality and demand for similar subordinate commercial mortgage-backed securities. 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. The following table sets forth a summary of the changes in fair value in our interest rate swaps (in thousands): Six Months Ended June 30, 2016 2015 Beginning balance $ (4,938 ) $ (5,273 ) Unrealized losses included in interest expense (22 ) (24 ) Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss 818 842 Unrealized losses included in equity and partners’ capital (1,085 ) (625 ) Ending balance $ (5,227 ) $ (5,080 ) As of June 30, 2016 and December 31, 2015 , our interest rate swaps had aggregate notional amounts of $49.8 million and $49.9 million , respectively. As of June 30, 2016 , these swaps had a weighted average remaining term of 4.5 years . We have designated these interest rate swaps as cash flow hedges. The fair value of these swaps is presented within accrued liabilities and other in our condensed consolidated balance sheets, and we recognize any changes in the fair value as an adjustment of accumulated other comprehensive loss within equity and partners’ capital to the extent of their effectiveness. If the forward rates at June 30, 2016 remain constant, we estimate that during the next 12 months , we would reclassify approximately $1.5 million of the unrealized losses in accumulated other comprehensive loss into earnings. If market interest rates increase above the 3.43% weighted average fixed rate under these interest rate swaps we will benefit from net cash payments due to us from our counterparty to the interest rate swaps. Fair Value Disclosures We believe that the aggregate fair value of our cash and cash equivalents, receivables and payables approximates their aggregate carrying amounts at June 30, 2016 and December 31, 2015 , due to their relatively short-term nature and high probability of realization. The estimated aggregate fair value of our consolidated total indebtedness was approximately $4.2 billion and $4.0 billion at June 30, 2016 and December 31, 2015 , respectively, as compared to aggregate carrying amounts of $4.0 billion and $3.8 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 that we wholly own. We estimate the fair value of our consolidated debt using an income and market approach, including comparison of the contractual terms to observable and unobservable inputs such as market interest rate risk spreads, contractual interest rates, remaining periods to maturity, collateral quality and loan to value ratios on similarly encumbered assets within our portfolio. We classify the fair value of our consolidated debt within Level 3 of the GAAP valuation hierarchy based on the significance of certain of the unobservable inputs used to estimate their fair values.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments In connection with our redevelopment, development and capital improvement activities, we have entered into various construction-related contracts and we have made commitments to complete certain projects, pursuant to financing or other arrangements. As of June 30, 2016 , our commitments related to these capital activities totaled approximately $68.1 million , most of which we expect to incur during the next 12 months . In addition, for our approved redevelopment projects, we have estimated capital spending of approximately $46.6 million that was not committed pursuant to construction-related contracts or financing or other arrangements discussed above, but which we expect to incur. We have agreed to acquire a 463 -home apartment community currently under construction in Northern California for $320.0 million , for which we have provided a nonrefundable deposit of $25.0 million . The acquisition is expected to close upon completion of construction in the third quarter of 2016. 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 10 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 In 2014, the Internal Revenue Service initiated an audit of the Aimco Operating Partnership’s 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, among other items, 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 investigation and remediation costs they incur or 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, and the Indiana Department of Environmental Management, or IDEM, 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 contamination allegedly derives from a dry cleaner that operated on our former property, prior to our ownership. We have undertaken a voluntary remediation of the dry cleaner contamination under IDEM’s oversight. However, EPA is now proposing to list our former community and a number of residential communities in the vicinity on the National Priorities List, or NPL, (i.e. as a Superfund site), and IDEM has formally sought to terminate us from the voluntary remediation program. We have filed formal comments with EPA opposing the proposed NPL listing and appealed IDEM’s decision to terminate us from the voluntary remediation program. Were the site to be listed on the NPL, EPA could secure additional 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 these processes are uncertain, we do not expect their resolution to have a material adverse effect on our consolidated financial condition, results of operations or cash flows. We also have been contacted by regulators and the current owner of a property in Lake Tahoe regarding environmental issues allegedly stemming from the historic operation of a dry cleaner. An entity owned by us was the former general partner of a now-dissolved company that previously owned the dry cleaner site. That entity and the current property owner have been remediating the dry cleaner site since 2009, under the oversight of the Lahontan Regional Water Quality Control Board, or Lahontan. In June 2016, Lahontan informed us that it would be sending to us, the current property owner and a former operator of the dry cleaner a proposed cleanup and abatement order that proposes to reject technical and legal arguments we previously made to Lahontan, which if entered, would require all three parties to perform additional groundwater investigation and corrective actions with respect to onsite and offsite contamination. Based on the information learned to date, during the three months ended June 30, 2016 , we accrued our share of the estimated cleanup and abatement costs. This accrual did not have a material effect on our consolidated results of operations. Although the outcome of this process is uncertain, we do not expect its resolution to have a material adverse effect on our consolidated financial condition, results of operations or cash flows. We have determined that our legal obligations to remove or remediate certain potentially hazardous materials may be conditional asset retirement obligations, as defined in GAAP. Except in limited circumstances where the asset retirement activities are expected to be performed in connection with a planned construction project or apartment community casualty, we believe that the fair value of our asset retirement obligations cannot be reasonably estimated due to significant uncertainties in the timing and manner of settlement of those obligations. Asset retirement obligations that are reasonably estimable as of June 30, 2016 , are immaterial to our consolidated financial condition, results of operations and cash flows.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities As discussed in Note 2 , effective January 1, 2016, we adopted the guidance in ASU 2015-02. As a result, the Aimco Operating Partnership and each of our less than wholly-owned real estate partnerships has been deemed to have the characteristics of a VIE. However, we were not required to consolidate any previously unconsolidated entities or deconsolidate any previously consolidated entities as a result of the change in classification. Accordingly, there has been no change to the recognized amounts in our condensed consolidated balance sheets and statements of operations or amounts reported in our condensed consolidated statements of cash flows. We have, however, retrospectively revised the disclosure of significant assets and liabilities of consolidated VIEs as of December 31, 2015 shown below, to include the assets and liabilities of all of the Aimco Operating Partnership’s consolidated real estate partnerships that are now designated as VIEs and did not meet the previous VIE definition. We determined that an additional 14 consolidated partnerships owning 18 apartment communities with 6,186 apartment homes are VIEs under the new standard. These VIEs had assets of $885.9 million and liabilities of $645.3 million as of December 31, 2015 . Because the Aimco Operating Partnership is a VIE, all of our assets and liabilities are held through a VIE. Aimco consolidates the Aimco Operating Partnership, which is a variable interest entity, or VIE, for which Aimco is the primary beneficiary. Aimco, through the Aimco Operating Partnership, consolidates all VIEs for which we are the primary beneficiary. Generally, a VIE, is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A limited partnership is considered a VIE when the majority of the limited partners unrelated to the general partner possess neither the right to remove the general partner without cause, nor certain rights to participate in the decisions that most significantly affect the financial results of the partnership. In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of our investment; the obligation or likelihood for us or other investors to provide financial support; and the similarity with and significance to our business activities and the business activities of the other investors. Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions. The VIEs that own interests in conventional apartment communities typically hold between one and five apartment communities and are structured to generate a return for their partners through the operation and ultimate sale of the apartment communities. Substantially all of the VIEs that own interests in affordable apartment communities are partnerships structured to provide for the pass-through of low-income housing tax credits and deductions to their partners. The table below summarizes information regarding VIEs that are consolidated by the Aimco Operating Partnership: June 30, 2016 December 31, 2015 VIEs with interests in conventional apartment communities 12 13 Conventional apartment communities held by VIEs 16 17 Apartment homes in conventional communities held by VIEs 5,993 6,089 VIEs with interests in affordable apartment communities 62 62 Affordable apartment communities held by VIEs 48 48 Apartment homes in affordable communities held by VIEs 7,556 7,556 Assets of the Aimco Operating Partnership’s consolidated VIEs must first be used to settle the liabilities of such consolidated VIEs. These consolidated VIEs’ creditors do not have recourse to the general credit of the Aimco Operating Partnership. Assets and liabilities of VIEs are summarized in the table below (in thousands): June 30, 2016 December 31, 2015 Assets Net real estate $ 1,173,203 $ 1,201,998 Cash and cash equivalents 32,723 28,118 Restricted cash 39,719 44,813 Assets held for sale 8,952 — Liabilities Non-recourse property debt 1,000,366 959,523 Accrued liabilities and other 30,883 28,846 Liabilities related to assets held for sale 6,214 — In addition to the consolidated VIEs discussed above, at December 31, 2015 , our consolidated financial statements included certain interests in consolidated and unconsolidated partnerships that were part of the legacy asset management business. As discussed in Note 3 , the majority of these assets and liabilities were derecognized during the three months ended June 30, 2016 .

