Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 23, 2017 | Jun. 30, 2016 | |
Entity Registrant Name | APARTMENT INVESTMENT & MANAGEMENT CO | ||
Entity Central Index Key | 922,864 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Common Stock, Shares Outstanding | 157,017,376 | ||
Entity Public Float | $ 6.9 | ||
AIMCO PROPERTIES, L.P. | |||
Entity Registrant Name | AIMCO PROPERTIES LP | ||
Entity Central Index Key | 926,660 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Common Stock, Shares Outstanding | 164,649,570 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Buildings and improvements | $ 6,627,374 | $ 6,446,326 |
Land | 1,858,792 | 1,861,157 |
Total real estate | 8,486,166 | 8,307,483 |
Accumulated depreciation | (2,730,758) | (2,778,022) |
Net real estate | 5,755,408 | 5,529,461 |
Cash and cash equivalents | 61,244 | 50,789 |
Restricted cash | 69,906 | 86,956 |
Other assets | 344,915 | 448,405 |
Assets held for sale | 1,345 | 3,070 |
Total assets | 6,232,818 | 6,118,681 |
LIABILITIES AND EQUITY/PARTNERS' CAPITAL | ||
Non-recourse property debt, net | 3,866,702 | 3,822,141 |
Revolving credit facility borrowings | 17,930 | 27,000 |
Total indebtedness | 3,884,632 | 3,849,141 |
Accounts payable | 36,677 | 36,123 |
Accrued liabilities and other | 212,318 | 317,481 |
Deferred income | 49,366 | 64,052 |
Liabilities related to assets held for sale | 1,658 | 53 |
Total liabilities | 4,184,651 | 4,266,850 |
Preferred noncontrolling interests in Aimco Operating Partnership (Note 7) | 103,201 | 87,926 |
Commitments and contingencies (Note 5) | ||
Equity: | ||
Perpetual Preferred Stock (Note 6) | 125,000 | 159,126 |
Common Stock, $0.01 par value, 500,787,260 shares authorized, 156,888,381 and 156,326,416 shares issued/outstanding at December 31, 2016 and 2015, respectively | 1,569 | 1,563 |
Additional paid-in capital | 4,051,722 | 4,064,659 |
Accumulated other comprehensive income (loss) | 1,011 | (6,040) |
Distributions in excess of earnings | (2,385,399) | (2,596,917) |
Total Aimco equity | 1,793,903 | 1,622,391 |
Noncontrolling interests in consolidated real estate partnerships | 151,121 | 151,365 |
Common noncontrolling interests in Aimco Operating Partnership | (58) | (9,851) |
Total equity | 1,944,966 | 1,763,905 |
Total liabilities and equity | 6,232,818 | 6,118,681 |
AIMCO PROPERTIES, L.P. | ||
ASSETS | ||
Buildings and improvements | 6,627,374 | 6,446,326 |
Land | 1,858,792 | 1,861,157 |
Total real estate | 8,486,166 | 8,307,483 |
Accumulated depreciation | (2,730,758) | (2,778,022) |
Net real estate | 5,755,408 | 5,529,461 |
Cash and cash equivalents | 61,244 | 50,789 |
Restricted cash | 69,906 | 86,956 |
Other assets | 344,915 | 448,405 |
Assets held for sale | 1,345 | 3,070 |
Total assets | 6,232,818 | 6,118,681 |
LIABILITIES AND EQUITY/PARTNERS' CAPITAL | ||
Non-recourse property debt, net | 3,866,702 | 3,822,141 |
Revolving credit facility borrowings | 17,930 | 27,000 |
Total indebtedness | 3,884,632 | 3,849,141 |
Accounts payable | 36,677 | 36,123 |
Accrued liabilities and other | 212,318 | 317,481 |
Deferred income | 49,366 | 64,052 |
Liabilities related to assets held for sale | 1,658 | 53 |
Total liabilities | 4,184,651 | 4,266,850 |
Preferred noncontrolling interests in Aimco Operating Partnership (Note 7) | 103,201 | 87,926 |
Commitments and contingencies (Note 5) | ||
Equity: | ||
Preferred units (Note 7) | 125,000 | 159,126 |
General Partner and Special Limited Partner | 1,668,903 | 1,463,265 |
Limited Partners | (58) | (9,851) |
Partners’ capital attributable to the Aimco Operating Partnership | 1,793,845 | 1,612,540 |
Noncontrolling interests in consolidated real estate partnerships | 151,121 | 151,365 |
Total partners’ capital | 1,944,966 | 1,763,905 |
Total liabilities and equity | $ 6,232,818 | $ 6,118,681 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 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) | 156,888,381 | 156,326,416 |
Shares of common stock outstanding (in shares) | 156,888,381 | 156,326,416 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
REVENUES: | |||
Rental and other property revenues | $ 974,531 | $ 956,954 | $ 952,831 |
Tax credit and asset management revenues | 21,323 | 24,356 | 31,532 |
Total revenues | 995,854 | 981,310 | 984,363 |
OPERATING EXPENSES: | |||
Property operating expenses | 352,427 | 359,393 | 373,654 |
Investment management expenses | 4,333 | 5,855 | 7,310 |
Depreciation and amortization | 333,066 | 306,301 | 282,608 |
General and administrative expenses | 44,937 | 43,178 | 44,092 |
Other expenses, net | 14,295 | 10,368 | 14,349 |
Total operating expenses | 749,058 | 725,095 | 722,013 |
Operating income | 246,796 | 256,215 | 262,350 |
Interest income | 7,797 | 6,949 | 6,878 |
Interest expense | (196,389) | (199,685) | (220,971) |
Other, net | 6,071 | 387 | (829) |
Income before income taxes and gain on dispositions | 64,275 | 63,866 | 47,428 |
Income tax benefit | 25,208 | 27,524 | 20,047 |
Income before gain on dispositions | 89,483 | 91,390 | 67,475 |
Gain on dispositions of real estate, net of tax | 393,790 | 180,593 | 288,636 |
Net income | 483,273 | 271,983 | 356,111 |
Noncontrolling interests: | |||
Net income attributable to noncontrolling interests in consolidated real estate partnerships | (25,256) | (4,776) | (24,595) |
Net income attributable to preferred noncontrolling interests in Aimco Operating Partnership | (7,239) | (6,943) | (6,497) |
Net income attributable to common noncontrolling interests in Aimco Operating Partnership | (20,368) | (11,554) | (15,770) |
Net income attributable to noncontrolling interests | (52,863) | (23,273) | (46,862) |
Net income attributable to the company | 430,410 | 248,710 | 309,249 |
Net income attributable to the company's preferred equityholders | (11,994) | (11,794) | (7,947) |
Net income attributable to participating securities | (635) | (950) | (1,082) |
Net income attributable to Aimco common stockholders | $ 417,781 | $ 235,966 | $ 300,220 |
Earnings attributable to the company per common share/unit - basic and diluted: (Note 13) | |||
Net income attributable to the company per common share/unit - basic (in dollars per share) | $ 2.68 | $ 1.52 | $ 2.06 |
Net income attributable to the company per common share/unit - diluted (in dollars per share) | $ 2.67 | $ 1.52 | $ 2.06 |
Weighted average common shares/units outstanding - basic (in shares) | 156,001 | 155,177 | 145,639 |
Weighted average common shares/units outstanding - diluted (in shares) | 156,391 | 155,570 | 146,002 |
AIMCO PROPERTIES, L.P. | |||
REVENUES: | |||
Rental and other property revenues | $ 974,531 | $ 956,954 | $ 952,831 |
Tax credit and asset management revenues | 21,323 | 24,356 | 31,532 |
Total revenues | 995,854 | 981,310 | 984,363 |
OPERATING EXPENSES: | |||
Property operating expenses | 352,427 | 359,393 | 373,654 |
Investment management expenses | 4,333 | 5,855 | 7,310 |
Depreciation and amortization | 333,066 | 306,301 | 282,608 |
General and administrative expenses | 44,937 | 43,178 | 44,092 |
Other expenses, net | 14,295 | 10,368 | 14,349 |
Total operating expenses | 749,058 | 725,095 | 722,013 |
Operating income | 246,796 | 256,215 | 262,350 |
Interest income | 7,797 | 6,949 | 6,878 |
Interest expense | (196,389) | (199,685) | (220,971) |
Other, net | 6,071 | 387 | (829) |
Income before income taxes and gain on dispositions | 64,275 | 63,866 | 47,428 |
Income tax benefit | 25,208 | 27,524 | 20,047 |
Income before gain on dispositions | 89,483 | 91,390 | 67,475 |
Gain on dispositions of real estate, net of tax | 393,790 | 180,593 | 288,636 |
Net income | 483,273 | 271,983 | 356,111 |
Noncontrolling interests: | |||
Net income attributable to noncontrolling interests in consolidated real estate partnerships | (25,256) | (4,776) | (24,595) |
Net income attributable to the company | 458,017 | 267,207 | 331,516 |
Net income attributable to the company's preferred equityholders | (19,233) | (18,737) | (14,444) |
Net income attributable to participating securities | (635) | (950) | (1,082) |
Net income attributable to Aimco common stockholders | $ 438,149 | $ 247,520 | $ 315,990 |
Earnings attributable to the company per common share/unit - basic and diluted: (Note 13) | |||
Net income attributable to the company per common share/unit - basic (in dollars per share) | $ 2.68 | $ 1.52 | $ 2.06 |
Net income attributable to the company per common share/unit - diluted (in dollars per share) | $ 2.67 | $ 1.52 | $ 2.06 |
Weighted average common shares/units outstanding - basic (in shares) | 163,761 | 162,834 | 153,363 |
Weighted average common shares/units outstanding - diluted (in shares) | 164,151 | 163,227 | 153,726 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income | $ 483,273 | $ 271,983 | $ 356,111 |
Other comprehensive income (loss): | |||
Unrealized gains (losses) on interest rate swaps | 221 | (1,299) | (2,306) |
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive income (loss) | 1,586 | 1,678 | 1,685 |
Unrealized gains (losses) on debt securities classified as available-for-sale | 5,855 | 214 | (1,192) |
Other comprehensive income (loss) | 7,662 | 593 | (1,813) |
Comprehensive income | 490,935 | 272,576 | 354,298 |
Comprehensive income attributable to noncontrolling interests | (53,474) | (23,450) | (46,903) |
Comprehensive income attributable to Aimco/Operating Partnership | 437,461 | 249,126 | 307,395 |
AIMCO PROPERTIES, L.P. | |||
Net income | 483,273 | 271,983 | 356,111 |
Other comprehensive income (loss): | |||
Unrealized gains (losses) on interest rate swaps | 221 | (1,299) | (2,306) |
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive income (loss) | 1,586 | 1,678 | 1,685 |
Unrealized gains (losses) on debt securities classified as available-for-sale | 5,855 | 214 | (1,192) |
Other comprehensive income (loss) | 7,662 | 593 | (1,813) |
Comprehensive income | 490,935 | 272,576 | 354,298 |
Comprehensive income attributable to noncontrolling interests | (25,516) | (4,932) | (24,733) |
Comprehensive income attributable to Aimco/Operating Partnership | $ 465,419 | $ 267,644 | $ 329,565 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Total Aimco Equity | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Distributions in Excess of Earnings | Noncontrolling Interests |
Beginning Balances (in shares) at Dec. 31, 2013 | 1,274 | 145,917 | ||||||
Beginning Balances at Dec. 31, 2013 | $ 1,172,744 | $ 967,457 | $ 68,114 | $ 1,459 | $ 3,701,339 | $ (4,602) | $ (2,798,853) | $ 205,287 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of stock (in shares) | 5,117 | |||||||
Issuance of stock | 123,552 | 123,552 | $ 128,012 | (4,460) | ||||
Repurchase of Preferred Stock (in shares) | 0 | |||||||
Repurchase of Preferred Stock | (9,516) | (9,516) | $ (10,000) | 257 | 227 | |||
Redemption of Aimco Operating Partnership units | (7,756) | (7,756) | ||||||
Amortization of share-based compensation cost (in shares) | 33 | |||||||
Amortization of share-based compensation cost | 6,139 | 6,139 | 6,139 | |||||
Contributions from noncontrolling interests | 11,559 | 11,559 | ||||||
Effect of changes in ownership for consolidated entities | 712 | (8,097) | (8,097) | 8,809 | ||||
Change in accumulated other comprehensive income (loss) | (1,813) | (1,854) | (1,854) | 41 | ||||
Other, net (in shares) | 453 | |||||||
Other, net | 949 | 970 | $ 5 | 965 | 0 | (21) | ||
Net income | 349,614 | 309,249 | 309,249 | 40,365 | ||||
Distributions to noncontrolling interests | (43,914) | (43,914) | ||||||
Common Stock dividends | (151,991) | (151,991) | (151,991) | |||||
Preferred Stock dividends | (8,174) | (8,174) | (8,174) | |||||
Ending Balances (in shares) at Dec. 31, 2014 | 6,391 | 146,403 | ||||||
Ending Balances at Dec. 31, 2014 | 1,442,105 | 1,227,735 | $ 186,126 | $ 1,464 | 3,696,143 | (6,456) | (2,649,542) | 214,370 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of stock (in shares) | 9,430 | |||||||
Issuance of stock | 366,580 | 366,580 | $ 94 | 366,486 | ||||
Repurchase of Preferred Stock | (27,000) | (27,000) | $ (27,000) | 695 | (695) | |||
Redemption of Aimco Operating Partnership units | (4,181) | (4,181) | ||||||
Amortization of share-based compensation cost (in shares) | 27 | |||||||
Amortization of share-based compensation cost | 7,096 | 7,096 | 7,096 | |||||
Effect of changes in ownership for consolidated entities | (1,819) | (6,008) | (6,008) | 4,189 | ||||
Change in accumulated other comprehensive income (loss) | 593 | 416 | 416 | 177 | ||||
Other, net (in shares) | 466 | |||||||
Other, net | 352 | 352 | $ 5 | 247 | 100 | |||
Net income | 265,040 | 248,710 | 248,710 | 16,330 | ||||
Distributions to noncontrolling interests | (89,371) | (89,371) | ||||||
Common Stock dividends | (184,391) | (184,391) | (184,391) | |||||
Preferred Stock dividends | (11,099) | (11,099) | (11,099) | |||||
Ending Balances (in shares) at Dec. 31, 2015 | 6,391 | 156,326 | ||||||
Ending Balances at Dec. 31, 2015 | 1,763,905 | 1,622,391 | $ 159,126 | $ 1,563 | 4,064,659 | (6,040) | (2,596,917) | 141,514 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Repurchase of Preferred Stock (in shares) | (1,391) | |||||||
Repurchase of Preferred Stock | (34,799) | (34,799) | $ (34,126) | 1,307 | (1,980) | |||
Redemption of Aimco Operating Partnership units | (10,819) | (10,819) | ||||||
Amortization of share-based compensation cost (in shares) | 31 | |||||||
Amortization of share-based compensation cost | 8,610 | 8,610 | 8,610 | |||||
Effect of changes in ownership for consolidated entities | (16,064) | (26,171) | (26,171) | 10,107 | ||||
Change in accumulated other comprehensive income (loss) | 7,662 | 7,051 | 7,051 | 611 | ||||
Other, net (in shares) | 531 | |||||||
Other, net | 3,323 | 3,323 | $ 6 | 3,317 | 0 | |||
Net income | 476,034 | 430,410 | 430,410 | 45,624 | ||||
Distributions to noncontrolling interests | (35,974) | (35,974) | ||||||
Common Stock dividends | (206,898) | (206,898) | (206,898) | |||||
Preferred Stock dividends | (10,014) | (10,014) | (10,014) | |||||
Ending Balances (in shares) at Dec. 31, 2016 | 5,000 | 156,888 | ||||||
Ending Balances at Dec. 31, 2016 | $ 1,944,966 | $ 1,793,903 | $ 125,000 | $ 1,569 | $ 4,051,722 | $ 1,011 | $ (2,385,399) | $ 151,063 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 483,273 | $ 271,983 | $ 356,111 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 333,066 | 306,301 | 282,608 |
Gain on dispositions of real estate, net of tax | (393,790) | (180,593) | (288,636) |
Income tax benefit | (25,208) | (27,524) | (20,047) |
Share-based compensation expense | 7,629 | 6,640 | 5,781 |
Amortization of deferred loan costs and other | 5,060 | 5,186 | 3,814 |
Other, net | (6,071) | (387) | 2,649 |
Changes in operating assets and operating liabilities: | |||
Accounts receivable and other assets | (20,680) | 619 | 9,039 |
Accounts payable, accrued liabilities and other | (5,555) | (22,334) | (29,895) |
Total adjustments | (105,549) | 87,908 | (34,687) |
Net cash provided by operating activities | 377,724 | 359,891 | 321,424 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of real estate and deposits related to purchases of real estate | (290,729) | (169,447) | (284,041) |
Capital expenditures | (346,645) | (367,180) | (367,324) |
Proceeds from dispositions of real estate | 535,513 | 367,571 | 640,044 |
Purchases of corporate assets | (7,540) | (6,665) | (8,479) |
Changes in restricted cash | 1,374 | (429) | 26,315 |
Other investing activities | 10,254 | 5,253 | 7,163 |
Net cash (used in) provided by investing activities | (97,773) | (170,897) | 13,678 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from non-recourse property debt | 417,714 | 352,602 | 188,503 |
Principal repayments on non-recourse property debt | (371,947) | (514,294) | (513,599) |
Net (repayments) borrowings on revolving credit facility | (9,070) | (85,330) | 61,930 |
Proceeds from issuance of common stock or units | 0 | 366,580 | 0 |
Proceeds from issuance of preferred stock or units | 0 | 0 | 123,551 |
Redemptions and repurchases of preferred stock or units | (34,799) | (27,000) | (9,516) |
Payment of dividends to holders of preferred stock or units | (10,014) | (11,099) | (7,073) |
Payment of dividends to holders of Common Stock | (206,279) | (184,082) | (152,002) |
Payment of distributions to noncontrolling interests | (35,706) | (57,401) | (49,972) |
Purchases and redemptions of noncontrolling interests | (26,485) | (4,517) | (8,178) |
Other financing activities | 7,090 | (2,635) | 4,474 |
Net cash used in financing activities | (269,496) | (167,176) | (361,882) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 10,455 | 21,818 | (26,780) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 50,789 | 28,971 | 55,751 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 61,244 | 50,789 | 28,971 |
SUPPLEMENTAL CASH FLOW INFORMATION [Abstract] | |||
Interest paid | 200,278 | 207,087 | 231,887 |
Cash paid for income taxes | 2,152 | 2,033 | 1,657 |
Non-cash transactions associated with the acquisition or disposition of real estate: | |||
Non-recourse property debt assumed in connection with our acquisition of real estate | 0 | 0 | 65,200 |
Non-recourse property debt assumed by buyer in connection with our disposition of real estate | 0 | 6,068 | 58,410 |
Issuance of preferred OP Units in connection with acquisition of real estate | 17,000 | 0 | 9,117 |
Other non-cash transactions: | |||
Accrued capital expenditures (at end of period) | 35,594 | 43,725 | 45,701 |
Accrued dividends on TSR restricted stock (at end of period) (Note 8) | 927 | 309 | 0 |
AIMCO PROPERTIES, L.P. | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | 483,273 | 271,983 | 356,111 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 333,066 | 306,301 | 282,608 |
Gain on dispositions of real estate, net of tax | (393,790) | (180,593) | (288,636) |
Income tax benefit | (25,208) | (27,524) | (20,047) |
Share-based compensation expense | 7,629 | 6,640 | 5,781 |
Amortization of deferred loan costs and other | 5,060 | 5,186 | 3,814 |
Other, net | (6,071) | (387) | 2,649 |
Changes in operating assets and operating liabilities: | |||
Accounts receivable and other assets | (20,680) | 619 | 9,039 |
Accounts payable, accrued liabilities and other | (5,555) | (22,334) | (29,895) |
Total adjustments | (105,549) | 87,908 | (34,687) |
Net cash provided by operating activities | 377,724 | 359,891 | 321,424 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of real estate and deposits related to purchases of real estate | (290,729) | (169,447) | (284,041) |
Capital expenditures | (346,645) | (367,180) | (367,324) |
Proceeds from dispositions of real estate | 535,513 | 367,571 | 640,044 |
Purchases of corporate assets | (7,540) | (6,665) | (8,479) |
Changes in restricted cash | 1,374 | (429) | 26,315 |
Other investing activities | 10,254 | 5,253 | 7,163 |
Net cash (used in) provided by investing activities | (97,773) | (170,897) | 13,678 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from non-recourse property debt | 417,714 | 352,602 | 188,503 |
Principal repayments on non-recourse property debt | (371,947) | (514,294) | (513,599) |
Net (repayments) borrowings on revolving credit facility | (9,070) | (85,330) | 61,930 |
Proceeds from issuance of common stock or units | 0 | 366,580 | 0 |
Proceeds from issuance of preferred stock or units | 0 | 0 | 123,551 |
Redemptions and repurchases of preferred stock or units | (34,799) | (27,000) | (9,516) |
Payment of dividends to holders of preferred stock or units | (17,253) | (18,042) | (13,482) |
Payment of distributions to General Partner and Special Limited Partner | (206,279) | (184,082) | (152,002) |
Payment of distributions to Limited Partners | (10,214) | (6,701) | (8,008) |
Payment of distributions to noncontrolling interests | (18,253) | (43,757) | (35,555) |
Purchases and redemptions of noncontrolling interests | (13,941) | (320) | (101) |
Other financing activities | (5,454) | (6,832) | (3,603) |
Net cash used in financing activities | (269,496) | (167,176) | (361,882) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 10,455 | 21,818 | (26,780) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 50,789 | 28,971 | 55,751 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 61,244 | 50,789 | 28,971 |
SUPPLEMENTAL CASH FLOW INFORMATION [Abstract] | |||
Interest paid | 200,278 | 207,087 | 231,887 |
Cash paid for income taxes | 2,152 | 2,033 | 1,657 |
Non-cash transactions associated with the acquisition or disposition of real estate: | |||
Non-recourse property debt assumed in connection with our acquisition of real estate | 0 | 0 | 65,200 |
Non-recourse property debt assumed by buyer in connection with our disposition of real estate | 0 | 6,068 | 58,410 |
Issuance of preferred OP Units in connection with acquisition of real estate | 17,000 | 0 | 9,117 |
Other non-cash transactions: | |||
Accrued capital expenditures (at end of period) | 35,594 | 43,725 | 45,701 |
Accrued dividends on TSR restricted stock (at end of period) (Note 8) | $ 927 | $ 309 | $ 0 |
Consolidated Statements of Part
Consolidated Statements of Partners' Capital - USD ($) $ in Thousands | Total | AIMCO PROPERTIES, L.P. | AIMCO PROPERTIES, L.P.Preferred Units | AIMCO PROPERTIES, L.P.General Partner and Special Limited Partner | AIMCO PROPERTIES, L.P.Limited Partners | AIMCO PROPERTIES, L.P.Partners’ Capital Attributable to the Partnership | AIMCO PROPERTIES, L.P.Non - controlling Interests |
Partners' Capital at Dec. 31, 2013 | $ 1,172,744 | $ 68,114 | $ 899,343 | $ (27,721) | $ 939,736 | $ 233,008 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Issuance of preferred units to Aimco | 123,552 | 128,012 | (4,460) | 123,552 | |||
Redemption of preferred units held by Aimco | (9,516) | (10,000) | (484) | (9,516) | |||
Redemption of partnership units held by non-Aimco partners | (7,756) | (7,756) | (7,756) | ||||
Amortization of Aimco stock-based compensation | 6,139 | 6,139 | 6,139 | ||||
Contributions from noncontrolling interests | $ 11,559 | 11,559 | 11,559 | ||||
Effect of changes in ownership for consolidated entities | 712 | (8,097) | 8,888 | 791 | (79) | ||
Change in accumulated other comprehensive loss | (1,813) | (1,813) | (1,854) | (97) | (1,951) | 138 | |
Other, net | 949 | 970 | 0 | 970 | (21) | ||
Net income | 349,614 | 309,249 | 15,770 | 325,019 | 24,595 | ||
Distributions to noncontrolling interests | (43,914) | (35,904) | (35,904) | ||||
Distributions to common unitholders | (160,001) | (151,991) | (8,010) | (160,001) | |||
Distributions to preferred unitholders | (8,174) | (8,174) | (8,174) | ||||
Partners' Capital at Dec. 31, 2014 | 1,442,105 | 186,126 | 1,041,609 | (18,926) | 1,208,809 | 233,296 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Issuance of common partnership units to Aimco | 366,580 | 366,580 | 366,580 | ||||
Redemption of preferred units held by Aimco | (27,000) | (27,000) | 0 | (27,000) | |||
Redemption of partnership units held by non-Aimco partners | (4,181) | (4,181) | (4,181) | ||||
Amortization of Aimco stock-based compensation | 7,096 | 7,096 | 7,096 | ||||
Effect of changes in ownership for consolidated entities | (1,819) | (6,008) | 10,739 | 4,731 | (6,550) | ||
Change in accumulated other comprehensive loss | 593 | 593 | 416 | 21 | 437 | 156 | |
Other, net | 352 | 352 | 0 | 352 | 0 | ||
Net income | 265,040 | 248,710 | 11,554 | 260,264 | 4,776 | ||
Distributions to noncontrolling interests | (89,371) | (80,313) | (80,313) | ||||
Distributions to common unitholders | (193,449) | (184,391) | (9,058) | (193,449) | |||
Distributions to preferred unitholders | (11,099) | (11,099) | (11,099) | ||||
Partners' Capital at Dec. 31, 2015 | 1,763,905 | 159,126 | 1,463,265 | (9,851) | 1,612,540 | 151,365 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Redemption of preferred units held by Aimco | (34,799) | (34,126) | (673) | (34,799) | |||
Redemption of partnership units held by non-Aimco partners | (10,819) | (10,819) | (10,819) | ||||
Amortization of Aimco stock-based compensation | 8,610 | 8,610 | 8,610 | ||||
Effect of changes in ownership for consolidated entities | (16,064) | (26,171) | 10,107 | (16,064) | 0 | ||
Change in accumulated other comprehensive loss | 7,662 | 7,662 | 7,051 | 351 | 7,402 | 260 | |
Other, net | 3,323 | 3,323 | 0 | 3,323 | 0 | ||
Net income | 476,034 | 430,410 | 20,368 | 450,778 | 25,256 | ||
Distributions to noncontrolling interests | $ (35,974) | (25,760) | (25,760) | ||||
Distributions to common unitholders | (217,112) | (206,898) | (10,214) | (217,112) | |||
Distributions to preferred unitholders | (10,014) | (10,014) | (10,014) | ||||
Partners' Capital at Dec. 31, 2016 | $ 1,944,966 | $ 125,000 | $ 1,668,903 | $ (58) | $ 1,793,845 | $ 151,121 |
Organization
Organization | 12 Months Ended |
Dec. 31, 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, management, redevelopment and limited development of quality apartment communities located in the largest coastal and job growth markets in the United States. Aimco, through its wholly-owned subsidiaries, AIMCO-GP, Inc. and AIMCO-LP Trust, owns a majority of the ownership interests in the Aimco Operating Partnership. Aimco conducts all of its business and owns all of its assets through the Aimco Operating Partnership. Interests in the Aimco Operating Partnership that are held by limited partners other than Aimco are referred to as OP Units. OP Units include common partnership units and high performance partnership units, which we refer to as common OP Units, as well as partnership preferred units, which we refer to as preferred OP Units. At December 31, 2016 , after eliminations for units held by consolidated subsidiaries, the Aimco Operating Partnership had 164,493,293 common partnership units and equivalents outstanding. At December 31, 2016 , Aimco owned 156,888,381 of the common partnership units ( 95.4% of the common partnership units and equivalents of the Aimco Operating Partnership) and Aimco had outstanding an equal number of shares of its Class A Common Stock, which we refer to as Common Stock. Except as the context otherwise requires, “we,” “our” and “us” refer to Aimco, the Aimco Operating Partnership and their consolidated subsidiaries, collectively. As of December 31, 2016 , we owned an equity interest in 134 conventional apartment communities with 37,922 apartment homes and 55 affordable apartment communities with 8,389 apartment homes. Of these apartment communities, we consolidated 130 conventional apartment communities with 37,780 apartment homes and 48 affordable apartment communities with 7,702 apartment homes. These conventional and affordable apartment communities generated 90% and 10% , respectively, of the proportionate property net operating income (as defined in Note 12 and excluding amounts related to apartment communities sold or classified as held for sale) during the year ended December 31, 2016 . |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 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 Principles of Consolidation Aimco’s accompanying consolidated financial statements include the accounts of Aimco, the Aimco Operating Partnership, and their consolidated subsidiaries. The Aimco Operating Partnership’s consolidated financial statements include the accounts of the Aimco Operating Partnership and its consolidated subsidiaries. All significant intercompany balances 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. As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company. Acquisition of Real Estate and Related Depreciation and Amortization We recognize the acquisition of apartment communities or interests in partnerships that own apartment communities at fair value. If the transaction results in consolidation and is a business combination, we expense related transaction costs as incurred. If the transaction is considered an asset acquisition (e.g. apartment communities under construction or vacant at time of acquisition), the related transaction costs are capitalized as a cost of the acquired apartment community. We allocate the purchase price of apartment communities acquired in business combinations to tangible assets and identified intangible assets and liabilities based on their fair values. We allocate the cost of apartment communities accounted for as asset acquisitions based on the relative fair value of the assets acquired and liabilities assumed. We determine the fair value of tangible assets, such as land, building, furniture, fixtures and equipment, generally using internal valuation techniques that consider comparable market transactions, replacement costs and other available information. We determine the fair value of identified intangible assets (or liabilities), which typically relate to in-place leases, using internal valuation techniques that consider the terms of the in-place leases, current market data for comparable leases and our experience in leasing similar communities. The intangible assets or liabilities related to in-place leases are comprised of: (a) the value of the above- and below-market leases in-place, measured over the period, including probable lease renewals for below-market leases, that the leases are expected to remain in effect; (b) the estimated unamortized portion of avoided leasing commissions and other costs that ordinarily would be incurred to originate the in-place leases; and (c) the value associated with leased apartment homes during an estimated absorption period (estimates of rental revenue that would not have been earned had leased apartment homes been vacant at the time of acquisition assuming lease-up periods based on market demand and stabilized occupancy levels). Depreciation for all tangible assets is calculated using the straight-line method over their estimated useful lives. Acquired buildings and improvements are depreciated over a useful life based on the age, condition and other physical characteristics of the apartment community. At December 31, 2016 , the weighted average depreciable life of our acquired buildings and improvements was approximately 28 years. Furniture, fixtures and equipment associated with acquired apartment communities are depreciated over five years. The above- and below-market lease intangibles are amortized to rental revenue over the expected remaining terms of the associated leases, which include reasonably assured renewal periods. Other intangible assets related to in-place leases are amortized to depreciation and amortization over the expected remaining terms of the associated leases. At December 31, 2016 and 2015 , deferred income in our consolidated balance sheets included below-market lease amounts totaling $10.4 million and $12.1 million , respectively, which are net of accumulated amortization of $33.1 million and $31.4 million , respectively. During the years ended December 31, 2016 , 2015 and 2014 , we included amortization of below-market leases of $1.7 million , $1.7 million and $1.3 million , respectively, in rental and other property revenues in our consolidated statements of operations. In connection with apartment communities sold during the year ended December 31, 2014 , we wrote off $1.8 million of unamortized below-market lease amounts to gain on dispositions of real estate. There were no such write offs during the years ended December 31, 2016 and 2015 . At December 31, 2016 , our below-market leases had a weighted average amortization period of 6.5 years and estimated aggregate amortization for each of the five succeeding years as follows (in thousands): Estimated Amortization 2017 $1,200 2018 1,059 2019 973 2020 884 2021 810 Capital Additions and Related Depreciation We capitalize costs, including certain indirect costs, incurred in connection with our capital additions activities, including redevelopments, developments, other tangible apartment community improvements and replacements of existing apartment community components. Included in these capitalized costs are payroll costs associated with time spent by site employees in connection with capital additions activities at the apartment community level. We characterize as “indirect costs” an allocation of certain department costs, including payroll, at the area operations and corporate levels that clearly relate to capital additions activities. We also capitalize interest, property taxes and insurance during periods in which redevelopments, developments and construction projects are in progress. We begin capitalization of costs, including certain indirect costs, incurred in connection with our capital addition activities, upon commencement of activities necessary to get apartment communities ready for their intended use. These activities include when apartment communities or apartment homes are undergoing physical construction, as well as when apartment homes are held vacant in advance of planned construction, provided that other activities such as permitting, planning and design are in progress. We cease the capitalization of costs when the apartment communities are substantially complete and ready for their intended use, which is typically when construction has been completed and apartment homes are available for occupancy. Costs including ordinary repairs, maintenance and resident turnover costs are charged to property operating expense as incurred. We depreciate capitalized costs using the straight-line method over the estimated useful life of the related improvement, which is generally 5 , 15 or 30 years. All capitalized site payroll costs and indirect costs are allocated to capital additions proportionately, based on direct costs and depreciated over the estimated useful lives of such capital additions. Certain homogeneous items that are purchased in bulk on a recurring basis, such as carpeting and appliances, are depreciated using group methods that reflect the average estimated useful life of the items in each group. Except in the case of apartment community casualties, where the net book value of the lost asset is written off in the determination of casualty gains or losses, we generally do not recognize any loss in connection with the replacement of an existing apartment community component because normal replacements are considered in determining the estimated useful lives used in connection with our composite and group depreciation methods. For the years ended December 31, 2016 , 2015 and 2014 , we capitalized to buildings and improvements $9.6 million , $11.7 million and $14.2 million of interest costs, respectively, and $32.9 million , $28.2 million and $29.2 million of other direct and indirect costs, respectively. Impairment of Long-Lived Assets Real estate and other long-lived assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is not recoverable. If events or circumstances indicate that the carrying amount of an apartment community may not be recoverable, we make an assessment of its recoverability by comparing the carrying amount to our estimate of the undiscounted future cash flows, excluding interest charges, of the apartment community. If the carrying amount exceeds the aggregate undiscounted future cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the apartment community. Based on periodic tests of recoverability of long-lived assets, for the year ended December 31, 2014 , we recorded a provision for real estate impairment losses of $1.8 million related to sold apartment communities, which is included in other expenses, net in our consolidated statement of operations. The impairment loss was related to estimated costs to sell, inclusive of a prepayment penalty. We recorded no such provisions during the years ended December 31, 2016 and 2015 . Cash Equivalents We classify highly liquid investments with an original maturity of three months or less as cash equivalents. We maintain cash equivalents in financial institutions in excess of insured limits. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions. Restricted Cash Restricted cash includes capital replacement reserves, completion repair reserves, bond sinking fund amounts, tax and insurance escrow accounts held by lenders and resident security deposits. Other Assets At December 31, 2016 and 2015 , other assets was comprised of the following amounts (dollars in thousands): 2016 2015 Investments in securitization trust that holds Aimco property debt $ 76,063 $ 65,502 Intangible assets, net 40,668 45,447 Investments in unconsolidated real estate partnerships 14,983 15,401 Debt issue costs related to revolving credit facility borrowings, net 5,250 2,107 Deferred tax asset, net (Note 9) 5,076 26,117 Accumulated unrecognized deferred tax expense from intercompany transfers (Note 9) 62,468 15,099 Deposits for apartment community acquisitions 1,404 26,632 Assets related to the legacy asset management business (Note 3) 34,397 154,895 Prepaid expenses, accounts and notes receivable, and other 104,606 97,205 Other assets per consolidated balance sheets $ 344,915 $ 448,405 Deferred Costs We defer lender fees and other direct costs incurred in obtaining new financing and amortize the amounts over the terms of the related loan agreements. Amortization of these costs is included in interest expense. As further discussed under the heading Accounting Pronouncements Adopted in the Current Year, debt issue costs associated with our revolving credit facility are included in Other assets on our consolidated balance sheets. Debt issue costs associated with non recourse property debt are presented as a direct deduction from the related liability on our consolidated balance sheets. We defer leasing commissions and other direct costs incurred in connection with successful leasing efforts and amortize the costs over the terms of the related leases. Amortization of these costs is included in depreciation and amortization. Investments in Unconsolidated Real Estate Partnerships We own general and limited partner interests in partnerships that either directly, or through interests in other real estate partnerships, own apartment communities. We generally account for investments in real estate partnerships that we do not consolidate under the equity method. Under the equity method, we recognize our share of the earnings or losses of the entity for the periods presented, inclusive of our share of any impairments and disposition gains recognized by and related to such entities, and we present such amounts within other, net in our consolidated statements of operations. The excess of the cost of the acquired partnership interests over the historical carrying amount of partners’ equity or deficit is generally ascribed to the fair values of land and buildings owned by the partnerships. We amortize the excess cost related to the buildings over the related estimated useful lives. Such amortization is recorded as an adjustment of the amounts of earnings or losses we recognize from such unconsolidated real estate partnerships. Investments in Securitization Trust that holds Aimco Property Debt We hold investments in a securitization trust which primarily holds certain of our property debt. These investments were initially recognized at their purchase price and the discount to the face value is being accreted into interest income over the expected term of the securities. We have designated these investments as available for sale securities and we measure these investments at fair value with changes in their fair value, other than the changes attributed to the accretion described above, recognized as an adjustment of accumulated other comprehensive income or loss within equity and partners’ capital. Refer to Note 11 for further information regarding these securities. Intangible Assets At December 31, 2016 and 2015 , other assets included goodwill associated with our reportable segments of $39.4 million and $43.9 million , respectively. We perform an annual impairment test of goodwill that compares the fair value of reporting units with their carrying amounts, including goodwill. We determined that our goodwill was not impaired in 2016 , 2015 or 2014 . During the years ended December 31, 2016 , 2015 and 2014 , we allocated $4.5 million , $1.2 million and $3.9 million , respectively, of goodwill related to our reportable segments to the carrying amounts of the apartment communities sold or classified as held for sale. The amounts of goodwill allocated to these apartment communities were based on the relative fair values of the apartment communities sold or classified as held for sale and the retained portions of the reporting units to which the goodwill is allocated. Intangible assets also includes amounts related to in-place leases as discussed under the Acquisition of Real Estate and Related Depreciation and Amortization heading. Capitalized Software Costs Purchased software and other costs related to software developed for internal use are capitalized during the application development stage and are amortized using the straight-line method over the estimated useful life of the software, generally three to five years. For the years ended December 31, 2016 , 2015 and 2014 , we capitalized software purchase and development costs totaling $3.4 million , $3.6 million and $4.4 million , respectively. At December 31, 2016 and 2015 , other assets included $12.6 million and $16.4 million of net capitalized software, respectively. During the years ended December 31, 2016 , 2015 and 2014 , we recognized amortization of capitalized software of $7.2 million , $6.9 million and $6.7 million , respectively, which is included in depreciation and amortization in our consolidated statements of operations. Noncontrolling Interests in Consolidated Real Estate Partnerships We report the unaffiliated partners’ interests in the net assets of our consolidated real estate partnerships as noncontrolling interests in consolidated real estate partnerships within consolidated equity and partners’ capital. Noncontrolling interests in consolidated real estate partnerships consist primarily of equity interests held by limited partners in consolidated real estate partnerships that have finite lives. We generally attribute to noncontrolling interests their share of income or loss of consolidated partnerships based on their proportionate interest in the results of operations of the partnerships, including their share of losses even if such attribution results in a deficit noncontrolling interest balance within our equity and partners’ capital accounts. The terms of the related partnership agreements generally require the partnerships to be liquidated following the sale of the underlying real estate. As the general partner in these partnerships, we ordinarily control the execution of real estate sales and other events that could lead to the liquidation, redemption or other settlement of noncontrolling interests. However, as discussed in Note 3 , we continue to consolidate an apartment community associated with the legacy asset management business for which the derecognition criteria associated with our sale of the apartment community has not been met. We do not control the execution of a sale and other events related to the apartment community that will lead to the to the derecognition of the associated noncontrolling interests. Changes in our ownership interest in consolidated real estate partnerships generally consist of our purchase of an additional interest in or the sale of our entire interest in a consolidated real estate partnership. The effect on our equity and partners’ capital of our purchase of additional interests in consolidated real estate partnerships during the years ended December 31, 2016 , 2015 and 2014 , is shown in our consolidated statements of equity and partners’ capital. The effect on our equity and partners’ capital of sales of consolidated real estate or sales of our entire interest in consolidated real estate partnerships is reflected in our consolidated financial statements as gains on disposition of real estate and accordingly the effect on our equity and partners’ capital is reflected within the the amount of net income attributable to us and to noncontrolling interests. Upon our deconsolidation of a real estate partnership following the sale of our partnership interests or liquidation of the partnership following sale of the related apartment community, we derecognize any remaining noncontrolling interest of the associated partnership previously recorded in our consolidated balance sheets. Noncontrolling Interests in Aimco Operating Partnership Noncontrolling interests in Aimco Operating Partnership consist of common OP Units and equivalents, as well as preferred OP Units. Within Aimco’s consolidated financial statements, the Aimco Operating Partnership’s income or loss is allocated to the holders of common partnership units and equivalents based on the weighted average number of common partnership units (including those held by Aimco) and equivalents outstanding during the period. During the years ended December 31, 2016 , 2015 and 2014 , the holders of common OP Units and equivalents had a weighted average ownership interest in the Aimco Operating Partnership of 4.7% , 4.7% and 5.0% , respectively. Holders of preferred OP Units participate in the Aimco Operating Partnership’s income or loss only to the extent of their preferred distributions. See Note 7 for further information regarding the items comprising noncontrolling interests in the Aimco Operating Partnership. Revenue Recognition Our apartment communities have operating leases with apartment residents with terms averaging 12 months. We recognize rental revenue related to these leases, net of any concessions, on a straight-line basis over the term of the lease. We recognize revenues from asset management and other services when the related fees are earned and realized or realizable. Tax Credit Arrangements We sponsor certain partnerships that operate qualifying affordable housing apartment communities and are structured to provide for the pass-through of tax credits and deductions to their partners. The tax credits are generally realized ratably over the first ten years of the tax credit arrangement and are subject to the partnership’s compliance with applicable laws and regulations for a period of 15 years . Typically, we are the general partner with a legal ownership interest of one percent or less and unaffiliated institutional investors (which we refer to as tax credit investors or investors) acquire the limited partnership interests of at least 99% . At inception, each investor agreed to fund capital contributions to the partnerships and we received a syndication fee from the partnerships upon the investors’ admission to the partnership. We have determined that the partnerships in these arrangements are variable interest entities, or VIEs, and where we are the general partner, we are generally the primary beneficiary that is required to consolidate the partnerships. When the contractual arrangements obligate us to deliver tax benefits to the investors, and entitle us through fee arrangements to receive substantially all available cash flow from the partnerships, we recognize the income or loss generated by the underlying real estate based on our economic interest in the partnerships’ current period results, which is approximately 100% and represents the allocation of cash available for distribution we would receive from a hypothetical liquidation at the book value of the partnership’s net assets. Our economic interest in these partnerships will be 100% until such time that the limited partners become entitled to an allocation of a hypothetical or actual distribution (generally upon sale of the underlying real estate). Economic interest generally differs from legal interest due to the terms of the partnership agreements with profit and loss allocations and distributions upon liquidation that differ from stated percentages. Capital contributions received by the partnerships from tax credit investors represent, in substance, consideration that we receive in exchange for our obligation to deliver tax credits and other tax benefits to the investors. We record these contributions as deferred income in our consolidated balance sheets upon receipt, and we recognize these amounts as revenue in our consolidated statements of operations when our obligation to the investors is relieved upon delivery of the tax benefits. Insurance We believe that our insurance coverages insure our apartment communities adequately against the risk of loss attributable to fire, earthquake, hurricane, tornado, flood and other perils. In addition, we have third-party insurance coverage (after self-insured retentions) that defray the costs of large workers’ compensation, health and general liability exposures. We accrue losses based upon our estimates of the aggregate liability for uninsured losses incurred using certain actuarial assumptions followed in the insurance industry and based on our experience. Share-Based Compensation We issue various forms of share-based compensation, including stock options and restricted stock awards with service conditions and/or market conditions. We recognize share-based employee compensation based on the fair value on the grant date and recognize compensation cost, net of forfeitures, over the awards’ requisite service periods. See Note 8 for further discussion of our share-based compensation. Income Taxes Aimco has elected to be taxed as a REIT under the Code commencing with its taxable year ended December 31, 1994, and it intends to continue to operate in such a manner. Aimco’s current and continuing qualification as a REIT depends on its ability to meet the various requirements imposed by the Code, which are related to organizational structure, distribution levels, diversity of stock ownership and certain restrictions with regard to owned assets and categories of income. If Aimco qualifies for taxation as a REIT, it will generally not be subject to United States federal corporate income tax on its taxable income that is currently distributed to stockholders. This treatment substantially eliminates the “double taxation” (at the corporate and stockholder levels) that generally results from an investment in a corporation. Even if Aimco qualifies as a REIT, it may be subject to United States federal income and excise taxes in various situations, such as on our undistributed income. Aimco also will be required to pay a 100% tax on any net income on non-arm’s length transactions between it and a TRS (described below) and on any net income from sales of apartment communities that were held for sale to customers in the ordinary course. In addition, Aimco could also be subject to the alternative minimum tax, on our items of tax preference. The state and local tax laws may not conform to the United States federal income tax treatment, and Aimco may be subject to state or local taxation in various state or local jurisdictions, including those in which we transact business. Any taxes imposed on us reduce our operating cash flow and net income. Certain of our operations or a portion thereof, including property management, asset management and risk management, are conducted through taxable REIT subsidiaries, which are subsidiaries of the Aimco Operating Partnership, and each of which we refer to as a TRS. A TRS is a subsidiary C-corporation that has not elected REIT status and as such is subject to United States federal corporate income tax. We use TRS entities to facilitate our ability to offer certain services and activities to our residents and investment partners that cannot be offered directly by a REIT. We also use TRS entities to hold investments in certain apartment communities. For our TRS entities, deferred income taxes result from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for United States federal income tax purposes, and are measured using the enacted tax rates and laws that are expected to be in effect when the differences reverse. We reduce deferred tax assets by recording a valuation allowance when we determine, based on available evidence, that it is more likely than not that the assets will not be realized. We recognize the tax consequences associated with intercompany transfers between the REIT and TRS entities when the related assets affect our GAAP income or loss, generally through depreciation, impairment losses, or sales to third-party entities. Refer to Note 9 for further information about our income taxes and to the Recent Accounting Pronouncements heading within this note for a discussion of a change in GAAP pertaining to tax consequences associated with intercompany transfers that we plan to adopt in 2017. Comprehensive Income or Loss As discussed under the preceding Investments in Securitization Trust that holds Aimco Property Debt heading, we have investments that are measured at fair value with unrealized gains or losses recognized as an adjustment of accumulated other comprehensive loss within equity and partners’ capital. Additionally, as discussed in Note 11 , we recognize changes in the fair value of our cash flow hedges as an adjustment of accumulated other comprehensive loss within equity and partners’ capital. The amounts of consolidated comprehensive income for the years ended December 31, 2016 , 2015 and 2014 , along with the corresponding amounts of such comprehensive income attributable to Aimco, the Aimco Operating Partnership and to noncontrolling interests, are presented within the accompanying consolidated statements of comprehensive income. Earnings per Share and Unit Aimco calculates earnings (loss) per share based on the weighted average number of shares of Common Stock, participating securities, common stock equivalents and dilutive convertible securities outstanding during the period. The Aimco Operating Partnership calculates earnings (loss) per unit based on the weighted average number of common partnership units and equivalents, participating securities and dilutive convertible securities outstanding during the period. The Aimco Operating Partnership considers both common partnership units and equivalents, which have identical rights to distributions and undistributed earnings, to be common units for purposes of the earnings per unit computations. See Note 10 for further information regarding earnings per share and unit computations. Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates. Reclassifications Certain items included in the 2015 and 2014 financial statements have been reclassified to conform to the current presentation. Accounting Pronouncements Adopted in the Current Year During 2015, the Financial Accounting Standards Board, or FASB, issued new standards, which revised the presentation of debt issue costs on the balance sheet. After adoption, entities generally present debt issue costs associated with long term debt in their balance sheet as a direct deduction from the related debt liability, and debt issue 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 adopted this guidance effective as of January 1, 2016 and elected to continue to reflect deferred issue costs associated with our revolving credit facility as an asset, which is included in other assets on our consolidated balance sheets. We have retrospectively applied the guidance for debt issue 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 consolidated balance sheet at December 31, 2015. In February 2015, the FASB issued a standard that revised the consolidation analysis required under GAAP for 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 this guidance in 2016, as more fully described in Note 13 . Recent Accounting Pronouncements The FASB has issued new standards that affect accounting for revenue from contracts with customers and are effective for Aimco on January 1, 2018. The new revenue standards establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersede most current GAAP applicable to revenue recognition. The core principle of the new guidance is that revenue should only be recognized when an entity has transferred control of goods or services to a customer and for an amount reflecting the consideration to which the entity expects to be entitled for such exchange. We anticipate using the modified retrospective adoption method, which will result in our recognition of a cumulative effect adjustment from initially applying the new revenue standards. We have not completed our analysis of the effect this guidance will have on our consolidated financial statements, nor have we determined the amount of the cumulative effect adjustment that will be recognized upon adoption. However, based on our preliminary assessment, we do not anticipate significant changes to the timing or amount of revenue we recognize on an ongoing basis. We have not completed our analysis of the effect the new revenue standards may have on various components of revenue, including government subsidies we receive in connection with our affordable portfolio, income recognized from our low-income housing tax credit partnerships and our disposition of the legacy asset management business, which is discussed in Note 3 . The FASB has also issued a new standard on lease accounting, which is effective for Aimco on January 1, 2019, with early adoption permitted. Under the new lease standard, lessor accounting will be substantially similar to the current model, but aligned with certain changes to the lessee model and the new revenue standa |
Significant Transactions
Significant Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Significant Transactions | Significant Transactions Acquisitions of Apartment Communities During the year ended December 31, 2016 , we purchased a 463 -apartment community in Redwood City, California that was in the final stages of construction at the time of acquisition. At closing, we paid $303.0 million in cash, and issued $17.0 million of 6.0% Class Ten preferred OP Units to the seller. The purchase price, plus $1.8 million of capitalized transaction costs, was allocated as follows: $26.9 million to land; $292.7 million to buildings and improvements (including construction in progress); and $2.2 million to furniture and fixtures. During the year ended December 31, 2015 , we acquired conventional apartment communities located in Atlanta, Georgia and Cambridge, Massachusetts. During the year ended December 31, 2014 , we acquired conventional apartment communities located in: San Jose, California; Aurora, Colorado; Boulder, Colorado; Atlanta, Georgia; and New York, New York. Summarized information regarding these acquisitions is set forth in the table below (dollars in thousands): Year Ended December 31, 2015 2014 Number of apartment communities 3 6 Number of apartment homes 300 1,182 Acquisition price $ 129,150 $ 291,925 Non-recourse property debt assumed (outstanding principal balance) — 65,200 Non-recourse property debt assumed (fair value) — 64,817 Total fair value allocated to land 10,742 70,961 Total fair value allocated to buildings and improvements 118,366 217,851 During the year ended December 31, 2014 , we also purchased entities that own 2.4 acres in the heart of downtown La Jolla, California, adjoining and overlooking La Jolla Cove and the Pacific Ocean. The property, which is zoned for multifamily and mixed-use, is currently occupied by three small commercial buildings and a limited-service hotel, which is managed for us by a third-party. Dispositions of Apartment Communities and Assets Held for Sale During the years ended December 31, 2016 , 2015 and 2014 , we sold 8 , 11 and 30 apartment communities, respectively, with a total of 3,341 , 3,855 and 9,067 apartment homes, respectively. We recognized gains on dispositions of real estate, net of tax, of $393.8 million , $180.6 million and $288.6 million during the years ended December 31, 2016 , 2015 and 2014 , respectively. We report gains on disposition net of incremental direct costs incurred in connection with the transactions, including any prepayment penalties incurred upon repayment of property debt collateralized by the apartment communities being sold. Such prepayment penalties totaled $25.8 million and $25.2 million , of which $16.6 million and $16.6 million , respectively, represented the mark-to-market adjustment, during the years ended December 31, 2015 and 2014 , 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 communities meet the criteria to be classified as held for sale. As of December 31, 2016 , we had one apartment community with 52 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. During the year ended December 31, 2016 , we received the final payment on the first of two seller-financed notes. During 2016 , the buyer prepaid the second seller-financed notes as well as an agreed upon final payment representing future contingent consideration that may have been due under the terms of the sale. The 2016 payment represents the final amounts that the buyer owed to us; however, at the time of payment we had continuing involvement in two of the communities within the Napico portfolio in the form of legal interest in the communities and guarantees related to property level debt. In November 2016, we were released from the guarantee related to property level debt for one of the communities and transferred our legal interest in the property to the buyer. In accordance with the provisions of GAAP applicable to sales of real estate or interests therein, during 2016 we derecognized the net assets and liabilities of the Napico portfolio upon receipt of the final payment and release of the guarantees during 2016 , with the exception of the amounts related to the final community. The derecognition events resulted in the reduction of other assets and accrued liabilities and other by $107.7 million and $114.0 million , respectively, and our recognition of a gain of $5.2 million , which is recorded in other, net on our consolidated statement of operations for the year ended December 31, 2016 . We also wrote off a deficit balance in noncontrolling interests in consolidated real estate partnerships associated with the Napico portfolio of $8.1 million , which is recorded in net income attributable to noncontrolling interests in consolidated real estate partnerships for the year ended December 31, 2016 . We will continue to account for the final community under the profit sharing method until we have been released from the guarantee and our legal interest has been transferred to the buyer. Accordingly, we will defer profit recognition associated with this community, and will continue to recognize its 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 $34.4 million , $39.1 million and $0.5 million , respectively, as of December 31, 2016 . |
Non-Recourse Property Debt and
Non-Recourse Property Debt and Credit Agreement | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Non-Recourse Property Debt and Credit Agreement | Non-Recourse Property Debt and Credit Agreement Non-Recourse Property Debt We finance our apartment communities primarily using property-level non-recourse, long-dated, fixed-rate amortizing debt. The following table summarizes our non-recourse property debt related to assets classified as held for use at December 31, 2016 and 2015 (in thousands): December 31, 2016 2015 Fixed-rate property debt $ 3,806,003 $ 3,761,238 Variable-rate property debt 83,644 84,922 Debt issue costs, net of accumulated amortization (22,945 ) (24,019 ) Total non-recourse property debt, net $ 3,866,702 $ 3,822,141 Fixed-rate property debt matures at various dates through February 2061 , and has interest rates that range from 2.28% to 8.50% , with a weighted average interest rate of 4.84% . Principal and interest on fixed-rate debt are generally payable monthly or in monthly interest-only payments with balloon payments due at maturity. At December 31, 2016 , each of our fixed-rate loans payable related to apartment communities classified as held for use were secured by one of 151 apartment communities that had an aggregate gross book value of $7.0 billion . Variable-rate property debt matures at various dates through July 2033 , and had interest rates that ranged from 0.62% to 2.07% , as of December 31, 2016 , with a weighted average interest rate of 1.82% at December 31, 2016 . Principal and interest on variable-rate debt are generally payable in semi-annual installments with balloon payments due at maturity. As of December 31, 2016 , our variable-rate property debt related to apartment communities classified as held for use were each secured by one of seven apartment communities that had an aggregate gross book value of $201.6 million . Our non-recourse property debt instruments contain covenants common to the type of borrowing, and at December 31, 2016 , we were in compliance with all such covenants. As of December 31, 2016 , the scheduled principal amortization and maturity payments for our non-recourse property debt related to apartment communities classified as held for use were as follows (in thousands): Amortization Maturities Total 2017 $ 86,357 $ 260,162 $ 346,519 2018 86,644 207,616 294,260 2019 81,434 481,136 562,570 2020 74,955 303,741 378,696 2021 57,862 753,383 811,245 Thereafter 1,496,357 $ 3,889,647 Credit Agreement In December 2016, we entered into an amended and restated senior secured credit agreement with a syndicate of financial institutions, which we refer to as the Credit Agreement. Our Credit Agreement provides for $600.0 million of revolving loan commitments. Borrowings under the Credit Agreement bear interest at a rate set forth on a pricing grid, which rate varies based on our credit rating as assigned by specified rating agencies ( LIBOR, plus 1.20%, or, at our option, Prime plus 0.20% at December 31, 2016 ). The Credit Agreement matures in January 2022 . The Credit Agreement provides that we may make distributions to our investors during any four consecutive quarters in an aggregate amount that does not exceed the greater of 95% of our Funds From Operations for such period, subject to certain non-cash adjustments, or such amount as may be necessary to maintain Aimco’s REIT status . As of December 31, 2016 and 2015 , we had $17.9 million and $27.0 million of outstanding borrowings under our Credit Agreement, respectively. As of December 31, 2016 , after outstanding borrowings and $11.8 million of undrawn letters of credit backed by the Credit Agreement, our borrowing capacity was $570.3 million . The interest rate on our outstanding borrowings was 2.09% and 1.59% at December 31, 2016 and 2015 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 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 redevelopment of certain apartment communities, pursuant to financing or other arrangements. As of December 31, 2016 , our commitments related to these capital activities totaled approximately $89.5 million , most of which we expect to incur during the next 12 months. We enter into certain commitments for future purchases of goods and services in connection with the operations of our apartment communities. Those commitments generally have terms of one year or less and reflect expenditure levels comparable to our historical expenditures. Tax Credit Arrangements We are required to manage certain consolidated real estate partnerships in compliance with various laws, regulations and contractual provisions that apply to our historic and low-income housing tax credit syndication arrangements. In some instances, noncompliance with applicable requirements could result in projected tax benefits not being realized and require a refund or reduction of investor capital contributions, which are reported as deferred income in our consolidated balance sheet, until such time as our obligation to deliver tax benefits is relieved. The remaining compliance periods for our tax credit syndication arrangements range from less than one year to 9 years . We do not anticipate that any material refunds or reductions of investor capital contributions will be required in connection with these arrangements. Legal Matters In addition to the matters described below, we are a party to various legal actions and administrative proceedings arising in the ordinary course of business, some of which are covered by our general liability insurance program, and none of which we expect to have a material adverse effect on our consolidated financial condition, results of operations or cash flows. Limited Partnerships In connection with our acquisitions of interests in real estate partnerships, we are sometimes subject to legal actions, including allegations that such activities may involve breaches of fiduciary duties to the partners of such real estate partnerships or violations of the relevant partnership agreements. We may incur costs in connection with the defense or settlement of such litigation. We believe that we comply with our fiduciary obligations and relevant partnership agreements. Although the outcome of any litigation is uncertain, we do not expect any such legal actions to have a material adverse effect on our consolidated financial condition, results of operations or cash flows. Environmental Various federal, state and local laws subject apartment community owners or operators to liability for management, and the costs of removal or remediation, of certain potentially hazardous materials that may be present in the land or buildings of an apartment community. Potentially hazardous materials may include polychlorinated biphenyls, petroleum-based fuels, lead-based paint, or asbestos, among other materials. 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, and in previous years accrued our share of the then estimated cleanup and abatement costs. However, in September 2016 EPA listed our former community and a number of properties 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 a formal appeal with the EPA opposing the listing and already appealed IDEM’s decision to terminate us from the voluntary remediation program. Based on the information learned through December 31, 2016 , we believe that our share of the estimated cleanup and abatement costs associated with the Superfund site listing, as it is currently listed, has increased. As such, we increased our accrual for such costs. This accrual did not have a material effect on our consolidated results of operations. 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 July 2016, Lahontan sent us, the current property owner and a former operator of the dry cleaner a proposed cleanup and abatement order that rejects technical and legal arguments we previously made to Lahontan, and which if entered, would require all three parties to perform additional groundwater investigation and corrective actions with respect to onsite and offsite contamination. We have filed comments on the proposed order and a similar order previously proposed by Lahontan, but no final order has been issued to date. We also have responded to technical inquiries from the local water district and local water purveyors allegedly impacted by the dry cleaner contamination, who are leading a parallel effort to develop and implement remedial alternatives for addressing groundwater contamination that allegedly migrated from the dry cleaner. Based on the information learned to date, during the year ended December 31, 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 redevelopment or apartment community casualty, we believe that the fair value of our asset retirement obligations cannot be reasonably estimated due to significant uncertainties in the timing and manner of settlement of those obligations. Asset retirement obligations that are reasonably estimable as of December 31, 2016 , are immaterial to our consolidated financial condition, results of operations and cash flows. Operating Leases We are obligated under non-cancelable operating leases for office space and equipment. We are also obligated under non-cancelable operating leases for the ground under certain of our apartment communities with remaining terms ranging from 40 years to 71 years . Approximate minimum annual rental payments under operating leases are as follows (in thousands): Office and Equipment Lease Obligations Ground Lease Obligations Total Operating Lease Obligations 2017 $ 2,559 $ 1,093 $ 3,652 2018 1,278 1,193 2,471 2019 244 1,293 1,537 2020 153 1,529 1,682 2021 — 1,565 1,565 Thereafter — 81,384 81,384 Total $ 4,234 $ 88,057 $ 92,291 Substantially all of the office space subject to the operating leases in the table above is for the use of our corporate offices and area operations. Rent expense recognized totaled $3.3 million , $3.2 million and $3.3 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Rent expense recognized for the ground leases totaled $1.7 million , $0.9 million and $1.0 million for the years ended December 31, 2016 , 2015 and 2014 , respectively and is included within interest expense in the accompanying statements of operations. |
Aimco Equity
Aimco Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Aimco Equity | Aimco Equity Preferred Stock At December 31, 2016 and 2015 , Aimco had the following classes of perpetual preferred stock outstanding (dollars in thousands): Redemption Annual Dividend Rate Per Share (paid quarterly) Balance at December 31, Date (1) 2016 2015 Class A Cumulative Preferred Stock, 5,000,000 shares authorized and 5,000,000 shares issued/outstanding 5/17/2019 6.88% $ 125,000 $ 125,000 Class Z Cumulative Preferred Stock, 4,800,000 shares authorized and zero and 1,391,643 shares issued/outstanding, respectively 7/29/2016 7.00% — 34,126 Preferred stock per consolidated balance sheets $ 125,000 $ 159,126 (1) All classes of preferred stock are or were redeemable at our option on and after the dates specified. Amico’s Class A Preferred Stock has a $0.01 per share par value, is senior to Aimco’s Common Stock and has a liquidation preference per share of $25.00 . The holders of Preferred Stock are generally not entitled to vote on matters submitted to stockholders. Dividends on Class A Preferred Stock are subject to declaration by Aimco’s Board of Directors. The following table summarizes our issuances of preferred stock during the year ended December 31, 2014 (dollars in thousands, except per share amounts): Class A Cumulative Preferred Stock Class Z Cumulative Preferred Stock Number of shares of preferred stock issued 5,000,000 117,400 Price to public per share $ 25.00 $ 25.65 Underwriting discounts, commissions and transaction costs per share $ 0.85 $ 0.51 Net proceeds per share $ 24.15 $ 25.14 Net proceeds to Aimco $ 120,757 $ 2,901 Issuance costs (primarily underwriting commissions) recognized as an adjustment of additional paid-in capital $ 4,350 $ 110 In connection with these issuances of Aimco preferred stock, Aimco contributed the net proceeds to the Aimco Operating Partnership in exchange for an equal number of the corresponding class of partnership preferred units. During the year ended December 31, 2016 , Aimco redeemed all of the outstanding shares of its Class Z Cumulative Preferred Stock at a redemption value of $34.8 million . We reflected the $0.7 million excess of the redemption value over the carrying amount and $1.3 million of issuance costs previously recorded as a reduction of additional paid-in capital as an adjustment of net income attributable to preferred stockholders for the year ended December 31, 2016 . During the year ended December 31, 2015 , Aimco redeemed the remaining outstanding shares, or $27.0 million in liquidation preference, of its Series A Community Reinvestment Act, or CRA, Preferred Stock. We reflected $0.7 million of issuance costs previously recorded as a reduction of additional paid-in capital as an adjustment of net income attributable to preferred stockholders for the year ended December 31, 2015 . During the year ended December 31, 2014 , Aimco repurchased 20 shares, or $10.0 million in liquidation preference, of its CRA Preferred Stock for cash totaling $9.5 million . We reflected the $0.5 million excess of the carrying value over the repurchase price, offset by $0.3 million of issuance costs previously recorded as a reduction of additional paid-in capital, as an adjustment of net income attributable to preferred stockholders for the year ended December 31, 2014 . In connection with these redemptions and repurchase of Aimco preferred stock, the Aimco Operating Partnership redeemed or repurchased from Aimco a number of Partnership Preferred Units equal to the number of shares redeemed or repurchased by Aimco. Common Stock During the years ended December 31, 2016 , 2015 and 2014 , Aimco declared dividends per common share of $1.32 , $1.18 and $1.04 , respectively. During the year ended December 31, 2015 , Aimco issued 9,430,000 shares of its Common Stock, par value $0.01 per share, in an underwritten public offering, for net proceeds per share of $38.90 . The offering generated net proceeds to Aimco of $366.6 million , net of issuance costs. Aimco contributed the net proceeds from the sale of Common Stock to the Aimco Operating Partnership in exchange for a number of common partnership units equal to the number of shares of Common Stock issued. Using the proceeds from this offering, during the year ended December 31, 2015 , we repaid the then outstanding balance on our Credit Agreement, expanded our unencumbered pool, funded redevelopment and property upgrades investments that would otherwise have been funded with property debt and redeemed the remaining outstanding shares of our CRA Preferred Stock. Registration Statements Pursuant to an At-The-Market offering program active at December 31, 2016 , Aimco had the capacity to issue up to 3.5 million additional shares of its Common Stock. In the event of any such issuances by Aimco, the Aimco Operating Partnership would issue to Aimco a corresponding number of common partnership units in exchange for the proceeds. Additionally, Aimco and the Aimco Operating Partnership have a shelf registration statement that provides for the issuance of debt and equity securities by Aimco and debt securities by the Aimco Operating Partnership. |
Partners Capital
Partners Capital | 12 Months Ended |
Dec. 31, 2016 | |
Partners' Capital [Abstract] | |