Earnings per Share_Unit

Earnings per Share/Unit	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Earnings per Share/Unit	Earnings per Share/Unit Aimco calculates earnings per common share based on the weighted average number of shares of Common Stock, participating securities, common stock equivalents and dilutive convertible securities outstanding during the period. The Aimco Operating Partnership calculates earnings per common 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 calculating the earnings per unit data. Our common stock equivalents and common partnership unit equivalents include options to purchase shares of Common Stock, which, if exercised, would result in Aimco’s issuance of additional shares and the Aimco Operating Partnership’s issuance to Aimco of additional common partnership units equal to the number of shares purchased under the options. These equivalents also include unvested restricted stock awards that do not meet the definition of participating securities, which would result in the issuance of additional common shares and common partnership units equal to the number of shares that vest. The effect of these securities was dilutive for the three and six months ended June 30, 2016 and 2015 , and accordingly has been included in the denominator for calculating diluted earnings per share and unit during these periods. Certain of our restricted stock awards receive dividends similar to shares of Common Stock and common partnership units. These dividends are not forfeited in the event that the restricted stock does not vest. Therefore, the unvested restricted shares related to these awards are participating securities. The effect of participating securities is included in basic and diluted earnings per share and unit computations using the two-class method of allocating distributed and undistributed earnings. At June 30, 2016 and 2015 , there were 0.2 million shares and 0.8 million shares of unvested participating restricted shares, respectively. Various classes of preferred OP Units of the Aimco Operating Partnership are outstanding. Depending on the terms of each class, these preferred OP Units are convertible into common OP Units or redeemable for cash or, at the Aimco Operating Partnership’s option, Common Stock, and are paid distributions varying from 1.9% to 8.8% per annum per unit. As of June 30, 2016 , a total of 3.2 million preferred OP Units were outstanding with an aggregate redemption value of $86.2 million and were potentially redeemable for approximately 2.0 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 and we expect to exclude them in future periods.

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2016
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 133 apartment communities with 38,699 apartment homes at June 30, 2016 . Our affordable real estate operations consisted of 46 apartment communities with 7,610 apartment homes at June 30, 2016 , 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 apartment communities that we own and manage. The following tables present the revenues, net operating income and income before gain on dispositions of our conventional and affordable real estate operations segments on a proportionate basis (excluding amounts related to apartment communities sold or classified as held for sale) for the three and six months ended June 30, 2016 and 2015 (in thousands): Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended June 30, 2016 Rental and other property revenues $ 202,896 $ 25,682 $ 7,337 $ 6,956 $ 242,871 Tax credit and asset management revenues — — — 8,347 8,347 Total revenues 202,896 25,682 7,337 15,303 251,218 Property operating expenses 66,373 9,402 2,231 10,299 88,305 Investment management expenses — — — 1,017 1,017 Depreciation and amortization — — — 80,680 80,680 General and administrative expenses — — — 11,254 11,254 Other expenses, net — — — 5,526 5,526 Total operating expenses 66,373 9,402 2,231 108,776 186,782 Net operating income 136,523 16,280 5,106 (93,473 ) 64,436 Other items included in income before gain on dispositions (3) — — — (35,024 ) (35,024 ) Income before gain on dispositions $ 136,523 $ 16,280 $ 5,106 $ (128,497 ) $ 29,412 Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended June 30, 2015 Rental and other property revenues $ 191,602 $ 23,389 $ 7,187 $ 16,459 $ 238,637 Tax credit and asset management revenues — — — 6,146 6,146 Total revenues 191,602 23,389 7,187 22,605 244,783 Property operating expenses 61,863 8,862 2,230 14,975 87,930 Investment management expenses — — — 1,086 1,086 Depreciation and amortization — — — 75,150 75,150 General and administrative expenses — — — 12,062 12,062 Other expenses, net — — — 2,912 2,912 Total operating expenses 61,863 8,862 2,230 106,185 179,140 Net operating income 129,739 14,527 4,957 (83,580 ) 65,643 Other items included in income before gain on dispositions (3) — — — (41,736 ) (41,736 ) Income before gain on dispositions $ 129,739 $ 14,527 $ 4,957 $ (125,316 ) $ 23,907 Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Six Months Ended June 30, 2016 Rental and other property revenues $ 403,851 $ 49,781 $ 14,831 $ 15,889 $ 484,352 Asset management and tax credit revenues — — — 13,105 13,105 Total revenues 403,851 49,781 14,831 28,994 497,457 Property operating expenses 131,267 19,170 4,127 22,138 176,702 Investment management expenses — — — 1,992 1,992 Depreciation and amortization — — — 160,508 160,508 General and administrative expenses — — — 23,189 23,189 Other expenses, net — — — 7,096 7,096 Total operating expenses 131,267 19,170 4,127 214,923 369,487 Net operating income (loss) 272,584 30,611 10,704 (185,929 ) 127,970 Other items included in income before gain on dispositions (3) — — — (74,860 ) (74,860 ) Income (loss) from continuing operations $ 272,584 $ 30,611 $ 10,704 $ (260,789 ) $ 53,110 Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Six Months Ended June 30, 2015 Rental and other property revenues $ 379,073 $ 46,836 $ 14,120 $ 36,897 $ 476,926 Asset management and tax credit revenues — — — 12,122 12,122 Total revenues 379,073 46,836 14,120 49,019 489,048 Property operating expenses 125,348 18,784 4,594 34,696 183,422 Investment management expenses — — — 2,689 2,689 Depreciation and amortization — — — 149,582 149,582 General and administrative expenses — — — 22,714 22,714 Other expenses, net — — — 3,931 3,931 Total operating expenses 125,348 18,784 4,594 213,612 362,338 Net operating income (loss) 253,725 28,052 9,526 (164,593 ) 126,710 Other items included in income before gain on dispositions (3) — — — (84,346 ) (84,346 ) Income (loss) from continuing operations $ 253,725 $ 28,052 $ 9,526 $ (248,939 ) $ 42,364 (1) Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the results of our consolidated apartment communities, which are excluded from proportionate property net operating income but included in the related consolidated amounts. (2) Includes operating results for consolidated communities that we do not manage and operating results for apartment communities sold or classified as held for sale during 2016 or 2015 . Corporate and Amounts Not Allocated to Segments also includes property management revenues (which are included in consolidated rental and other property revenues), property management expenses and casualty gains and losses (which are included in consolidated property operating expenses) and depreciation and amortization, which are not part of our segment performance. (3) Other items included in income before gain on dispositions primarily consist of interest expense and income tax benefit. For the six months ended June 30, 2016 and 2015 , capital additions related to our conventional segment totaled $162.5 million and $153.4 million , respectively, and capital additions related to our affordable segment totaled $4.3 million and $4.4 million , respectively. The assets of our reportable segments on a proportionate basis, together with the proportionate adjustments to reconcile these amounts to the consolidated assets of our segments, and the consolidated assets not allocated to our segments are as follows (in thousands): June 30, 2016 December 31, 2015 Conventional $ 5,075,572 $ 5,033,832 Affordable 400,372 409,165 Proportionate adjustments (1) 169,399 174,518 Corporate and other assets (2) 628,885 501,166 Total consolidated assets $ 6,274,228 $ 6,118,681 (1) Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the assets of our consolidated apartment communities that we manage, which are excluded from our measurement of segment financial condition. (2) Our basis for assessing segment performance excludes the results of consolidated apartment communities that we do not manage and apartment communities sold or classified as held for sale. Accordingly, assets related to consolidated apartment communities that we do not manage and that were sold or classified as held for sale during 2016 are included within Corporate and other assets for comparative periods presented.