Partners' Capital | Partners’ Capital Partnership Preferred Units Owned by Aimco At December 31, 2016 and 2015 , the Aimco Operating Partnership had outstanding preferred units in classes and amounts similar to Aimco’s Preferred Stock discussed in Note 6 , or Partnership Preferred Units. All of these classes of Partnership Preferred Units were owned by Aimco during the periods presented. All classes of Partnership Preferred Units are pari passu with each other and are senior to the Aimco Operating Partnership’s common partnership units. None of the classes of Partnership Preferred Units have any voting rights, except the right to approve certain changes to the Aimco Operating Partnership’s Partnership Agreement that would adversely affect holders of such class of units. Distributions on all Partnership Preferred Units are subject to being declared by the General Partner. All classes of the Partnership Preferred Units are redeemable by the Aimco Operating Partnership only in connection with a concurrent redemption by Aimco of the corresponding classes of Aimco Preferred Stock held by unrelated parties. As discussed in Note 6 , during the years ended December 31, 2016 , 2015 and 2014 , Aimco completed various Preferred Stock issuances, redemptions and repurchases. In connection with these transactions, the Aimco Operating Partnership issued to Aimco or redeemed or repurchased from Aimco a corresponding number of Partnership Preferred Units. Redeemable Partnership Preferred Units In addition to the Partnership Preferred Units owned by Aimco, the Aimco Operating Partnership has outstanding various classes of redeemable Partnership Preferred Units owned by third parties, which we refer to as preferred OP Units. As of December 31, 2016 and 2015 , the Aimco Operating Partnership had the following classes of preferred OP Units (stated at their redemption values, in thousands, except unit and per unit data): Distributions per Annum Units Issued and Outstanding Redemption Values Class of Preferred Units Percent Per Unit 2016 2015 2016 2015 Class One 8.75 % $ 8.00 90,000 90,000 $ 8,229 $ 8,229 Class Two 1.92 % $ 0.48 17,750 18,124 444 453 Class Three 7.88 % $ 1.97 1,341,289 1,341,289 33,532 33,532 Class Four 8.00 % $ 2.00 644,954 644,954 16,124 16,124 Class Six 8.50 % $ 2.13 780,036 790,883 19,501 19,772 Class Seven 7.87 % $ 1.97 27,960 27,960 699 699 Class Nine 6.00 % $ 1.50 306,890 364,668 7,672 9,117 Class Ten 6.00 % $ 1.50 680,000 — 17,000 — Total 3,888,879 3,277,878 $ 103,201 $ 87,926 The Class One through Class Nine preferred OP Units are currently redeemable at the holders’ option. The Class Ten preferred OP Units are redeemable after August 16, 2017, at the holder’s option. The Aimco Operating Partnership, at its sole discretion, may settle such redemption requests in cash or cause Aimco to issue shares of its Common Stock with a value equal to the redemption price. In the event the Aimco Operating Partnership requires Aimco to issue shares of Common Stock to settle a redemption request, the Aimco Operating Partnership would issue to Aimco a corresponding number of common partnership units. The Aimco Operating Partnership has a redemption policy that requires cash settlement of redemption requests for the redeemable preferred OP Units, subject to limited exceptions. Subject to certain conditions, the Class Four and Class Six preferred OP Units are convertible into common OP Units. These redeemable units are classified within temporary equity in Aimco’s consolidated balance sheets and within temporary capital in the Aimco Operating Partnership’s consolidated balance sheets. During the years ended December 31, 2016 , 2015 and 2014 , approximately 69,000 , 700 and 12,600 preferred OP Units, respectively, were tendered for redemption in exchange for cash, and no preferred OP Units were tendered for redemption in exchange for shares of Aimco Common Stock. The Class Ten and Class Nine preferred OP Units were issued as partial consideration for acquisitions during the years ended December 31, 2016 and 2014 , respectively. The following table presents a reconciliation of the Aimco Operating Partnership’s preferred OP Units during the years ended December 31, 2016 , 2015 and 2014 (dollars in thousands). 2016 2015 2014 Balance at January 1 $ 87,926 $ 87,937 $ 79,953 Preferred distributions (7,239 ) (6,943 ) (6,409 ) Redemption of preferred units and other (1,725 ) (11 ) (1,221 ) Issuance of preferred units 17,000 — 9,117 Net income 7,239 6,943 6,497 Balance at December 31 $ 103,201 $ 87,926 $ 87,937 Common Partnership Units In the Aimco Operating Partnership’s consolidated balance sheets, the common partnership units held by Aimco are classified within Partners’ Capital as General Partner and Special Limited Partner capital and the common OP Units are classified within Limited Partners’ capital. In Aimco’s consolidated balance sheets, the common OP Units are classified within permanent equity as common noncontrolling interests in the Aimco Operating Partnership. Common partnership units held by Aimco are not redeemable whereas common OP Units are redeemable at the holders’ option, subject to certain restrictions, on the basis of one common OP Unit for either one share of Common Stock or cash equal to the fair value of a share of Common Stock at the time of redemption. Aimco has the option to deliver shares of Common Stock in exchange for all or any portion of the common OP Units tendered for redemption. When a limited partner redeems a common OP Unit for Common Stock, Limited Partners’ capital is reduced and the General Partner and Special Limited Partners’ capital is increased. The holders of the common OP Units receive distributions, prorated from the date of issuance, in an amount equivalent to the dividends paid to holders of Common Stock. During the years ended December 31, 2016 , 2015 and 2014 , the Aimco Operating Partnership declared distributions per common unit of $1.32 , $1.18 and $1.04 , respectively. During the years ended December 31, 2016 , 2015 and 2014 , approximately 248,000 , 112,000 and 268,000 common OP Units, respectively, were redeemed in exchange for cash, and no common OP Units were redeemed in exchange for shares of Common Stock. At December 31, 2016 and 2015 , the Aimco Operating Partnership also had outstanding 2,339,950 high performance units, or HPUs. Effective January 1, 2017, the holders of HPUs may redeem these units on the basis of one HPU for either one share of Common Stock or cash equal to the fair value of a share of Common Stock at the time of redemption, at Aimco’s option. The holders of HPUs receive the same amount of distributions that are paid to holders of an equivalent number of common OP Units. The HPUs are classified within permanent capital as part of Limited Partners’ capital in the Aimco Operating Partnership’s consolidated balance sheets, and within permanent equity as part of common noncontrolling interests in the Aimco Operating Partnership within Aimco’s consolidated balance sheets. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation and Employee Benefit Plans | Share-Based Compensation We have a stock award and incentive program to attract and retain officers, key employees and independent directors. As of December 31, 2016 , approximately 1.0 million shares were available for issuance under our 2015 Stock Award and Incentive Plan. The total number of shares available for issuance under this plan may be increased by an additional 0.6 million shares to the extent of any forfeiture, cancellation, exchange, surrender, termination or expiration of an award outstanding under our 2007 Stock Award and Incentive Plan. Awards under the 2015 plan may be in the form of incentive stock options, non-qualified stock options and restricted stock, or other types of awards as authorized under the plan. Our plans are administered by the Compensation and Human Resources Committee of Aimco’s Board of Directors. In the case of stock options, the exercise price of the options granted may not be less than the fair market value of a share of Common Stock at the date of grant. Total compensation cost recognized for stock based awards was $8.6 million , $7.2 million and $6.1 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Of these amounts, $1.0 million , $0.5 million and $0.3 million , respectively, were capitalized. At December 31, 2016 , total unvested compensation cost not yet recognized was $13.0 million . We expect to recognize this compensation over a weighted average period of approximately 1.7 years . We grant four different types of awards that are outstanding as of December 31, 2016 . We grant stock options and restricted stock awards that are subject to time-based vesting and require continuous employment, typically over a period of four years from the grant date, and we refer to these awards as Time-Based Stock Options and Time-Based Restricted Stock, respectively. We also grant stock options and restricted stock awards that vest conditioned on Aimco’s total shareholder return, or TSR, relative to the NAREIT Apartment Index ( 60% weighting) and the MSCI US REIT Index ( 40% weighting) over a forward-looking performance period of three years , and we refer to these awards as TSR Stock Options and TSR Restricted Stock, respectively. Earned TSR Stock Options and TSR Restricted Stock, if any, will vest 50% on each of the third anniversary of the grant date and 50% on the fourth anniversary of the grant date, based on continued employment. The term of Time-Based Stock Options and TSR Stock Options is generally ten years from the date of grant. We recognize compensation expense associated with Time-Based Stock Options and Time-Based Restricted Stock ratably over the requisite service periods, which are typically four years . We recognize compensation expense related to the TSR Stock Options and TSR Restricted Stock, which have graded vesting periods, over the requisite service period for each separate vesting tranche of the option, commencing on the grant date. The value of the TSR Stock Options and TSR Restricted Stock Awards take into consideration the probability that the options will ultimately vest; therefore previously recorded compensation expense is not adjusted in the event that the market condition is not achieved. Stock Options During the year ended December 31, 2016 , we granted TSR Stock Options, and during and prior to the year ended December 31, 2015, we granted Time-Based Stock Options. The following table summarizes activity for our outstanding stock options, for the years ended December 31, 2016 , 2015 and 2014 (numbers of options in thousands): 2016 2015 2014 Number of Options Weighted Number of Options Weighted Number of Options Weighted Outstanding at beginning of year 1,394 $ 30.85 1,640 $ 28.91 2,991 $ 28.48 Granted 216 38.73 239 39.05 — — Exercised (934 ) 33.61 (484 ) 28.33 (1,347 ) 27.97 Forfeited (1 ) 29.11 (1 ) 25.78 (4 ) 25.45 Outstanding at end of year 675 $ 29.55 1,394 $ 30.85 1,640 $ 28.91 Exercisable at end of year 280 $ 16.38 1,155 $ 29.16 1,640 $ 28.91 The intrinsic value of a stock option represents the amount by which the current price of the underlying stock exceeds the exercise price of the option. As of December 31, 2016 , options outstanding had an aggregate intrinsic value of $10.7 million and a weighted average remaining contractual term of 6.5 years . Options exercisable at December 31, 2016 , had an aggregate intrinsic value of $8.1 million and a weighted average remaining contractual term of 3.3 years . The intrinsic value of stock options exercised during the years ended December 31, 2016 , 2015 and 2014 , was $11.1 million , $5.5 million and $10.0 million , respectively. The weighted average grant date fair value of stock options granted during the years ended December 31, 2016 and 2015 , was $9.94 and $6.97 per option, respectively. Time-Based Restricted Stock Awards The following table summarizes activity for Time-Based Restricted Stock awards, for the years ended December 31, 2016 , 2015 and 2014 (numbers of shares in thousands): 2016 2015 2014 Number of Shares Weighted Number of Shares Weighted Number of Shares Weighted Unvested at beginning of year 339 $ 29.96 513 $ 26.34 575 $ 25.28 Granted 91 40.03 145 39.39 196 26.69 Vested (181 ) 29.99 (259 ) 27.54 (238 ) 24.07 Forfeited — — (60 ) 32.29 (20 ) 26.26 Unvested at end of year 249 $ 33.61 339 $ 29.96 513 $ 26.34 The aggregate fair value of shares that vested during the years ended December 31, 2016 , 2015 and 2014 was $7.0 million , $10.4 million and $6.7 million , respectively. TSR Restricted Stock Awards The following table summarizes activity for TSR Restricted Stock awards for the years ended December 31, 2016 and 2015 (numbers of shares in thousands): 2016 2015 Number of Shares Weighted Number of Shares Weighted Unvested at beginning of year 123 $ 39.72 — $ — Granted 91 39.59 142 39.72 Forfeited — — (19 ) 39.72 Unvested at end of year 214 $ 39.66 123 $ 39.72 Determination of Grant-Date Fair Value of Awards We estimated the fair value of TSR Stock Options granted in 2016 and TSR Restricted Stock granted in 2016 and 2015 using a Monte Carlo model using the assumptions set forth in the table below. The risk-free interest rate reflects the annualized yield of a zero coupon U.S. Treasury security with a term equal to the expected term of the option. The expected dividend yield reflects expectations regarding cash dividend amounts per share paid on Aimco’s Common Stock during the expected term of the option. Expected volatility reflects an average of the historical volatility of Aimco’s Common Stock during the historical period commensurate with the expected term of the options that ended on the date of grant, and the implied volatility is calculated from observed call option contracts closest to the expected term. The derived vesting period of TSR Restricted Stock was determined based on the graded vesting terms. The expected term of the options was based on historical option exercises and post-vesting terminations. The midpoints of our valuation assumptions for the 2016 and 2015 grants were as follows: 2016 2015 Grant date market value of a common share 38.73 39.05 Risk-free interest rate 1.15 % 1.04 % Dividend yield 3.41 % 2.87 % Expected volatility 21.24 % 19.48 % Derived vesting period of TSR Restricted Stock 3.4 years 3.4 years Weighted average expected term of TSR Stock Options 5.8 years n/a We estimated the fair value of Time-Based Options granted during the year ended December 31, 2015 , using a Black-Scholes closed-form valuation model using the assumptions set forth in the table below. 2015 Risk-free interest rate 1.68 % Expected dividend yield 2.87 % Expected volatility 25.19 % Weighted average expected term of options 5.5 years The grant date fair value for the Time-Based Restricted Stock awards reflects the closing price of a common share on the grant date. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities of the TRS entities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax liabilities and assets are as follows (in thousands): December 31, 2016 2015 Deferred tax liabilities: Real estate and real estate partnership basis differences $ 72,726 $ 31,726 Deferred tax assets: Net operating, capital and other loss carryforwards $ 8,873 $ 8,024 Accruals and expenses 7,537 4,917 Tax credit carryforwards 65,559 49,036 Management contracts and other 300 333 Total deferred tax assets 82,269 62,310 Valuation allowance (4,467 ) (4,467 ) Net deferred tax assets $ 5,076 $ 26,117 A reconciliation of the beginning and ending balance of our unrecognized tax benefits is presented below (in thousands): 2016 2015 2014 Balance at January 1 $ 2,897 $ 2,286 $ 2,871 Additions (reductions) based on tax positions related to prior years and current year excess benefits related to stock-based compensation (611 ) 611 (585 ) Balance at December 31 $ 2,286 $ 2,897 $ 2,286 Because the statute of limitations has not yet elapsed, our United States federal income tax returns for the year ended December 31, 2012, and subsequent years and certain of our State income tax returns for the year ended December 31, 2012, and subsequent years are currently subject to examination by the IRS or other taxing authorities. Approximately $2.3 million of the unrecognized benefit, if recognized, would affect the effective rate. On March 19, 2014, the IRS notified the Aimco Operating Partnership of its intent to audit the 2011 and 2012 tax years. This audit remains in process as of December 31, 2016 . We do not believe the audit will have any material effect on our unrecognized tax benefits, financial condition or results of operations. Our policy is to include any interest and penalties related to income taxes within the income tax line item in our consolidated statements of operations. In accordance with the accounting requirements for stock-based compensation, we may recognize tax benefits in connection with the exercise of stock options by employees of our TRS entities and the vesting of restricted stock awards. As of December 31, 2016 , all cumulative excess tax benefits from employee stock option exercises and vested restricted stock awards had been realized. Beginning in 2017, we will recognize the tax effects related to stock-based compensation through earnings in the period the compensation is recorded. Refer to Recent Accounting Pronouncements section of Note 2 for additional information regarding this change. Significant components of the income tax benefit or expense are as follows and are classified within income tax benefit in income before gain on dispositions and gain on dispositions of real estate, net of tax, in our consolidated statements of operations for the years ended December 31, 2016 , 2015 and 2014 (in thousands): 2016 2015 2014 Current: Federal $ 5,038 $ 1,310 $ — State 2,916 1,357 970 Total current 7,954 2,667 970 Deferred: Federal (26,173 ) (27,382 ) 11,556 State (623 ) (1,052 ) 3,485 Total deferred (26,796 ) (28,434 ) 15,041 Total (benefit) expense $ (18,842 ) $ (25,767 ) $ 16,011 Classification: Income before gain on dispositions $ (25,208 ) $ (27,524 ) $ (20,047 ) Gain on dispositions of real estate $ 6,366 $ 1,757 $ 36,058 Consolidated income or loss subject to tax consists of pretax income or loss of our TRS entities and income and gains retained by the REIT. For the years ended December 31, 2016 , 2015 and 2014 , we had consolidated net income subject to tax of $109.3 million , net loss subject to tax of $31.3 million and net income subject to tax of $137.0 million , respectively. The reconciliation of income tax attributable to continuing and discontinued operations computed at the United States statutory rate to income tax (benefit) expense is shown below (dollars in thousands): 2016 2015 2014 Amount Percent Amount Percent Amount Percent Tax at United States statutory rates on consolidated income or loss subject to tax $ 38,257 35.0 % $ (10,947 ) 35.0 % $ 47,950 35.0 % State income tax expense, net of federal tax (benefit) expense 7,152 6.5 % (361 ) 1.2 % 4,364 3.2 % Effect of permanent differences (132 ) (0.1 )% (27 ) 0.1 % (154 ) (0.1 )% Tax effect of intercompany transactions (1) (47,369 ) (43.3 )% (1,515 ) 4.8 % (23,969 ) (17.5 )% Tax credits (16,750 ) (15.3 )% (13,583 ) 43.4 % (12,271 ) (9.0 )% Increase in valuation allowance — — % 666 (2.1 )% 91 0.1 % Total income tax (benefit) expense $ (18,842 ) (17.2 )% $ (25,767 ) 82.4 % $ 16,011 11.7 % (1) Includes the effect of intercompany asset transfers between the Aimco Operating Partnership and TRS entities, for which tax is deferred and recognized as the assets affect GAAP income or loss, for example, through depreciation, impairment, or upon the sale of the asset to a third-party. As discussed in Note 2 , we expect to adopt the new accounting standard applicable to intercompany asset transfers effective January 1, 2017. As a result, the accumulated unrecognized deferred tax expense associated with historical intercompany transfers will be recognized as a cumulative effect adjustment through retained earnings at that time. Income taxes paid totaled approximately $2.2 million , $2.0 million and $1.7 million , respectively, in the years ended December 31, 2016 , 2015 and 2014 , respectively. At December 31, 2016 , we had state net operating loss carryforwards, or NOLs, for which the deferred tax asset was approximately $8.0 million , before a valuation allowance of $4.5 million . The NOLs expire in years 2017 to 2033 . Subject to certain separate return limitations, we may use these NOLs to offset a portion of state taxable income generated by our TRS entities. As of December 31, 2016 , we had low-income housing and rehabilitation tax credit carryforwards and corresponding deferred tax asset of approximately $65.6 million for income tax purposes that expire in years 2024 to 2036 . For income tax purposes, dividends paid to holders of Common Stock primarily consist of ordinary income, capital gains, qualified dividends and unrecaptured Section 1250 gains, or a combination thereof. For the years ended December 31, 2016 , 2015 and 2014 , dividends per share held for the entire year were estimated to be taxable as follows: 2016 2015 2014 Amount Percentage Amount Percentage Amount Percentage Ordinary income $ 0.45 34.2 % $ 0.36 30.2 % $ 0.01 0.6 % Capital gains 0.47 35.4 % 0.37 31.3 % 0.53 51.6 % Qualified dividends 0.13 9.9 % 0.17 14.5 % — — % Unrecaptured Section 1250 gain 0.27 20.5 % 0.28 24.0 % 0.50 47.8 % $ 1.32 100.0 % $ 1.18 100.0 % $ 1.04 100.0 % |
Earnings (Loss) per Share_Unit
Earnings (Loss) per Share/Unit | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Share/Unit | Earnings (Loss) per Share/Unit Aimco calculates basic earnings per common share based on the weighted average number of shares of Common Stock and participating securities and calculates diluted earnings per share taking into consideration dilutive 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, participating securities and calculates diluted earnings per unit taking into consideration dilutive common unit equivalents and dilutive convertible securities outstanding during the period. 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 TSR 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 years ended December 31, 2016 and 2015 , and accordingly has been included in the denominator for calculating diluted earnings per share and unit during these periods. Our Time-Based Restricted Stock awards receive dividends similar to shares of Common Stock and common partnership units prior to vesting. These dividends are not forfeited in the event 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 December 31, 2016 , 2015 and 2014 , there were 0.2 million , 0.3 million and 0.5 million shares of unvested participating restricted shares, respectively. As discussed in Note 7 , the Aimco Operating Partnership has various classes of preferred OP Units, which may be redeemed at the holders’ option. The Aimco Operating Partnership may redeem these units for cash, or at its option, shares of Common Stock. As of December 31, 2016 , these preferred OP Units were potentially redeemable for approximately 2.3 million shares of Common Stock (based on the period end market price), or cash. The Aimco Operating Partnership has a redemption policy that requires cash settlement of redemption requests for the preferred OP Units, subject to limited exceptions. Accordingly, we have excluded these securities from earnings per share and unit computations for the periods presented above, and we expect to exclude them in future periods. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 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 (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 positions in the securitization, which pay interest currently and we also hold the first loss position in the securitization, which accrues interest over the term of the investment. We are accreting the discount to the $100.9 million face value of the investments into interest income using the effective interest method over the remaining expected term of the investments, which as of December 31, 2016 , was approximately 4.4 years. Our amortized cost basis for these investments, which represents the original cost adjusted for interest accretion less interest payments received, was $72.5 million and $67.8 million at December 31, 2016 and 2015 , respectively. We estimated the fair value of these investments to be $76.1 million and $65.5 million at December 31, 2016 and 2015 , respectively. We estimate the fair value of these investments in accordance with GAAP using an income and market approach with primarily observable inputs, including yields and other information regarding similar types of investments, and adjusted for certain unobservable inputs specific to these investments. The fair value of the positions that pay interest currently 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, limited partners in our consolidated real estate partnerships sometimes require we 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 changes in fair value in our interest rate swaps (in thousands): Year Ended December 31, 2016 2015 2014 Beginning liability balance $ (4,938 ) $ (5,273 ) $ (4,604 ) Unrealized losses included in interest expense (44 ) (44 ) (48 ) Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss 1,586 1,678 1,685 Unrealized gains (losses) included in equity and partners’ capital 221 (1,299 ) (2,306 ) Ending liability balance $ (3,175 ) $ (4,938 ) $ (5,273 ) As of December 31, 2016 and 2015 , we had interest rate swaps with aggregate notional amounts of $49.6 million and $49.9 million , respectively. As of December 31, 2016 , these swaps had a weighted average remaining term of 4.0 years . We have designated these interest rate swaps as cash flow hedges. The fair value of these swaps is presented within accrued liabilities and other in our consolidated balance sheets, and we recognize any changes in the fair value as an adjustment of accumulated other comprehensive loss within equity and partners’ capital to the extent of their effectiveness. If the forward rates at December 31, 2016 , remain constant, we estimate that during the next 12 months , we would reclassify into earnings approximately $1.3 million of the unrealized losses in accumulated other comprehensive loss. If market interest rates increase above the 3.44% 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 December 31, 2016 and 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 $4.0 billion and $4.0 billion at December 31, 2016 and 2015 , respectively, as compared to aggregate carrying amounts of $3.9 billion and $3.8 billion , respectively. Substantially all of the difference between the fair value and the carrying value relates to property debt secured by apartment communities we wholly own. We estimate the fair value of our consolidated debt using an income and market approach, including comparison of the contractual terms to observable and unobservable inputs such as market interest rate risk spreads, contractual interest rates, remaining periods to maturity, collateral quality and loan to value ratios on similarly encumbered apartment communities 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. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments We have two reportable segments: conventional and affordable real estate operations. Our conventional real estate operations consist of market-rate apartment communities with rents paid by the residents and included 130 apartment communities with 37,780 apartment homes at December 31, 2016 . Our affordable real estate operations consisted of 46 apartment communities with 7,610 apartment homes at December 31, 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 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 as of December 31, 2016 ) for the years ended December 31, 2016 , 2015 and 2014 (in thousands): Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Year Ended December 31, 2016: Rental and other property revenues $ 804,335 $ 100,745 $ 29,250 $ 40,201 $ 974,531 Tax credit and asset management revenues — — — 21,323 21,323 Total revenues 804,335 100,745 29,250 61,524 995,854 Property operating expenses 257,939 38,644 8,517 47,327 352,427 Investment management expenses — — — 4,333 4,333 Depreciation and amortization — — — 333,066 333,066 General and administrative expenses — — — 44,937 44,937 Other expenses, net — — — 14,295 14,295 Total operating expenses 257,939 38,644 8,517 443,958 749,058 Net operating income 546,396 62,101 20,733 (382,434 ) 246,796 Other items included in income before gain on dispositions (3) — — — (157,313 ) (157,313 ) Income before gain on dispositions $ 546,396 $ 62,101 $ 20,733 $ (539,747 ) $ 89,483 Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Year Ended December 31, 2015: Rental and other property revenues $ 752,141 $ 93,433 $ 29,602 $ 81,778 $ 956,954 Tax credit and asset management revenues — — — 24,356 24,356 Total revenues 752,141 93,433 29,602 106,134 981,310 Property operating expenses 246,557 37,445 9,076 66,315 359,393 Investment management expenses — — — 5,855 5,855 Depreciation and amortization — — — 306,301 306,301 General and administrative expenses — — — 43,178 43,178 Other expenses, net — — — 10,368 10,368 Total operating expenses 246,557 37,445 9,076 432,017 725,095 Net operating income 505,584 55,988 20,526 (325,883 ) 256,215 Other items included in income before gain on dispositions (3) — — — (164,825 ) (164,825 ) Income before gain on dispositions $ 505,584 $ 55,988 $ 20,526 $ (490,708 ) $ 91,390 Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Year Ended December 31, 2014: Rental and other property revenues $ 683,791 $ 91,549 $ 28,228 $ 149,263 $ 952,831 Tax credit and asset management revenues — — — 31,532 31,532 Total revenues 683,791 91,549 28,228 180,795 984,363 Property operating expenses 228,385 37,123 8,329 99,817 373,654 Investment management expenses — — — 7,310 7,310 Depreciation and amortization — — — 282,608 282,608 General and administrative expenses — — — 44,092 44,092 Other expenses, net — — — 14,349 14,349 Total operating expenses 228,385 37,123 8,329 448,176 722,013 Net operating income 455,406 54,426 19,899 (267,381 ) 262,350 Other items included in income before gain on dispositions (3) — — — (194,875 ) (194,875 ) Income before gain on dispositions $ 455,406 $ 54,426 $ 19,899 $ (462,256 ) $ 67,475 (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 for our segment evaluation, 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 , 2015 or 2014 . 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. 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): December 31, 2016 2015 Conventional $ 5,374,999 $ 4,981,915 Affordable 399,188 418,924 Proportionate adjustments (1) 172,831 174,645 Corporate and other assets (2) 285,800 543,197 Total consolidated assets $ 6,232,818 $ 6,118,681 (1) Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the assets of our consolidated apartment communities, which are excluded from our measurement of segment financial condition, and our share of the assets of our unconsolidated real estate partnerships, which are included in our measure of segment financial condition. (2) Our basis for assessing segment performance excludes the results of apartment communities sold or classified as held for sale. Accordingly, assets related to apartment communities sold or classified as held for sale during the periods are included within Corporate and other assets for comparative periods presented. For the years ended December 31, 2016 , 2015 and 2014 , capital additions related to our conventional segment totaled $324.6 million , $341.4 million and $343.5 million , respectively, and capital additions related to our affordable segment totaled $11.1 million , $12.6 million and $11.6 million , respectively. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | As discussed in Note 2 , effective January 1, 2016, we adopted the amended guidance over consolidations. 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 consolidated balance sheets and statements of operations or amounts reported in our 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 but did not meet the previous VIE definition. We determined that an additional 14 consolidated partnerships owning 18 apartment communities with 6,186 apartment homes were 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, 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: December 31, 2016 2015 VIEs with interests in conventional apartment communities 11 13 Conventional apartment communities held by VIEs 13 17 Apartment homes in conventional communities held by VIEs 5,313 6,089 VIEs with interests in affordable apartment communities 56 62 Affordable apartment communities held by VIEs 44 48 Apartment homes in affordable communities held by VIEs 6,890 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): December 31, 2016 2015 Assets Net real estate $ 1,133,430 $ 1,201,998 Cash and cash equivalents 30,803 28,118 Restricted cash 40,523 44,813 Liabilities Non-recourse property debt 954,571 959,523 Accrued liabilities and other 31,204 28,846 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 year ended December 31, 2016 . |
Unaudited Summarized Consolidat
Unaudited Summarized Consolidated Quarterly Information | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Summarized Consolidated Quarterly Information | Unaudited Summarized Consolidated Quarterly Information Aimco Aimco’s summarized unaudited consolidated quarterly information for the years ended December 31, 2016 and 2015 , is provided below (in thousands, except per share amounts): Quarter 2016 First Second Third Fourth Total revenues $ 246,239 $ 251,218 $ 248,904 $ 249,493 Total operating expenses 182,705 186,782 190,172 189,399 Operating income 63,534 64,436 58,732 60,094 Income before gain on dispositions 23,698 29,412 15,538 20,835 Gain on dispositions of real estate, net of tax 6,187 216,541 14,498 156,564 Net income 29,885 245,953 30,036 177,399 Net income attributable to Aimco common stockholders 23,223 221,382 11,176 162,000 Earnings per common share - basic: Net income attributable to Aimco common stockholders $ 0.15 $ 1.42 $ 0.07 $ 1.04 Earnings per common share - diluted: Net income attributable to Aimco common stockholders $ 0.15 $ 1.41 $ 0.07 $ 1.03 Weighted average common shares outstanding - basic 155,791 156,375 156,079 156,171 Weighted average common shares outstanding - diluted 156,117 156,793 156,527 156,540 Quarter 2015 First Second Third Fourth Total revenues $ 244,265 $ 244,783 $ 246,387 $ 245,875 Total operating expenses 183,198 179,140 182,366 180,391 Operating income 61,067 65,643 64,021 65,484 Income before gain on dispositions 18,457 23,907 23,769 25,257 Gain on dispositions of real estate, net of tax 85,693 44,781 — 50,119 Net income 104,150 68,688 23,769 75,376 Net income attributable to Aimco common stockholders 89,344 60,804 19,179 66,639 Earnings per common share - basic and diluted: Net income attributable to Aimco common stockholders $ 0.58 $ 0.39 $ 0.12 $ 0.43 Weighted average common shares outstanding - basic 153,821 155,524 155,639 155,725 Weighted average common shares outstanding - diluted 154,277 155,954 156,008 156,043 The Aimco Operating Partnership The Aimco Operating Partnership’s summarized unaudited consolidated quarterly information for the years ended December 31, 2016 and 2015 , is provided below (in thousands, except per unit amounts): Quarter 2016 First Second Third Fourth Total revenues $ 246,239 $ 251,218 $ 248,904 $ 249,493 Total operating expenses 182,705 186,782 190,172 189,399 Operating income 63,534 64,436 58,732 60,094 Income before gain on dispositions 23,698 29,412 15,538 20,835 Gain on dispositions of real estate, net of tax 6,187 216,541 14,498 156,564 Net income 29,885 245,953 30,036 177,399 Net income attributable to the Partnership’s common unitholders 24,395 232,517 11,368 169,869 Earnings per common unit - basic: Net income attributable to the Partnership’s common unitholders $ 0.15 $ 1.42 $ 0.07 $ 1.04 Earnings per common unit - diluted: Net income attributable to the Partnership’s common unitholders $ 0.15 $ 1.41 $ 0.07 $ 1.03 Weighted average common units outstanding - basic 163,639 164,188 163,832 163,799 Weighted average common units outstanding - diluted 163,965 164,606 164,280 164,168 Quarter 2015 First Second Third Fourth Total revenues $ 244,265 $ 244,783 $ 246,387 $ 245,875 Total operating expenses 183,198 179,140 182,366 180,391 Operating income 61,067 65,643 64,021 65,484 Income before gain on dispositions 18,457 23,907 23,769 25,257 Gain on dispositions of real estate, net of tax 85,693 44,781 — 50,119 Net income 104,150 68,688 23,769 75,376 Net income attributable to the Partnership’s common unitholders 93,742 63,776 20,072 69,930 Earnings per common unit - basic and diluted: Net income attributable to the Partnership’s common unitholders $ 0.58 $ 0.39 $ 0.12 $ 0.43 Weighted average common units outstanding - basic 161,461 163,149 163,241 163,485 Weighted average common units outstanding - diluted 161,917 163,579 163,610 163,803 |
Real Estate and Accumulated Dep
Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III: Real Estate and Accumulated Depreciation Disclosure | APARTMENT INVESTMENT AND MANAGEMENT COMPANY AIMCO PROPERTIES, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2016 (In Thousands Except Apartment Home Data) (2) (1) Initial Cost Cost Capitalized December 31, 2016 Apartment Date Year Apartment Buildings and Subsequent to Buildings and (3) Accumulated Total Cost Apartment Community Name Type Consolidated Location Built Homes Land Improvements Consolidation Land Improvements Total Depreciation (AD) Net of AD Encumbrances Conventional Apartment Communities: 100 Forest Place High Rise Dec 1997 Oak Park, IL 1987 234 $ 2,664 $ 18,815 $ 8,559 $ 2,664 $ 27,374 $ 30,038 $ (13,668 ) $ 16,370 $ — 118-122 West 23rd Street High Rise Jun 2012 New York, NY 1987 42 14,985 23,459 6,229 14,985 29,688 44,673 (5,871 ) 38,802 18,320 173 E. 90th Street High Rise May 2004 New York, NY 1910 72 12,066 4,535 5,630 12,066 10,165 22,231 (2,813 ) 19,418 6,955 182-188 Columbus Avenue Mid Rise Feb 2007 New York, NY 1910 32 19,123 3,300 4,954 19,123 8,254 27,377 (2,862 ) 24,515 13,471 1045 on the Park Apartments Homes Mid Rise Jul 2013 Atlanta, GA 2012 30 2,793 6,662 268 2,793 6,930 9,723 (843 ) 8,880 5,868 1582 First Avenue High Rise Mar 2005 New York, NY 1900 17 4,281 752 453 4,281 1,205 5,486 (434 ) 5,052 2,365 21 Fitzsimons Mid-Rise Aug 2014 Aurora, CO 2008 600 12,864 104,720 4,291 12,864 109,011 121,875 (9,021 ) 112,854 48,081 234 East 88th Street Mid-Rise Jan 2014 New York, NY 1900 20 2,448 4,449 655 2,448 5,104 7,552 (606 ) 6,946 3,366 236-238 East 88th Street High Rise Jan 2004 New York, NY 1900 43 8,820 2,914 1,820 8,820 4,734 13,554 (1,679 ) 11,875 11,359 237-239 Ninth Avenue High Rise Mar 2005 New York, NY 1900 36 8,495 1,866 3,146 8,495 5,012 13,507 (2,016 ) 11,491 5,778 240 West 73rd Street, LLC High Rise Sep 2004 New York, NY 1900 200 68,109 12,140 11,172 68,109 23,312 91,421 (8,242 ) 83,179 — 2900 on First Apartments Mid Rise Oct 2008 Seattle, WA 1989 135 19,070 17,518 32,524 19,070 50,042 69,112 (16,740 ) 52,372 14,482 306 East 89th Street High Rise Jul 2004 New York, NY 1930 20 2,680 1,006 831 2,680 1,837 4,517 (622 ) 3,895 1,929 311 & 313 East 73rd Street Mid Rise Mar 2003 New York, NY 1904 34 5,678 1,609 433 5,678 2,042 7,720 (1,287 ) 6,433 4,077 322-324 East 61st Street High Rise Mar 2005 New York, NY 1900 40 6,372 2,224 1,304 6,372 3,528 9,900 (1,545 ) 8,355 3,548 3400 Avenue of the Arts Mid Rise Mar 2002 Costa Mesa, CA 1987 770 57,241 65,506 75,644 57,241 141,150 198,391 (80,828 ) 117,563 152,000 452 East 78th Street High Rise Jan 2004 New York, NY 1900 12 1,982 608 447 1,982 1,055 3,037 (400 ) 2,637 2,655 464-466 Amsterdam & 200-210 W. 83rd Street Mid Rise Feb 2007 New York, NY 1910 71 25,553 7,101 5,413 25,553 12,514 38,067 (5,344 ) 32,723 19,679 510 East 88th Street High Rise Jan 2004 New York, NY 1900 20 3,163 1,002 584 3,163 1,586 4,749 (490 ) 4,259 2,845 514-516 East 88th Street High Rise Mar 2005 New York, NY 1900 36 6,282 2,168 1,214 6,282 3,382 9,664 (1,370 ) 8,294 3,846 518 East 88th Street Mid-Rise Jan 2014 New York, NY 1900 20 2,233 4,315 478 2,233 4,793 7,026 (616 ) 6,410 2,916 707 Leahy Garden Apr 2007 Redwood City, CA 1973 110 15,444 7,909 5,551 15,444 13,460 28,904 (6,408 ) 22,496 9,112 865 Bellevue Garden Jul 2000 Nashville, TN 1972 326 3,562 12,037 25,750 3,562 37,787 41,349 (24,013 ) 17,336 17,192 Axiom Apartment Homes Mid Rise Apr 2015 Cambridge, MA 2015 115 — 63,612 1,025 — 64,637 64,637 (3,941 ) 60,696 34,351 Bank Lofts High Rise Apr 2001 Denver, CO 1920 125 3,525 9,045 3,723 3,525 12,768 16,293 (6,411 ) 9,882 10,957 Bay Parc Plaza High Rise Sep 2004 Miami, FL 2000 471 22,680 41,847 12,305 22,680 54,152 76,832 (16,466 ) 60,366 43,631 Bay Ridge at Nashua Garden Jan 2003 Nashua, NH 1984 412 3,262 40,713 7,857 3,262 48,570 51,832 (20,124 ) 31,708 29,311 Bayberry Hill Estates Garden Aug 2002 Framingham, MA 1971 424 19,944 35,945 13,657 19,944 49,602 69,546 (22,871 ) 46,675 31,399 Bluffs at Pacifica, The Garden Oct 2006 Pacifica, CA 1963 64 8,108 4,132 19,221 8,108 23,353 31,461 (10,876 ) 20,585 — Boston Lofts High Rise Apr 2001 Denver, CO 1890 158 3,446 20,589 5,559 3,446 26,148 29,594 (13,350 ) 16,244 16,007 Boulder Creek Garden Jul 1994 Boulder, CO 1973 221 754 7,730 20,110 754 27,840 28,594 (17,518 ) 11,076 5,547 Broadcast Center Garden Mar 2002 Los Angeles, CA 1990 279 29,407 41,244 22,509 29,407 63,753 93,160 (30,936 ) 62,224 56,679 Broadway Lofts High Rise Sep 2012 San Diego, CA 1909 84 5,367 14,442 2,522 5,367 16,964 22,331 (2,632 ) 19,699 9,052 Burke Shire Commons Garden Mar 2001 Burke, VA 1986 360 4,867 23,617 15,259 4,867 38,876 43,743 (19,677 ) 24,066 39,639 Calhoun Beach Club High Rise Dec 1998 Minneapolis, MN 1928 332 11,708 73,334 56,061 11,708 129,395 141,103 (71,570 ) 69,533 44,200 Canyon Terrace Garden Mar 2002 Saugus, CA 1984 130 7,508 6,601 5,795 7,508 12,396 19,904 (7,207 ) 12,697 9,502 Cedar Rim Garden Apr 2000 Newcastle, WA 1980 104 761 5,218 12,754 761 17,972 18,733 (14,512 ) 4,221 7,117 Charlesbank Apartment Homes Mid Rise Sep 2013 Watertown, MA 2012 44 3,399 11,726 398 3,399 12,124 15,523 (1,416 ) 14,107 8,055 Chestnut Hall High Rise Oct 2006 Philadelphia, PA 1923 315 12,338 14,299 7,938 12,338 22,237 34,575 (10,247 ) 24,328 38,205 Chestnut Hill Village Garden Apr 2000 Philadelphia, PA 1963 821 6,469 49,316 40,437 6,469 89,753 96,222 (55,446 ) 40,776 75,000 Chimneys of Cradle Rock Garden Jun 2004 Columbia, MD 1979 198 2,040 8,108 706 2,040 8,814 10,854 (3,329 ) 7,525 15,329 (2) (1) Initial Cost Cost Capitalized December 31, 2016 Apartment Date Year Apartment Buildings and Subsequent to Buildings and (3) Accumulated Total Cost Apartment Community Name Type Consolidated Location Built Homes Land Improvements Consolidation Land Improvements Total Depreciation (AD) Net of AD Encumbrances Columbus Avenue Mid Rise Sep 2003 New York, NY 1880 59 35,527 9,450 5,707 35,527 15,157 50,684 (8,737 ) 41,947 26,327 Creekside Garden Jan 2000 Denver, CO 1974 328 3,189 12,698 5,986 3,189 18,684 21,873 (12,157 ) 9,716 11,802 Crescent at West Hollywood, The Mid Rise Mar 2002 West Hollywood, CA 1985 130 15,765 10,215 10,872 15,765 21,087 36,852 (14,386 ) 22,466 — Eastpointe Garden Dec 2014 Boulder, CO 1970 140 15,300 2,705 1,868 15,300 4,573 19,873 (201 ) 19,672 — Elm Creek Mid Rise Dec 1997 Elmhurst, IL 1987 400 5,910 30,830 29,140 5,910 59,970 65,880 (28,201 ) 37,679 — Evanston Place High Rise Dec 1997 Evanston, IL 1990 190 3,232 25,546 12,484 3,232 38,030 41,262 (17,136 ) 24,126 19,659 Farmingdale Mid Rise Oct 2000 Darien, IL 1975 240 11,763 15,174 8,408 11,763 23,582 35,345 (11,117 ) 24,228 14,397 Flamingo Towers High Rise Sep 1997 Miami Beach, FL 1960 1,268 32,427 48,808 288,908 32,427 337,716 370,143 (148,984 ) 221,159 107,457 Four Quarters Habitat Garden Jan 2006 Miami, FL 1976 336 2,379 17,199 22,966 2,379 40,165 42,544 (22,762 ) 19,782 5,742 Foxchase Garden Dec 1997 