Basis of Presentation and Sum15

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2016 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 . The balance sheets of Aimco and the Aimco Operating Partnership at December 31, 2015 , 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, 2015 . 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 subsidiaries. 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 real estate partnerships consolidated by the Aimco Operating Partnership must first be used to settle the liabilities of such consolidated real estate partnerships. These consolidated real estate partnerships’ creditors do not have recourse to the general credit of the Aimco Operating Partnership.
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 (in thousands).
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	Accounting Pronouncements Adopted in the Current Year During 2015, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Updates, or ASUs, 2015-03 and 2015-15, which revised the presentation of debt issuance costs on the balance sheet. Under ASUs 2015-03 and 2015-15, entities generally present debt issuance costs associated with long term debt in their balance sheet as a direct deduction from the related debt liability, and debt issuance costs related to line-of-credit arrangements may continue to be deferred and presented as assets. Amortization of the deferred costs will continue to be included in interest expense. We have adopted the guidance in ASUs 2015-03 and 2015-15 effective as of January 1, 2016. We have elected to continue to reflect deferred issuance costs associated with our revolving credit facility as an asset, which is included in other assets on our condensed consolidated balance sheets. We have retrospectively applied the guidance to debt issuance costs associated with our non-recourse property debt to all prior periods, which resulted in the reclassification of $24.0 million from other assets to non-recourse property debt on our condensed consolidated balance sheet at December 31, 2015. In February 2015, the FASB issued Accounting Standards Update 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , or ASU 2015-02, which significantly changed the consolidation analysis required under GAAP for variable interest entities, or VIEs. Under this revised guidance, limited partnerships are no longer VIEs when the limited partners hold certain rights over the general partner. Alternatively, limited partnerships not previously viewed as VIEs are now considered VIEs in the absence of such rights. We adopted the guidance in ASU 2015-02 as of March 31, 2016, as more fully described in Note 6 .

Basis of Presentation and Sum16

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2015 to June 30, 2016 . 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 (in thousands). Balance, December 31, 2015 $ 87,926 Distributions to preferred unitholders (3,434 ) Redemption of preferred units and other (1,728 ) Net income 3,434 Balance, June 30, 2016 $ 86,198
Reconciliation of consolidated permanent equity accounts	The following table presents a reconciliation of Aimco’s consolidated permanent equity accounts from December 31, 2015 to June 30, 2016 (in thousands): Aimco Equity Noncontrolling interests in consolidated real estate partnerships Common noncontrolling interests in Aimco Operating Partnership Total Equity Balance, December 31, 2015 $ 1,622,391 $ 151,365 $ (9,851 ) $ 1,763,905 Preferred stock dividends (5,515 ) — — (5,515 ) Common dividends and distributions (103,359 ) (10,802 ) (5,169 ) (119,330 ) Redemptions of common OP Units — — (2,252 ) (2,252 ) Amortization of stock-based compensation cost 4,915 — — 4,915 Stock option exercises 339 — — 339 Effect of changes in ownership for consolidated entities (4,232 ) — 2,232 (2,000 ) Change in accumulated other comprehensive loss 5,330 87 267 5,684 Other 797 — (106 ) 691 Net income 250,490 9,607 12,307 272,404 Balance, June 30, 2016 $ 1,771,156 $ 150,257 $ (2,572 ) $ 1,918,841
AIMCO PROPERTIES, L.P [Member]
Schedule of Equity [Line Items]
Reconciliation of consolidated permanent equity accounts	Partners’ capital attributable to the Aimco Operating Partnership Balance, December 31, 2015 $ 1,612,540 Distributions to preferred units held by Aimco (5,515 ) Distributions to common units held by Aimco (103,359 ) Distributions to common units held by Limited Partners (5,169 ) Redemption of common OP Units (2,252 ) Amortization of Aimco stock-based compensation cost 4,915 Common OP Units issued to Aimco in connection with Aimco stock option exercises 339 Effect of changes in ownership for consolidated entities (2,000 ) Change in accumulated other comprehensive loss 5,597 Other 691 Net income 262,797 Balance, June 30, 2016 $ 1,768,584

Disposals and Other Significa17

Disposals and Other Significant Transactions (Tables)	6 Months Ended
	Jun. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Summary of discontinued operations	Summarized information regarding apartment communities sold during the three and six months ended June 30, 2016 and 2015 , is set forth in the table below (dollars in thousands): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Apartment communities sold 2 2 3 8 Apartment homes sold 1,547 1,791 1,643 2,891 (Loss) income before income taxes and gain on disposition $ (93 ) $ 340 $ 773 $ 1,740 Gain on disposition of real estate, net of tax (1) 216,541 44,781 222,728 130,474 Income tax (expense) benefit related to gain on disposition of real estate (2,266 ) 166 (2,461 ) 176 Prepayment penalties incurred upon repayment of debt collateralized by apartment communities sold (1) — 7,633 — 19,768 Mark-to-market adjustment included in prepayment penalties — 5,873 — 13,579 Non-recourse property debt assumed by purchasers — 6,068 — 6,068 (1) 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.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	, both of which are classified within Level 2 of the GAAP fair value hierarchy. Our investments classified as AFS are presented within other assets in the accompanying consolidated balance sheets. We hold several positions in the securitization trust that pay interest currently, and we also hold the first loss position in the securitization trust, which accrues interest over the term of the investment. We are accreting the discount to the $100.9 million face value of the investments into interest income using the effective interest method over the remaining expected term of the investments, which, as of June 30, 2016 , was approximately 4.9 years. Our amortized cost basis for these investments, which represents the original cost adjusted for interest accretion less interest payments received, was $70.1 million and $67.8 million at June 30, 2016 and December 31, 2015 , respectively. We estimated the fair value of these investments to be $73.7 million and $65.5 million at June 30, 2016 and December 31, 2015 , respectively. We estimate the fair value of these investments in accordance with GAAP using an income and market approach primarily with observable inputs, including yields and other information regarding similar types of investments, and adjusted for certain unobservable inputs specific to these investments. The fair value of the positions that pay interest currently typically moves in an inverse relationship with movements in interest rates. The fair value of the first loss position is primarily correlated to collateral quality and demand for similar subordinate commercial mortgage-backed securities. 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. The following table sets forth a summary of the changes in fair value in our interest rate swaps (in thousands): Six Months Ended June 30, 2016 2015 Beginning balance $ (4,938 ) $ (5,273 ) Unrealized losses included in interest expense (22 ) (24 ) Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss 818 842 Unrealized losses included in equity and partners’ capital (1,085 ) (625 ) Ending balance $ (5,227 ) $ (5,080 )

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The table below summarizes information regarding VIEs that are consolidated by the Aimco Operating Partnership: June 30, 2016 December 31, 2015 VIEs with interests in conventional apartment communities 12 13 Conventional apartment communities held by VIEs 16 17 Apartment homes in conventional communities held by VIEs 5,993 6,089 VIEs with interests in affordable apartment communities 62 62 Affordable apartment communities held by VIEs 48 48 Apartment homes in affordable communities held by VIEs 7,556 7,556 Assets of the Aimco Operating Partnership’s consolidated VIEs must first be used to settle the liabilities of such consolidated VIEs. These consolidated VIEs’ creditors do not have recourse to the general credit of the Aimco Operating Partnership. Assets and liabilities of VIEs are summarized in the table below (in thousands): June 30, 2016 December 31, 2015 Assets Net real estate $ 1,173,203 $ 1,201,998 Cash and cash equivalents 32,723 28,118 Restricted cash 39,719 44,813 Assets held for sale 8,952 — Liabilities Non-recourse property debt 1,000,366 959,523 Accrued liabilities and other 30,883 28,846 Liabilities related to assets held for sale 6,214 —

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	The assets of our reportable segments on a proportionate basis, together with the proportionate adjustments to reconcile these amounts to the consolidated assets of our segments, and the consolidated assets not allocated to our segments are as follows (in thousands): June 30, 2016 December 31, 2015 Conventional $ 5,075,572 $ 5,033,832 Affordable 400,372 409,165 Proportionate adjustments (1) 169,399 174,518 Corporate and other assets (2) 628,885 501,166 Total consolidated assets $ 6,274,228 $ 6,118,681 (1) Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the assets of our consolidated apartment communities that we manage, which are excluded from our measurement of segment financial condition. (2) Our basis for assessing segment performance excludes the results of consolidated apartment communities that we do not manage and apartment communities sold or classified as held for sale. Accordingly, assets related to consolidated apartment communities that we do not manage and that were sold or classified as held for sale during 2016 are included within Corporate and other assets for comparative periods presented. The assets of our reportable segments on a proportionate basis, together with the proportionate adjustments to reconcile these amounts to the consolidated assets of our segments, and the consolidated assets not allocated to our segments are as follows (in thousands): June 30, 2016 December 31, 2015 Conventional $ 5,075,572 $ 5,033,832 Affordable 400,372 409,165 Proportionate adjustments (1) 169,399 174,518 Corporate and other assets (2) 628,885 501,166 Total consolidated assets $ 6,274,228 $ 6,118,681 (1) Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the assets of our consolidated apartment communities that we manage, which are excluded from our measurement of segment financial condition. (2) Our basis for assessing segment performance excludes the results of consolidated apartment communities that we do not manage and apartment communities sold or classified as held for sale. Accordingly, assets related to consolidated apartment communities that we do not manage and that were sold or classified as held for sale during 2016 are included within Corporate and other assets for comparative periods presented.
Summary information for the reportable segments	Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended June 30, 2016 Rental and other property revenues $ 202,896 $ 25,682 $ 7,337 $ 6,956 $ 242,871 Tax credit and asset management revenues — — — 8,347 8,347 Total revenues 202,896 25,682 7,337 15,303 251,218 Property operating expenses 66,373 9,402 2,231 10,299 88,305 Investment management expenses — — — 1,017 1,017 Depreciation and amortization — — — 80,680 80,680 General and administrative expenses — — — 11,254 11,254 Other expenses, net — — — 5,526 5,526 Total operating expenses 66,373 9,402 2,231 108,776 186,782 Net operating income 136,523 16,280 5,106 (93,473 ) 64,436 Other items included in income before gain on dispositions (3) — — — (35,024 ) (35,024 ) Income before gain on dispositions $ 136,523 $ 16,280 $ 5,106 $ (128,497 ) $ 29,412 Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended June 30, 2015 Rental and other property revenues $ 191,602 $ 23,389 $ 7,187 $ 16,459 $ 238,637 Tax credit and asset management revenues — — — 6,146 6,146 Total revenues 191,602 23,389 7,187 22,605 244,783 Property operating expenses 61,863 8,862 2,230 14,975 87,930 Investment management expenses — — — 1,086 1,086 Depreciation and amortization — — — 75,150 75,150 General and administrative expenses — — — 12,062 12,062 Other expenses, net — — — 2,912 2,912 Total operating expenses 61,863 8,862 2,230 106,185 179,140 Net operating income 129,739 14,527 4,957 (83,580 ) 65,643 Other items included in income before gain on dispositions (3) — — — (41,736 ) (41,736 ) Income before gain on dispositions $ 129,739 $ 14,527 $ 4,957 $ (125,316 ) $ 23,907

Organization (Details Textual)