Alexandria, VA 1940 2,113 15,496 96,062 40,988 15,496 137,050 152,546 (75,841 ) 76,705 233,383 Georgetown Garden Aug 2002 Framingham, MA 1964 207 12,351 13,168 3,249 12,351 16,417 28,768 (7,366 ) 21,402 6,867 Georgetown II Mid Rise Aug 2002 Framingham, MA 1958 72 4,577 4,057 1,454 4,577 5,511 10,088 (2,821 ) 7,267 2,301 Heritage Park Escondido Garden Oct 2000 Escondido, CA 1986 196 1,055 7,565 2,095 1,055 9,660 10,715 (6,404 ) 4,311 6,610 Heritage Park Livermore Garden Oct 2000 Livermore, CA 1988 167 — 10,209 1,640 — 11,849 11,849 (7,426 ) 4,423 6,838 Heritage Village Anaheim Garden Oct 2000 Anaheim, CA 1986 196 1,832 8,541 1,810 1,832 10,351 12,183 (6,401 ) 5,782 8,024 Hidden Cove Garden Jul 1998 Escondido, CA 1983 334 3,043 17,616 10,783 3,043 28,399 31,442 (14,933 ) 16,509 34,563 Hidden Cove II Garden Jul 2007 Escondido, CA 1986 118 12,849 6,530 7,109 12,849 13,639 26,488 (7,600 ) 18,888 14,005 Hillcreste Garden Mar 2002 Century City, CA 1989 315 35,862 47,216 12,798 35,862 60,014 95,876 (26,435 ) 69,441 66,372 Hillmeade Garden Nov 1994 Nashville, TN 1986 288 2,872 16,070 16,535 2,872 32,605 35,477 (17,769 ) 17,708 15,891 Horizons West Apartments Mid Rise Dec 2006 Pacifica, CA 1970 78 8,887 6,377 2,279 8,887 8,656 17,543 (3,902 ) 13,641 14,319 Hunt Club Garden Sep 2000 Gaithersburg, MD 1986 336 17,859 13,149 11,954 17,859 25,103 42,962 (13,256 ) 29,706 — Hunter's Chase Garden Jan 2001 Midlothian, VA 1985 320 7,935 7,915 2,743 7,935 10,658 18,593 (4,909 ) 13,684 14,347 Hunters Glen Garden Oct 1999 Plainsboro, NJ 1976 896 8,778 47,259 38,780 8,778 86,039 94,817 (64,072 ) 30,745 61,073 Hyde Park Tower High Rise Oct 2004 Chicago, IL 1990 155 4,731 14,927 10,782 4,731 25,709 30,440 (6,459 ) 23,981 13,219 Indian Oaks Garden Mar 2002 Simi Valley, CA 1986 254 24,523 15,801 5,819 24,523 21,620 46,143 (11,010 ) 35,133 — Indigo Garden Aug 2016 Redwood City, CA 2016 463 26,944 296,104 481 26,944 296,585 323,529 (3,889 ) 319,640 144,294 Island Club Garden Oct 2000 Oceanside, CA 1986 592 18,027 28,654 15,868 18,027 44,522 62,549 (27,851 ) 34,698 57,691 Key Towers High Rise Apr 2001 Alexandria, VA 1964 140 1,526 7,050 6,647 1,526 13,697 15,223 (10,176 ) 5,047 9,748 Lakeside Garden Oct 1999 Lisle, IL 1972 568 5,840 27,937 24,090 5,840 52,027 57,867 (33,575 ) 24,292 26,288 Latrobe High Rise Jan 2003 Washington, DC 1980 175 3,459 9,103 13,142 3,459 22,245 25,704 (14,555 ) 11,149 27,923 Lincoln Place (4) Garden Oct 2004 Venice, CA 1951 795 128,332 10,439 332,696 44,197 343,135 387,332 (68,663 ) 318,669 194,280 Lodge at Chattahoochee, The Garden Oct 1999 Sandy Springs, GA 1970 312 2,335 16,370 17,039 2,335 33,409 35,744 (21,211 ) 14,533 20,163 Malibu Canyon Garden Mar 2002 Calabasas, CA 1986 698 69,834 53,438 24,778 69,834 78,216 148,050 (38,744 ) 109,306 109,803 Maple Bay Garden Dec 1999 Virginia Beach, VA 1971 414 2,597 16,141 23,069 2,597 39,210 41,807 (26,882 ) 14,925 — Mariner's Cove Garden Mar 2002 San Diego, CA 1984 500 — 66,861 7,572 — 74,433 74,433 (34,371 ) 40,062 — Meadow Creek Garden Jul 1994 Boulder, CO 1968 332 1,435 24,533 5,785 1,435 30,318 31,753 (16,363 ) 15,390 41,984 Merrill House High Rise Jan 2000 Falls Church, VA 1964 159 1,836 10,831 7,621 1,836 18,452 20,288 (9,840 ) 10,448 17,584 Mezzo High Rise Mar 2015 Atlanta, GA 2008 94 4,292 34,178 664 4,292 34,842 39,134 (2,723 ) 36,411 24,490 Monterey Grove Garden Jun 2008 San Jose, CA 1999 224 34,325 21,939 5,732 34,325 27,671 61,996 (10,254 ) 51,742 — Ocean House on Prospect Mid Rise Apr 2013 La Jolla, CA 1970 53 12,528 18,805 14,788 12,528 33,593 46,121 (2,597 ) 43,524 13,621 One Canal High Rise Sep 2013 Boston, MA 2016 310 — 15,873 176,087 — 191,960 191,960 (4,269 ) 187,691 110,085 Pacific Bay Vistas (4) Garden Mar 2001 San Bruno, CA 1987 308 28,694 62,460 36,905 23,354 99,365 122,719 (21,682 ) 101,037 69,547 Pacifica Park Garden Jul 2006 Pacifica, CA 1977 104 12,970 6,579 7,496 12,970 14,075 27,045 (4,894 ) 22,151 11,447 Palazzo at Park La Brea, The Mid Rise Feb 2004 Los Angeles, CA 2002 521 48,362 125,464 31,959 48,362 157,423 205,785 (65,393 ) 140,392 170,000 Palazzo East at Park La Brea, The Mid Rise Mar 2005 Los Angeles, CA 2005 611 72,578 136,503 15,257 72,578 151,760 224,338 (61,449 ) 162,889 114,524 Park Towne Place High Rise Apr 2000 Philadelphia, PA 1959 948 10,472 47,301 272,057 10,472 319,358 329,830 (73,876 ) 255,954 — Parkway Garden Mar 2000 Willamsburg, VA 1971 148 386 2,834 2,748 386 5,582 5,968 (3,504 ) 2,464 — Pathfinder Village Garden Jan 2006 Fremont, CA 1973 246 19,595 14,838 12,323 19,595 27,161 46,756 (12,248 ) 34,508 38,889 (2) (1) Initial Cost Cost Capitalized December 31, 2016 Apartment Date Year Apartment Buildings and Subsequent to Buildings and (3) Accumulated Total Cost Apartment Community Name Type Consolidated Location Built Homes Land Improvements Consolidation Land Improvements Total Depreciation (AD) Net of AD Encumbrances Peachtree Park Garden Jan 1996 Atlanta, GA 1969 303 4,684 11,713 12,683 4,684 24,396 29,080 (14,558 ) 14,522 1,708 Plantation Gardens Garden Oct 1999 Plantation, FL 1971 372 3,773 19,443 20,944 3,773 40,387 44,160 (23,226 ) 20,934 21,245 Post Ridge Garden Jul 2000 Nashville, TN 1972 150 1,883 6,712 4,741 1,883 11,453 13,336 (7,617 ) 5,719 5,346 Preserve at Marin Mid Rise Aug 2011 Corte Madera, CA 1964 126 18,179 30,132 81,591 18,179 111,723 129,902 (13,604 ) 116,298 37,772 Ravensworth Towers High Rise Jun 2004 Annandale, VA 1974 219 3,455 17,157 3,426 3,455 20,583 24,038 (13,074 ) 10,964 21,213 Reflections Garden Sep 2000 Virginia Beach, VA 1987 480 15,988 13,684 4,769 15,988 18,453 34,441 (9,995 ) 24,446 28,798 River Club,The Garden Apr 2005 Edgewater, NJ 1998 266 30,579 30,638 5,792 30,579 36,430 67,009 (14,132 ) 52,877 — Riverloft High Rise Oct 1999 Philadelphia, PA 1910 184 2,120 11,286 29,712 2,120 40,998 43,118 (19,777 ) 23,341 10,981 Rosewood Garden Mar 2002 Camarillo, CA 1976 152 12,430 8,060 3,784 12,430 11,844 24,274 (5,878 ) 18,396 16,405 Royal Crest Estates Garden Aug 2002 Warwick, RI 1972 492 22,433 24,095 3,925 22,433 28,020 50,453 (18,004 ) 32,449 34,008 Royal Crest Estates Garden Aug 2002 Nashua, NH 1970 902 68,230 45,562 11,363 68,230 56,925 125,155 (36,660 ) 88,495 29,106 Royal Crest Estates Garden Aug 2002 Marlborough, MA 1970 473 25,178 28,786 9,324 25,178 38,110 63,288 (22,450 ) 40,838 31,533 Royal Crest Estates Garden Aug 2002 North Andover, MA 1970 588 51,292 36,808 22,813 51,292 59,621 110,913 (30,114 ) 80,799 43,098 Savannah Trace Garden Mar 2001 Shaumburg, IL 1986 368 13,960 20,731 9,061 13,960 29,792 43,752 (14,790 ) 28,962 23,685 Saybrook Pointe Garden Dec 2014 San Jose, CA 1995 324 32,842 84,457 8,106 32,842 92,563 125,405 (5,927 ) 119,478 64,709 Scotchollow Garden Jan 2006 San Mateo, CA 1971 418 49,475 17,756 13,323 49,475 31,079 80,554 (15,120 ) 65,434 74,309 Shenandoah Crossing Garden Sep 2000 Fairfax, VA 1984 640 18,200 57,198 22,028 18,200 79,226 97,426 (48,157 ) 49,269 — Springwoods at Lake Ridge Garden Jul 2002 Woodbridge, VA 1984 180 5,587 7,284 2,897 5,587 10,181 15,768 (3,705 ) 12,063 — Steeplechase Garden Sep 2000 Largo, MD 1986 240 3,675 16,111 6,324 3,675 22,435 26,110 (11,814 ) 14,296 — Sterling Apartment Homes, The Garden Oct 1999 Philadelphia, PA 1961 534 8,871 55,365 105,461 8,871 160,826 169,697 (58,654 ) 111,043 68,370 Stone Creek Club Garden Sep 2000 Germantown, MD 1984 240 13,593 9,347 7,086 13,593 16,433 30,026 (11,230 ) 18,796 — Timbers at Long Reach Apartment Homes Garden Apr 2005 Columbia, MD 1979 178 2,430 12,181 889 2,430 13,070 15,500 (7,023 ) 8,477 12,658 Towers Of Westchester Park, The High Rise Jan 2006 College Park, MD 1972 303 15,198 22,029 12,536 15,198 34,565 49,763 (15,849 ) 33,914 24,409 Township At Highlands Town Home Nov 1996 Centennial, CO 1985 161 1,536 9,773 6,924 1,536 16,697 18,233 (10,655 ) 7,578 — Tremont Mid Rise Dec 2014 Atlanta, GA 2009 78 5,274 18,011 2,083 5,274 20,094 25,368 (1,432 ) 23,936 — Twin Lake Towers High Rise Oct 1999 Westmont, IL 1969 399 3,268 18,763 38,918 3,268 57,681 60,949 (43,261 ) 17,688 30,497 Vantage Pointe Mid Rise Aug 2002 Swampscott, MA 1987 96 4,748 10,089 1,551 4,748 11,640 16,388 (4,507 ) 11,881 3,990 Villa Del Sol Garden Mar 2002 Norwalk, CA 1972 120 7,476 4,861 2,994 7,476 7,855 15,331 (4,194 ) 11,137 11,031 Villas at Park La Brea, The Garden Mar 2002 Los Angeles, CA 2002 250 8,630 48,871 6,772 8,630 55,643 64,273 (26,338 ) 37,935 16,934 Villas of Pasadena Mid Rise Jan 2006 Pasadena, CA 1973 92 9,693 6,818 3,433 9,693 10,251 19,944 (3,770 ) 16,174 9,500 Vivo High Rise Jun 2015 Cambridge, MA 2015 91 6,450 35,974 3,758 6,450 39,732 46,182 (3,055 ) 43,127 21,307 Waterford Village Garden Aug 2002 Bridgewater, MA 1971 588 29,110 28,101 3,379 29,110 31,480 60,590 (22,898 ) 37,692 36,731 Waterways Village Garden Jun 1997 Aventura, FL 1994 180 4,504 11,064 9,287 4,504 20,351 24,855 (9,627 ) 15,228 13,705 Waverly Apartments Garden Aug 2008 Brighton, MA 1970 103 7,920 11,347 3,801 7,920 15,148 23,068 (5,121 ) 17,947 12,012 Wexford Village Garden Aug 2002 Worcester, MA 1974 264 6,349 17,939 2,052 6,349 19,991 26,340 (11,554 ) 14,786 8,339 Willow Bend Garden May 1998 Rolling Meadows, IL 1969 328 2,717 15,437 24,761 2,717 40,198 42,915 (27,901 ) 15,014 17,668 Windrift Garden Mar 2001 Oceanside, CA 1987 404 24,960 17,590 18,132 24,960 35,722 60,682 (21,560 ) 39,122 40,270 Windsor Park Garden Mar 2001 Woodbridge, VA 1987 220 4,279 15,970 5,859 4,279 21,829 26,108 (11,668 ) 14,440 17,676 Woods Of Williamsburg Garden Jan 2006 Williamsburg, VA 1976 125 798 3,657 1,109 798 4,766 5,564 (3,974 ) 1,590 — Yacht Club at Brickell High Rise Dec 2003 Miami, FL 1998 357 31,362 32,214 11,405 31,362 43,619 74,981 (14,449 ) 60,532 46,330 Yorktown Apartments High Rise Dec 1999 Lombard, IL 1971 364 3,055 18,162 42,748 3,055 60,910 63,965 (22,524 ) 41,441 29,686 Total Conventional Apartment Communities 37,780 1,832,184 3,248,631 2,648,691 1,742,709 5,897,322 7,640,031 (2,295,387 ) 5,344,644 3,574,411 Affordable Apartment Communities: All Hallows Garden Jan 2006 San Francisco, CA 1976 157 1,338 29,770 21,406 1,338 51,176 52,514 (31,279 ) 21,235 21,839 Arvada House High Rise Nov 2004 Arvada, CO 1977 88 405 3,314 2,415 405 5,729 6,134 (2,899 ) 3,235 3,859 Bayview Garden Jun 2005 San Francisco, CA 1976 146 582 15,265 18,327 582 33,592 34,174 (22,292 ) 11,882 11,291 Beacon Hill High Rise Mar 2002 Hillsdale, MI 1980 198 1,094 7,044 6,148 1,094 13,192 14,286 (6,925 ) 7,361 6,648 (2) (1) Initial Cost Cost Capitalized December 31, 2016 Apartment Date Year Apartment Buildings and Subsequent to Buildings and (3) Accumulated Total Cost Apartment Community Name Type Consolidated Location Built Homes Land Improvements Consolidation Land Improvements Total Depreciation (AD) Net of AD Encumbrances Biltmore Towers High Rise Mar 2002 Dayton, OH 1980 230 1,814 6,411 13,459 1,814 19,870 21,684 (13,254 ) 8,430 9,981 Butternut Creek Mid Rise Jan 2006 Charlotte, MI 1980 100 505 3,617 4,028 505 7,645 8,150 (6,134 ) 2,016 4,044 Carriage House Mid Rise Dec 2006 Petersburg, VA 1885 118 716 2,886 4,298 716 7,184 7,900 (4,263 ) 3,637 1,801 City Line Garden Mar 2002 Newport News, VA 1976 200 500 2,014 8,150 500 10,164 10,664 (5,369 ) 5,295 4,214 Copperwood I Apartments Garden Apr 2006 The Woodlands, TX 1980 150 383 8,373 5,969 383 14,342 14,725 (12,522 ) 2,203 5,066 Copperwood II Apartments Garden Oct 2005 The Woodlands, TX 1981 150 459 5,553 3,745 459 9,298 9,757 (5,780 ) 3,977 5,227 Country Club Heights Garden Mar 2004 Quincy, IL 1976 200 676 5,715 5,178 676 10,893 11,569 (6,518 ) 5,051 5,365 Crevenna Oaks Town Home Jan 2006 Burke, VA 1979 50 — 5,203 486 — 5,689 5,689 (3,422 ) 2,267 2,320 Fountain Place Mid Rise Jan 2006 Connersville, IN 1980 102 378 2,091 3,238 378 5,329 5,707 (2,386 ) 3,321 869 Hopkins Village Mid Rise Sep 2003 Baltimore, MD 1979 165 549 5,973 3,896 549 9,869 10,418 (4,897 ) 5,521 9,100 Ingram Square Garden Jan 2006 San Antonio, TX 1980 120 800 3,136 5,961 800 9,097 9,897 (6,009 ) 3,888 3,120 Kirkwood House High Rise Sep 2004 Baltimore, MD 1979 261 1,337 9,358 9,161 1,337 18,519 19,856 (9,502 ) 10,354 16,000 La Salle Garden Oct 2000 San Francisco, CA 1976 145 1,866 19,567 18,188 1,866 37,755 39,621 (27,002 ) 12,619 17,293 La Vista Garden Jan 2006 Concord, CA 1981 75 581 4,449 4,694 581 9,143 9,724 (4,271 ) 5,453 4,839 Loring Towers High Rise Oct 2002 Minneapolis, MN 1975 230 886 7,445 8,508 886 15,953 16,839 (8,418 ) 8,421 9,407 Loring Towers Apartments High Rise Sep 2003 Salem, MA 1973 250 187 14,050 8,162 187 22,212 22,399 (11,245 ) 11,154 9,725 New Baltimore Mid Rise Mar 2002 New Baltimore, MI 1980 101 896 2,360 5,419 896 7,779 8,675 (4,685 ) 3,990 1,936 Northpoint Garden Jan 2000 Chicago, IL 1921 304 2,510 14,334 15,960 2,510 30,294 32,804 (22,496 ) 10,308 17,382 Panorama Park Garden Mar 2002 Bakersfield, CA 1982 66 521 5,520 1,245 521 6,765 7,286 (3,904 ) 3,382 1,678 Park Place Mid Rise Jun 2005 St Louis, MO 1977 242 705 6,327 8,333 705 14,660 15,365 (11,235 ) 4,130 8,301 Parkways, The Garden Jun 2004 Chicago, IL 1925 446 3,426 23,257 21,981 3,426 45,238 48,664 (27,276 ) 21,388 15,951 Pleasant Hills Garden Apr 2005 Austin, TX 1982 100 1,229 2,631 4,112 1,229 6,743 7,972 (4,194 ) 3,778 2,899 Plummer Village Mid Rise Mar 2002 North Hills, CA 1983 75 666 2,647 1,349 666 3,996 4,662 (2,863 ) 1,799 2,282 Riverwoods High Rise Jan 2006 Kankakee, IL 1983 125 598 4,931 3,675 598 8,606 9,204 (4,041 ) 5,163 3,453 Round Barn Manor Garden Mar 2002 Champaign, IL 1979 156 810 5,134 6,171 810 11,305 12,115 (4,736 ) 7,379 3,999 San Jose Apartments Garden Sep 2005 San Antonio, TX 1970 220 234 5,770 12,782 234 18,552 18,786 (10,962 ) 7,824 4,259 San Juan Del Centro Mid Rise Sep 2005 Boulder, CO 1971 150 439 7,110 13,218 439 20,328 20,767 (11,721 ) 9,046 11,553 Shoreview Garden Oct 1999 San Francisco, CA 1976 156 1,476 19,071 20,034 1,476 39,105 40,581 (28,570 ) 12,011 18,716 South Bay Villa Garden Mar 2002 Los Angeles, CA 1981 80 1,352 2,770 3,759 1,352 6,529 7,881 (5,456 ) 2,425 2,689 St. George Villas Garden Jan 2006 St. George, SC 1984 40 107 1,025 393 107 1,418 1,525 (1,178 ) 347 357 Summit Oaks Town Home Jan 2006 Burke, VA 1980 50 — 5,311 506 — 5,817 5,817 (3,308 ) 2,509 2,302 Tamarac Pines Apartments I Garden Nov 2004 Woodlands, TX 1980 144 363 2,775 3,643 363 6,418 6,781 (3,872 ) 2,909 3,591 Tamarac Pines Apartments II Garden Nov 2004 Woodlands, TX 1980 156 266 3,195 4,145 266 7,340 7,606 (4,397 ) 3,209 3,890 Terry Manor Mid Rise Oct 2005 Los Angeles, CA 1977 170 1,997 5,848 5,361 1,997 11,209 13,206 (8,893 ) 4,313 6,111 Tompkins Terrace Garden Oct 2002 Beacon, NY 1974 193 872 6,827 14,478 872 21,305 22,177 (11,354 ) 10,823 6,470 University Square High Rise Mar 2005 Philadelphia, PA 1978 442 702 12,201 13,049 702 25,250 25,952 (9,785 ) 16,167 — Van Nuys Apartments High Rise Mar 2002 Los Angeles, CA 1981 299 3,576 21,226 23,576 3,576 44,802 48,378 (21,151 ) 27,227 23,851 Wah Luck House High Rise Jan 2006 Washington, DC 1982 153 — 7,772 472 — 8,244 8,244 (2,976 ) 5,268 4,715 Walnut Hills High Rise Jan 2006 Cincinnati, OH 1983 198 820 5,608 5,720 820 11,328 12,148 (6,186 ) 5,962 5,048 Washington Square West Mid Rise Sep 2004 Philadelphia, PA 1982 132 582 11,169 5,448 582 16,617 17,199 (11,617 ) 5,582 3,389 Whitefield Place Garden Apr 2005 San Antonio, TX 1980 80 219 3,151 2,336 219 5,487 5,706 (3,344 ) 2,362 1,981 Winter Gardens High Rise Mar 2004 St Louis, MO 1920 112 300 3,072 4,773 300 7,845 8,145 (2,946 ) 5,199 3,237 Woodland Hills Garden Oct 2005 Jackson, MI 1980 125 320 3,875 4,113 327 7,989 8,316 (4,955 ) 3,361 3,188 Total Affordable Apartment Communities 7,650 40,042 356,151 361,468 40,049 717,620 757,669 (432,488 ) 325,181 315,236 Other (5) — 76,034 10,474 1,958 76,034 12,432 88,466 (2,883 ) 85,583 — Total 45,430 $ 1,948,260 $ 3,615,256 $ 3,012,117 $ 1,858,792 $ 6,627,374 $ 8,486,166 $ (2,730,758 ) $ 5,755,408 $ 3,889,647 (2) (1) Initial Cost Cost Capitalized December 31, 2016 Apartment Date Year Apartment Buildings and Subsequent to Buildings and (3) Accumulated Total Cost Apartment Community Name Type Consolidated Location Built Homes Land Improvements Consolidation Land Improvements Total Depreciation (AD) Net of AD Encumbrances (1) Date we acquired the apartment community or first consolidated the partnership which owns the apartment community. (2) Costs capitalized subsequent to consolidation includes costs capitalized since acquisition or date of initial consolidation of the partnership/apartment community. (3) The aggregate cost of land and depreciable property for federal income tax purposes was approximately $3.7 billion at December 31, 2016. (4) The current carrying value of the apartment community reflects an impairment loss recognized during prior periods. (5) Other includes land parcels and certain non-residential properties held for future development. APARTMENT INVESTMENT AND MANAGEMENT COMPANY AIMCO PROPERTIES, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION For the Years Ended December 31, 2016 , 2015 and 2014 (In Thousands) 2016 2015 2014 Real Estate Balance at beginning of year $ 8,307,483 $ 8,144,958 $ 8,214,081 Additions during the year: Acquisitions 333,174 147,077 379,187 Capital additions 338,606 362,948 367,454 Casualty and other write-offs (1) (166,703 ) (79,561 ) (111,068 ) Amounts related to assets held for sale (2,801 ) (7,036 ) (38,744 ) Sales (323,593 ) (260,903 ) (665,952 ) Balance at end of year $ 8,486,166 $ 8,307,483 $ 8,144,958 Accumulated Depreciation Balance at beginning of year $ 2,778,022 $ 2,672,179 $ 2,822,872 Additions during the year: Depreciation 312,365 285,514 265,060 Deductions during the year: Casualty and other write-offs (1) (163,009 ) (78,838 ) (106,802 ) Amounts related to assets held for sale (1,525 ) (4,427 ) (12,304 ) Sales (195,095 ) (96,406 ) (296,647 ) Balance at end of year $ 2,730,758 $ 2,778,022 $ 2,672,179 (1) Includes the write-off of fully depreciated assets totaling $161.6 million , $76.9 million and $106.3 million , during the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Basis of Presentation and Sum24
Basis of Presentation and Summary of Significant Accounting Policies - (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation Aimco’s accompanying consolidated financial statements include the accounts of Aimco, the Aimco Operating Partnership, and their consolidated subsidiaries. The Aimco Operating Partnership’s consolidated financial statements include the accounts of the Aimco Operating Partnership and its consolidated subsidiaries. All significant intercompany balances 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. As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company. |
Property, Plant, and Equipment | Acquisition of Real Estate and Related Depreciation and Amortization We recognize the acquisition of apartment communities or interests in partnerships that own apartment communities at fair value. If the transaction results in consolidation and is a business combination, we expense related transaction costs as incurred. If the transaction is considered an asset acquisition (e.g. apartment communities under construction or vacant at time of acquisition), the related transaction costs are capitalized as a cost of the acquired apartment community. We allocate the purchase price of apartment communities acquired in business combinations to tangible assets and identified intangible assets and liabilities based on their fair values. We allocate the cost of apartment communities accounted for as asset acquisitions based on the relative fair value of the assets acquired and liabilities assumed. We determine the fair value of tangible assets, such as land, building, furniture, fixtures and equipment, generally using internal valuation techniques that consider comparable market transactions, replacement costs and other available information. We determine the fair value of identified intangible assets (or liabilities), which typically relate to in-place leases, using internal valuation techniques that consider the terms of the in-place leases, current market data for comparable leases and our experience in leasing similar communities. The intangible assets or liabilities related to in-place leases are comprised of: (a) the value of the above- and below-market leases in-place, measured over the period, including probable lease renewals for below-market leases, that the leases are expected to remain in effect; (b) the estimated unamortized portion of avoided leasing commissions and other costs that ordinarily would be incurred to originate the in-place leases; and (c) the value associated with leased apartment homes during an estimated absorption period (estimates of rental revenue that would not have been earned had leased apartment homes been vacant at the time of acquisition assuming lease-up periods based on market demand and stabilized occupancy levels). Depreciation for all tangible assets is calculated using the straight-line method over their estimated useful lives. Acquired buildings and improvements are depreciated over a useful life based on the age, condition and other physical characteristics of the apartment community. At December 31, 2016 , the weighted average depreciable life of our acquired buildings and improvements was approximately 28 years. Furniture, fixtures and equipment associated with acquired apartment communities are depreciated over five years. The above- and below-market lease intangibles are amortized to rental revenue over the expected remaining terms of the associated leases, which include reasonably assured renewal periods. Other intangible assets related to in-place leases are amortized to depreciation and amortization over the expected remaining terms of the associated leases. At December 31, 2016 and 2015 , deferred income in our consolidated balance sheets included below-market lease amounts totaling $10.4 million and $12.1 million , respectively, which are net of accumulated amortization of $33.1 million and $31.4 million , respectively. During the years ended December 31, 2016 , 2015 and 2014 , we included amortization of below-market leases of $1.7 million , $1.7 million and $1.3 million , respectively, in rental and other property revenues in our consolidated statements of operations. In connection with apartment communities sold during the year ended December 31, 2014 , we wrote off $1.8 million of unamortized below-market lease amounts to gain on dispositions of real estate. There were no such write offs during the years ended December 31, 2016 and 2015 . At December 31, 2016 , our below-market leases had a weighted average amortization period of 6.5 years and estimated aggregate amortization for each of the five succeeding years as follows (in thousands): Estimated Amortization 2017 $1,200 2018 1,059 2019 973 2020 884 2021 810 Capital Additions and Related Depreciation We capitalize costs, including certain indirect costs, incurred in connection with our capital additions activities, including redevelopments, developments, other tangible apartment community improvements and replacements of existing apartment community components. Included in these capitalized costs are payroll costs associated with time spent by site employees in connection with capital additions activities at the apartment community level. We characterize as “indirect costs” an allocation of certain department costs, including payroll, at the area operations and corporate levels that clearly relate to capital additions activities. We also capitalize interest, property taxes and insurance during periods in which redevelopments, developments and construction projects are in progress. We begin capitalization of costs, including certain indirect costs, incurred in connection with our capital addition activities, upon commencement of activities necessary to get apartment communities ready for their intended use. These activities include when apartment communities or apartment homes are undergoing physical construction, as well as when apartment homes are held vacant in advance of planned construction, provided that other activities such as permitting, planning and design are in progress. We cease the capitalization of costs when the apartment communities are substantially complete and ready for their intended use, which is typically when construction has been completed and apartment homes are available for occupancy. Costs including ordinary repairs, maintenance and resident turnover costs are charged to property operating expense as incurred. We depreciate capitalized costs using the straight-line method over the estimated useful life of the related improvement, which is generally 5 , 15 or 30 years. All capitalized site payroll costs and indirect costs are allocated to capital additions proportionately, based on direct costs and depreciated over the estimated useful lives of such capital additions. Certain homogeneous items that are purchased in bulk on a recurring basis, such as carpeting and appliances, are depreciated using group methods that reflect the average estimated useful life of the items in each group. Except in the case of apartment community casualties, where the net book value of the lost asset is written off in the determination of casualty gains or losses, we generally do not recognize any loss in connection with the replacement of an existing apartment community component because normal replacements are considered in determining the estimated useful lives used in connection with our composite and group depreciation methods. For the years ended December 31, 2016 , 2015 and 2014 , we capitalized to buildings and improvements $9.6 million , $11.7 million and $14.2 million of interest costs, respectively, and $32.9 million , $28.2 million and $29.2 million of other direct and indirect costs, respectively. Impairment of Long-Lived Assets Real estate and other long-lived assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is not recoverable. If events or circumstances indicate that the carrying amount of an apartment community may not be recoverable, we make an assessment of its recoverability by comparing the carrying amount to our estimate of the undiscounted future cash flows, excluding interest charges, of the apartment community. If the carrying amount exceeds the aggregate undiscounted future cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the apartment community. Based on periodic tests of recoverability of long-lived assets, for the year ended December 31, 2014 , we recorded a provision for real estate impairment losses of $1.8 million related to sold apartment communities, which is included in other expenses, net in our consolidated statement of operations. The impairment loss was related to estimated costs to sell, inclusive of a prepayment penalty. We recorded no such provisions during the years ended December 31, 2016 and 2015 . |
Cash Equivalents | Cash Equivalents We classify highly liquid investments with an original maturity of three months or less as cash equivalents. We maintain cash equivalents in financial institutions in excess of insured limits. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions. |
Restricted Cash | Restricted Cash Restricted cash includes capital replacement reserves, completion repair reserves, bond sinking fund amounts, tax and insurance escrow accounts held by lenders and resident security deposits. |
Deferred Costs | Deferred Costs We defer lender fees and other direct costs incurred in obtaining new financing and amortize the amounts over the terms of the related loan agreements. Amortization of these costs is included in interest expense. As further discussed under the heading Accounting Pronouncements Adopted in the Current Year, debt issue costs associated with our revolving credit facility are included in Other assets on our consolidated balance sheets. Debt issue costs associated with non recourse property debt are presented as a direct deduction from the related liability on our consolidated balance sheets. We defer leasing commissions and other direct costs incurred in connection with successful leasing efforts and amortize the costs over the terms of the related leases. Amortization of these costs is included in depreciation and amortization. |
Investments | Investments in Unconsolidated Real Estate Partnerships We own general and limited partner interests in partnerships that either directly, or through interests in other real estate partnerships, own apartment communities. We generally account for investments in real estate partnerships that we do not consolidate under the equity method. Under the equity method, we recognize our share of the earnings or losses of the entity for the periods presented, inclusive of our share of any impairments and disposition gains recognized by and related to such entities, and we present such amounts within other, net in our consolidated statements of operations. The excess of the cost of the acquired partnership interests over the historical carrying amount of partners’ equity or deficit is generally ascribed to the fair values of land and buildings owned by the partnerships. We amortize the excess cost related to the buildings over the related estimated useful lives. Such amortization is recorded as an adjustment of the amounts of earnings or losses we recognize from such unconsolidated real estate partnerships. Investments in Securitization Trust that holds Aimco Property Debt We hold investments in a securitization trust which primarily holds certain of our property debt. These investments were initially recognized at their purchase price and the discount to the face value is being accreted into interest income over the expected term of the securities. We have designated these investments as available for sale securities and we measure these investments at fair value with changes in their fair value, other than the changes attributed to the accretion described above, recognized as an adjustment of accumulated other comprehensive income or loss within equity and partners’ capital. Refer to Note 11 for further information regarding these securities. |
Intangible Assets | Intangible Assets At December 31, 2016 and 2015 , other assets included goodwill associated with our reportable segments of $39.4 million and $43.9 million , respectively. We perform an annual impairment test of goodwill that compares the fair value of reporting units with their carrying amounts, including goodwill. We determined that our goodwill was not impaired in 2016 , 2015 or 2014 . During the years ended December 31, 2016 , 2015 and 2014 , we allocated $4.5 million , $1.2 million and $3.9 million , respectively, of goodwill related to our reportable segments to the carrying amounts of the apartment communities sold or classified as held for sale. The amounts of goodwill allocated to these apartment communities were based on the relative fair values of the apartment communities sold or classified as held for sale and the retained portions of the reporting units to which the goodwill is allocated. Intangible assets also includes amounts related to in-place leases as discussed under the Acquisition of Real Estate and Related Depreciation and Amortization heading. |
Capitalized Software Costs | Capitalized Software Costs Purchased software and other costs related to software developed for internal use are capitalized during the application development stage and are amortized using the straight-line method over the estimated useful life of the software, generally three to five years. For the years ended December 31, 2016 , 2015 and 2014 , we capitalized software purchase and development costs totaling $3.4 million , $3.6 million and $4.4 million , respectively. At December 31, 2016 and 2015 , other assets included $12.6 million and $16.4 million of net capitalized software, respectively. During the years ended December 31, 2016 , 2015 and 2014 , we recognized amortization of capitalized software of $7.2 million , $6.9 million and $6.7 million , respectively, which is included in depreciation and amortization in our consolidated statements of operations. |
Noncontrolling Interests in Consolidated Real Estate Partnerships | Noncontrolling Interests in Consolidated Real Estate Partnerships We report the unaffiliated partners’ interests in the net assets of our consolidated real estate partnerships as noncontrolling interests in consolidated real estate partnerships within consolidated equity and partners’ capital. Noncontrolling interests in consolidated real estate partnerships consist primarily of equity interests held by limited partners in consolidated real estate partnerships that have finite lives. We generally attribute to noncontrolling interests their share of income or loss of consolidated partnerships based on their proportionate interest in the results of operations of the partnerships, including their share of losses even if such attribution results in a deficit noncontrolling interest balance within our equity and partners’ capital accounts. The terms of the related partnership agreements generally require the partnerships to be liquidated following the sale of the underlying real estate. As the general partner in these partnerships, we ordinarily control the execution of real estate sales and other events that could lead to the liquidation, redemption or other settlement of noncontrolling interests. However, as discussed in Note 3 , we continue to consolidate an apartment community associated with the legacy asset management business for which the derecognition criteria associated with our sale of the apartment community has not been met. We do not control the execution of a sale and other events related to the apartment community that will lead to the to the derecognition of the associated noncontrolling interests. Changes in our ownership interest in consolidated real estate partnerships generally consist of our purchase of an additional interest in or the sale of our entire interest in a consolidated real estate partnership. The effect on our equity and partners’ capital of our purchase of additional interests in consolidated real estate partnerships during the years ended December 31, 2016 , 2015 and 2014 , is shown in our consolidated statements of equity and partners’ capital. The effect on our equity and partners’ capital of sales of consolidated real estate or sales of our entire interest in consolidated real estate partnerships is reflected in our consolidated financial statements as gains on disposition of real estate and accordingly the effect on our equity and partners’ capital is reflected within the the amount of net income attributable to us and to noncontrolling interests. Upon our deconsolidation of a real estate partnership following the sale of our partnership interests or liquidation of the partnership following sale of the related apartment community, we derecognize any remaining noncontrolling interest of the associated partnership previously recorded in our consolidated balance sheets. |
Noncontrolling Interests in Aimco Operating Partnership | Noncontrolling Interests in Aimco Operating Partnership Noncontrolling interests in Aimco Operating Partnership consist of common OP Units and equivalents, as well as preferred OP Units. Within Aimco’s consolidated financial statements, the Aimco Operating Partnership’s income or loss is allocated to the holders of common partnership units and equivalents based on the weighted average number of common partnership units (including those held by Aimco) and equivalents outstanding during the period. During the years ended December 31, 2016 , 2015 and 2014 , the holders of common OP Units and equivalents had a weighted average ownership interest in the Aimco Operating Partnership of 4.7% , 4.7% and 5.0% , respectively. Holders of preferred OP Units participate in the Aimco Operating Partnership’s income or loss only to the extent of their preferred distributions. See Note 7 for further information regarding the items comprising noncontrolling interests in the Aimco Operating Partnership. |
Revenue Recognition | Revenue Recognition Our apartment communities have operating leases with apartment residents with terms averaging 12 months. We recognize rental revenue related to these leases, net of any concessions, on a straight-line basis over the term of the lease. We recognize revenues from asset management and other services when the related fees are earned and realized or realizable. |
Tax Credit Arrangements | Tax Credit Arrangements We sponsor certain partnerships that operate qualifying affordable housing apartment communities and are structured to provide for the pass-through of tax credits and deductions to their partners. The tax credits are generally realized ratably over the first ten years of the tax credit arrangement and are subject to the partnership’s compliance with applicable laws and regulations for a period of 15 years . Typically, we are the general partner with a legal ownership interest of one percent or less and unaffiliated institutional investors (which we refer to as tax credit investors or investors) acquire the limited partnership interests of at least 99% . At inception, each investor agreed to fund capital contributions to the partnerships and we received a syndication fee from the partnerships upon the investors’ admission to the partnership. We have determined that the partnerships in these arrangements are variable interest entities, or VIEs, and where we are the general partner, we are generally the primary beneficiary that is required to consolidate the partnerships. When the contractual arrangements obligate us to deliver tax benefits to the investors, and entitle us through fee arrangements to receive substantially all available cash flow from the partnerships, we recognize the income or loss generated by the underlying real estate based on our economic interest in the partnerships’ current period results, which is approximately 100% and represents the allocation of cash available for distribution we would receive from a hypothetical liquidation at the book value of the partnership’s net assets. Our economic interest in these partnerships will be 100% until such time that the limited partners become entitled to an allocation of a hypothetical or actual distribution (generally upon sale of the underlying real estate). Economic interest generally differs from legal interest due to the terms of the partnership agreements with profit and loss allocations and distributions upon liquidation that differ from stated percentages. Capital contributions received by the partnerships from tax credit investors represent, in substance, consideration that we receive in exchange for our obligation to deliver tax credits and other tax benefits to the investors. We record these contributions as deferred income in our consolidated balance sheets upon receipt, and we recognize these amounts as revenue in our consolidated statements of operations when our obligation to the investors is relieved upon delivery of the tax benefits. |
Insurance | Insurance We believe that our insurance coverages insure our apartment communities adequately against the risk of loss attributable to fire, earthquake, hurricane, tornado, flood and other perils. In addition, we have third-party insurance coverage (after self-insured retentions) that defray the costs of large workers’ compensation, health and general liability exposures. We accrue losses based upon our estimates of the aggregate liability for uninsured losses incurred using certain actuarial assumptions followed in the insurance industry and based on our experience. |
Stock-Based Compensation | Share-Based Compensation We issue various forms of share-based compensation, including stock options and restricted stock awards with service conditions and/or market conditions. We recognize share-based employee compensation based on the fair value on the grant date and recognize compensation cost, net of forfeitures, over the awards’ requisite service periods. See Note 8 for further discussion of our share-based compensation. |