Organization (Details Textual)	6 Months Ended
	Jun. 30, 2016UnitsPropertyshares	Dec. 31, 2015shares
Organization [Line Items]
Common partnership units and equivalents outstanding | shares	156,613,451
Shares of Common Stock outstanding | shares	156,613,451	156,326,416
Percentage of the Aimco Operating Partnership's common partnership units and equivalents owned by Aimco	95.30%
Conventional Real Estate [Member]
Organization [Line Items]
Number of Apartment Communities | Property	133
Number of apartment homes in apartment communities | Units	38,699
Percentage of proportionate property net operating income generated by segment	90.00%
Conventional Real Estate [Member] | Partially Owned Properties [Member]
Organization [Line Items]
Number of Apartment Communities | Property	137
Number of apartment homes in apartment communities | Units	38,841
Conventional Real Estate [Member] | Wholly And Partially Owned Consolidated Properties [Member]
Organization [Line Items]
Number of Apartment Communities | Property	133
Number of apartment homes in apartment communities | Units	38,699
Affordable Real Estate [Member]
Organization [Line Items]
Number of Apartment Communities | Property	46
Number of apartment homes in apartment communities | Units	7,610
Percentage of proportionate property net operating income generated by segment	10.00%
Affordable Real Estate [Member] | Partially Owned Properties [Member]
Organization [Line Items]
Number of Apartment Communities | Property	56
Number of apartment homes in apartment communities | Units	8,685
Affordable Real Estate [Member] | Wholly And Partially Owned Consolidated Properties [Member]
Organization [Line Items]
Number of Apartment Communities | Property	49
Number of apartment homes in apartment communities | Units	7,998
AIMCO PROPERTIES, L.P [Member]
Organization [Line Items]
Common partnership units and equivalents outstanding | shares	164,411,757

Basis of Presentation and Sum22

Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance, December 31, 2015	$ 87,926
Balance, June 30, 2016	86,198
AIMCO PROPERTIES, L.P [Member]
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance, December 31, 2015	87,926
Distributions to preferred unitholders	(3,434)
Redemption of preferred units and other	(1,728)
Net income	3,434
Balance, June 30, 2016	$ 86,198

Basis of Presentation and Sum23

Basis of Presentation and Summary of Significant Accounting Policies (Details 1) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, December 31, 2015	$ 1,763,905
Preferred stock dividends	(5,515)
Common dividends and distributions	(119,330)
Redemptions of common OP Units	(2,252)
Amortization of stock-based compensation cost	4,915
Stock option exercises	339
Effect of changes in ownership for consolidated entities	(2,000)
Change in accumulated other comprehensive loss	5,684
Other	691
Net income	272,404
Balance, June 30, 2016	1,918,841
Aimco Equity [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, December 31, 2015	1,622,391
Preferred stock dividends	(5,515)
Common dividends and distributions	(103,359)
Amortization of stock-based compensation cost	4,915
Stock option exercises	339
Effect of changes in ownership for consolidated entities	(4,232)
Change in accumulated other comprehensive loss	5,330
Other	797
Net income	250,490
Balance, June 30, 2016	1,771,156
Noncontrolling Interests in Consolidated Real Estate Partnerships [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, December 31, 2015	151,365
Common dividends and distributions	(10,802)
Change in accumulated other comprehensive loss	87
Net income	9,607
Balance, June 30, 2016	150,257
Common Noncontrolling Interests in Aimco Operating Partnership [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, December 31, 2015	(9,851)
Common dividends and distributions	(5,169)
Redemptions of common OP Units	(2,252)
Effect of changes in ownership for consolidated entities	2,232
Change in accumulated other comprehensive loss	267
Other	(106)
Net income	12,307
Balance, June 30, 2016	$ (2,572)

Basis of Presentation and Sum24

Basis of Presentation and Summary of Significant Accounting Policies (Details 2) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Increase (Decrease) in Partners' Capital [Roll Forward]
Redemption of common OP Units	$ (2,252)
Amortization of Aimco stock-based compensation cost	4,915
Stock option exercises	339
Effect of changes in ownership for consolidated entities	(2,000)
Change in accumulated other comprehensive loss	5,684
Other	691
Net income	272,404
AIMCO PROPERTIES, L.P [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance, December 31, 2015	1,612,540
Balance, June 30, 2016	1,768,584
Partners Capital [Member] | AIMCO PROPERTIES, L.P [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance, December 31, 2015	1,612,540
Distributions to preferred units held by Aimco	(5,515)
Distributions to common units held by Aimco	(103,359)
Distributions to common units held by Limited Partners	(5,169)
Redemption of common OP Units	(2,252)
Amortization of Aimco stock-based compensation cost	4,915
Stock option exercises	339
Effect of changes in ownership for consolidated entities	(2,000)
Change in accumulated other comprehensive loss	5,597
Other	691
Net income	262,797
Balance, June 30, 2016	$ 1,768,584

Basis of Presentation and Sum25

Basis of Presentation and Summary of Significant Accounting Policies (Details 3) $ in Millions	Dec. 31, 2015USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Debt Issuance Costs, Net	$ 24

Disposals and Other Significa26

Disposals and Other Significant Transactions (Details Textual) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016USD ($)UnitsProperty	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)UnitsProperty	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)UnitsProperty
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from dispositions of real estate included in restricted cash at end of period	$ 289,400
(Loss) income before income taxes and gain on disposition	29,412	$ 23,907	$ 53,110	$ 42,364
Net income attributable to noncontrolling interests in consolidated real estate partnerships	(8,677)	(111)	(9,607)	(4,867)
Assets	6,274,228		6,274,228		$ 6,118,681
Liabilities	4,269,189		4,269,189		4,266,850
Noncontrolling interests in consolidated real estate partnerships	$ 150,257		$ 150,257		$ 151,365
Wholly And Partially Owned Consolidated Properties [Member] | Assets Held-for-sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Apartment Communities | Property	1		1
Number of apartment homes in apartment communities | Units	296		296
Disposal Group Disposed Of By Sale, Prior Year [Member] | Wholly And Partially Owned Consolidated Properties [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Apartment communities sold | Property					11
Apartment homes sold | Units					3,855
(Loss) income before income taxes and gain on disposition		$ 600		$ 2,400
Napico Portfolio [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Apartment Communities | Property	2		2
Decrease in other assets from deconsolidation			$ 105,400
Decrease in accrued liabilities and other from deconsolidation			111,600
Other nonrecurring gain			5,000
Net income attributable to noncontrolling interests in consolidated real estate partnerships			(7,800)
Assets	$ 35,900		35,900
Liabilities	42,000		42,000
Noncontrolling interests in consolidated real estate partnerships	$ (200)		$ (200)

Disposals and Other Significa27

Disposals and Other Significant Transactions (Details 1) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)UnitsProperty	Jun. 30, 2015USD ($)UnitsProperty	Jun. 30, 2016USD ($)UnitsProperty	Jun. 30, 2015USD ($)UnitsProperty
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(Loss) income before income taxes and gain on disposition	$ 29,412	$ 23,907	$ 53,110	$ 42,364
Gain on dispositions of real estate, net of tax	$ 216,541	$ 44,781	$ 222,728	$ 130,474
Wholly And Partially Owned Consolidated Properties [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Apartment communities sold | Property	2	2	3	8
Apartment homes sold | Units	1,547	1,791	1,643	2,891
(Loss) income before income taxes and gain on disposition	$ (93)	$ 340	$ 773	$ 1,740
Gain on dispositions of real estate, net of tax	216,541	44,781	222,728	130,474
Income tax (expense) benefit related to gain on disposition of real estate	(2,266)	166	(2,461)	176
Prepayment penalties incurred upon repayment of debt collateralized by apartment communities sold (1)	0	7,633	0	19,768
Mark-to-market adjustment included in prepayment penalties	0	5,873	0	13,579
Notes Reduction	$ 0	$ 6,068	$ 0	$ 6,068

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Interest Rate Swap [Member] - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Fair Value Assets and Liabilities Measured on Recurring Basis Fair value and input reconciliation [Roll Forward]
Cash Flow Hedge Fair Value, Beginning Balance	$ (4,938)	$ (5,273)
Unrealized losses included in interest expense	(22)	(24)
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss	818	842
Unrealized losses included in equity and partners’ capital	(1,085)	(625)
Cash Flow Hedge Fair Value, Ending Balance	$ (5,227)	$ (5,080)

Fair Value Measurements (Deta29

Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated fair value of consolidated debt	$ 4,200,000	$ 4,000,000
Total indebtedness	3,955,638	3,849,141
Cash Flow Hedging [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notional amount of interest rate swaps	$ 49,800	49,900
Average Remaining Maturity of Interest Rate Swaps	4 years 6 months
Period For Reclassification Into Earnings	12 months
Amount of unrealized gains (losses) estimated to be reclassified from accumulated other comprehensive loss to earnings during the next 12 months	$ 1,500
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	4 years 11 months
Amortized cost of the investment in available-for-sale debt securities	$ 70,100	67,800
Available-for-sale Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage-backed securities Available-for-sale, fair value disclosure	$ 73,700	$ 65,500

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2016USD ($)Units	Dec. 31, 2015USD ($)
Commitments related to development, redevelopment and capital improvement activities [Member]
Long-term Purchase Commitment [Line Items]
Commitments related to capital spending activities	$ 68.1
Time Period of Long-term Purchase Commitment	12 months
Expected Additional Investment in Construction Projects	$ 46.6
Commitments related to acquisition of apartment community under construction [Member]
Long-term Purchase Commitment [Line Items]
Number of apartment homes in apartment communities | Units	463
Contract to purchase apartment community currently under construction	$ 320
Payment deposits for purchase of apartment community under construction		$ 25
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	10 years
Maximum [Member] | Commitments related to operations [Member]
Long-term Purchase Commitment [Line Items]
Time Period of Long-term Purchase Commitment	1 year

Variable Interest Entities (Det

Variable Interest Entities (Details Textual) $ in Millions	Jun. 30, 2016Property	Dec. 31, 2015USD ($)EntityUnitsProperty
Napico Portfolio [Member]
Variable Interest Entity [Line Items]
Number of Apartment Communities | Property	2
Variable Interest Entity, Primary Beneficiary [Member] | Accounting Standards Update 2015-02 [Member]
Variable Interest Entity [Line Items]
Number of consolidated variable interest entities | Entity		14
Number of Apartment Communities | Property		18
Number of apartment homes in apartment communities | Units		6,186
Assets | $		$ 885.9
Liabilities | $		$ 645.3

Variable Interest Entities (D32

Variable Interest Entities (Details) $ in Thousands	Jun. 30, 2016USD ($)EntityUnitsProperty	Dec. 31, 2015USD ($)EntityUnitsProperty	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Real Estate Investment Property, Net	$ 5,474,290	$ 5,529,461
Cash and Cash Equivalents, at Carrying Value	55,225	50,789	$ 46,835	$ 28,971
Restricted cash	375,092	86,956
Assets held for sale	8,952	3,070
Other Assets	360,669	448,405
Secured Debt	3,795,098	3,822,141
Accrued liabilities and other	206,104	317,481
Liabilities related to assets held for sale	6,214	53
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Real Estate Investment Property, Net	1,173,203	1,201,998
Cash and Cash Equivalents, at Carrying Value	32,723	28,118
Restricted cash	39,719	44,813
Assets held for sale	8,952	0
Secured Debt	1,000,366	959,523
Accrued liabilities and other	30,883	28,846
Liabilities related to assets held for sale	$ 6,214	$ 0
Conventional Apartment Communities [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Number of consolidated variable interest entities | Entity	12	13
Number of Apartment Communities | Property	16	17
Number of apartment homes owned by VIEs | Units	5,993	6,089
Affordable Apartment Communities [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Number of consolidated variable interest entities | Entity	62	62
Number of Apartment Communities | Property	48	48
Number of apartment homes owned by VIEs | Units	7,556	7,556