Income Taxes | Income Taxes Aimco has elected to be taxed as a REIT under the Code commencing with its taxable year ended December 31, 1994, and it intends to continue to operate in such a manner. Aimco’s current and continuing qualification as a REIT depends on its ability to meet the various requirements imposed by the Code, which are related to organizational structure, distribution levels, diversity of stock ownership and certain restrictions with regard to owned assets and categories of income. If Aimco qualifies for taxation as a REIT, it will generally not be subject to United States federal corporate income tax on its taxable income that is currently distributed to stockholders. This treatment substantially eliminates the “double taxation” (at the corporate and stockholder levels) that generally results from an investment in a corporation. Even if Aimco qualifies as a REIT, it may be subject to United States federal income and excise taxes in various situations, such as on our undistributed income. Aimco also will be required to pay a 100% tax on any net income on non-arm’s length transactions between it and a TRS (described below) and on any net income from sales of apartment communities that were held for sale to customers in the ordinary course. In addition, Aimco could also be subject to the alternative minimum tax, on our items of tax preference. The state and local tax laws may not conform to the United States federal income tax treatment, and Aimco may be subject to state or local taxation in various state or local jurisdictions, including those in which we transact business. Any taxes imposed on us reduce our operating cash flow and net income. Certain of our operations or a portion thereof, including property management, asset management and risk management, are conducted through taxable REIT subsidiaries, which are subsidiaries of the Aimco Operating Partnership, and each of which we refer to as a TRS. A TRS is a subsidiary C-corporation that has not elected REIT status and as such is subject to United States federal corporate income tax. We use TRS entities to facilitate our ability to offer certain services and activities to our residents and investment partners that cannot be offered directly by a REIT. We also use TRS entities to hold investments in certain apartment communities. For our TRS entities, deferred income taxes result from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for United States federal income tax purposes, and are measured using the enacted tax rates and laws that are expected to be in effect when the differences reverse. We reduce deferred tax assets by recording a valuation allowance when we determine, based on available evidence, that it is more likely than not that the assets will not be realized. We recognize the tax consequences associated with intercompany transfers between the REIT and TRS entities when the related assets affect our GAAP income or loss, generally through depreciation, impairment losses, or sales to third-party entities. Refer to Note 9 for further information about our income taxes and to the Recent Accounting Pronouncements heading within this note for a discussion of a change in GAAP pertaining to tax consequences associated with intercompany transfers that we plan to adopt in 2017. |
Comprehensive Income or Loss | Comprehensive Income or Loss As discussed under the preceding Investments in Securitization Trust that holds Aimco Property Debt heading, we have investments that are measured at fair value with unrealized gains or losses recognized as an adjustment of accumulated other comprehensive loss within equity and partners’ capital. Additionally, as discussed in Note 11 , we recognize changes in the fair value of our cash flow hedges as an adjustment of accumulated other comprehensive loss within equity and partners’ capital. The amounts of consolidated comprehensive income for the years ended December 31, 2016 , 2015 and 2014 , along with the corresponding amounts of such comprehensive income attributable to Aimco, the Aimco Operating Partnership and to noncontrolling interests, are presented within the accompanying consolidated statements of comprehensive income. |
Earnings Per Share and Unit | Earnings per Share and Unit Aimco calculates earnings (loss) per share based on the weighted average number of shares of Common Stock, participating securities, common stock equivalents and dilutive convertible securities outstanding during the period. The Aimco Operating Partnership calculates earnings (loss) per unit based on the weighted average number of common partnership units and equivalents, participating securities and dilutive convertible securities outstanding during the period. The Aimco Operating Partnership considers both common partnership units and equivalents, which have identical rights to distributions and undistributed earnings, to be common units for purposes of the earnings per unit computations. See Note 10 for further information regarding earnings per share and unit computations. |
Use of Estimates | Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates. |
Reclassifications | Reclassifications Certain items included in the 2015 and 2014 financial statements have been reclassified to conform to the current presentation. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The FASB has issued new standards that affect accounting for revenue from contracts with customers and are effective for Aimco on January 1, 2018. The new revenue standards establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersede most current GAAP applicable to revenue recognition. The core principle of the new guidance is that revenue should only be recognized when an entity has transferred control of goods or services to a customer and for an amount reflecting the consideration to which the entity expects to be entitled for such exchange. We anticipate using the modified retrospective adoption method, which will result in our recognition of a cumulative effect adjustment from initially applying the new revenue standards. We have not completed our analysis of the effect this guidance will have on our consolidated financial statements, nor have we determined the amount of the cumulative effect adjustment that will be recognized upon adoption. However, based on our preliminary assessment, we do not anticipate significant changes to the timing or amount of revenue we recognize on an ongoing basis. We have not completed our analysis of the effect the new revenue standards may have on various components of revenue, including government subsidies we receive in connection with our affordable portfolio, income recognized from our low-income housing tax credit partnerships and our disposition of the legacy asset management business, which is discussed in Note 3 . The FASB has also issued a new standard on lease accounting, which is effective for Aimco on January 1, 2019, with early adoption permitted. Under the new lease standard, lessor accounting will be substantially similar to the current model, but aligned with certain changes to the lessee model and the new revenue standards. Lessors will be required to allocate lease payments to separate lease and nonlease components of each lease agreement, with the nonlease components evaluated under the revenue guidance discussed above. 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 recognition (similar to current operating leases) and finance leases will result in a front-loaded expense recognition pattern (similar to current capital leases). Classification will be based on criteria that are largely similar to those applied in current lease accounting. The new standard must be adopted using a modified retrospective method, which requires application of the new guidance at the beginning of the earliest comparative period presented and provides for certain practical expedients, which we anticipate electing. We have not yet determined if we will elect to adopt this guidance prior to its effective date. We do not anticipate significant changes in the accounting for income from our leases with residents. However, in circumstances where we are a lessee, in primarily a limited population of ground leases and leases for corporate office space, we will be required to recognize right of use assets and related lease liabilities on our consolidated balance sheets. Based on our anticipated election of the practical expedients, we will not be required to reassess the classification of existing leases and therefore the amount and timing of expense recognition will be unchanged. However, in the event we modify existing ground leases or enter into new ground leases after the effective date, such leases will likely be classified as finance leases, which have a front-loaded expense recognition. We are in the process of determining the amount of the right of use assets and related lease liabilities that will be recognized upon adoption. In addition to the revenue and lease accounting standards, the FASB has issued various accounting pronouncements, which are not yet effective that may have an effect on our financial statements. One such Accounting Standards update, or ASU, is intended to simplify the accounting for the income tax consequences of intercompany transfers of assets. We intend to early adopt this guidance effective January 1, 2017. Currently, the recognition within the statement of operations of income tax expenses or benefit resulting from an intercompany transfer of assets is prohibited until the assets affect GAAP income or loss, for example, through depreciation, impairment or upon the sale of the asset to a third-party. Under the new standard, an entity will recognize the income tax expense or benefit from an intercompany transfer of assets when the transfer occurs. This change is required to be applied on a modified retrospective basis through a cumulative effect adjustment to retained earnings as of the beginning of the period of adoption. As of December 31, 2016 , we had accumulated unrecognized deferred tax expense from intercompany transfers between the Aimco Operating Partnership and TRS entities of approximately $62.5 million , which will be recognized as a cumulative effect adjustment to retained earnings on January 1, 2017. Another standard recently issued by the FASB revises the GAAP definition of a business and is effective for Aimco on January 1, 2018, with early adoption permitted. The new definition excludes sets of activities from the definition of a business when a single asset or group of similar assets comprises substantially all of the fair value of the acquired (or disposed) gross assets. Under the current definition, apartment communities with leases in place are considered businesses, whereas under the revised definition, we expect that most acquisitions and dispositions involving real estate will not be considered businesses. Under the new standard, transaction costs incurred to acquire real estate operations will be capitalized as a cost of the acquisition, whereas these costs are currently expensed when the acquired assets are determined to be a business. The new standard is required to be applied prospectively to transactions occurring after the date of adoption. We have not determined whether we will adopt this standard prior to the effective date, but we do not anticipate this standard will have a significant effect on our financial condition or results of operations. During 2016, the FASB also issued an ASU that is intended to reduce diversity in the classification and presentation of changes in restricted cash in the statement of cash flows and is effective for Aimco on January 1, 2018, with early adoption permitted. The new standard requires that the statement of cash flows describe the changes in the combined balances of cash and cash equivalents and restricted cash during the period. The guidance is required to be applied retrospectively to each period presented in the financial statements. We currently present transfers between restricted and unrestricted cash accounts as operating, investing and financing activities depending upon the required or intended purpose for the restricted funds, and cash receipts and payments directly with third parties to or from restricted cash accounts are treated as constructive cash flows. We expect that the primary change to our statement of cash flows will be the presentation of activity in the restricted cash accounts combined with similar activity in unrestricted accounts. We plan to adopt this standard on January 1, 2018. Lastly, the FASB issued guidance intended to simplify the accounting for share-based compensation and such guidance is effective for Aimco on January 1, 2017. Under current practice, tax benefits in excess of those associated with recognized compensation cost, or windfalls, are recorded in equity and tax deficiencies are recorded in equity until previous windfalls have been recouped and then recognized in earnings. Under the new guidance, 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 occurring after the date of adoption. The new guidance also requires windfalls to be recorded when they arise. This change in timing of recognition is required to be applied on a modified retrospective basis, with a cumulative effect adjustment to opening retained earnings on the date of adoption. As of December 31, 2016, there were no accumulated windfalls recorded in equity, therefore we will not record a cumulative effect adjustment upon adoption. In future periods, 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. |
Fair Value Measurements - (Pol
Fair Value Measurements - (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 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 (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 positions in the securitization, which pay interest currently and we also hold the first loss position in the securitization, which accrues interest over the term of the investment. We are accreting the discount to the $100.9 million face value of the investments into interest income using the effective interest method over the remaining expected term of the investments, which as of December 31, 2016 , was approximately 4.4 years. Our amortized cost basis for these investments, which represents the original cost adjusted for interest accretion less interest payments received, was $72.5 million and $67.8 million at December 31, 2016 and 2015 , respectively. We estimated the fair value of these investments to be $76.1 million and $65.5 million at December 31, 2016 and 2015 , respectively. We estimate the fair value of these investments in accordance with GAAP using an income and market approach with primarily observable inputs, including yields and other information regarding similar types of investments, and adjusted for certain unobservable inputs specific to these investments. The fair value of the positions that pay interest currently 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, limited partners in our consolidated real estate partnerships sometimes require we 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 changes in fair value in our interest rate swaps (in thousands): Year Ended December 31, 2016 2015 2014 Beginning liability balance $ (4,938 ) $ (5,273 ) $ (4,604 ) Unrealized losses included in interest expense (44 ) (44 ) (48 ) Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss 1,586 1,678 1,685 Unrealized gains (losses) included in equity and partners’ capital 221 (1,299 ) (2,306 ) Ending liability balance $ (3,175 ) $ (4,938 ) $ (5,273 ) As of December 31, 2016 and 2015 , we had interest rate swaps with aggregate notional amounts of $49.6 million and $49.9 million , respectively. As of December 31, 2016 , these swaps had a weighted average remaining term of 4.0 years . We have designated these interest rate swaps as cash flow hedges. The fair value of these swaps is presented within accrued liabilities and other in our consolidated balance sheets, and we recognize any changes in the fair value as an adjustment of accumulated other comprehensive loss within equity and partners’ capital to the extent of their effectiveness. If the forward rates at December 31, 2016 , remain constant, we estimate that during the next 12 months , we would reclassify into earnings approximately $1.3 million of the unrealized losses in accumulated other comprehensive loss. If market interest rates increase above the 3.44% weighted average fixed rate under these interest rate swaps we will benefit from net cash payments due to us from our counterparty to the interest rate swaps. |
Basis of Presentation and Sum26
Basis of Presentation and Summary of Significant Accounting Policies - (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of expected amortization of deferred revenue leases | At December 31, 2016 , our below-market leases had a weighted average amortization period of 6.5 years and estimated aggregate amortization for each of the five succeeding years as follows (in thousands): Estimated Amortization 2017 $1,200 2018 1,059 2019 973 2020 884 2021 810 |
Schedule of Other Assets | At December 31, 2016 and 2015 , other assets was comprised of the following amounts (dollars in thousands): 2016 2015 Investments in securitization trust that holds Aimco property debt $ 76,063 $ 65,502 Intangible assets, net 40,668 45,447 Investments in unconsolidated real estate partnerships 14,983 15,401 Debt issue costs related to revolving credit facility borrowings, net 5,250 2,107 Deferred tax asset, net (Note 9) 5,076 26,117 Accumulated unrecognized deferred tax expense from intercompany transfers (Note 9) 62,468 15,099 Deposits for apartment community acquisitions 1,404 26,632 Assets related to the legacy asset management business (Note 3) 34,397 154,895 Prepaid expenses, accounts and notes receivable, and other 104,606 97,205 Other assets per consolidated balance sheets $ 344,915 $ 448,405 |
Significant Transactions - (Ta
Significant Transactions - (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions | Summarized information regarding these acquisitions is set forth in the table below (dollars in thousands): Year Ended December 31, 2015 2014 Number of apartment communities 3 6 Number of apartment homes 300 1,182 Acquisition price $ 129,150 $ 291,925 Non-recourse property debt assumed (outstanding principal balance) — 65,200 Non-recourse property debt assumed (fair value) — 64,817 Total fair value allocated to land 10,742 70,961 Total fair value allocated to buildings and improvements 118,366 217,851 |
Non-Recourse Property Debt an28
Non-Recourse Property Debt and Credit Agreement - (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summarizes property loans payable related to properties classified as held for use | The following table summarizes our non-recourse property debt related to assets classified as held for use at December 31, 2016 and 2015 (in thousands): December 31, 2016 2015 Fixed-rate property debt $ 3,806,003 $ 3,761,238 Variable-rate property debt 83,644 84,922 Debt issue costs, net of accumulated amortization (22,945 ) (24,019 ) Total non-recourse property debt, net $ 3,866,702 $ 3,822,141 |
Scheduled principal amortization and maturity payments | As of December 31, 2016 , the scheduled principal amortization and maturity payments for our non-recourse property debt related to apartment communities classified as held for use were as follows (in thousands): Amortization Maturities Total 2017 $ 86,357 $ 260,162 $ 346,519 2018 86,644 207,616 294,260 2019 81,434 481,136 562,570 2020 74,955 303,741 378,696 2021 57,862 753,383 811,245 Thereafter 1,496,357 $ 3,889,647 |
Commitments and Contingencies
Commitments and Contingencies - (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Approximate minimum annual rentals under operating lease obligations and sublease receivables | Approximate minimum annual rental payments under operating leases are as follows (in thousands): Office and Equipment Lease Obligations Ground Lease Obligations Total Operating Lease Obligations 2017 $ 2,559 $ 1,093 $ 3,652 2018 1,278 1,193 2,471 2019 244 1,293 1,537 2020 153 1,529 1,682 2021 — 1,565 1,565 Thereafter — 81,384 81,384 Total $ 4,234 $ 88,057 $ 92,291 |
Aimco Equity - (Tables)
Aimco Equity - (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Classes of perpetual preferred stock | At December 31, 2016 and 2015 , Aimco had the following classes of perpetual preferred stock outstanding (dollars in thousands): Redemption Annual Dividend Rate Per Share (paid quarterly) Balance at December 31, Date (1) 2016 2015 Class A Cumulative Preferred Stock, 5,000,000 shares authorized and 5,000,000 shares issued/outstanding 5/17/2019 6.88% $ 125,000 $ 125,000 Class Z Cumulative Preferred Stock, 4,800,000 shares authorized and zero and 1,391,643 shares issued/outstanding, respectively 7/29/2016 7.00% — 34,126 Preferred stock per consolidated balance sheets $ 125,000 $ 159,126 (1) All classes of preferred stock are or were redeemable at our option on and after the dates specified. |
Issuance of preferred stock | The following table summarizes our issuances of preferred stock during the year ended December 31, 2014 (dollars in thousands, except per share amounts): Class A Cumulative Preferred Stock Class Z Cumulative Preferred Stock Number of shares of preferred stock issued 5,000,000 117,400 Price to public per share $ 25.00 $ 25.65 Underwriting discounts, commissions and transaction costs per share $ 0.85 $ 0.51 Net proceeds per share $ 24.15 $ 25.14 Net proceeds to Aimco $ 120,757 $ 2,901 Issuance costs (primarily underwriting commissions) recognized as an adjustment of additional paid-in capital $ 4,350 $ 110 |
Partners Capital - (Tables)
Partners Capital - (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Partners' Capital [Abstract] | |
Schedule of Preferred Units | As of December 31, 2016 and 2015 , the Aimco Operating Partnership had the following classes of preferred OP Units (stated at their redemption values, in thousands, except unit and per unit data): Distributions per Annum Units Issued and Outstanding Redemption Values Class of Preferred Units Percent Per Unit 2016 2015 2016 2015 Class One 8.75 % $ 8.00 90,000 90,000 $ 8,229 $ 8,229 Class Two 1.92 % $ 0.48 17,750 18,124 444 453 Class Three 7.88 % $ 1.97 1,341,289 1,341,289 33,532 33,532 Class Four 8.00 % $ 2.00 644,954 644,954 16,124 16,124 Class Six 8.50 % $ 2.13 780,036 790,883 19,501 19,772 Class Seven 7.87 % $ 1.97 27,960 27,960 699 699 Class Nine 6.00 % $ 1.50 306,890 364,668 7,672 9,117 Class Ten 6.00 % $ 1.50 680,000 — 17,000 — Total 3,888,879 3,277,878 $ 103,201 $ 87,926 |
Temporary Equity | The following table presents a reconciliation of the Aimco Operating Partnership’s preferred OP Units during the years ended December 31, 2016 , 2015 and 2014 (dollars in thousands). 2016 2015 2014 Balance at January 1 $ 87,926 $ 87,937 $ 79,953 Preferred distributions (7,239 ) (6,943 ) (6,409 ) Redemption of preferred units and other (1,725 ) (11 ) (1,221 ) Issuance of preferred units 17,000 — 9,117 Net income 7,239 6,943 6,497 Balance at December 31 $ 103,201 $ 87,926 $ 87,937 |
Share-Based Compensation - (Ta
Share-Based Compensation - (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of outstanding stock options | The following table summarizes activity for our outstanding stock options, for the years ended December 31, 2016 , 2015 and 2014 (numbers of options in thousands): 2016 2015 2014 Number of Options Weighted Number of Options Weighted Number of Options Weighted Outstanding at beginning of year 1,394 $ 30.85 1,640 $ 28.91 2,991 $ 28.48 Granted 216 38.73 239 39.05 — — Exercised (934 ) 33.61 (484 ) 28.33 (1,347 ) 27.97 Forfeited (1 ) 29.11 (1 ) 25.78 (4 ) 25.45 Outstanding at end of year 675 $ 29.55 1,394 $ 30.85 1,640 $ 28.91 Exercisable at end of year 280 $ 16.38 1,155 $ 29.16 1,640 $ 28.91 |
Summary of restricted stock awards | The following table summarizes activity for Time-Based Restricted Stock awards, for the years ended December 31, 2016 , 2015 and 2014 (numbers of shares in thousands): 2016 2015 2014 Number of Shares Weighted Number of Shares Weighted Number of Shares Weighted Unvested at beginning of year 339 $ 29.96 513 $ 26.34 575 $ 25.28 Granted 91 40.03 145 39.39 196 26.69 Vested (181 ) 29.99 (259 ) 27.54 (238 ) 24.07 Forfeited — — (60 ) 32.29 (20 ) 26.26 Unvested at end of year 249 $ 33.61 339 $ 29.96 513 $ 26.34 |
Summary of TSR stock awards | The following table summarizes activity for TSR Restricted Stock awards for the years ended December 31, 2016 and 2015 (numbers of shares in thousands): 2016 2015 Number of Shares Weighted Number of Shares Weighted Unvested at beginning of year 123 $ 39.72 — $ — Granted 91 39.59 142 39.72 Forfeited — — (19 ) 39.72 Unvested at end of year 214 $ 39.66 123 $ 39.72 |
Schedule of assumptions used in Monte Carlo models for TSR awards | 2016 2015 Grant date market value of a common share 38.73 39.05 Risk-free interest rate 1.15 % 1.04 % Dividend yield 3.41 % 2.87 % Expected volatility 21.24 % 19.48 % Derived vesting period of TSR Restricted Stock 3.4 years 3.4 years Weighted average expected term of TSR Stock Options 5.8 years n/a |
Weighted average fair value of options and valuation assumptions | We estimated the fair value of Time-Based Options granted during the year ended December 31, 2015 , using a Black-Scholes closed-form valuation model using the assumptions set forth in the table below. 2015 Risk-free interest rate 1.68 % Expected dividend yield 2.87 % Expected volatility 25.19 % Weighted average expected term of options 5.5 years |
Income Taxes - (Tables)
Income Taxes - (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Components of deferred tax liabilities and assets | Significant components of our deferred tax liabilities and assets are as follows (in thousands): December 31, 2016 2015 Deferred tax liabilities: Real estate and real estate partnership basis differences $ 72,726 $ 31,726 Deferred tax assets: Net operating, capital and other loss carryforwards $ 8,873 $ 8,024 Accruals and expenses 7,537 4,917 Tax credit carryforwards 65,559 49,036 Management contracts and other 300 333 Total deferred tax assets 82,269 62,310 Valuation allowance (4,467 ) (4,467 ) Net deferred tax assets $ 5,076 $ 26,117 |
Reconciliation of unrecognized tax benefits | A reconciliation of the beginning and ending balance of our unrecognized tax benefits is presented below (in thousands): 2016 2015 2014 Balance at January 1 $ 2,897 $ 2,286 $ 2,871 Additions (reductions) based on tax positions related to prior years and current year excess benefits related to stock-based compensation (611 ) 611 (585 ) Balance at December 31 $ 2,286 $ 2,897 $ 2,286 |
Components of the provision (benefit) for income taxes | Significant components of the income tax benefit or expense are as follows and are classified within income tax benefit in income before gain on dispositions and gain on dispositions of real estate, net of tax, in our consolidated statements of operations for the years ended December 31, 2016 , 2015 and 2014 (in thousands): 2016 2015 2014 Current: Federal $ 5,038 $ 1,310 $ — State 2,916 1,357 970 Total current 7,954 2,667 970 Deferred: Federal (26,173 ) (27,382 ) 11,556 State (623 ) (1,052 ) 3,485 Total deferred (26,796 ) (28,434 ) 15,041 Total (benefit) expense $ (18,842 ) $ (25,767 ) $ 16,011 Classification: Income before gain on dispositions $ (25,208 ) $ (27,524 ) $ (20,047 ) Gain on dispositions of real estate $ 6,366 $ 1,757 $ 36,058 |
Reconciliation of income tax attributable to continuing and discontinued operations | The reconciliation of income tax attributable to continuing and discontinued operations computed at the United States statutory rate to income tax (benefit) expense is shown below (dollars in thousands): 2016 2015 2014 Amount Percent Amount Percent Amount Percent Tax at United States statutory rates on consolidated income or loss subject to tax $ 38,257 35.0 % $ (10,947 ) 35.0 % $ 47,950 35.0 % State income tax expense, net of federal tax (benefit) expense 7,152 6.5 % (361 ) 1.2 % 4,364 3.2 % Effect of permanent differences (132 ) (0.1 )% (27 ) 0.1 % (154 ) (0.1 )% Tax effect of intercompany transactions (1) (47,369 ) (43.3 )% (1,515 ) 4.8 % (23,969 ) (17.5 )% Tax credits (16,750 ) (15.3 )% (13,583 ) 43.4 % (12,271 ) (9.0 )% Increase in valuation allowance — — % 666 (2.1 )% 91 0.1 % Total income tax (benefit) expense $ (18,842 ) (17.2 )% $ (25,767 ) 82.4 % $ 16,011 11.7 % (1) Includes the effect of intercompany asset transfers between the Aimco Operating Partnership and TRS entities, for which tax is deferred and recognized as the assets affect GAAP income or loss, for example, through depreciation, impairment, or upon the sale of the asset to a third-party. As discussed in Note 2 , we expect to adopt the new accounting standard applicable to intercompany asset transfers effective January 1, 2017. As a result, the accumulated unrecognized deferred tax expense associated with historical intercompany transfers will be recognized as a cumulative effect adjustment through retained earnings at that time. |
Dividends paid to holders of Common Stock | For the years ended December 31, 2016 , 2015 and 2014 , dividends per share held for the entire year were estimated to be taxable as follows: 2016 2015 2014 Amount Percentage Amount Percentage Amount Percentage Ordinary income $ 0.45 34.2 % $ 0.36 30.2 % $ 0.01 0.6 % Capital gains 0.47 35.4 % 0.37 31.3 % 0.53 51.6 % Qualified dividends 0.13 9.9 % 0.17 14.5 % — — % Unrecaptured Section 1250 gain 0.27 20.5 % 0.28 24.0 % 0.50 47.8 % $ 1.32 100.0 % $ 1.18 100.0 % $ 1.04 100.0 % |
Fair Value Measurements - (Tab
Fair Value Measurements - (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair value of assets and liabilities measured on a recurring basis | The following table sets forth a summary of changes in fair value in our interest rate swaps (in thousands): Year Ended December 31, 2016 2015 2014 Beginning liability balance $ (4,938 ) $ (5,273 ) $ (4,604 ) Unrealized losses included in interest expense (44 ) (44 ) (48 ) Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss 1,586 1,678 1,685 Unrealized gains (losses) included in equity and partners’ capital 221 (1,299 ) (2,306 ) Ending liability balance $ (3,175 ) $ (4,938 ) $ (5,273 ) |
Business Segments - (Tables)
Business Segments - (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Summary information for the reportable segments | 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 as of December 31, 2016 ) for the years ended December 31, 2016 , 2015 and 2014 (in thousands): Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Year Ended December 31, 2016: Rental and other property revenues $ 804,335 $ 100,745 $ 29,250 $ 40,201 $ 974,531 Tax credit and asset management revenues — — — 21,323 21,323 Total revenues 804,335 100,745 29,250 61,524 995,854 Property operating expenses 257,939 38,644 8,517 47,327 352,427 Investment management expenses — — — 4,333 4,333 Depreciation and amortization — — — 333,066 333,066 General and administrative expenses — — — 44,937 44,937 Other expenses, net — — — 14,295 14,295 Total operating expenses 257,939 38,644 8,517 443,958 749,058 Net operating income 546,396 62,101 20,733 (382,434 ) 246,796 Other items included in income before gain on dispositions (3) — — — (157,313 ) (157,313 ) Income before gain on dispositions $ 546,396 $ 62,101 $ 20,733 $ (539,747 ) $ 89,483 Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Year Ended December 31, 2015: Rental and other property revenues $ 752,141 $ 93,433 $ 29,602 $ 81,778 $ 956,954 Tax credit and asset management revenues — — — 24,356 24,356 Total revenues 752,141 93,433 29,602 106,134 981,310 Property operating expenses 246,557 37,445 9,076 66,315 359,393 Investment management expenses — — — 5,855 5,855 Depreciation and amortization — — — 306,301 306,301 General and administrative expenses — — — 43,178 43,178 Other expenses, net — — — 10,368 10,368 Total operating expenses 246,557 37,445 9,076 432,017 725,095 Net operating income 505,584 55,988 20,526 (325,883 ) 256,215 Other items included in income before gain on dispositions (3) — — — (164,825 ) (164,825 ) Income before gain on dispositions $ 505,584 $ 55,988 $ 20,526 $ (490,708 ) $ 91,390 Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Year Ended December 31, 2014: Rental and other property revenues $ 683,791 $ 91,549 $ 28,228 $ 149,263 $ 952,831 Tax credit and asset management revenues — — — 31,532 31,532 Total revenues 683,791 91,549 28,228 180,795 984,363 Property operating expenses 228,385 37,123 8,329 99,817 373,654 Investment management expenses — — — 7,310 7,310 Depreciation and amortization — — — 282,608 282,608 General and administrative expenses — — — 44,092 44,092 Other expenses, net — — — 14,349 14,349 Total operating expenses 228,385 37,123 8,329 448,176 722,013 Net operating income 455,406 54,426 19,899 (267,381 ) 262,350 Other items included in income before gain on dispositions (3) — — — (194,875 ) (194,875 ) Income before gain on dispositions $ 455,406 $ 54,426 $ 19,899 $ (462,256 ) $ 67,475 (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 for our segment evaluation, 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 , 2015 or 2014 . 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. |
Assets of reportable segments | The assets of our reportable segments on a proportionate basis, together with the proportionate adjustments to reconcile these amounts to the consolidated assets of our segments, and the consolidated assets not allocated to our segments are as follows (in thousands): December 31, 2016 2015 Conventional $ 5,374,999 $ 4,981,915 Affordable 399,188 418,924 Proportionate adjustments (1) 172,831 174,645 Corporate and other assets (2) 285,800 543,197 Total consolidated assets $ 6,232,818 $ 6,118,681 (1) Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the assets of our consolidated apartment communities, which are excluded from our measurement of segment financial condition, and our share of the assets of our unconsolidated real estate partnerships, which are included in our measure of segment financial condition. (2) Our basis for assessing segment performance excludes the results of apartment communities sold or classified as held for sale. Accordingly, assets related to apartment communities sold or classified as held for sale during the periods are included within Corporate and other assets for comparative periods presented. |
Variable Interest Entities - (
Variable Interest Entities - (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 2016 2015 VIEs with interests in conventional apartment communities 11 13 Conventional apartment communities held by VIEs 13 17 Apartment homes in conventional communities held by VIEs 5,313 6,089 VIEs with interests in affordable apartment communities 56 62 Affordable apartment communities held by VIEs 44 48 Apartment homes in affordable communities held by VIEs 6,890 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): December 31, 2016 2015 Assets Net real estate $ 1,133,430 $ 1,201,998 Cash and cash equivalents 30,803 28,118 Restricted cash 40,523 44,813 Liabilities Non-recourse property debt 954,571 959,523 Accrued liabilities and other 31,204 28,846 |
Unaudited Summarized Consolid37
Unaudited Summarized Consolidated Quarterly Information - (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Unaudited Quarterly Financial Information [Line Items] | |
Summarized unaudited consolidated quarterly information | Aimco’s summarized unaudited consolidated quarterly information for the years ended December 31, 2016 and 2015 , is provided below (in thousands, except per share amounts): Quarter 2016 First Second Third Fourth Total revenues $ 246,239 $ 251,218 $ 248,904 $ 249,493 Total operating expenses 182,705 186,782 190,172 189,399 Operating income 63,534 64,436 58,732 60,094 Income before gain on dispositions 23,698 29,412 15,538 20,835 Gain on dispositions of real estate, net of tax 6,187 216,541 14,498 156,564 Net income 29,885 245,953 30,036 177,399 Net income attributable to Aimco common stockholders 23,223 221,382 11,176 162,000 Earnings per common share - basic: Net income attributable to Aimco common stockholders $ 0.15 $ 1.42 $ 0.07 $ 1.04 Earnings per common share - diluted: Net income attributable to Aimco common stockholders $ 0.15 $ 1.41 $ 0.07 $ 1.03 Weighted average common shares outstanding - basic 155,791 156,375 156,079 156,171 Weighted average common shares outstanding - diluted 156,117 156,793 156,527 156,540 Quarter 2015 First Second Third Fourth Total revenues $ 244,265 $ 244,783 $ 246,387 $ 245,875 Total operating expenses 183,198 179,140 182,366 180,391 Operating income 61,067 65,643 64,021 65,484 Income before gain on dispositions 18,457 23,907 23,769 25,257 Gain on dispositions of real estate, net of tax 85,693 44,781 — 50,119 Net income 104,150 68,688 23,769 75,376 Net income attributable to Aimco common stockholders 89,344 60,804 19,179 66,639 Earnings per common share - basic and diluted: Net income attributable to Aimco common stockholders $ 0.58 $ 0.39 $ 0.12 $ 0.43 Weighted average common shares outstanding - basic 153,821 155,524 155,639 155,725 Weighted average common shares outstanding - diluted 154,277 155,954 156,008 156,043 |
AIMCO PROPERTIES, L.P. | |
Schedule of Unaudited Quarterly Financial Information [Line Items] | |
Summarized unaudited consolidated quarterly information | Quarter 2016 First Second Third Fourth Total revenues $ 246,239 $ 251,218 $ 248,904 $ 249,493 Total operating expenses 182,705 186,782 190,172 189,399 Operating income 63,534 64,436 58,732 60,094 Income before gain on dispositions 23,698 29,412 15,538 20,835 Gain on dispositions of real estate, net of tax 6,187 216,541 14,498 156,564 Net income 29,885 245,953 30,036 177,399 Net income attributable to the Partnership’s common unitholders 24,395 232,517 11,368 169,869 Earnings per common unit - basic: Net income attributable to the Partnership’s common unitholders $ 0.15 $ 1.42 $ 0.07 $ 1.04 Earnings per common unit - diluted: Net income attributable to the Partnership’s common unitholders $ 0.15 $ 1.41 $ 0.07 $ 1.03 Weighted average common units outstanding - basic 163,639 164,188 163,832 163,799 Weighted average common units outstanding - diluted 163,965 164,606 164,280 164,168 Quarter 2015 First Second Third Fourth Total revenues $ 244,265 $ 244,783 $ 246,387 $ 245,875 Total operating expenses 183,198 179,140 182,366 180,391 Operating income 61,067 65,643 64,021 65,484 Income before gain on dispositions 18,457 23,907 23,769 25,257 Gain on dispositions of real estate, net of tax 85,693 44,781 — 50,119 Net income 104,150 68,688 23,769 75,376 Net income attributable to the Partnership’s common unitholders 93,742 63,776 20,072 69,930 Earnings per common unit - basic and diluted: Net income attributable to the Partnership’s common unitholders $ 0.58 $ 0.39 $ 0.12 $ 0.43 Weighted average common units outstanding - basic 161,461 163,149 163,241 163,485 Weighted average common units outstanding - diluted 161,917 163,579 163,610 163,803 |
Organization - (Details)
Organization - (Details) | 12 Months Ended | |
Dec. 31, 2016UnitsPropertyshares | Dec. 31, 2015shares | |
Organization [Line Items] | ||
Common partnership units and equivalents outstanding | shares | 156,888,381 | |
Shares of common stock outstanding (in shares) | shares | 156,888,381 | 156,326,416 |
Aimco's ownership interest in AIMCO Properties, L.P. | 95.40% | |
Conventional Real Estate Operations | ||
Organization [Line Items] | ||
Number of apartment communities | Property | 130 | |
Number of apartment homes | Units | 37,780 | |
Percentage of proportionate property net operating income generated by segment | 90.00% | |
Affordable Real Estate Operations | ||
Organization [Line Items] | ||
Number of apartment communities | Property | 46 | |
Number of apartment homes | Units | 7,610 | |
Percentage of proportionate property net operating income generated by segment | 10.00% | |
Partially Owned Properties [Member] | Conventional Real Estate Operations | ||
Organization [Line Items] | ||
Number of apartment communities | Property | 134 | |
Number of apartment homes | Units | 37,922 | |
Partially Owned Properties [Member] | Affordable Real Estate Operations | ||
Organization [Line Items] | ||
Number of apartment communities | Property | 55 | |
Number of apartment homes | Units | 8,389 | |
Wholly and Partially Owned And Consolidated Properties [Member] | Conventional Real Estate Operations | ||
Organization [Line Items] | ||
Number of apartment communities | Property | 130 | |
Number of apartment homes | Units | 37,780 | |
Wholly and Partially Owned And Consolidated Properties [Member] | Affordable Real Estate Operations | ||
Organization [Line Items] | ||
Number of apartment communities | Property | 48 | |
Number of apartment homes | Units | 7,702 | |
AIMCO PROPERTIES, L.P. | ||
Organization [Line Items] | ||
Common partnership units and equivalents outstanding | shares | 164,493,293 |
Basis of Presentation and Sum39
Basis of Presentation and Summary of Significant Accounting Policies - Acquisition of Real Estate and Related Depreciation and Amortization (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate Properties [Line Items] | |||
Weighted average depreciable life of acquired buildings and improvements | 15 years | ||
Below market lease, net | $ 10,400,000 | $ 12,100,000 | |
Below market lease, accumulated amortization | 33,100,000 | 31,400,000 | |
Amortization of below market lease | 1,700,000 | 1,700,000 | $ 1,300,000 |
Below market leases written off to gain loss upon sale | 0 | $ 0 | $ 1,800,000 |
Schedule of expected amortization of below market obligations related to acquired leases | |||
2,017 | (1,200,000) | ||
2,018 | (1,059,000) | ||
2,019 | (973,000) | ||
2,020 | (884,000) | ||
2,021 | $ (810,000) | ||
Leases, Acquired-in-Place, Market Adjustment [Member] | |||
Real Estate Properties [Line Items] | |||
Weighted average amortization period of below market leases | 6 years 6 months |
Basis of Presentation and Sum40
Basis of Presentation and Summary of Significant Accounting Policies - Capital Additions and Related Depreciation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Useful life | 15 years | ||
Interest costs capitalized | $ 9.6 | $ 11.7 | $ 14.2 |
Other direct and indirect costs capitalized | $ 32.9 | $ 28.2 | $ 29.2 |
Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 5 years | ||
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 30 years | ||
Building and Building Improvements [Member] | Weighted Average [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 28 years |
Basis of Presentation and Sum41
Basis of Presentation and Summary of Significant Accounting Policies - Impairment of Long-Lived Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Provision for real estate impairment losses | $ 0 | $ 0 | $ 1.8 |
Basis of Presentation and Sum42
Basis of Presentation and Summary of Significant Accounting Policies - Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Investments in securitization trust that holds Aimco property debt | $ 76,063 | $ 65,502 |
Intangible assets, net | 40,668 | 45,447 |
Investments in unconsolidated real estate partnerships | 14,983 | 15,401 |
Debt issue costs related to revolving credit facility borrowings, net | 5,250 | 2,107 |
Deferred tax asset, net (Note 9) | 5,076 | 26,117 |
Accumulated unrecognized deferred tax expense from intercompany transfers (Note 9) | 62,468 | 15,099 |
Deposits for apartment community acquisitions | 1,404 | 26,632 |
Assets related to the legacy asset management business (Note 3) | 34,397 | 154,895 |
Prepaid expenses, accounts and notes receivable, and other | 104,606 | 97,205 |
Other assets per consolidated balance sheets | $ 344,915 | $ 448,405 |
Basis of Presentation and Sum43
Basis of Presentation and Summary of Significant Accounting Policies - Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Goodwill | $ 39.4 | $ 43.9 | |
Goodwill written off related to sale of business unit | $ 4.5 | $ 1.2 | $ 3.9 |
Basis of Presentation and Sum44
Basis of Presentation and Summary of Significant Accounting Policies - Capitalized Software Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Capitalized software purchase and development costs | $ 3.4 | $ 3.6 | $ 4.4 |
Net capitalized software | 12.6 | 16.4 | |
Amortization of capitalized software | $ 7.2 | $ 6.9 | $ 6.7 |
Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life of software | 3 years | ||
Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life of software | 5 years |
Basis of Presentation and Sum45
Basis of Presentation and Summary of Significant Accounting Policies - Noncontrolling Interests in Aimco Operating Partnership (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Weighted average ownership interest | 4.70% | 4.70% | 5.00% |
Basis of Presentation and Sum46
Basis of Presentation and Summary of Significant Accounting Policies - Revenue Recognition (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Average term of operating leases | 12 months |
Basis of Presentation and Sum47
Basis of Presentation and Summary of Significant Accounting Policies - Tax Credit Arrangements (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Term over which tax credits are generally realized | 10 years |
Compliance period for low income housing tax credit syndication agreements | 15 years |
General Partner Interests In Low Income Housing Tax Credit Partnerships Held By Aimco | one percent or less |
Limited Partner Interests In Low Income Housing Tax Credit Partnerships Held By Unaffiliated Investors | at least 99% |
Economic Interest in Low Income Housing Tax Credit Partnerships | approximately 100% |
Basis of Presentation and Sum48
Basis of Presentation and Summary of Significant Accounting Policies - Income Taxes (Details) | Dec. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Percentage of income tax on income from non-arms length transactions | 100.00% |
Basis of Presentation and Sum49
Basis of Presentation and Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | Jan. 01, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Subsequent Event [Line Items] | |||
Debt issue costs | $ 22,945 | $ 24,019 | |
New Accounting Pronouncement, Early Adoption, Effect | Retained Earnings | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Cumulative effect adjustment, accumulated unrecognized deferred tax expense from intercompany transfers between the Aimco Operating Partnership and TRS entities | $ 62,468 |
Significant Transactions - Acq
Significant Transactions - Acquisitions of Apartment Communities (Details) - Series of Individually Immaterial Business Acquisitions [Member] $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)Property | Dec. 31, 2014USD ($)Property | |
Business Combination [Line Items] | ||
Number of apartment communities | Property | 3 | 6 |
Number of apartment homes | Property | 300 | 1,182 |
Acquisition price | $ 129,150 | $ 291,925 |
Non-recourse property debt assumed (outstanding principal balance) | 0 | 65,200 |
Non-recourse property debt assumed (fair value) | 0 | 64,817 |
Total fair value allocated to land | 10,742 | 70,961 |
Total fair value allocated to buildings and improvements | $ 118,366 | $ 217,851 |
Significant Transactions - A51
Significant Transactions - Acquisitions of Apartment Communities - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)Units | Dec. 31, 2015Property | Dec. 31, 2014aProperty | |
Indigo Apartment Homes - Redwood City CA [Member] [Domain] | |||
Asset Acquisitions [Line Items] | |||
Number of apartment homes | Units | 463 | ||
Payments to acquire and develop real estate | $ 303 | ||
Preferred units issued during period, value | $ 17 | ||
Per annum distribution rate | 6.00% | ||
Capitalized asset acquisition costs | $ 1.8 | ||
Total fair value allocated to land | 26.9 | ||
Total fair value allocated to buildings and improvements | 292.7 | ||
Total fair value allocated to furniture and fixtures | $ 2.2 | ||
Series of Individually Immaterial Business Acquisitions [Member] | |||
Asset Acquisitions [Line Items] | |||
Number of apartment homes | Property | 300 | 1,182 | |
Area of land acquired | a | 2.4 |
Significant Transactions - Ass
Significant Transactions - Assets Held for Sale and Disposition of Apartment Communities (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($)UnitsProperty | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($)UnitsProperty | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)UnitsProperty | Dec. 31, 2015USD ($)UnitsProperty | Dec. 31, 2014USD ($)UnitsProperty | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Gain on dispositions of real estate, net of tax | $ 156,564 | $ 14,498 | $ 216,541 | $ 6,187 | $ 50,119 | $ 0 | $ 44,781 | $ 85,693 | $ 393,790 | $ 180,593 | $ 288,636 |
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] | |||||||||||
Number of apartment communities | Property | 8 | 11 | 8 | 11 | 30 | ||||||
Number of apartment homes | Units | 3,341 | 3,855 | 3,341 | 3,855 | 9,067 | ||||||
Gain on dispositions of real estate, net of tax | $ 393,800 | $ 180,600 | $ 288,600 | ||||||||
Prepayment penalties incurred upon repayment of debt collateralized by apartment communities sold | 25,800 | 25,200 | |||||||||
Mark-to-market adjustment included in prepayment penalties | $ 16,600 | $ 16,600 | |||||||||
Wholly And Partially Owned Consolidated Properties [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Number of apartment communities | Property | 52 | 52 | |||||||||
Number of apartment homes | Units | 1 | 1 |
Significant Transactions - A53
Significant Transactions - Asset Management Business Disposition (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)Property | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net income attributable to noncontrolling interests | $ (25,256) | $ (4,776) | $ (24,595) |
Assets | 6,232,818 | 6,118,681 | |
Liabilities | 4,184,651 | 4,266,850 | |
Noncontrolling interests in consolidated real estate partnerships | $ 151,121 | $ 151,365 | |
Napico Portfolio [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of apartment communities | Property | 2 | ||
Decrease in other assets from deconsolidation | $ 107,700 | ||
Decrease in accrued liabilities and other from deconsolidation | 114,000 | ||
Other nonrecurring gain | 5,200 | ||
Net income attributable to noncontrolling interests | (8,100) | ||
Assets | 34,400 | ||
Liabilities | 39,100 | ||
Noncontrolling interests in consolidated real estate partnerships | $ 500 |
Non-Recourse Property Debt an54
Non-Recourse Property Debt and Credit Agreement - (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Debt issue costs, net of accumulated amortization | $ (22,945) | $ (24,019) |
Non-recourse property debt | 3,866,702 | 3,822,141 |
Fixed Rate | ||
Debt Instrument [Line Items] | ||
Non-recourse property debt | 3,806,003 | 3,761,238 |
Variable Rate | ||
Debt Instrument [Line Items] | ||
Non-recourse property debt | $ 83,644 | $ 84,922 |
Non-Recourse Property Debt an55
Non-Recourse Property Debt and Credit Agreement - 1 (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Scheduled principal amortization and maturity payments | |
Amortization, 2017 | $ 86,357 |
Amortization, 2018 | 86,644 |
Amortization, 2019 | 81,434 |
Amortization, 2020 | 74,955 |
Amortization, 2021 | 57,862 |
Maturities, 2017 | 260,162 |
Maturities, 2018 | 207,616 |
Maturities, 2019 | 481,136 |
Maturities, 2020 | 303,741 |
Maturities, 2021 | 753,383 |
Total Amortization and Maturities, 2017 | 346,519 |
Total Amortization and Maturities, 2018 | 294,260 |
Total Amortization and Maturities, 2019 | 562,570 |
Total Amortization and Maturities, 2020 | 378,696 |
Total Amortization and Maturities, 2021 | 811,245 |
Total Amortization and Maturities, Thereafter | 1,496,357 |
Principal outstanding (excludes debt issue costs) | $ 3,889,647 |
Non-Recourse Property Debt an56
Non-Recourse Property Debt and Credit Agreement - 2 (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)Property | Dec. 31, 2015USD ($) | |
Credit Agreement | ||
Revolving loan commitments | $ 600,000 | |
Initial interest rate for credit facility | LIBOR, plus 1.20%, or, at our option, Prime plus 0.20% | |
Credit facility maturity date | Jan. 22, 2022 | |
Credit facility, dividend restrictions | aggregate amount that does not exceed the greater of 95% of our Funds From Operations for such period, subject to certain non-cash adjustments, or such amount as may be necessary to maintain Aimco’s REIT status | |
Revolving credit facility borrowings | $ 17,930 | $ 27,000 |
Amount outstanding for undrawn letters of credit issued under revolving credit facility | 11,800 | |
Remaining borrowing capacity under credit facility | $ 570,300 | |
Credit facility interest rate at period end | 2.09% | 1.59% |
Fixed Rate | ||
Non-Recourse Property Debt (Textual) [Abstract] | ||
Maturity date | Feb. 28, 2061 | |
Weighted average interest rate | 4.84% | |
Aggregate gross book value | $ 7,000,000 | |
Fixed Rate | Pledged as collateral [Member] | ||
Non-Recourse Property Debt (Textual) [Abstract] | ||
Number of apartment communities | Property | 151 | |
Variable Rate | ||
Non-Recourse Property Debt (Textual) [Abstract] | ||
Maturity date | Jul. 31, 2033 | |
Weighted average interest rate | 1.82% | |
Aggregate gross book value | $ 201,600 | |
Variable Rate | Pledged as collateral [Member] | ||
Non-Recourse Property Debt (Textual) [Abstract] | ||
Number of apartment communities | Property | 7 | |
Minimum [Member] | Fixed Rate | ||
Non-Recourse Property Debt (Textual) [Abstract] | ||
Interest rate | 2.28% | |
Minimum [Member] | Variable Rate | ||
Non-Recourse Property Debt (Textual) [Abstract] | ||
Interest rate | 0.62% | |
Maximum [Member] | Fixed Rate | ||
Non-Recourse Property Debt (Textual) [Abstract] | ||
Interest rate | 8.50% | |
Maximum [Member] | Variable Rate | ||
Non-Recourse Property Debt (Textual) [Abstract] | ||
Interest rate | 2.07% |
Commitments and Contingencies57
Commitments and Contingencies - 1 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies [Abstract] | |||
Compliance period for low income housing tax credit syndication agreements | 15 years | ||
Minimum [Member] | |||
Commitments and Contingencies [Abstract] | |||
Compliance period for low income housing tax credit syndication agreements | 1 year | ||
Maximum [Member] | |||
Commitments and Contingencies [Abstract] | |||
Compliance period for low income housing tax credit syndication agreements | 9 years | ||
Ground Leases [Member] | |||
Commitments and Contingencies [Abstract] | |||
Rent expense | $ 1.7 | $ 0.9 | $ 1 |
Ground Leases [Member] | Minimum [Member] | |||
Commitments and Contingencies [Abstract] | |||
Lessee leasing arrangements, operating leases, term of contract | 40 years | ||
Ground Leases [Member] | Maximum [Member] | |||
Commitments and Contingencies [Abstract] | |||
Lessee leasing arrangements, operating leases, term of contract | 71 years | ||
Office and Equipment Leases [Member] | |||
Commitments and Contingencies [Abstract] | |||
Rent expense | $ 3.3 | $ 3.2 | $ 3.3 |
Commitments related to development, redevelopment and capital improvement activities [Member] | |||
Commitments and Contingencies [Abstract] | |||
Commitments related to capital spending activities | $ 89.5 | ||
Commitments related to development, redevelopment and capital improvement activities [Member] | Minimum [Member] | |||
Commitments and Contingencies [Abstract] | |||
Long-term purchase commitment, period | 1 year | ||
Commitments related to operations [Member] | Maximum [Member] | |||
Commitments and Contingencies [Abstract] | |||
Long-term purchase commitment, period | 1 year |
Commitments and Contingencies58
Commitments and Contingencies - (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Approximate minimum annual rentals under operating lease obligations | |
Operating lease obligations, 2017 | $ 3,652 |
Operating lease obligations, 2018 | 2,471 |
Operating lease obligations, 2019 | 1,537 |
Operating lease obligations, 2020 | 1,682 |
Operating lease obligations, 2021 | 1,565 |
Operating leases, due thereafter | 81,384 |
Operating lease obligations, total | 92,291 |
Ground Leases [Member] | |
Approximate minimum annual rentals under operating lease obligations | |
Operating lease obligations, 2017 | 1,093 |
Operating lease obligations, 2018 | 1,193 |
Operating lease obligations, 2019 | 1,293 |
Operating lease obligations, 2020 | 1,529 |
Operating lease obligations, 2021 | 1,565 |
Operating leases, due thereafter | 81,384 |
Operating lease obligations, total | 88,057 |
Office and Equipment Leases [Member] | |
Approximate minimum annual rentals under operating lease obligations | |
Operating lease obligations, 2017 | 2,559 |
Operating lease obligations, 2018 | 1,278 |
Operating lease obligations, 2019 | 244 |
Operating lease obligations, 2020 | 153 |
Operating lease obligations, 2021 | 0 |
Operating leases, due thereafter | 0 |
Operating lease obligations, total | $ 4,234 |
Aimco Equity - (Details)
Aimco Equity - (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Classes of perpetual preferred stock | |||
Perpetual Preferred Stock (Note 6) | $ 125,000 | $ 159,126 | |
Class A Cumulative Preferred Stock [Member] | |||
Classes of perpetual preferred stock | |||
Redemption date | [1] | May 17, 2019 | |
Annual per share dividend rate (paid quarterly) | 6.88% | ||
Perpetual Preferred Stock (Note 6) | $ 125,000 | $ 125,000 | |
Shares of preferred stock authorized (in shares) | 5,000,000 | 5,000,000 | |
Shares of preferred stock issued (in shares) | 5,000,000 | 5,000,000 | |
Shares of preferred stock outstanding (in shares) | 5,000,000 | 5,000,000 | |
Preferred stock, liquidation preference per share (dollars per share) | $ 25 | $ 25 | |
Class Z Cumulative Preferred Stock [Member] | |||
Classes of perpetual preferred stock | |||
Redemption date | [1] | Jul. 29, 2016 | |
Annual per share dividend rate (paid quarterly) | 7.00% | ||
Perpetual Preferred Stock (Note 6) | $ 0 | $ 34,126 | |
Shares of preferred stock authorized (in shares) | 0 | 4,800,000 | |
Shares of preferred stock issued (in shares) | 0 | 1,391,643 | |
Shares of preferred stock outstanding (in shares) | 0 | 1,391,643 | |
Preferred stock, liquidation preference per share (dollars per share) | $ 25 | ||
[1] | All classes of preferred stock are or were redeemable at our option on and after the dates specified. |
Aimco Equity - 1 (Details)
Aimco Equity - 1 (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Issuances of Preferred Stock [Abstract] | |||
Net proceeds to Aimco | $ 0 | $ 0 | $ 123,551 |
Class A Cumulative Preferred Stock [Member] | |||
Issuances of Preferred Stock [Abstract] | |||
Number of shares of stock issued (in shares) | 5,000,000 | ||
Price to public per share | $ 25 | ||
Underwriting discounts, commissions and transaction costs per share | 0.85 | ||
Net proceeds per share | $ 24.15 | ||
Net proceeds to Aimco | $ 120,757 | ||
Issuance costs (primarily underwriting commissions) recognized as an adjustment of additional paid-in capital | $ 4,350 | ||
Class Z Cumulative Preferred Stock [Member] | |||
Issuances of Preferred Stock [Abstract] | |||
Number of shares of stock issued (in shares) | 117,400 | ||
Price to public per share | $ 25.65 | ||
Underwriting discounts, commissions and transaction costs per share | 0.51 | ||
Net proceeds per share | $ 25.14 | ||
Net proceeds to Aimco | $ 2,901 | ||
Issuance costs (primarily underwriting commissions) recognized as an adjustment of additional paid-in capital | $ 110 |
Aimco Equity - 2 (Details)
Aimco Equity - 2 (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class of Stock [Line Items] | |||
Per share par value of preferred stock issued | $ 0.01 | ||
Dividends declared per common share/unit (dollars per share) | 1.32 | $ 1.18 | $ 1.04 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Proceeds from Issuance of Common Stock | $ 0 | $ 366,580 | $ 0 |
Class A Cumulative Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Dividend rate of preferred stock issued | 6.88% | ||
Gross offering price per share of stock issued | $ 25 | ||
Preferred stock, liquidation preference per share (dollars per share) | $ 25 | $ 25 | |
Number of shares of stock issued (in shares) | 5,000,000 | ||
Net proceeds per share of stock issued | $ 24.15 | ||
Class Z Cumulative Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Dividend rate of preferred stock issued | 7.00% | ||
Gross offering price per share of stock issued | $ 25.65 | ||
Preferred stock, liquidation preference per share (dollars per share) | $ 25 | ||
Preferred stock, redemption amount | $ 34,800 | ||
Preferred stock redemption premium | 700 | ||
Previously deferred issuance costs reflected as an adjustment of net income attributable to preferred security holders | $ 1,300 | ||
Number of shares of stock issued (in shares) | 117,400 | ||
Net proceeds per share of stock issued | $ 25.14 | ||
Series A Community Reinvestment Act Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares of preferred stock redeemed during period | 20 | ||
Preferred stock, redemption amount | $ 27,000 | $ 10,000 | |
Preferred stock redeemed during period at redemption value | 9,500 | ||
Preferred Stock Redemption Discount | 500 | ||
Previously deferred issuance costs reflected as an adjustment of net income attributable to preferred security holders | $ 700 | $ 300 | |
Class A Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Dividends declared per common share/unit (dollars per share) | $ 1.32 | $ 1.18 | $ 1.04 |
Gross offering price per share of stock issued | $ 38.90 | ||
Number of shares of stock issued (in shares) | 9,430,000 | ||
Common stock, par value (in dollars per share) | $ 0.01 | ||
Shares available for issuance under at-the-market offering programs | 3,500,000 |
Partners Capital - (Details)
Partners Capital - (Details) - AIMCO PROPERTIES, L.P. - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Limited Partners' Capital Account [Line Items] | ||
Perpetual Partnership Preferred Units issued | 3,888,879 | 3,277,878 |
Perpetual Partnership Preferred Units outstanding | 3,888,879 | 3,277,878 |
Perpetual Partnership Preferred Units, redemption value | $ 103,201 | $ 87,926 |
Class One | ||
Limited Partners' Capital Account [Line Items] | ||
Per annum distribution rate | 8.75% | |
Distributions made to Limited Partner, distributions paid, per unit | $ 8 | |
Perpetual Partnership Preferred Units issued | 90,000 | 90,000 |
Perpetual Partnership Preferred Units outstanding | 90,000 | 90,000 |
Perpetual Partnership Preferred Units, redemption value | $ 8,229 | $ 8,229 |
Class Two | ||
Limited Partners' Capital Account [Line Items] | ||
Per annum distribution rate | 1.92% | |
Distributions made to Limited Partner, distributions paid, per unit | $ 0.48 | |
Perpetual Partnership Preferred Units issued | 17,750 | 18,124 |
Perpetual Partnership Preferred Units outstanding | 17,750 | 18,124 |
Perpetual Partnership Preferred Units, redemption value | $ 444 | $ 453 |
Class Three | ||
Limited Partners' Capital Account [Line Items] | ||
Per annum distribution rate | 7.88% | |
Distributions made to Limited Partner, distributions paid, per unit | $ 1.97 | |
Perpetual Partnership Preferred Units issued | 1,341,289 | 1,341,289 |
Perpetual Partnership Preferred Units outstanding | 1,341,289 | 1,341,289 |
Perpetual Partnership Preferred Units, redemption value | $ 33,532 | $ 33,532 |
Class Four | ||
Limited Partners' Capital Account [Line Items] | ||
Per annum distribution rate | 8.00% | |
Distributions made to Limited Partner, distributions paid, per unit | $ 2 | |
Perpetual Partnership Preferred Units issued | 644,954 | 644,954 |
Perpetual Partnership Preferred Units outstanding | 644,954 | 644,954 |
Perpetual Partnership Preferred Units, redemption value | $ 16,124 | $ 16,124 |
Class Six | ||
Limited Partners' Capital Account [Line Items] | ||
Per annum distribution rate | 8.50% | |
Distributions made to Limited Partner, distributions paid, per unit | $ 2.13 | |
Perpetual Partnership Preferred Units issued | 780,036 | 790,883 |
Perpetual Partnership Preferred Units outstanding | 780,036 | 790,883 |
Perpetual Partnership Preferred Units, redemption value | $ 19,501 | $ 19,772 |
Class Seven | ||
Limited Partners' Capital Account [Line Items] | ||
Per annum distribution rate | 7.87% | |
Distributions made to Limited Partner, distributions paid, per unit | $ 1.97 | |
Perpetual Partnership Preferred Units issued | 27,960 | 27,960 |
Perpetual Partnership Preferred Units outstanding | 27,960 | 27,960 |
Perpetual Partnership Preferred Units, redemption value | $ 699 | $ 699 |
Class Nine | ||
Limited Partners' Capital Account [Line Items] | ||
Per annum distribution rate | 6.00% | |
Distributions made to Limited Partner, distributions paid, per unit | $ 1.50 | |
Perpetual Partnership Preferred Units issued | 306,890 | 364,668 |
Perpetual Partnership Preferred Units outstanding | 306,890 | 364,668 |
Perpetual Partnership Preferred Units, redemption value | $ 7,672 | $ 9,117 |
Class Ten | ||
Limited Partners' Capital Account [Line Items] | ||
Per annum distribution rate | 6.00% | |
Distributions made to Limited Partner, distributions paid, per unit | $ 1.50 | |
Perpetual Partnership Preferred Units issued | 680,000 | 0 |
Perpetual Partnership Preferred Units outstanding | 680,000 | 0 |
Perpetual Partnership Preferred Units, redemption value | $ 17,000 | $ 0 |
Partners Capital - 1 (Details)
Partners Capital - 1 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |||
Balance at January 1 | $ 87,926 | ||
Balance at December 31 | 103,201 | $ 87,926 | |
AIMCO PROPERTIES, L.P. | |||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||
Balance at January 1 | 87,926 | 87,937 | $ 79,953 |
Preferred distributions | (7,239) | (6,943) | (6,409) |
Redemption of preferred units and other | (1,725) | (11) | (1,221) |
Issuance of preferred units | 17,000 | 0 | 9,117 |
Net income attributable to preferred noncontrolling interests in Aimco Operating Partnership | 7,239 | 6,943 | 6,497 |
Balance at December 31 | $ 103,201 | $ 87,926 | $ 87,937 |
Partners Capital - 2 (Details)
Partners Capital - 2 (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Dividends declared per common share/unit (dollars per share) | $ 1.32 | $ 1.18 | $ 1.04 |
Common partnership units and equivalents outstanding | 156,888,381 | ||
AIMCO PROPERTIES, L.P. | |||
Related Party Transaction [Line Items] | |||
Redeemable Partnership Preferred Units redeemed for cash during period | 69,000 | 700 | 12,600 |
Dividends declared per common share/unit (dollars per share) | $ 1.32 | $ 1.18 | $ 1.04 |
Common OP Units redeemed in exchange for cash during period | 248,000 | 112,000 | 268,000 |
Common partnership units and equivalents outstanding | 164,493,293 | ||
AIMCO PROPERTIES, L.P. | High Performance Units [Member] | |||
Related Party Transaction [Line Items] | |||
Common partnership units and equivalents outstanding | 2,339,950 | 2,339,950 |
Share-Based Compensation - Nar
Share-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total compensation cost recognized for stock options and restricted stock awards | $ 8.6 | $ 7.2 | $ 6.1 |
Total compensation cost capitalized for options and restricted stock awards | 1 | 0.5 | 0.3 |
Total unvested compensation cost not yet recognized for options and restricted stock awards | $ 13 | ||
Weighted average period over which unvested compensation cost expected to be recognized | 1 year 8 months | ||
TSR Stock Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
TSR restricted shares performance measurement period | 3 years | ||
Term of stock options | 10 years | ||
Options granted, weighted average grant-date fair value (dollars per share) | $ 9.94 | ||
Employee Stock Option [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Term of stock options | 10 years | ||
Vest period | 4 years | ||
Options outstanding, aggregate intrinsic value | $ 10.7 | ||
Options outstanding, weighted average remaining contractual term | 6 years 6 months | ||
Options exercisable, aggregate intrinsic value | $ 8.1 | ||
Options exercisable, weighted average remaining contractual term | 3 years 4 months | ||
Intrinsic value of stock options exercised | $ 11.1 | $ 5.5 | 10 |
Options granted, weighted average grant-date fair value (dollars per share) | $ 6.97 | ||
Requisite service period | 4 years | ||
Restricted Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vest period | 4 years | ||
Requisite service period | 4 years | ||
Aggregate fair value of shares that vested | $ 7 | $ 10.4 | $ 6.7 |
36 Months After Grant Date [Member] | TSR Stock Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting percentage, TSR restricted stock | 50.00% | ||
48 Months After Grant Date [Member] | TSR Stock Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting percentage, TSR restricted stock | 50.00% | ||
NAREIT Apartment Index [Member] | TSR Stock Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted percentage of index used to compare to TSR | 60.00% | ||
MSCI US REIT Index [Member] | TSR Stock Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted percentage of index used to compare to TSR | 40.00% | ||
2015 Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares available to be granted under plan (in shares) | 1,000,000 | ||
Additional shares authorized under plan (in shares) | 600,000 |
Share-Based Compensation - Sch
Share-Based Compensation - Schedule of Stock Option Activity (Details) - Employee Stock Option [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Number of options outstanding, beginning balance (in shares) | 1,394 | 1,640 | 2,991 |
Number of options, granted (in shares) | 216 | 239 | 0 |
Number of options, exercised (in shares) | (934) | (484) | (1,347) |
Number of options, forfeited (in shares) | (1) | (1) | (4) |
Number of options outstanding, ending balance (in shares) | 675 | 1,394 | 1,640 |
Number of options exercisable at end of year (in shares) | 280 | 1,155 | 1,640 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Weighted average exercise price, beginning balance (in dollars per share) | $ 30.85 | $ 28.91 | $ 28.48 |
Weighted average exercise price options, granted (in dollars per share) | 38.73 | 39.05 | 0 |
Weighted average exercise price options, exercised (in dollars per share) | 33.61 | 28.33 | 27.97 |
Weighted average exercise price options, forfeited (in dollars per share) | 29.11 | 25.78 | 25.45 |
Weighted average exercise price, ending balance (in dollars per share) | 29.55 | 30.85 | 28.91 |
Weighted average exercise price, exercisable (in dollars per share) | $ 16.38 | $ 29.16 | $ 28.91 |
Share-Based Compensation - S67
Share-Based Compensation - Schedule of Restricted Stock Activity (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of shares, Unvested at beginning of year (in shares) | 339 | 513 | 575 |
Number of shares, Granted (in shares) | 91 | 145 | 196 |
Number of shares, Vested (in shares) | (181) | (259) | (238) |
Number of shares, Forfeited (in shares) | 0 | (60) | (20) |
Number of shares, Unvested at end of year (in shares) | 249 | 339 | 513 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted average grant-date fair value, Unvested at beginning of year (in dollars per share) | $ 29.96 | $ 26.34 | $ 25.28 |
Weighted average grant-date fair value, Granted (in dollars per share) | 40.03 | 39.39 | 26.69 |
Weighted average grant-date fair value, Vested (in dollars per share) | 29.99 | 27.54 | 24.07 |
Weighted average grant date fair value, Forfeited (in dollars per share) | 0 | 32.29 | 26.26 |
Weighted average grant-date fair value, Unvested at end of year (in dollars per share) | $ 33.61 | $ 29.96 | $ 26.34 |
TSR Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of shares, Unvested at beginning of year (in shares) | 123 | 0 | |
Number of shares, Granted (in shares) | 91 | 142 | |
Number of shares, Forfeited (in shares) | 0 | (19) | |
Number of shares, Unvested at end of year (in shares) | 214 | 123 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted average grant-date fair value, Unvested at beginning of year (in dollars per share) | $ 39.72 | $ 0 | |
Weighted average grant-date fair value, Granted (in dollars per share) | 39.59 | 39.72 | |
Weighted average grant date fair value, Forfeited (in dollars per share) | 0 | 39.72 | |
Weighted average grant-date fair value, Unvested at end of year (in dollars per share) | $ 39.66 | $ 39.72 | $ 0 |
Share-Based Compensation - Val
Share-Based Compensation - Valuation Assumptions (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Employee Stock Option [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Options granted, weighted average grant-date fair value (dollars per share) | $ 6.97 | |
Risk-free interest rate | 1.68% | |
Expected dividend yield | 2.87% | |
Expected volatility | 25.19% | |
Weighted average expected term of options | 5 years 6 months | |
TSR Stock Awards [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Options granted, weighted average grant-date fair value (dollars per share) | $ 9.94 | |
Grant date market value of a common share (dollars per share) | $ 38.73 | $ 39.05 |
Risk-free interest rate | 1.15% | 1.04% |
Expected dividend yield | 3.41% | 2.87% |
Expected volatility | 21.24% | 19.48% |
Derived vesting period of TSR Restricted Stock | 3 years 5 months | 3 years 5 months |
Weighted average expected term of options | 5 years 9 months |
Income Taxes - (Details)
Income Taxes - (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax liabilities: | ||
Real estate and real estate partnership basis differences | $ 72,726 | $ 31,726 |
Deferred tax assets: | ||
Net operating, capital and other loss carryforwards | 8,873 | 8,024 |
Accruals and expenses | 7,537 | 4,917 |
Tax credit carryforwards | 65,559 | 49,036 |
Management contracts and other | 300 | 333 |
Total deferred tax assets | 82,269 | 62,310 |
Valuation allowance | (4,467) | (4,467) |
Net deferred tax assets | $ 5,076 | $ 26,117 |
Income Taxes - (Details 1)
Income Taxes - (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of unrecognized tax benefits | |||
Balance at January 1 | $ 2,897 | $ 2,286 | $ 2,871 |
Additions (reductions) based on tax positions related to prior years and current year excess benefits related to stock-based compensation | (611) | 611 | (585) |
Balance at December 31 | $ 2,286 | $ 2,897 | $ 2,286 |
Income Taxes - (Details 2)
Income Taxes - (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | |||
Federal | $ 5,038 | $ 1,310 | $ 0 |
State | 2,916 | 1,357 | 970 |
Total current | 7,954 | 2,667 | 970 |
Deferred: | |||
Federal | (26,173) | (27,382) | 11,556 |
State | (623) | (1,052) | 3,485 |
Total deferred | (26,796) | (28,434) | 15,041 |
Total (benefit) expense | (18,842) | (25,767) | 16,011 |
Classification: | |||
Income before gain on dispositions | (25,208) | (27,524) | (20,047) |
Gain on dispositions of real estate | $ 6,366 | $ 1,757 | $ 36,058 |
Income Taxes - (Details 3)
Income Taxes - (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of income tax attributable to continuing and discontinued operations | |||
Tax at United States statutory rates on consolidated income or loss subject to tax | $ 38,257 | $ (10,947) | $ 47,950 |
Tax at U.S. statutory rates on consolidated income or loss subject to tax, percentage | 35.00% | 35.00% | 35.00% |
State income tax expense, net of federal tax (benefit) expense | $ 7,152 | $ (361) | $ 4,364 |
State income tax expense (benefit), net of Federal tax (benefit), percentage | 6.50% | 1.20% | 3.20% |
Effective income tax rate reconciliation, nondeductible expense, amount | $ (132) | $ (27) | $ (154) |
Effective income tax rate reconciliation, non deductible expense, percent | (0.10%) | 0.10% | (0.10%) |
Tax effect of intercompany transfers of assets between the REIT and TRS entities | $ (47,369) | $ (1,515) | $ (23,969) |
Tax effect of intercompany transfers of assets between the REIT and taxable REIT subsidiaries, percentage (1) | (43.30%) | 4.80% | (17.50%) |
Tax credits | $ (16,750) | $ (13,583) | $ (12,271) |
Tax credits, percentage | (15.30%) | 43.40% | (9.00%) |
Increase in valuation allowance | $ 0 | $ 666 | $ 91 |
Increase in valuation allowance, percentage | 0.00% | (2.10%) | 0.10% |
Total (benefit) expense | $ (18,842) | $ (25,767) | $ 16,011 |
Reconciliation of income tax, percentage | (17.20%) | 82.40% | 11.70% |
Income Taxes - (Details 4)
Income Taxes - (Details 4) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Dividends paid to holders of common stock | |||
Ordinary income | $ 0.45 | $ 0.36 | $ 0.01 |
Ordinary income, percentage | 34.20% | 30.20% | 0.60% |
Capital gains | $ 0.47 | $ 0.37 | $ 0.53 |
Capital gains, percentage | 35.40% | 31.30% | 51.60% |
Qualified dividends | $ 0.13 | $ 0.17 | $ 0 |
Qualified dividends, percentage | 9.90% | 14.50% | 0.00% |
Unrecaptured Section 1250 gain | $ 0.27 | $ 0.28 | $ 0.50 |
Unrecaptured Section 1250 gain, percentage | 20.50% | 24.00% | 47.80% |
Dividends declared per common share/unit (dollars per share) | $ 1.32 | $ 1.18 | $ 1.04 |
Dividends declared per common share, percentage | 100.00% | 100.00% | 100.00% |
Income Taxes - (Details 5)
Income Taxes - (Details 5) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes (Textual) [Abstract] | |||
Portion of unrecognized tax benefit that, if recognized, would impact the effective tax rate | $ 2,300 | ||
Consolidated income (loss) subject to tax | 109,300 | $ (31,300) | $ 137,000 |
Cash paid for income taxes | 2,152 | $ 2,033 | $ 1,657 |
Operating loss carryforwards | 8,000 | ||
Valuation allowance | 4,500 | ||
Net deferred tax asset related to tax credit carryforwards | $ 65,600 | ||
Minimum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Expiration years of net operating loss carryforwards | Dec. 31, 2017 | ||
Tax credit carryforward, expiration date | Dec. 31, 2024 | ||
Maximum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Expiration years of net operating loss carryforwards | Dec. 31, 2033 | ||
Tax credit carryforward, expiration date | Dec. 31, 2036 |
Earnings (Loss) per Share_Unit
Earnings (Loss) per Share/Unit - (Details 1) - shares shares in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Entity Information [Line Items] | |||
Participating securities outstanding (in shares) | 0.2 | 0.3 | 0.5 |
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 | 2.3 | ||
AIMCO PROPERTIES, L.P. | |||
Entity Information [Line Items] | |||
Participating securities outstanding (in shares) | 0.2 | 0.3 | 0.5 |
Fair Value Measurements - Narr
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated fair value of consolidated debt | $ 4,000,000 | $ 4,000,000 |
Total indebtedness | 3,884,632 | 3,849,141 |
Cash Flow Hedging [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notional amount of interest rate swaps | $ 49,600 | 49,900 |
Average remaining maturity of interest rate swaps | 4 years | |
Period for reclassification into earnings | 12 months | |
Amount of unrealized gains (losses) estimated to be reclassified from accumulated other comprehensive income to earnings during the next 12 months | $ 1,300 | |
Weighted average fixed rate of interest rate swaps | 3.44% | |
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 | |
Expected remaining term of available for sale securities | 4 years 5 months | |
Amortized cost of the investment in available-for-sale debt securities | $ 72,500 | 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 | $ 76,100 | $ 65,500 |
Fair Value Measurements - (Det
Fair Value Measurements - (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value of Assets and Liabilities Measured on a Recurring Basis Fair Value and Input Reconciliation [Roll Forward] | |||
Unrealized gains (losses) included in equity and partners’ capital | $ 221 | $ (1,299) | $ (2,306) |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value of Assets and Liabilities Measured on a Recurring Basis Fair Value and Input Reconciliation [Roll Forward] | |||
Cash flow hedge fair value, beginning balance | (4,938) | (5,273) | (4,604) |
Unrealized losses included in interest expense | (44) | (44) | (48) |
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss | 1,586 | 1,678 | 1,685 |
Unrealized gains (losses) included in equity and partners’ capital | 221 | (1,299) | (2,306) |
Cash flow hedge fair value, ending balance | $ (3,175) | $ (4,938) | $ (5,273) |
Business Segments - (Details 2
Business Segments - (Details 2) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)UnitsPropertySegment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | Segment | 2 | ||
Conventional Real Estate [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of owned and managed apartment communities in segments | Property | 130 | ||
Number of apartment homes | Units | 37,780 | ||
Affordable Real Estate Operations | |||
Segment Reporting Information [Line Items] | |||
Number of owned and managed apartment communities in segments | Property | 46 | ||
Number of apartment homes | Units | 7,610 | ||
Operating Segments [Member] | Conventional Real Estate [Member] | |||
Segment Reporting Information [Line Items] | |||
Captial additions related to segments | $ | $ 324.6 | $ 341.4 | $ 343.5 |
Operating Segments [Member] | Affordable Real Estate Operations | |||
Segment Reporting Information [Line Items] | |||
Captial additions related to segments | $ | $ 11.1 | $ 12.6 | $ 11.6 |
Business Segments - (Details)
Business Segments - (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary information for the reportable segments | |||||||||||
Rental and other property revenues | $ 974,531 | $ 956,954 | $ 952,831 | ||||||||
Tax credit and asset management revenues | 21,323 | 24,356 | 31,532 | ||||||||
Total revenues | $ 249,493 | $ 248,904 | $ 251,218 | $ 246,239 | $ 245,875 | $ 246,387 | $ 244,783 | $ 244,265 | 995,854 | 981,310 | 984,363 |
Property operating expenses | 352,427 | 359,393 | 373,654 | ||||||||
Investment management expenses | 4,333 | 5,855 | 7,310 | ||||||||
Depreciation and amortization | 333,066 | 306,301 | 282,608 | ||||||||
General and administrative expenses | 44,937 | 43,178 | 44,092 | ||||||||
Other expenses, net | 14,295 | 10,368 | 14,349 | ||||||||