Earnings per Share_Unit (Detail

Earnings per Share/Unit (Details Textual) - USD ($) $ in Thousands, shares in Millions	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015
Earnings Per Share [Abstract]
Participating securities outstanding (in shares)	0.2		0.8
Preferred OP Units, Distributions, Low Range	1.90%
Preferred OP Units, Distributions, High Range	8.80%
Preferred OP Units Outstanding (in shares)	3.2
Preferred noncontrolling interests in Aimco Operating Partnership	$ 86,198	$ 87,926
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

Business Segments (Details)

Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Summary information for the reportable segments
Rental and other property revenues (3)	$ 242,871	$ 238,637	$ 484,352	$ 476,926
Tax credit and asset management revenues	8,347	6,146	13,105	12,122
Total revenues	251,218	244,783	497,457	489,048
Property operating expenses (3)	88,305	87,930	176,702	183,422
Investment management expenses	1,017	1,086	1,992	2,689
Depreciation and amortization	80,680	75,150	160,508	149,582
General and administrative expenses	11,254	12,062	23,189	22,714
Other expenses, net	5,526	2,912	7,096	3,931
Total operating expenses	186,782	179,140	369,487	362,338
Net operating income (loss)	64,436	65,643	127,970	126,710
Other Items included in income before gain on dispositions (4)	(35,024)	(41,736)	(74,860)	(84,346)
Income before gain on dispositions	29,412	23,907	53,110	42,364
Operating Segments [Member] | Conventional Real Estate Operations [Member]
Summary information for the reportable segments
Rental and other property revenues (3)	202,896	191,602	403,851	379,073
Total revenues	202,896	191,602	403,851	379,073
Property operating expenses (3)	66,373	61,863	131,267	125,348
Total operating expenses	66,373	61,863	131,267	125,348
Net operating income (loss)	136,523	129,739	272,584	253,725
Income before gain on dispositions	136,523	129,739	272,584	253,725
Operating Segments [Member] | Affordable Real Estate Operations [Member]
Summary information for the reportable segments
Rental and other property revenues (3)	25,682	23,389	49,781	46,836
Total revenues	25,682	23,389	49,781	46,836
Property operating expenses (3)	9,402	8,862	19,170	18,784
Total operating expenses	9,402	8,862	19,170	18,784
Net operating income (loss)	16,280	14,527	30,611	28,052
Income before gain on dispositions	16,280	14,527	30,611	28,052
Segment Reconciling Items [Member]
Summary information for the reportable segments
Rental and other property revenues (3)	7,337	7,187	14,831	14,120
Total revenues	7,337	7,187	14,831	14,120
Property operating expenses (3)	2,231	2,230	4,127	4,594
Total operating expenses	2,231	2,230	4,127	4,594
Net operating income (loss)	5,106	4,957	10,704	9,526
Income before gain on dispositions	5,106	4,957	10,704	9,526
Corporate Non-Segment [Member]
Summary information for the reportable segments
Rental and other property revenues (3)	6,956	16,459	15,889	36,897
Tax credit and asset management revenues	8,347	6,146	13,105	12,122
Total revenues	15,303	22,605	28,994	49,019
Property operating expenses (3)	10,299	14,975	22,138	34,696
Investment management expenses	1,017	1,086	1,992	2,689
Depreciation and amortization	80,680	75,150	160,508	149,582
General and administrative expenses	11,254	12,062	23,189	22,714
Other expenses, net	5,526	2,912	7,096	3,931
Total operating expenses	108,776	106,185	214,923	213,612
Net operating income (loss)	(93,473)	(83,580)	(185,929)	(164,593)
Other Items included in income before gain on dispositions (4)	(35,024)	(41,736)	(74,860)	(84,346)
Income before gain on dispositions	$ (128,497)	$ (125,316)	$ (260,789)	$ (248,939)

Business Segments (Details Text

Business Segments (Details Textual) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)UnitsPropertySegment	Jun. 30, 2015USD ($)
Business Segments (Textual) [Abstract]
Number of reportable segments | Segment	2
Conventional Real Estate Operations [Member]
Business Segments (Textual) [Abstract]
Number of owned and managed apartment communities in segments | Property	133
Number of apartment homes in apartment communities | Units	38,699
Affordable Real Estate Operations [Member]
Business Segments (Textual) [Abstract]
Number of owned and managed apartment communities in segments | Property	46
Number of apartment homes in apartment communities | Units	7,610
Operating Segments [Member] | Conventional Real Estate Operations [Member]
Business Segments (Textual) [Abstract]
Capital additions related to segments | $	$ 162.5	$ 153.4
Operating Segments [Member] | Affordable Real Estate Operations [Member]
Business Segments (Textual) [Abstract]
Capital additions related to segments | $	$ 4.3	$ 4.4

Business Segments (Details 1)

Business Segments (Details 1) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Total assets	$ 6,274,228	$ 6,118,681
Operating Segments [Member] | Conventional Real Estate [Member]
Segment Reporting Information [Line Items]
Total assets	5,075,572	5,033,832
Operating Segments [Member] | Affordable Real Estate [Member]
Segment Reporting Information [Line Items]
Total assets	400,372	409,165
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Total assets	169,399	174,518
Corporate Non-Segment [Member]
Segment Reporting Information [Line Items]
Total assets	$ 628,885	$ 501,166