Total operating expenses | 189,399 | 190,172 | 186,782 | 182,705 | 180,391 | 182,366 | 179,140 | 183,198 | 749,058 | 725,095 | 722,013 |
Net operating income | 60,094 | 58,732 | 64,436 | 63,534 | 65,484 | 64,021 | 65,643 | 61,067 | 246,796 | 256,215 | 262,350 |
Other items included in income before gain on dispositions (3) | (157,313) | (164,825) | (194,875) | ||||||||
Income before gain on dispositions | $ 20,835 | $ 15,538 | $ 29,412 | $ 23,698 | $ 25,257 | $ 23,769 | $ 23,907 | $ 18,457 | 89,483 | 91,390 | 67,475 |
Operating Segments [Member] | Conventional Real Estate Operations | |||||||||||
Summary information for the reportable segments | |||||||||||
Rental and other property revenues | 804,335 | 752,141 | 683,791 | ||||||||
Total revenues | 804,335 | 752,141 | 683,791 | ||||||||
Property operating expenses | 257,939 | 246,557 | 228,385 | ||||||||
Total operating expenses | 257,939 | 246,557 | 228,385 | ||||||||
Net operating income | 546,396 | 505,584 | 455,406 | ||||||||
Income before gain on dispositions | 546,396 | 505,584 | 455,406 | ||||||||
Operating Segments [Member] | Affordable Real Estate Operations | |||||||||||
Summary information for the reportable segments | |||||||||||
Rental and other property revenues | 100,745 | 93,433 | 91,549 | ||||||||
Total revenues | 100,745 | 93,433 | 91,549 | ||||||||
Property operating expenses | 38,644 | 37,445 | 37,123 | ||||||||
Total operating expenses | 38,644 | 37,445 | 37,123 | ||||||||
Net operating income | 62,101 | 55,988 | 54,426 | ||||||||
Income before gain on dispositions | 62,101 | 55,988 | 54,426 | ||||||||
Segment Reconciling Items [Member] | |||||||||||
Summary information for the reportable segments | |||||||||||
Rental and other property revenues | 29,250 | 29,602 | 28,228 | ||||||||
Total revenues | 29,250 | 29,602 | 28,228 | ||||||||
Property operating expenses | 8,517 | 9,076 | 8,329 | ||||||||
Total operating expenses | 8,517 | 9,076 | 8,329 | ||||||||
Net operating income | 20,733 | 20,526 | 19,899 | ||||||||
Income before gain on dispositions | 20,733 | 20,526 | 19,899 | ||||||||
Corporate, Non-Segment [Member] | |||||||||||
Summary information for the reportable segments | |||||||||||
Rental and other property revenues | 40,201 | 81,778 | 149,263 | ||||||||
Tax credit and asset management revenues | 21,323 | 24,356 | 31,532 | ||||||||
Total revenues | 61,524 | 106,134 | 180,795 | ||||||||
Property operating expenses | 47,327 | 66,315 | 99,817 | ||||||||
Investment management expenses | 4,333 | 5,855 | 7,310 | ||||||||
Depreciation and amortization | 333,066 | 306,301 | 282,608 | ||||||||
General and administrative expenses | 44,937 | 43,178 | 44,092 | ||||||||
Other expenses, net | 14,295 | 10,368 | 14,349 | ||||||||
Total operating expenses | 443,958 | 432,017 | 448,176 | ||||||||
Net operating income | (382,434) | (325,883) | (267,381) | ||||||||
Other items included in income before gain on dispositions (3) | (157,313) | (164,825) | (194,875) | ||||||||
Income before gain on dispositions | $ (539,747) | $ (490,708) | $ (462,256) |
Business Segments - (Details 1
Business Segments - (Details 1) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 6,232,818 | $ 6,118,681 |
Operating Segments [Member] | Conventional Real Estate [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 5,374,999 | 4,981,915 |
Operating Segments [Member] | Affordable Real Estate Operations | ||
Segment Reporting Information [Line Items] | ||
Total assets | 399,188 | 418,924 |
Segment Reconciling Items [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 172,831 | 174,645 |
Corporate, Non-Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 285,800 | $ 543,197 |
Variable Interest Entities -81
Variable Interest Entities - (Details) - Variable Interest Entity, Primary Beneficiary [Member] - Accounting Standards Update 2015-02 [Member] $ in Millions | Dec. 31, 2015USD ($)UnitsPropertyEntity |
Variable Interest Entity [Line Items] | |
Number of consolidated variable interest entities | Entity | 14 |
Number of apartment communities | Property | 18 |
Number of apartment homes | Units | 6,186 |
Assets | $ 885.9 |
Liabilities | $ 645.3 |
Variable Interest Entities -82
Variable Interest Entities - (Details 1) $ in Thousands | Dec. 31, 2016USD ($)UnitsPropertyEntity | Dec. 31, 2015USD ($)UnitsPropertyEntity | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||||
Net real estate | $ 5,755,408 | $ 5,529,461 | ||
Cash and cash equivalents, at carrying value | 61,244 | 50,789 | $ 28,971 | $ 55,751 |
Restricted cash | 69,906 | 86,956 | ||
Assets held for sale | 1,345 | 3,070 | ||
Non-recourse property debt | 3,866,702 | 3,822,141 | ||
Accrued liabilities and other | 212,318 | 317,481 | ||
Liabilities related to assets held for sale | 1,658 | 53 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||||
Net real estate | 1,133,430 | 1,201,998 | ||
Cash and cash equivalents, at carrying value | 30,803 | 28,118 | ||
Restricted cash | 40,523 | 44,813 | ||
Non-recourse property debt | 954,571 | 959,523 | ||
Accrued liabilities and other | $ 31,204 | $ 28,846 | ||
Conventional Apartment Communities [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Number of consolidated variable interest entities | Entity | 11 | 13 | ||
Number of apartment communities | Property | 13 | 17 | ||
Number of apartment homes owned by VIEs | Units | 5,313 | 6,089 | ||
Affordable Apartment Communities [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Number of consolidated variable interest entities | Entity | 56 | 62 | ||
Number of apartment communities | Property | 44 | 48 | ||
Number of apartment homes owned by VIEs | Units | 6,890 | 7,556 |
Unaudited Summarized Consolid83
Unaudited Summarized Consolidated Quarterly Information - (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summarized unaudited consolidated quarterly information | |||||||||||
Total revenues | $ 249,493 | $ 248,904 | $ 251,218 | $ 246,239 | $ 245,875 | $ 246,387 | $ 244,783 | $ 244,265 | $ 995,854 | $ 981,310 | $ 984,363 |
Total operating expenses | 189,399 | 190,172 | 186,782 | 182,705 | 180,391 | 182,366 | 179,140 | 183,198 | 749,058 | 725,095 | 722,013 |
Operating income | 60,094 | 58,732 | 64,436 | 63,534 | 65,484 | 64,021 | 65,643 | 61,067 | 246,796 | 256,215 | 262,350 |
Income before gain on dispositions | 20,835 | 15,538 | 29,412 | 23,698 | 25,257 | 23,769 | 23,907 | 18,457 | 89,483 | 91,390 | 67,475 |
Gain on dispositions of real estate, net of tax | 156,564 | 14,498 | 216,541 | 6,187 | 50,119 | 0 | 44,781 | 85,693 | 393,790 | 180,593 | 288,636 |
Net income | 177,399 | 30,036 | 245,953 | 29,885 | 75,376 | 23,769 | 68,688 | 104,150 | 483,273 | 271,983 | 356,111 |
Net income attributable to Aimco common stockholders | $ 162,000 | $ 11,176 | $ 221,382 | $ 23,223 | $ 66,639 | $ 19,179 | $ 60,804 | $ 89,344 | $ 417,781 | $ 235,966 | $ 300,220 |
Earnings attributable to the company per common share/unit: | |||||||||||
Net income attributable to the company per common share/unit - basic (in dollars per share) | $ 1.04 | $ 0.07 | $ 1.42 | $ 0.15 | $ 2.68 | $ 1.52 | $ 2.06 | ||||
Net income attributable to the company per common share/unit - diluted (in dollars per share) | $ 1.03 | $ 0.07 | $ 1.41 | $ 0.15 | $ 2.67 | $ 1.52 | $ 2.06 | ||||
Weighted average common shares/units outstanding - basic (in shares) | 156,171 | 156,079 | 156,375 | 155,791 | 155,725 | 155,639 | 155,524 | 153,821 | 156,001 | 155,177 | 145,639 |
Weighted average common shares/units outstanding - diluted (in shares) | 156,540 | 156,527 | 156,793 | 156,117 | 156,043 | 156,008 | 155,954 | 154,277 | 156,391 | 155,570 | 146,002 |
Net income attributable to the company per common share/unit - basic and diluted (in dollars per share) | $ 0.43 | $ 0.12 | $ 0.39 | $ 0.58 | |||||||
AIMCO PROPERTIES, L.P. | |||||||||||
Summarized unaudited consolidated quarterly information | |||||||||||
Total revenues | $ 249,493 | $ 248,904 | $ 251,218 | $ 246,239 | $ 245,875 | $ 246,387 | $ 244,783 | $ 244,265 | $ 995,854 | $ 981,310 | $ 984,363 |
Total operating expenses | (189,399) | (190,172) | (186,782) | (182,705) | (180,391) | (182,366) | (179,140) | (183,198) | 749,058 | 725,095 | 722,013 |
Operating income | 60,094 | 58,732 | 64,436 | 63,534 | 65,484 | 64,021 | 65,643 | 61,067 | 246,796 | 256,215 | 262,350 |
Income before gain on dispositions | 20,835 | 15,538 | 29,412 | 23,698 | 25,257 | 23,769 | 23,907 | 18,457 | 89,483 | 91,390 | 67,475 |
Gain on dispositions of real estate, net of tax | 156,564 | 14,498 | 216,541 | 6,187 | 50,119 | 0 | 44,781 | 85,693 | 393,790 | 180,593 | 288,636 |
Net income | 177,399 | 30,036 | 245,953 | 29,885 | 75,376 | 23,769 | 68,688 | 104,150 | 483,273 | 271,983 | 356,111 |
Net income attributable to Aimco common stockholders | $ 169,869 | $ 11,368 | $ 232,517 | $ 24,395 | $ 69,930 | $ 20,072 | $ 63,776 | $ 93,742 | $ 438,149 | $ 247,520 | $ 315,990 |
Earnings attributable to the company per common share/unit: | |||||||||||
Net income attributable to the company per common share/unit - basic (in dollars per share) | $ 1.04 | $ 0.07 | $ 1.42 | $ 0.15 | $ 2.68 | $ 1.52 | $ 2.06 | ||||
Net income attributable to the company per common share/unit - diluted (in dollars per share) | $ 1.03 | $ 0.07 | $ 1.41 | $ 0.15 | $ 2.67 | $ 1.52 | $ 2.06 | ||||
Weighted average common shares/units outstanding - basic (in shares) | 163,799 | 163,832 | 164,188 | 163,639 | 163,485 | 163,241 | 163,149 | 161,461 | 163,761 | 162,834 | 153,363 |
Weighted average common shares/units outstanding - diluted (in shares) | 164,168 | 164,280 | 164,606 | 163,965 | 163,803 | 163,610 | 163,579 | 161,917 | 164,151 | 163,227 | 153,726 |
Net income attributable to the company per common share/unit - basic and diluted (in dollars per share) | $ 0.43 | $ 0.12 | $ 0.39 | $ 0.58 |
Real Estate and Accumulated D84
Real Estate and Accumulated Depreciation - (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016USD ($)Units | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Total | $ 8,486,166 | $ 8,307,483 | $ 8,144,958 | $ 8,214,081 | |
Accumulated Depreciation (AD) | (2,730,758) | $ (2,778,022) | $ (2,672,179) | $ (2,822,872) | |
Real Estate and Accumulated Depreciation (Textual) [Abstract] | |||||
Aggregate cost of land and depreciable property for federal income tax purposes | $ 3,700,000 | ||||
Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of apartment homes | Units | 45,430 | ||||
Initial Cost, Land | [1] | $ 1,948,260 | |||
Initial Cost, Buildings and Improvements | [1] | 3,615,256 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 3,012,117 | |||
Land | 1,858,792 | ||||
Buildings and Improvements | 6,627,374 | ||||
Total | [3] | 8,486,166 | |||
Accumulated Depreciation (AD) | (2,730,758) | ||||
Total Cost Net of Accumulated Depreciation | 5,755,408 | ||||
Encumbrances | $ 3,889,647 | ||||
Total Conventional Properties [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of apartment homes | Units | 37,780 | ||||
Initial Cost, Land | [1] | $ 1,832,184 | |||
Initial Cost, Buildings and Improvements | [1] | 3,248,631 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 2,648,691 | |||
Land | 1,742,709 | ||||
Buildings and Improvements | 5,897,322 | ||||
Total | [3] | 7,640,031 | |||
Accumulated Depreciation (AD) | (2,295,387) | ||||
Total Cost Net of Accumulated Depreciation | 5,344,644 | ||||
Encumbrances | $ 3,574,411 | ||||
100 Forest Place [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Dec. 1, 1997 | |||
Property Location | Oak Park, IL | ||||
Year Built | Jan. 1, 1987 | ||||
Number of apartment homes | Units | 234 | ||||
Initial Cost, Land | [1] | $ 2,664 | |||
Initial Cost, Buildings and Improvements | [1] | 18,815 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 8,559 | |||
Land | 2,664 | ||||
Buildings and Improvements | 27,374 | ||||
Total | [3] | 30,038 | |||
Accumulated Depreciation (AD) | (13,668) | ||||
Total Cost Net of Accumulated Depreciation | 16,370 | ||||
Encumbrances | $ 0 | ||||
1045 on the Park Apartment Homes [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Mid Rise | ||||
Date Consolidated | [4] | Jul. 1, 2013 | |||
Property Location | Atlanta, GA | ||||
Year Built | Jan. 1, 2012 | ||||
Number of apartment homes | Units | 30 | ||||
Initial Cost, Land | [1] | $ 2,793 | |||
Initial Cost, Buildings and Improvements | [1] | 6,662 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 268 | |||
Land | 2,793 | ||||
Buildings and Improvements | 6,930 | ||||
Total | [3] | 9,723 | |||
Accumulated Depreciation (AD) | (843) | ||||
Total Cost Net of Accumulated Depreciation | 8,880 | ||||
Encumbrances | $ 5,868 | ||||
118-122 West 23rd Street [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Jun. 1, 2012 | |||
Property Location | New York, NY | ||||
Year Built | Jan. 1, 1987 | ||||
Number of apartment homes | Units | 42 | ||||
Initial Cost, Land | [1] | $ 14,985 | |||
Initial Cost, Buildings and Improvements | [1] | 23,459 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 6,229 | |||
Land | 14,985 | ||||
Buildings and Improvements | 29,688 | ||||
Total | [3] | 44,673 | |||
Accumulated Depreciation (AD) | (5,871) | ||||
Total Cost Net of Accumulated Depreciation | 38,802 | ||||
Encumbrances | $ 18,320 | ||||
1582 First Avenue [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Mar. 1, 2005 | |||
Property Location | New York, NY | ||||
Year Built | Jan. 1, 1900 | ||||
Number of apartment homes | Units | 17 | ||||
Initial Cost, Land | [1] | $ 4,281 | |||
Initial Cost, Buildings and Improvements | [1] | 752 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 453 | |||
Land | 4,281 | ||||
Buildings and Improvements | 1,205 | ||||
Total | [3] | 5,486 | |||
Accumulated Depreciation (AD) | (434) | ||||
Total Cost Net of Accumulated Depreciation | 5,052 | ||||
Encumbrances | $ 2,365 | ||||
173 E. 90th Street [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | May 1, 2004 | |||
Property Location | New York, NY | ||||
Year Built | Jan. 1, 1910 | ||||
Number of apartment homes | Units | 72 | ||||
Initial Cost, Land | [1] | $ 12,066 | |||
Initial Cost, Buildings and Improvements | [1] | 4,535 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 5,630 | |||
Land | 12,066 | ||||
Buildings and Improvements | 10,165 | ||||
Total | [3] | 22,231 | |||
Accumulated Depreciation (AD) | (2,813) | ||||
Total Cost Net of Accumulated Depreciation | 19,418 | ||||
Encumbrances | $ 6,955 | ||||
21 Fitzsimons [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Mid-Rise | ||||
Date Consolidated | [4] | Aug. 1, 2014 | |||
Property Location | Aurora, CO | ||||
Year Built | Jan. 1, 2008 | ||||
Number of apartment homes | Units | 600 | ||||
Initial Cost, Land | [1] | $ 12,864 | |||
Initial Cost, Buildings and Improvements | [1] | 104,720 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 4,291 | |||
Land | 12,864 | ||||
Buildings and Improvements | 109,011 | ||||
Total | [3] | 121,875 | |||
Accumulated Depreciation (AD) | (9,021) | ||||
Total Cost Net of Accumulated Depreciation | 112,854 | ||||
Encumbrances | $ 48,081 | ||||
234 East 88th Street [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Mid-Rise | ||||
Date Consolidated | [4] | Jan. 1, 2014 | |||
Property Location | New York, NY | ||||
Year Built | Jan. 1, 1900 | ||||
Number of apartment homes | Units | 20 | ||||
Initial Cost, Land | [1] | $ 2,448 | |||
Initial Cost, Buildings and Improvements | [1] | 4,449 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 655 | |||
Land | 2,448 | ||||
Buildings and Improvements | 5,104 | ||||
Total | [3] | 7,552 | |||
Accumulated Depreciation (AD) | (606) | ||||
Total Cost Net of Accumulated Depreciation | 6,946 | ||||
Encumbrances | $ 3,366 | ||||
182-188 Columbus Avenue [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Mid Rise | ||||
Date Consolidated | [4] | Feb. 1, 2007 | |||
Property Location | New York, NY | ||||
Year Built | Jan. 1, 1910 | ||||
Number of apartment homes | Units | 32 | ||||
Initial Cost, Land | [1] | $ 19,123 | |||
Initial Cost, Buildings and Improvements | [1] | 3,300 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 4,954 | |||
Land | 19,123 | ||||
Buildings and Improvements | 8,254 | ||||
Total | [3] | 27,377 | |||
Accumulated Depreciation (AD) | (2,862) | ||||
Total Cost Net of Accumulated Depreciation | 24,515 | ||||
Encumbrances | $ 13,471 | ||||
236-238 East 88th Street [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Jan. 1, 2004 | |||
Property Location | New York, NY | ||||
Year Built | Jan. 1, 1900 | ||||
Number of apartment homes | Units | 43 | ||||
Initial Cost, Land | [1] | $ 8,820 | |||
Initial Cost, Buildings and Improvements | [1] | 2,914 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 1,820 | |||
Land | 8,820 | ||||
Buildings and Improvements | 4,734 | ||||
Total | [3] | 13,554 | |||
Accumulated Depreciation (AD) | (1,679) | ||||
Total Cost Net of Accumulated Depreciation | 11,875 | ||||
Encumbrances | $ 11,359 | ||||
237-239 Ninth Avenue [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Mar. 1, 2005 | |||
Property Location | New York, NY | ||||
Year Built | Jan. 1, 1900 | ||||
Number of apartment homes | Units | 36 | ||||
Initial Cost, Land | [1] | $ 8,495 | |||
Initial Cost, Buildings and Improvements | [1] | 1,866 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 3,146 | |||
Land | 8,495 | ||||
Buildings and Improvements | 5,012 | ||||
Total | [3] | 13,507 | |||
Accumulated Depreciation (AD) | (2,016) | ||||
Total Cost Net of Accumulated Depreciation | 11,491 | ||||
Encumbrances | $ 5,778 | ||||
240 West 73rd Street, LLC [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Sep. 1, 2004 | |||
Property Location | New York, NY | ||||
Year Built | Jan. 1, 1900 | ||||
Number of apartment homes | Units | 200 | ||||
Initial Cost, Land | [1] | $ 68,109 | |||
Initial Cost, Buildings and Improvements | [1] | 12,140 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 11,172 | |||
Land | 68,109 | ||||
Buildings and Improvements | 23,312 | ||||
Total | [3] | 91,421 | |||
Accumulated Depreciation (AD) | (8,242) | ||||
Total Cost Net of Accumulated Depreciation | 83,179 | ||||
Encumbrances | $ 0 | ||||
2900 on First Apartments [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Mid Rise | ||||
Date Consolidated | [4] | Oct. 1, 2008 | |||
Property Location | Seattle, WA | ||||
Year Built | Jan. 1, 1989 | ||||
Number of apartment homes | Units | 135 | ||||
Initial Cost, Land | [1] | $ 19,070 | |||
Initial Cost, Buildings and Improvements | [1] | 17,518 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 32,524 | |||
Land | 19,070 | ||||
Buildings and Improvements | 50,042 | ||||
Total | [3] | 69,112 | |||
Accumulated Depreciation (AD) | (16,740) | ||||
Total Cost Net of Accumulated Depreciation | 52,372 | ||||
Encumbrances | $ 14,482 | ||||
306 East 89th Street [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Jul. 1, 2004 | |||
Property Location | New York, NY | ||||
Year Built | Jan. 1, 1930 | ||||
Number of apartment homes | Units | 20 | ||||
Initial Cost, Land | [1] | $ 2,680 | |||
Initial Cost, Buildings and Improvements | [1] | 1,006 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 831 | |||
Land | 2,680 | ||||
Buildings and Improvements | 1,837 | ||||
Total | [3] | 4,517 | |||
Accumulated Depreciation (AD) | (622) | ||||
Total Cost Net of Accumulated Depreciation | 3,895 | ||||
Encumbrances | $ 1,929 | ||||
311 & 313 East 73rd Street [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Mid Rise | ||||
Date Consolidated | [4] | Mar. 1, 2003 | |||
Property Location | New York, NY | ||||
Year Built | Jan. 1, 1904 | ||||
Number of apartment homes | Units | 34 | ||||
Initial Cost, Land | [1] | $ 5,678 | |||
Initial Cost, Buildings and Improvements | [1] | 1,609 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 433 | |||
Land | 5,678 | ||||
Buildings and Improvements | 2,042 | ||||
Total | [3] | 7,720 | |||
Accumulated Depreciation (AD) | (1,287) | ||||
Total Cost Net of Accumulated Depreciation | 6,433 | ||||
Encumbrances | $ 4,077 | ||||
322-324 East 61st Street [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Mar. 1, 2005 | |||
Property Location | New York, NY | ||||
Year Built | Jan. 1, 1900 | ||||
Number of apartment homes | Units | 40 | ||||
Initial Cost, Land | [1] | $ 6,372 | |||
Initial Cost, Buildings and Improvements | [1] | 2,224 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 1,304 | |||
Land | 6,372 | ||||
Buildings and Improvements | 3,528 | ||||
Total | [3] | 9,900 | |||
Accumulated Depreciation (AD) | (1,545) | ||||
Total Cost Net of Accumulated Depreciation | 8,355 | ||||
Encumbrances | $ 3,548 | ||||
3400 Avenue of the Arts [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Mid Rise | ||||
Date Consolidated | [4] | Mar. 1, 2002 | |||
Property Location | Costa Mesa, CA | ||||
Year Built | Jan. 1, 1987 | ||||
Number of apartment homes | Units | 770 | ||||
Initial Cost, Land | [1] | $ 57,241 | |||
Initial Cost, Buildings and Improvements | [1] | 65,506 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 75,644 | |||
Land | 57,241 | ||||
Buildings and Improvements | 141,150 | ||||
Total | [3] | 198,391 | |||
Accumulated Depreciation (AD) | (80,828) | ||||
Total Cost Net of Accumulated Depreciation | 117,563 | ||||
Encumbrances | $ 152,000 | ||||
452 East 78th Street [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Jan. 1, 2004 | |||
Property Location | New York, NY | ||||
Year Built | Jan. 1, 1900 | ||||
Number of apartment homes | Units | 12 | ||||
Initial Cost, Land | [1] | $ 1,982 | |||
Initial Cost, Buildings and Improvements | [1] | 608 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 447 | |||
Land | 1,982 | ||||
Buildings and Improvements | 1,055 | ||||
Total | [3] | 3,037 | |||
Accumulated Depreciation (AD) | (400) | ||||
Total Cost Net of Accumulated Depreciation | 2,637 | ||||
Encumbrances | $ 2,655 | ||||
464-466 Amsterdam & 200-210 W. 83rd Street [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Mid Rise | ||||
Date Consolidated | [4] | Feb. 1, 2007 | |||
Property Location | New York, NY | ||||
Year Built | Jan. 1, 1910 | ||||
Number of apartment homes | Units | 71 | ||||
Initial Cost, Land | [1] | $ 25,553 | |||
Initial Cost, Buildings and Improvements | [1] | 7,101 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 5,413 | |||
Land | 25,553 | ||||
Buildings and Improvements | 12,514 | ||||
Total | [3] | 38,067 | |||
Accumulated Depreciation (AD) | (5,344) | ||||
Total Cost Net of Accumulated Depreciation | 32,723 | ||||
Encumbrances | $ 19,679 | ||||
510 East 88th Street [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Jan. 1, 2004 | |||
Property Location | New York, NY | ||||
Year Built | Jan. 1, 1900 | ||||
Number of apartment homes | Units | 20 | ||||
Initial Cost, Land | [1] | $ 3,163 | |||
Initial Cost, Buildings and Improvements | [1] | 1,002 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 584 | |||
Land | 3,163 | ||||
Buildings and Improvements | 1,586 | ||||
Total | [3] | 4,749 | |||
Accumulated Depreciation (AD) | (490) | ||||
Total Cost Net of Accumulated Depreciation | 4,259 | ||||
Encumbrances | $ 2,845 | ||||
East Eighty Eighth Street Five Fourteen Five Sixteen [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Mar. 1, 2005 | |||
Property Location | New York, NY | ||||
Year Built | Jan. 1, 1900 | ||||
Number of apartment homes | Units | 36 | ||||
Initial Cost, Land | [1] | $ 6,282 | |||
Initial Cost, Buildings and Improvements | [1] | 2,168 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 1,214 | |||
Land | 6,282 | ||||
Buildings and Improvements | 3,382 | ||||
Total | [3] | 9,664 | |||
Accumulated Depreciation (AD) | (1,370) | ||||
Total Cost Net of Accumulated Depreciation | 8,294 | ||||
Encumbrances | $ 3,846 | ||||
East Eighty Eighth Street Five One Eight [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Mid-Rise | ||||
Date Consolidated | [4] | Jan. 1, 2014 | |||
Property Location | New York, NY | ||||
Year Built | Jan. 1, 1900 | ||||
Number of apartment homes | Units | 20 | ||||
Initial Cost, Land | [1] | $ 2,233 | |||
Initial Cost, Buildings and Improvements | [1] | 4,315 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 478 | |||
Land | 2,233 | ||||
Buildings and Improvements | 4,793 | ||||
Total | [3] | 7,026 | |||
Accumulated Depreciation (AD) | (616) | ||||
Total Cost Net of Accumulated Depreciation | 6,410 | ||||
Encumbrances | $ 2,916 | ||||
707 Leahy [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Apr. 1, 2007 | |||
Property Location | Redwood City, CA | ||||
Year Built | Jan. 1, 1973 | ||||
Number of apartment homes | Units | 110 | ||||
Initial Cost, Land | [1] | $ 15,444 | |||
Initial Cost, Buildings and Improvements | [1] | 7,909 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 5,551 | |||
Land | 15,444 | ||||
Buildings and Improvements | 13,460 | ||||
Total | [3] | 28,904 | |||
Accumulated Depreciation (AD) | (6,408) | ||||
Total Cost Net of Accumulated Depreciation | 22,496 | ||||
Encumbrances | $ 9,112 | ||||
865 Bellevue [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Jul. 1, 2000 | |||
Property Location | Nashville, TN | ||||
Year Built | Jan. 1, 1972 | ||||
Number of apartment homes | Units | 326 | ||||
Initial Cost, Land | [1] | $ 3,562 | |||
Initial Cost, Buildings and Improvements | [1] | 12,037 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 25,750 | |||
Land | 3,562 | ||||
Buildings and Improvements | 37,787 | ||||
Total | [3] | 41,349 | |||
Accumulated Depreciation (AD) | (24,013) | ||||
Total Cost Net of Accumulated Depreciation | 17,336 | ||||
Encumbrances | $ 17,192 | ||||
Axiom Apartment Homes - Cambridge MA [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Mid Rise | ||||
Date Consolidated | [4] | Apr. 1, 2015 | |||
Property Location | Cambridge, MA | ||||
Year Built | Jan. 1, 2015 | ||||
Number of apartment homes | Units | 115 | ||||
Initial Cost, Land | [1] | $ 0 | |||
Initial Cost, Buildings and Improvements | [1] | 63,612 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 1,025 | |||
Land | 0 | ||||
Buildings and Improvements | 64,637 | ||||
Total | [3] | 64,637 | |||
Accumulated Depreciation (AD) | (3,941) | ||||
Total Cost Net of Accumulated Depreciation | 60,696 | ||||
Encumbrances | $ 34,351 | ||||
Bank Lofts [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Apr. 1, 2001 | |||
Property Location | Denver, CO | ||||
Year Built | Jan. 1, 1920 | ||||
Number of apartment homes | Units | 125 | ||||
Initial Cost, Land | [1] | $ 3,525 | |||
Initial Cost, Buildings and Improvements | [1] | 9,045 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 3,723 | |||
Land | 3,525 | ||||
Buildings and Improvements | 12,768 | ||||
Total | [3] | 16,293 | |||
Accumulated Depreciation (AD) | (6,411) | ||||
Total Cost Net of Accumulated Depreciation | 9,882 | ||||
Encumbrances | $ 10,957 | ||||
Bay Parc Plaza [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Sep. 1, 2004 | |||
Property Location | Miami, FL | ||||
Year Built | Jan. 1, 2000 | ||||
Number of apartment homes | Units | 471 | ||||
Initial Cost, Land | [1] | $ 22,680 | |||
Initial Cost, Buildings and Improvements | [1] | 41,847 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 12,305 | |||
Land | 22,680 | ||||
Buildings and Improvements | 54,152 | ||||
Total | [3] | 76,832 | |||
Accumulated Depreciation (AD) | (16,466) | ||||
Total Cost Net of Accumulated Depreciation | 60,366 | ||||
Encumbrances | $ 43,631 | ||||
Bay Ridge at Nashua [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Jan. 1, 2003 | |||
Property Location | Nashua, NH | ||||
Year Built | Jan. 1, 1984 | ||||
Number of apartment homes | Units | 412 | ||||
Initial Cost, Land | [1] | $ 3,262 | |||
Initial Cost, Buildings and Improvements | [1] | 40,713 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 7,857 | |||
Land | 3,262 | ||||
Buildings and Improvements | 48,570 | ||||
Total | [3] | 51,832 | |||
Accumulated Depreciation (AD) | (20,124) | ||||
Total Cost Net of Accumulated Depreciation | 31,708 | ||||
Encumbrances | $ 29,311 | ||||
Bayberry Hill Estates [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Aug. 1, 2002 | |||
Property Location | Framingham, MA | ||||
Year Built | Jan. 1, 1971 | ||||
Number of apartment homes | Units | 424 | ||||
Initial Cost, Land | [1] | $ 19,944 | |||
Initial Cost, Buildings and Improvements | [1] | 35,945 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 13,657 | |||
Land | 19,944 | ||||
Buildings and Improvements | 49,602 | ||||
Total | [3] | 69,546 | |||
Accumulated Depreciation (AD) | (22,871) | ||||
Total Cost Net of Accumulated Depreciation | 46,675 | ||||
Encumbrances | $ 31,399 | ||||
Bluffs at Pacifica, The [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Oct. 1, 2006 | |||
Property Location | Pacifica, CA | ||||
Year Built | Jan. 1, 1963 | ||||
Number of apartment homes | Units | 64 | ||||
Initial Cost, Land | [1] | $ 8,108 | |||
Initial Cost, Buildings and Improvements | [1] | 4,132 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 19,221 | |||
Land | 8,108 | ||||
Buildings and Improvements | 23,353 | ||||
Total | [3] | 31,461 | |||
Accumulated Depreciation (AD) | (10,876) | ||||
Total Cost Net of Accumulated Depreciation | 20,585 | ||||
Encumbrances | $ 0 | ||||
Boston Lofts [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Apr. 1, 2001 | |||
Property Location | Denver, CO | ||||
Year Built | Jan. 1, 1890 | ||||
Number of apartment homes | Units | 158 | ||||
Initial Cost, Land | [1] | $ 3,446 | |||
Initial Cost, Buildings and Improvements | [1] | 20,589 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 5,559 | |||
Land | 3,446 | ||||
Buildings and Improvements | 26,148 | ||||
Total | [3] | 29,594 | |||
Accumulated Depreciation (AD) | (13,350) | ||||
Total Cost Net of Accumulated Depreciation | 16,244 | ||||
Encumbrances | $ 16,007 | ||||
Boulder Creek [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Jul. 1, 1994 | |||
Property Location | Boulder, CO | ||||
Year Built | Jan. 1, 1973 | ||||
Number of apartment homes | Units | 221 | ||||
Initial Cost, Land | [1] | $ 754 | |||
Initial Cost, Buildings and Improvements | [1] | 7,730 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 20,110 | |||
Land | 754 | ||||
Buildings and Improvements | 27,840 | ||||
Total | [3] | 28,594 | |||
Accumulated Depreciation (AD) | (17,518) | ||||
Total Cost Net of Accumulated Depreciation | 11,076 | ||||
Encumbrances | $ 5,547 | ||||
Broadcast Center [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Mar. 1, 2002 | |||
Property Location | Los Angeles, CA | ||||
Year Built | Jan. 1, 1990 | ||||
Number of apartment homes | Units | 279 | ||||
Initial Cost, Land | [1] | $ 29,407 | |||
Initial Cost, Buildings and Improvements | [1] | 41,244 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 22,509 | |||
Land | 29,407 | ||||
Buildings and Improvements | 63,753 | ||||
Total | [3] | 93,160 | |||
Accumulated Depreciation (AD) | (30,936) | ||||
Total Cost Net of Accumulated Depreciation | 62,224 | ||||
Encumbrances | $ 56,679 | ||||
Broadway Lofts [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Sep. 1, 2012 | |||
Property Location | San Diego, CA | ||||
Year Built | Jan. 1, 1909 | ||||
Number of apartment homes | Units | 84 | ||||
Initial Cost, Land | [1] | $ 5,367 | |||
Initial Cost, Buildings and Improvements | [1] | 14,442 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 2,522 | |||
Land | 5,367 | ||||
Buildings and Improvements | 16,964 | ||||
Total | [3] | 22,331 | |||
Accumulated Depreciation (AD) | (2,632) | ||||
Total Cost Net of Accumulated Depreciation | 19,699 | ||||
Encumbrances | $ 9,052 | ||||
Burke Shire Commons [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Mar. 1, 2001 | |||
Property Location | Burke, VA | ||||
Year Built | Jan. 1, 1986 | ||||
Number of apartment homes | Units | 360 | ||||
Initial Cost, Land | [1] | $ 4,867 | |||
Initial Cost, Buildings and Improvements | [1] | 23,617 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 15,259 | |||
Land | 4,867 | ||||
Buildings and Improvements | 38,876 | ||||
Total | [3] | 43,743 | |||
Accumulated Depreciation (AD) | (19,677) | ||||
Total Cost Net of Accumulated Depreciation | 24,066 | ||||
Encumbrances | $ 39,639 | ||||
Calhoun Beach Club [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Dec. 1, 1998 | |||
Property Location | Minneapolis, MN | ||||
Year Built | Jan. 1, 1928 | ||||
Number of apartment homes | Units | 332 | ||||
Initial Cost, Land | [1] | $ 11,708 | |||
Initial Cost, Buildings and Improvements | [1] | 73,334 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 56,061 | |||
Land | 11,708 | ||||
Buildings and Improvements | 129,395 | ||||
Total | [3] | 141,103 | |||
Accumulated Depreciation (AD) | (71,570) | ||||
Total Cost Net of Accumulated Depreciation | 69,533 | ||||
Encumbrances | $ 44,200 | ||||
Canyon Terrace [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Mar. 1, 2002 | |||
Property Location | Saugus, CA | ||||
Year Built | Jan. 1, 1984 | ||||
Number of apartment homes | Units | 130 | ||||
Initial Cost, Land | [1] | $ 7,508 | |||
Initial Cost, Buildings and Improvements | [1] | 6,601 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 5,795 | |||
Land | 7,508 | ||||
Buildings and Improvements | 12,396 | ||||
Total | [3] | 19,904 | |||
Accumulated Depreciation (AD) | (7,207) | ||||
Total Cost Net of Accumulated Depreciation | 12,697 | ||||
Encumbrances | $ 9,502 | ||||
Cedar Rim [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Apr. 1, 2000 | |||
Property Location | Newcastle, WA | ||||
Year Built | Jan. 1, 1980 | ||||
Number of apartment homes | Units | 104 | ||||
Initial Cost, Land | [1] | $ 761 | |||
Initial Cost, Buildings and Improvements | [1] | 5,218 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 12,754 | |||
Land | 761 | ||||
Buildings and Improvements | 17,972 | ||||
Total | [3] | 18,733 | |||
Accumulated Depreciation (AD) | (14,512) | ||||
Total Cost Net of Accumulated Depreciation | 4,221 | ||||
Encumbrances | $ 7,117 | ||||
Charlesbank Apartment Homes [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Mid Rise | ||||
Date Consolidated | [4] | Sep. 1, 2013 | |||
Property Location | Watertown, MA | ||||
Year Built | Jan. 1, 2012 | ||||
Number of apartment homes | Units | 44 | ||||
Initial Cost, Land | [1] | $ 3,399 | |||
Initial Cost, Buildings and Improvements | [1] | 11,726 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 398 | |||
Land | 3,399 | ||||
Buildings and Improvements | 12,124 | ||||
Total | [3] | 15,523 | |||
Accumulated Depreciation (AD) | (1,416) | ||||
Total Cost Net of Accumulated Depreciation | 14,107 | ||||
Encumbrances | $ 8,055 | ||||
Chestnut Hall [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Oct. 1, 2006 | |||
Property Location | Philadelphia, PA | ||||
Year Built | Jan. 1, 1923 | ||||
Number of apartment homes | Units | 315 | ||||
Initial Cost, Land | [1] | $ 12,338 | |||
Initial Cost, Buildings and Improvements | [1] | 14,299 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 7,938 | |||
Land | 12,338 | ||||
Buildings and Improvements | 22,237 | ||||
Total | [3] | 34,575 | |||
Accumulated Depreciation (AD) | (10,247) | ||||
Total Cost Net of Accumulated Depreciation | 24,328 | ||||
Encumbrances | $ 38,205 | ||||
Chestnut Hill Village [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Apr. 1, 2000 | |||
Property Location | Philadelphia, PA | ||||
Year Built | Jan. 1, 1963 | ||||
Number of apartment homes | Units | 821 | ||||
Initial Cost, Land | [1] | $ 6,469 | |||
Initial Cost, Buildings and Improvements | [1] | 49,316 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 40,437 | |||
Land | 6,469 | ||||
Buildings and Improvements | 89,753 | ||||
Total | [3] | 96,222 | |||
Accumulated Depreciation (AD) | (55,446) | ||||
Total Cost Net of Accumulated Depreciation | 40,776 | ||||
Encumbrances | $ 75,000 | ||||
Chimneys of Cradle Rock [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Jun. 1, 2004 | |||
Property Location | Columbia, MD | ||||
Year Built | Jan. 1, 1979 | ||||
Number of apartment homes | Units | 198 | ||||
Initial Cost, Land | [1] | $ 2,040 | |||
Initial Cost, Buildings and Improvements | [1] | 8,108 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 706 | |||
Land | 2,040 | ||||
Buildings and Improvements | 8,814 | ||||
Total | [3] | 10,854 | |||
Accumulated Depreciation (AD) | (3,329) | ||||
Total Cost Net of Accumulated Depreciation | 7,525 | ||||
Encumbrances | $ 15,329 | ||||
Columbus Avenue [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Mid Rise | ||||
Date Consolidated | [4] | Sep. 1, 2003 | |||
Property Location | New York, NY | ||||
Year Built | Jan. 1, 1880 | ||||
Number of apartment homes | Units | 59 | ||||
Initial Cost, Land | [1] | $ 35,527 | |||
Initial Cost, Buildings and Improvements | [1] | 9,450 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 5,707 | |||
Land | 35,527 | ||||
Buildings and Improvements | 15,157 | ||||
Total | [3] | 50,684 | |||
Accumulated Depreciation (AD) | (8,737) | ||||
Total Cost Net of Accumulated Depreciation | 41,947 | ||||
Encumbrances | $ 26,327 | ||||
Creekside [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Jan. 1, 2000 | |||
Property Location | Denver, CO | ||||
Year Built | Jan. 1, 1974 | ||||
Number of apartment homes | Units | 328 | ||||
Initial Cost, Land | [1] | $ 3,189 | |||
Initial Cost, Buildings and Improvements | [1] | 12,698 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 5,986 | |||
Land | 3,189 | ||||
Buildings and Improvements | 18,684 | ||||
Total | [3] | 21,873 | |||
Accumulated Depreciation (AD) | (12,157) | ||||
Total Cost Net of Accumulated Depreciation | 9,716 | ||||
Encumbrances | $ 11,802 | ||||
Crescent at West Hollywood, The [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Mid Rise | ||||
Date Consolidated | [4] | Mar. 1, 2002 | |||
Property Location | West Hollywood, CA | ||||
Year Built | Jan. 1, 1985 | ||||
Number of apartment homes | Units | 130 | ||||
Initial Cost, Land | [1] | $ 15,765 | |||
Initial Cost, Buildings and Improvements | [1] | 10,215 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 10,872 | |||
Land | 15,765 | ||||
Buildings and Improvements | 21,087 | ||||
Total | [3] | 36,852 | |||
Accumulated Depreciation (AD) | (14,386) | ||||
Total Cost Net of Accumulated Depreciation | 22,466 | ||||
Encumbrances | $ 0 | ||||
Eastpointe [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Dec. 1, 2014 | |||
Property Location | Boulder, CO | ||||
Year Built | Jan. 1, 1970 | ||||
Number of apartment homes | Units | 140 | ||||
Initial Cost, Land | [1] | $ 15,300 | |||
Initial Cost, Buildings and Improvements | [1] | 2,705 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 1,868 | |||
Land | 15,300 | ||||
Buildings and Improvements | 4,573 | ||||
Total | [3] | 19,873 | |||
Accumulated Depreciation (AD) | (201) | ||||
Total Cost Net of Accumulated Depreciation | 19,672 | ||||
Encumbrances | $ 0 | ||||
Elm Creek [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Mid Rise | ||||
Date Consolidated | [4] | Dec. 1, 1997 | |||
Property Location | Elmhurst, IL | ||||
Year Built | Jan. 1, 1987 | ||||
Number of apartment homes | Units | 400 | ||||
Initial Cost, Land | [1] | $ 5,910 | |||
Initial Cost, Buildings and Improvements | [1] | 30,830 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 29,140 | |||
Land | 5,910 | ||||
Buildings and Improvements | 59,970 | ||||
Total | [3] | 65,880 | |||
Accumulated Depreciation (AD) | (28,201) | ||||
Total Cost Net of Accumulated Depreciation | 37,679 | ||||
Encumbrances | $ 0 | ||||
Evanston Place [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Dec. 1, 1997 | |||
Property Location | Evanston, IL | ||||
Year Built | Jan. 1, 1990 | ||||
Number of apartment homes | Units | 190 | ||||
Initial Cost, Land | [1] | $ 3,232 | |||
Initial Cost, Buildings and Improvements | [1] | 25,546 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 12,484 | |||
Land | 3,232 | ||||
Buildings and Improvements | 38,030 | ||||
Total | [3] | 41,262 | |||
Accumulated Depreciation (AD) | (17,136) | ||||
Total Cost Net of Accumulated Depreciation | 24,126 | ||||
Encumbrances | $ 19,659 | ||||
Farmingdale [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Mid Rise | ||||
Date Consolidated | [4] | Oct. 1, 2000 | |||
Property Location | Darien, IL | ||||
Year Built | Jan. 1, 1975 | ||||
Number of apartment homes | Units | 240 | ||||
Initial Cost, Land | [1] | $ 11,763 | |||
Initial Cost, Buildings and Improvements | [1] | 15,174 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 8,408 | |||
Land | 11,763 | ||||
Buildings and Improvements | 23,582 | ||||
Total | [3] | 35,345 | |||
Accumulated Depreciation (AD) | (11,117) | ||||
Total Cost Net of Accumulated Depreciation | 24,228 | ||||
Encumbrances | $ 14,397 | ||||
Flamingo Towers [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Sep. 1, 1997 | |||
Property Location | Miami Beach, FL | ||||
Year Built | Jan. 1, 1960 | ||||
Number of apartment homes | Units | 1,268 | ||||
Initial Cost, Land | [1] | $ 32,427 | |||
Initial Cost, Buildings and Improvements | [1] | 48,808 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 288,908 | |||
Land | 32,427 | ||||
Buildings and Improvements | 337,716 | ||||
Total | [3] | 370,143 | |||
Accumulated Depreciation (AD) | (148,984) | ||||
Total Cost Net of Accumulated Depreciation | 221,159 | ||||
Encumbrances | $ 107,457 | ||||
Four Quarters Habitat [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Jan. 1, 2006 | |||
Property Location | Miami, FL | ||||
Year Built | Jan. 1, 1976 | ||||
Number of apartment homes | Units | 336 | ||||
Initial Cost, Land | [1] | $ 2,379 | |||
Initial Cost, Buildings and Improvements | [1] | 17,199 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 22,966 | |||
Land | 2,379 | ||||
Buildings and Improvements | 40,165 | ||||
Total | [3] | 42,544 | |||
Accumulated Depreciation (AD) | (22,762) | ||||
Total Cost Net of Accumulated Depreciation | 19,782 | ||||
Encumbrances | $ 5,742 | ||||
Foxchase [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Dec. 1, 1997 | |||
Property Location | Alexandria, VA | ||||
Year Built | Jan. 1, 1940 | ||||
Number of apartment homes | Units | 2,113 | ||||
Initial Cost, Land | [1] | $ 15,496 | |||
Initial Cost, Buildings and Improvements | [1] | 96,062 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 40,988 | |||
Land | 15,496 | ||||
Buildings and Improvements | 137,050 | ||||
Total | [3] | 152,546 | |||
Accumulated Depreciation (AD) | (75,841) | ||||
Total Cost Net of Accumulated Depreciation | 76,705 | ||||
Encumbrances | $ 233,383 | ||||
Georgetown [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Aug. 1, 2002 | |||
Property Location | Framingham, MA | ||||
Year Built | Jan. 1, 1964 | ||||
Number of apartment homes | Units | 207 | ||||
Initial Cost, Land | [1] | $ 12,351 | |||
Initial Cost, Buildings and Improvements | [1] | 13,168 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 3,249 | |||
Land | 12,351 | ||||
Buildings and Improvements | 16,417 | ||||
Total | [3] | 28,768 | |||
Accumulated Depreciation (AD) | (7,366) | ||||
Total Cost Net of Accumulated Depreciation | 21,402 | ||||
Encumbrances | $ 6,867 | ||||
Granada [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Mid Rise | ||||
Date Consolidated | [4] | Aug. 1, 2002 | |||
Property Location | Framingham, MA | ||||
Year Built | Jan. 1, 1958 | ||||
Number of apartment homes | Units | 72 | ||||
Initial Cost, Land | [1] | $ 4,577 | |||
Initial Cost, Buildings and Improvements | [1] | 4,057 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 1,454 | |||
Land | 4,577 | ||||
Buildings and Improvements | 5,511 | ||||
Total | [3] | 10,088 | |||
Accumulated Depreciation (AD) | (2,821) | ||||
Total Cost Net of Accumulated Depreciation | 7,267 | ||||
Encumbrances | $ 2,301 | ||||
Heritage Park Escondido [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Oct. 1, 2000 | |||
Property Location | Escondido, CA | ||||
Year Built | Jan. 1, 1986 | ||||
Number of apartment homes | Units | 196 | ||||
Initial Cost, Land | [1] | $ 1,055 | |||
Initial Cost, Buildings and Improvements | [1] | 7,565 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 2,095 | |||
Land | 1,055 | ||||
Buildings and Improvements | 9,660 | ||||
Total | [3] | 10,715 | |||
Accumulated Depreciation (AD) | (6,404) | ||||
Total Cost Net of Accumulated Depreciation | 4,311 | ||||
Encumbrances | $ 6,610 | ||||
Heritage Park Livermore [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Oct. 1, 2000 | |||
Property Location | Livermore, CA | ||||
Year Built | Jan. 1, 1988 | ||||
Number of apartment homes | Units | 167 | ||||
Initial Cost, Land | [1] | $ 0 | |||
Initial Cost, Buildings and Improvements | [1] | 10,209 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 1,640 | |||
Land | 0 | ||||
Buildings and Improvements | 11,849 | ||||
Total | [3] | 11,849 | |||
Accumulated Depreciation (AD) | (7,426) | ||||
Total Cost Net of Accumulated Depreciation | 4,423 | ||||
Encumbrances | $ 6,838 | ||||
Heritage Village Anaheim [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Oct. 1, 2000 | |||
Property Location | Anaheim, CA | ||||
Year Built | Jan. 1, 1986 | ||||
Number of apartment homes | Units | 196 | ||||
Initial Cost, Land | [1] | $ 1,832 | |||
Initial Cost, Buildings and Improvements | [1] | 8,541 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 1,810 | |||
Land | 1,832 | ||||
Buildings and Improvements | 10,351 | ||||
Total | [3] | 12,183 | |||
Accumulated Depreciation (AD) | (6,401) | ||||
Total Cost Net of Accumulated Depreciation | 5,782 | ||||
Encumbrances | $ 8,024 | ||||
Hidden Cove [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Jul. 1, 1998 | |||
Property Location | Escondido, CA | ||||
Year Built | Jan. 1, 1983 | ||||
Number of apartment homes | Units | 334 | ||||
Initial Cost, Land | [1] | $ 3,043 | |||
Initial Cost, Buildings and Improvements | [1] | 17,616 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 10,783 | |||
Land | 3,043 | ||||
Buildings and Improvements | 28,399 | ||||
Total | [3] | 31,442 | |||
Accumulated Depreciation (AD) | (14,933) | ||||
Total Cost Net of Accumulated Depreciation | 16,509 | ||||
Encumbrances | $ 34,563 | ||||
Hidden Cove II [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Jul. 1, 2007 | |||
Property Location | Escondido, CA | ||||
Year Built | Jan. 1, 1986 | ||||
Number of apartment homes | Units | 118 | ||||
Initial Cost, Land | [1] | $ 12,849 | |||
Initial Cost, Buildings and Improvements | [1] | 6,530 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 7,109 | |||
Land | 12,849 | ||||
Buildings and Improvements | 13,639 | ||||
Total | [3] | 26,488 | |||
Accumulated Depreciation (AD) | (7,600) | ||||
Total Cost Net of Accumulated Depreciation | 18,888 | ||||
Encumbrances | $ 14,005 | ||||
Hillcreste [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Mar. 1, 2002 | |||
Property Location | Century City, CA | ||||
Year Built | Jan. 1, 1989 | ||||
Number of apartment homes | Units | 315 | ||||
Initial Cost, Land | [1] | $ 35,862 | |||
Initial Cost, Buildings and Improvements | [1] | 47,216 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 12,798 | |||
Land | 35,862 | ||||
Buildings and Improvements | 60,014 | ||||
Total | [3] | 95,876 | |||
Accumulated Depreciation (AD) | (26,435) | ||||
Total Cost Net of Accumulated Depreciation | 69,441 | ||||
Encumbrances | $ 66,372 | ||||
Hillmeade [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Nov. 1, 1994 | |||
Property Location | Nashville, TN | ||||
Year Built | Jan. 1, 1986 | ||||
Number of apartment homes | Units | 288 | ||||
Initial Cost, Land | [1] | $ 2,872 | |||
Initial Cost, Buildings and Improvements | [1] | 16,070 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 16,535 | |||
Land | 2,872 | ||||
Buildings and Improvements | 32,605 | ||||
Total | [3] | 35,477 | |||
Accumulated Depreciation (AD) | (17,769) | ||||
Total Cost Net of Accumulated Depreciation | 17,708 | ||||
Encumbrances | $ 15,891 | ||||
Horizons West Apartments [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Mid Rise | ||||
Date Consolidated | [4] | Dec. 1, 2006 | |||
Property Location | Pacifica, CA | ||||
Year Built | Jan. 1, 1970 | ||||
Number of apartment homes | Units | 78 | ||||
Initial Cost, Land | [1] | $ 8,887 | |||
Initial Cost, Buildings and Improvements | [1] | 6,377 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 2,279 | |||
Land | 8,887 | ||||
Buildings and Improvements | 8,656 | ||||
Total | [3] | 17,543 | |||
Accumulated Depreciation (AD) | (3,902) | ||||
Total Cost Net of Accumulated Depreciation | 13,641 | ||||
Encumbrances | $ 14,319 | ||||
Hunt Club [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Sep. 1, 2000 | |||
Property Location | Gaithersburg, MD | ||||
Year Built | Jan. 1, 1986 | ||||
Number of apartment homes | Units | 336 | ||||
Initial Cost, Land | [1] | $ 17,859 | |||
Initial Cost, Buildings and Improvements | [1] | 13,149 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 11,954 | |||
Land | 17,859 | ||||
Buildings and Improvements | 25,103 | ||||
Total | [3] | 42,962 | |||
Accumulated Depreciation (AD) | (13,256) | ||||
Total Cost Net of Accumulated Depreciation | 29,706 | ||||
Encumbrances | $ 0 | ||||
Hunters Chase [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Jan. 1, 2001 | |||
Property Location | Midlothian, VA | ||||
Year Built | Jan. 1, 1985 | ||||
Number of apartment homes | Units | 320 | ||||
Initial Cost, Land | [1] | $ 7,935 | |||
Initial Cost, Buildings and Improvements | [1] | 7,915 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 2,743 | |||
Land | 7,935 | ||||
Buildings and Improvements | 10,658 | ||||
Total | [3] | 18,593 | |||
Accumulated Depreciation (AD) | (4,909) | ||||
Total Cost Net of Accumulated Depreciation | 13,684 | ||||
Encumbrances | $ 14,347 | ||||
Hunters Glen [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Oct. 1, 1999 | |||
Property Location | Plainsboro, NJ | ||||
Year Built | Jan. 1, 1976 | ||||
Number of apartment homes | Units | 896 | ||||
Initial Cost, Land | [1] | $ 8,778 | |||
Initial Cost, Buildings and Improvements | [1] | 47,259 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 38,780 | |||
Land | 8,778 | ||||
Buildings and Improvements | 86,039 | ||||
Total | [3] | 94,817 | |||
Accumulated Depreciation (AD) | (64,072) | ||||
Total Cost Net of Accumulated Depreciation | 30,745 | ||||
Encumbrances | $ 61,073 | ||||
Hyde Park Tower [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Oct. 1, 2004 | |||
Property Location | Chicago, IL | ||||
Year Built | Jan. 1, 1990 | ||||
Number of apartment homes | Units | 155 | ||||
Initial Cost, Land | [1] | $ 4,731 | |||
Initial Cost, Buildings and Improvements | [1] | 14,927 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 10,782 | |||
Land | 4,731 | ||||
Buildings and Improvements | 25,709 | ||||
Total | [3] | 30,440 | |||
Accumulated Depreciation (AD) | (6,459) | ||||
Total Cost Net of Accumulated Depreciation | 23,981 | ||||
Encumbrances | $ 13,219 | ||||
Indian Oaks [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Mar. 1, 2002 | |||
Property Location | Simi Valley, CA | ||||
Year Built | Jan. 1, 1986 | ||||
Number of apartment homes | Units | 254 | ||||
Initial Cost, Land | [1] | $ 24,523 | |||
Initial Cost, Buildings and Improvements | [1] | 15,801 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 5,819 | |||
Land | 24,523 | ||||
Buildings and Improvements | 21,620 | ||||
Total | [3] | 46,143 | |||
Accumulated Depreciation (AD) | (11,010) | ||||
Total Cost Net of Accumulated Depreciation | 35,133 | ||||
Encumbrances | $ 0 | ||||
Indigo Apartment Homes - Redwood City CA [Member] [Domain] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Aug. 1, 2016 | |||
Property Location | Redwood City, CA | ||||
Year Built | Jan. 1, 2016 | ||||
Number of apartment homes | Units | 463 | ||||
Initial Cost, Land | [1] | $ 26,944 | |||
Initial Cost, Buildings and Improvements | [1] | 296,104 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 481 | |||
Land | 26,944 | ||||
Buildings and Improvements | 296,585 | ||||
Total | [3] | 323,529 | |||
Accumulated Depreciation (AD) | (3,889) | ||||
Total Cost Net of Accumulated Depreciation | 319,640 | ||||
Encumbrances | $ 144,294 | ||||
Island Club [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Oct. 1, 2000 | |||
Property Location | Oceanside, CA | ||||
Year Built | Jan. 1, 1986 | ||||
Number of apartment homes | Units | 592 | ||||
Initial Cost, Land | [1] | $ 18,027 | |||
Initial Cost, Buildings and Improvements | [1] | 28,654 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 15,868 | |||
Land | 18,027 | ||||
Buildings and Improvements | 44,522 | ||||
Total | [3] | 62,549 | |||
Accumulated Depreciation (AD) | (27,851) | ||||
Total Cost Net of Accumulated Depreciation | 34,698 | ||||
Encumbrances | $ 57,691 | ||||
Key Towers [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Apr. 1, 2001 | |||
Property Location | Alexandria, VA | ||||
Year Built | Jan. 1, 1964 | ||||
Number of apartment homes | Units | 140 | ||||
Initial Cost, Land | [1] | $ 1,526 | |||
Initial Cost, Buildings and Improvements | [1] | 7,050 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 6,647 | |||
Land | 1,526 | ||||
Buildings and Improvements | 13,697 | ||||
Total | [3] | 15,223 | |||
Accumulated Depreciation (AD) | (10,176) | ||||
Total Cost Net of Accumulated Depreciation | 5,047 | ||||
Encumbrances | $ 9,748 | ||||
Lakeside [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Oct. 1, 1999 | |||
Property Location | Lisle, IL | ||||
Year Built | Jan. 1, 1972 | ||||
Number of apartment homes | Units | 568 | ||||
Initial Cost, Land | [1] | $ 5,840 | |||
Initial Cost, Buildings and Improvements | [1] | 27,937 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 24,090 | |||
Land | 5,840 | ||||
Buildings and Improvements | 52,027 | ||||
Total | [3] | 57,867 | |||
Accumulated Depreciation (AD) | (33,575) | ||||
Total Cost Net of Accumulated Depreciation | 24,292 | ||||
Encumbrances | $ 26,288 | ||||
Latrobe [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Jan. 1, 2003 | |||
Property Location | Washington, DC | ||||
Year Built | Jan. 1, 1980 | ||||
Number of apartment homes | Units | 175 | ||||
Initial Cost, Land | [1] | $ 3,459 | |||
Initial Cost, Buildings and Improvements | [1] | 9,103 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 13,142 | |||
Land | 3,459 | ||||
Buildings and Improvements | 22,245 | ||||
Total | [3] | 25,704 | |||
Accumulated Depreciation (AD) | (14,555) | ||||
Total Cost Net of Accumulated Depreciation | 11,149 | ||||
Encumbrances | $ 27,923 | ||||
Lincoln Place Garden (5) [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | [5] | Garden | |||
Date Consolidated | [4],[5] | Oct. 1, 2004 | |||
Property Location | [5] | Venice, CA | |||
Year Built | [5] | Jan. 1, 1951 | |||
Number of apartment homes | Units | [5] | 795 | |||
Initial Cost, Land | [1],[5] | $ 128,332 | |||
Initial Cost, Buildings and Improvements | [1],[5] | 10,439 | |||
Costs Capitalized Subsequent to Consolidation | [2],[5] | 332,696 | |||
Land | [5] | 44,197 | |||
Buildings and Improvements | [5] | 343,135 | |||
Total | [3],[5] | 387,332 | |||
Accumulated Depreciation (AD) | [5] | (68,663) | |||
Total Cost Net of Accumulated Depreciation | [5] | 318,669 | |||
Encumbrances | [5] | $ 194,280 | |||
Lodge at Chattahoochee, The [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Oct. 1, 1999 | |||
Property Location | Sandy Springs, GA | ||||
Year Built | Jan. 1, 1970 | ||||
Number of apartment homes | Units | 312 | ||||
Initial Cost, Land | [1] | $ 2,335 | |||
Initial Cost, Buildings and Improvements | [1] | 16,370 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 17,039 | |||
Land | 2,335 | ||||
Buildings and Improvements | 33,409 | ||||
Total | [3] | 35,744 | |||
Accumulated Depreciation (AD) | (21,211) | ||||
Total Cost Net of Accumulated Depreciation | 14,533 | ||||
Encumbrances | $ 20,163 | ||||
Malibu Canyon [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Mar. 1, 2002 | |||
Property Location | Calabasas, CA | ||||
Year Built | Jan. 1, 1986 | ||||
Number of apartment homes | Units | 698 | ||||
Initial Cost, Land | [1] | $ 69,834 | |||
Initial Cost, Buildings and Improvements | [1] | 53,438 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 24,778 | |||
Land | 69,834 | ||||
Buildings and Improvements | 78,216 | ||||
Total | [3] | 148,050 | |||
Accumulated Depreciation (AD) | (38,744) | ||||
Total Cost Net of Accumulated Depreciation | 109,306 | ||||
Encumbrances | $ 109,803 | ||||
Maple Bay [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Dec. 1, 1999 | |||
Property Location | Virginia Beach, VA | ||||
Year Built | Jan. 1, 1971 | ||||
Number of apartment homes | Units | 414 | ||||
Initial Cost, Land | [1] | $ 2,597 | |||
Initial Cost, Buildings and Improvements | [1] | 16,141 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 23,069 | |||
Land | 2,597 | ||||
Buildings and Improvements | 39,210 | ||||
Total | [3] | 41,807 | |||
Accumulated Depreciation (AD) | (26,882) | ||||
Total Cost Net of Accumulated Depreciation | 14,925 | ||||
Encumbrances | $ 0 | ||||
Mariners Cove [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Mar. 1, 2002 | |||
Property Location | San Diego, CA | ||||
Year Built | Jan. 1, 1984 | ||||
Number of apartment homes | Units | 500 | ||||
Initial Cost, Land | [1] | $ 0 | |||
Initial Cost, Buildings and Improvements | [1] | 66,861 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 7,572 | |||
Land | 0 | ||||
Buildings and Improvements | 74,433 | ||||
Total | [3] | 74,433 | |||
Accumulated Depreciation (AD) | (34,371) | ||||
Total Cost Net of Accumulated Depreciation | 40,062 | ||||
Encumbrances | $ 0 | ||||
Meadow Creek [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Jul. 1, 1994 | |||
Property Location | Boulder, CO | ||||
Year Built | Jan. 1, 1968 | ||||
Number of apartment homes | Units | 332 | ||||
Initial Cost, Land | [1] | $ 1,435 | |||
Initial Cost, Buildings and Improvements | [1] | 24,533 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 5,785 | |||
Land | 1,435 | ||||
Buildings and Improvements | 30,318 | ||||
Total | [3] | 31,753 | |||
Accumulated Depreciation (AD) | (16,363) | ||||
Total Cost Net of Accumulated Depreciation | 15,390 | ||||
Encumbrances | $ 41,984 | ||||
Merrill House [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Jan. 1, 2000 | |||
Property Location | Falls Church, VA | ||||
Year Built | Jan. 1, 1964 | ||||
Number of apartment homes | Units | 159 | ||||
Initial Cost, Land | [1] | $ 1,836 | |||
Initial Cost, Buildings and Improvements | [1] | 10,831 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 7,621 | |||
Land | 1,836 | ||||
Buildings and Improvements | 18,452 | ||||
Total | [3] | 20,288 | |||
Accumulated Depreciation (AD) | (9,840) | ||||
Total Cost Net of Accumulated Depreciation | 10,448 | ||||
Encumbrances | $ 17,584 | ||||
Mezzo [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Mar. 1, 2015 | |||
Property Location | Atlanta, GA | ||||
Year Built | Jan. 1, 2008 | ||||
Number of apartment homes | Units | 94 | ||||
Initial Cost, Land | [1] | $ 4,292 | |||
Initial Cost, Buildings and Improvements | [1] | 34,178 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 664 | |||
Land | 4,292 | ||||
Buildings and Improvements | 34,842 | ||||
Total | [3] | 39,134 | |||
Accumulated Depreciation (AD) | (2,723) | ||||
Total Cost Net of Accumulated Depreciation | 36,411 | ||||
Encumbrances | $ 24,490 | ||||
Monterey Grove [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Jun. 1, 2008 | |||
Property Location | San Jose, CA | ||||
Year Built | Jan. 1, 1999 | ||||
Number of apartment homes | Units | 224 | ||||
Initial Cost, Land | [1] | $ 34,325 | |||
Initial Cost, Buildings and Improvements | [1] | 21,939 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 5,732 | |||
Land | 34,325 | ||||
Buildings and Improvements | 27,671 | ||||
Total | [3] | 61,996 | |||
Accumulated Depreciation (AD) | (10,254) | ||||
Total Cost Net of Accumulated Depreciation | 51,742 | ||||
Encumbrances | $ 0 | ||||
Ocean House on Prospect [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Mid Rise | ||||
Date Consolidated | [4] | Apr. 1, 2013 | |||
Property Location | La Jolla, CA | ||||
Year Built | Jan. 1, 1970 | ||||
Number of apartment homes | Units | 53 | ||||
Initial Cost, Land | [1] | $ 12,528 | |||
Initial Cost, Buildings and Improvements | [1] | 18,805 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 14,788 | |||
Land | 12,528 | ||||
Buildings and Improvements | 33,593 | ||||
Total | [3] | 46,121 | |||
Accumulated Depreciation (AD) | (2,597) | ||||
Total Cost Net of Accumulated Depreciation | 43,524 | ||||
Encumbrances | $ 13,621 | ||||
One Canal [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Sep. 1, 2013 | |||
Property Location | Boston, MA | ||||
Year Built | Jan. 1, 2016 | ||||
Number of apartment homes | Units | 310 | ||||
Initial Cost, Land | [1] | $ 0 | |||
Initial Cost, Buildings and Improvements | [1] | 15,873 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 176,087 | |||
Land | 0 | ||||
Buildings and Improvements | 191,960 | ||||
Total | [3] | 191,960 | |||
Accumulated Depreciation (AD) | (4,269) | ||||
Total Cost Net of Accumulated Depreciation | 187,691 | ||||
Encumbrances | $ 110,085 | ||||
Pacific Bay Vistas (5) [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | [5] | Garden | |||
Date Consolidated | [4],[5] | Mar. 1, 2001 | |||
Property Location | [5] | San Bruno, CA | |||
Year Built | [5] | Jan. 1, 1987 | |||
Number of apartment homes | Units | [5] | 308 | |||
Initial Cost, Land | [1],[5] | $ 28,694 | |||
Initial Cost, Buildings and Improvements | [1],[5] | 62,460 | |||
Costs Capitalized Subsequent to Consolidation | [2],[5] | 36,905 | |||
Land | [5] | 23,354 | |||
Buildings and Improvements | [5] | 99,365 | |||
Total | [3],[5] | 122,719 | |||
Accumulated Depreciation (AD) | [5] | (21,682) | |||
Total Cost Net of Accumulated Depreciation | [5] | 101,037 | |||
Encumbrances | [5] | $ 69,547 | |||
Pacifica Park [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Jul. 1, 2006 | |||
Property Location | Pacifica, CA | ||||
Year Built | Jan. 1, 1977 | ||||
Number of apartment homes | Units | 104 | ||||
Initial Cost, Land | [1] | $ 12,970 | |||
Initial Cost, Buildings and Improvements | [1] | 6,579 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 7,496 | |||
Land | 12,970 | ||||
Buildings and Improvements | 14,075 | ||||
Total | [3] | 27,045 | |||
Accumulated Depreciation (AD) | (4,894) | ||||
Total Cost Net of Accumulated Depreciation | 22,151 | ||||
Encumbrances | $ 11,447 | ||||
Palazzo at Park La Brea, The [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Mid Rise | ||||
Date Consolidated | [4] | Feb. 1, 2004 | |||
Property Location | Los Angeles, CA | ||||
Year Built | Jan. 1, 2002 | ||||
Number of apartment homes | Units | 521 | ||||
Initial Cost, Land | [1] | $ 48,362 | |||
Initial Cost, Buildings and Improvements | [1] | 125,464 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 31,959 | |||
Land | 48,362 | ||||
Buildings and Improvements | 157,423 | ||||
Total | [3] | 205,785 | |||
Accumulated Depreciation (AD) | (65,393) | ||||
Total Cost Net of Accumulated Depreciation | 140,392 | ||||
Encumbrances | $ 170,000 | ||||
Palazzo East at Park La Brea, The [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Mid Rise | ||||
Date Consolidated | [4] | Mar. 1, 2005 | |||
Property Location | Los Angeles, CA | ||||
Year Built | Jan. 1, 2005 | ||||
Number of apartment homes | Units | 611 | ||||
Initial Cost, Land | [1] | $ 72,578 | |||
Initial Cost, Buildings and Improvements | [1] | 136,503 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 15,257 | |||
Land | 72,578 | ||||
Buildings and Improvements | 151,760 | ||||
Total | [3] | 224,338 | |||
Accumulated Depreciation (AD) | (61,449) | ||||
Total Cost Net of Accumulated Depreciation | 162,889 | ||||
Encumbrances | $ 114,524 | ||||
Park Towne Place [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Apr. 1, 2000 | |||
Property Location | Philadelphia, PA | ||||
Year Built | Jan. 1, 1959 | ||||
Number of apartment homes | Units | 948 | ||||
Initial Cost, Land | [1] | $ 10,472 | |||
Initial Cost, Buildings and Improvements | [1] | 47,301 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 272,057 | |||
Land | 10,472 | ||||
Buildings and Improvements | 319,358 | ||||
Total | [3] | 329,830 | |||
Accumulated Depreciation (AD) | (73,876) | ||||
Total Cost Net of Accumulated Depreciation | 255,954 | ||||
Encumbrances | $ 0 | ||||
Parkway [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Mar. 1, 2000 | |||
Property Location | Willamsburg, VA | ||||
Year Built | Jan. 1, 1971 | ||||
Number of apartment homes | Units | 148 | ||||
Initial Cost, Land | [1] | $ 386 | |||
Initial Cost, Buildings and Improvements | [1] | 2,834 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 2,748 | |||
Land | 386 | ||||
Buildings and Improvements | 5,582 | ||||
Total | [3] | 5,968 | |||
Accumulated Depreciation (AD) | (3,504) | ||||
Total Cost Net of Accumulated Depreciation | 2,464 | ||||
Encumbrances | $ 0 | ||||
Pathfinder Village [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Jan. 1, 2006 | |||
Property Location | Fremont, CA | ||||
Year Built | Jan. 1, 1973 | ||||
Number of apartment homes | Units | 246 | ||||
Initial Cost, Land | [1] | $ 19,595 | |||
Initial Cost, Buildings and Improvements | [1] | 14,838 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 12,323 | |||
Land | 19,595 | ||||
Buildings and Improvements | 27,161 | ||||
Total | [3] | 46,756 | |||
Accumulated Depreciation (AD) | (12,248) | ||||
Total Cost Net of Accumulated Depreciation | 34,508 | ||||
Encumbrances | $ 38,889 | ||||
Peachtree Park [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Jan. 1, 1996 | |||
Property Location | Atlanta, GA | ||||
Year Built | Jan. 1, 1969 | ||||
Number of apartment homes | Units | 303 | ||||
Initial Cost, Land | [1] | $ 4,684 | |||
Initial Cost, Buildings and Improvements | [1] | 11,713 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 12,683 | |||
Land | 4,684 | ||||
Buildings and Improvements | 24,396 | ||||
Total | [3] | 29,080 | |||
Accumulated Depreciation (AD) | (14,558) | ||||
Total Cost Net of Accumulated Depreciation | 14,522 | ||||
Encumbrances | $ 1,708 | ||||
Plantation Gardens [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Oct. 1, 1999 | |||
Property Location | Plantation, FL | ||||
Year Built | Jan. 1, 1971 | ||||
Number of apartment homes | Units | 372 | ||||
Initial Cost, Land | [1] | $ 3,773 | |||
Initial Cost, Buildings and Improvements | [1] | 19,443 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 20,944 | |||
Land | 3,773 | ||||
Buildings and Improvements | 40,387 | ||||
Total | [3] | 44,160 | |||
Accumulated Depreciation (AD) | (23,226) | ||||
Total Cost Net of Accumulated Depreciation | 20,934 | ||||
Encumbrances | $ 21,245 | ||||
Post Ridge [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Jul. 1, 2000 | |||
Property Location | Nashville, TN | ||||
Year Built | Jan. 1, 1972 | ||||
Number of apartment homes | Units | 150 | ||||
Initial Cost, Land | [1] | $ 1,883 | |||
Initial Cost, Buildings and Improvements | [1] | 6,712 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 4,741 | |||
Land | 1,883 | ||||
Buildings and Improvements | 11,453 | ||||
Total | [3] | 13,336 | |||
Accumulated Depreciation (AD) | (7,617) | ||||
Total Cost Net of Accumulated Depreciation | 5,719 | ||||
Encumbrances | $ 5,346 | ||||
Preserve at Marin [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Mid Rise | ||||
Date Consolidated | [4] | Aug. 1, 2011 | |||
Property Location | Corte Madera, CA | ||||
Year Built | Jan. 1, 1964 | ||||
Number of apartment homes | Units | 126 | ||||
Initial Cost, Land | [1] | $ 18,179 | |||
Initial Cost, Buildings and Improvements | [1] | 30,132 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 81,591 | |||
Land | 18,179 | ||||
Buildings and Improvements | 111,723 | ||||
Total | [3] | 129,902 | |||
Accumulated Depreciation (AD) | (13,604) | ||||
Total Cost Net of Accumulated Depreciation | 116,298 | ||||
Encumbrances | $ 37,772 | ||||
Ravensworth Towers [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Jun. 1, 2004 | |||
Property Location | Annandale, VA | ||||
Year Built | Jan. 1, 1974 | ||||
Number of apartment homes | Units | 219 | ||||
Initial Cost, Land | [1] | $ 3,455 | |||
Initial Cost, Buildings and Improvements | [1] | 17,157 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 3,426 | |||
Land | 3,455 | ||||
Buildings and Improvements | 20,583 | ||||
Total | [3] | 24,038 | |||
Accumulated Depreciation (AD) | (13,074) | ||||
Total Cost Net of Accumulated Depreciation | 10,964 | ||||
Encumbrances | $ 21,213 | ||||
Reflections [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Sep. 1, 2000 | |||
Property Location | Virginia Beach, VA | ||||
Year Built | Jan. 1, 1987 | ||||
Number of apartment homes | Units | 480 | ||||
Initial Cost, Land | [1] | $ 15,988 | |||
Initial Cost, Buildings and Improvements | [1] | 13,684 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 4,769 | |||
Land | 15,988 | ||||
Buildings and Improvements | 18,453 | ||||
Total | [3] | 34,441 | |||
Accumulated Depreciation (AD) | (9,995) | ||||
Total Cost Net of Accumulated Depreciation | 24,446 | ||||
Encumbrances | $ 28,798 | ||||
River Club, The [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Apr. 1, 2005 | |||
Property Location | Edgewater, NJ | ||||
Year Built | Jan. 1, 1998 | ||||
Number of apartment homes | Units | 266 | ||||
Initial Cost, Land | [1] | $ 30,579 | |||
Initial Cost, Buildings and Improvements | [1] | 30,638 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 5,792 | |||
Land | 30,579 | ||||
Buildings and Improvements | 36,430 | ||||
Total | [3] | 67,009 | |||
Accumulated Depreciation (AD) | (14,132) | ||||
Total Cost Net of Accumulated Depreciation | 52,877 | ||||
Encumbrances | $ 0 | ||||
Riverloft [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Oct. 1, 1999 | |||
Property Location | Philadelphia, PA | ||||
Year Built | Jan. 1, 1910 | ||||
Number of apartment homes | Units | 184 | ||||
Initial Cost, Land | [1] | $ 2,120 | |||
Initial Cost, Buildings and Improvements | [1] | 11,286 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 29,712 | |||
Land | 2,120 | ||||
Buildings and Improvements | 40,998 | ||||
Total | [3] | 43,118 | |||
Accumulated Depreciation (AD) | (19,777) | ||||
Total Cost Net of Accumulated Depreciation | 23,341 | ||||
Encumbrances | $ 10,981 | ||||
Rosewood [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Mar. 1, 2002 | |||
Property Location | Camarillo, CA | ||||
Year Built | Jan. 1, 1976 | ||||
Number of apartment homes | Units | 152 | ||||
Initial Cost, Land | [1] | $ 12,430 | |||
Initial Cost, Buildings and Improvements | [1] | 8,060 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 3,784 | |||
Land | 12,430 | ||||
Buildings and Improvements | 11,844 | ||||
Total | [3] | 24,274 | |||
Accumulated Depreciation (AD) | (5,878) | ||||
Total Cost Net of Accumulated Depreciation | 18,396 | ||||
Encumbrances | $ 16,405 | ||||
Royal Crest Estates [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Aug. 1, 2002 | |||
Property Location | Warwick, RI | ||||
Year Built | Jan. 1, 1972 | ||||
Number of apartment homes | Units | 492 | ||||
Initial Cost, Land | [1] | $ 22,433 | |||
Initial Cost, Buildings and Improvements | [1] | 24,095 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 3,925 | |||
Land | 22,433 | ||||
Buildings and Improvements | 28,020 | ||||
Total | [3] | 50,453 | |||
Accumulated Depreciation (AD) | (18,004) | ||||
Total Cost Net of Accumulated Depreciation | 32,449 | ||||
Encumbrances | $ 34,008 | ||||
Royal Crest Estates [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Aug. 1, 2002 | |||
Property Location | Nashua, NH | ||||
Year Built | Jan. 1, 1970 | ||||
Number of apartment homes | Units | 902 | ||||
Initial Cost, Land | [1] | $ 68,230 | |||
Initial Cost, Buildings and Improvements | [1] | 45,562 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 11,363 | |||
Land | 68,230 | ||||
Buildings and Improvements | 56,925 | ||||
Total | [3] | 125,155 | |||
Accumulated Depreciation (AD) | (36,660) | ||||
Total Cost Net of Accumulated Depreciation | 88,495 | ||||
Encumbrances | $ 29,106 | ||||
Royal Crest Estates [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Aug. 1, 2002 | |||
Property Location | Marlborough, MA | ||||
Year Built | Jan. 1, 1970 | ||||
Number of apartment homes | Units | 473 | ||||
Initial Cost, Land | [1] | $ 25,178 | |||
Initial Cost, Buildings and Improvements | [1] | 28,786 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 9,324 | |||
Land | 25,178 | ||||
Buildings and Improvements | 38,110 | ||||
Total | [3] | 63,288 | |||
Accumulated Depreciation (AD) | (22,450) | ||||
Total Cost Net of Accumulated Depreciation | 40,838 | ||||
Encumbrances | $ 31,533 | ||||
Royal Crest Estates Four [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Aug. 1, 2002 | |||
Property Location | North Andover, MA | ||||
Year Built | Jan. 1, 1970 | ||||
Number of apartment homes | Units | 588 | ||||
Initial Cost, Land | [1] | $ 51,292 | |||
Initial Cost, Buildings and Improvements | [1] | 36,808 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 22,813 | |||
Land | 51,292 | ||||
Buildings and Improvements | 59,621 | ||||
Total | [3] | 110,913 | |||
Accumulated Depreciation (AD) | (30,114) | ||||
Total Cost Net of Accumulated Depreciation | 80,799 | ||||
Encumbrances | $ 43,098 | ||||
Savannah Trace [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Mar. 1, 2001 | |||
Property Location | Shaumburg, IL | ||||
Year Built | Jan. 1, 1986 | ||||
Number of apartment homes | Units | 368 | ||||
Initial Cost, Land | [1] | $ 13,960 | |||
Initial Cost, Buildings and Improvements | [1] | 20,731 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 9,061 | |||
Land | 13,960 | ||||
Buildings and Improvements | 29,792 | ||||
Total | [3] | 43,752 | |||
Accumulated Depreciation (AD) | (14,790) | ||||
Total Cost Net of Accumulated Depreciation | 28,962 | ||||
Encumbrances | $ 23,685 | ||||
Saybrook Pointe [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Dec. 1, 2014 | |||
Property Location | San Jose, CA | ||||
Year Built | Jan. 1, 1995 | ||||
Number of apartment homes | Units | 324 | ||||
Initial Cost, Land | [1] | $ 32,842 | |||
Initial Cost, Buildings and Improvements | [1] | 84,457 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 8,106 | |||
Land | 32,842 | ||||
Buildings and Improvements | 92,563 | ||||
Total | [3] | 125,405 | |||
Accumulated Depreciation (AD) | (5,927) | ||||
Total Cost Net of Accumulated Depreciation | 119,478 | ||||
Encumbrances | $ 64,709 | ||||
Scotchollow [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Jan. 1, 2006 | |||
Property Location | San Mateo, CA | ||||
Year Built | Jan. 1, 1971 | ||||
Number of apartment homes | Units | 418 | ||||
Initial Cost, Land | [1] | $ 49,475 | |||
Initial Cost, Buildings and Improvements | [1] | 17,756 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 13,323 | |||
Land | 49,475 | ||||
Buildings and Improvements | 31,079 | ||||
Total | [3] | 80,554 | |||
Accumulated Depreciation (AD) | (15,120) | ||||
Total Cost Net of Accumulated Depreciation | 65,434 | ||||
Encumbrances | $ 74,309 | ||||
Shenandoah Crossing [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Sep. 1, 2000 | |||
Property Location | Fairfax, VA | ||||
Year Built | Jan. 1, 1984 | ||||
Number of apartment homes | Units | 640 | ||||
Initial Cost, Land | [1] | $ 18,200 | |||
Initial Cost, Buildings and Improvements | [1] | 57,198 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 22,028 | |||
Land | 18,200 | ||||
Buildings and Improvements | 79,226 | ||||
Total | [3] | 97,426 | |||
Accumulated Depreciation (AD) | (48,157) | ||||
Total Cost Net of Accumulated Depreciation | 49,269 | ||||
Encumbrances | $ 0 | ||||
Springwoods At Lake Ridge [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Jul. 1, 2002 | |||
Property Location | Woodbridge, VA | ||||
Year Built | Jan. 1, 1984 | ||||
Number of apartment homes | Units | 180 | ||||
Initial Cost, Land | [1] | $ 5,587 | |||
Initial Cost, Buildings and Improvements | [1] | 7,284 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 2,897 | |||
Land | 5,587 | ||||
Buildings and Improvements | 10,181 | ||||
Total | [3] | 15,768 | |||
Accumulated Depreciation (AD) | (3,705) | ||||
Total Cost Net of Accumulated Depreciation | 12,063 | ||||
Encumbrances | $ 0 | ||||
Steeplechase [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Sep. 1, 2000 | |||
Property Location | Largo, MD | ||||
Year Built | Jan. 1, 1986 | ||||
Number of apartment homes | Units | 240 | ||||
Initial Cost, Land | [1] | $ 3,675 | |||
Initial Cost, Buildings and Improvements | [1] | 16,111 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 6,324 | |||
Land | 3,675 | ||||
Buildings and Improvements | 22,435 | ||||
Total | [3] | 26,110 | |||
Accumulated Depreciation (AD) | (11,814) | ||||
Total Cost Net of Accumulated Depreciation | 14,296 | ||||
Encumbrances | $ 0 | ||||
Sterling Apartment Homes, The [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Oct. 1, 1999 | |||
Property Location | Philadelphia, PA | ||||
Year Built | Jan. 1, 1961 | ||||
Number of apartment homes | Units | 534 | ||||
Initial Cost, Land | [1] | $ 8,871 | |||
Initial Cost, Buildings and Improvements | [1] | 55,365 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 105,461 | |||
Land | 8,871 | ||||
Buildings and Improvements | 160,826 | ||||
Total | [3] | 169,697 | |||
Accumulated Depreciation (AD) | (58,654) | ||||
Total Cost Net of Accumulated Depreciation | 111,043 | ||||
Encumbrances | $ 68,370 | ||||
Stone Creek Club [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Sep. 1, 2000 | |||
Property Location | Germantown, MD | ||||
Year Built | Jan. 1, 1984 | ||||
Number of apartment homes | Units | 240 | ||||
Initial Cost, Land | [1] | $ 13,593 | |||
Initial Cost, Buildings and Improvements | [1] | 9,347 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 7,086 | |||
Land | 13,593 | ||||
Buildings and Improvements | 16,433 | ||||
Total | [3] | 30,026 | |||
Accumulated Depreciation (AD) | (11,230) | ||||
Total Cost Net of Accumulated Depreciation | 18,796 | ||||
Encumbrances | $ 0 | ||||
Timbers at Long Reach Apartment Homes [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Apr. 1, 2005 | |||
Property Location | Columbia, MD | ||||
Year Built | Jan. 1, 1979 | ||||
Number of apartment homes | Units | 178 | ||||
Initial Cost, Land | [1] | $ 2,430 | |||
Initial Cost, Buildings and Improvements | [1] | 12,181 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 889 | |||
Land | 2,430 | ||||
Buildings and Improvements | 13,070 | ||||
Total | [3] | 15,500 | |||
Accumulated Depreciation (AD) | (7,023) | ||||
Total Cost Net of Accumulated Depreciation | 8,477 | ||||
Encumbrances | $ 12,658 | ||||
Towers Of Westchester Park, The [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Jan. 1, 2006 | |||
Property Location | College Park, MD | ||||
Year Built | Jan. 1, 1972 | ||||
Number of apartment homes | Units | 303 | ||||
Initial Cost, Land | [1] | $ 15,198 | |||
Initial Cost, Buildings and Improvements | [1] | 22,029 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 12,536 | |||
Land | 15,198 | ||||
Buildings and Improvements | 34,565 | ||||
Total | [3] | 49,763 | |||
Accumulated Depreciation (AD) | (15,849) | ||||
Total Cost Net of Accumulated Depreciation | 33,914 | ||||
Encumbrances | $ 24,409 | ||||
Township At Highlands [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Town Home | ||||
Date Consolidated | [4] | Nov. 1, 1996 | |||
Property Location | Centennial, CO | ||||
Year Built | Jan. 1, 1985 | ||||
Number of apartment homes | Units | 161 | ||||
Initial Cost, Land | [1] | $ 1,536 | |||
Initial Cost, Buildings and Improvements | [1] | 9,773 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 6,924 | |||
Land | 1,536 | ||||
Buildings and Improvements | 16,697 | ||||
Total | [3] | 18,233 | |||
Accumulated Depreciation (AD) | (10,655) | ||||
Total Cost Net of Accumulated Depreciation | 7,578 | ||||
Encumbrances | $ 0 | ||||
Tremont [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Mid Rise | ||||
Date Consolidated | [4] | Dec. 1, 2014 | |||
Property Location | Atlanta, GA | ||||
Year Built | Jan. 1, 2009 | ||||
Number of apartment homes | Units | 78 | ||||
Initial Cost, Land | [1] | $ 5,274 | |||
Initial Cost, Buildings and Improvements | [1] | 18,011 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 2,083 | |||
Land | 5,274 | ||||
Buildings and Improvements | 20,094 | ||||
Total | [3] | 25,368 | |||
Accumulated Depreciation (AD) | (1,432) | ||||
Total Cost Net of Accumulated Depreciation | 23,936 | ||||
Encumbrances | $ 0 | ||||
Twin Lake Towers [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Oct. 1, 1999 | |||
Property Location | Westmont, IL | ||||
Year Built | Jan. 1, 1969 | ||||
Number of apartment homes | Units | 399 | ||||
Initial Cost, Land | [1] | $ 3,268 | |||
Initial Cost, Buildings and Improvements | [1] | 18,763 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 38,918 | |||
Land | 3,268 | ||||
Buildings and Improvements | 57,681 | ||||
Total | [3] | 60,949 | |||
Accumulated Depreciation (AD) | (43,261) | ||||
Total Cost Net of Accumulated Depreciation | 17,688 | ||||
Encumbrances | $ 30,497 | ||||
Vantage Pointe [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Mid Rise | ||||
Date Consolidated | [4] | Aug. 1, 2002 | |||
Property Location | Swampscott, MA | ||||
Year Built | Jan. 1, 1987 | ||||
Number of apartment homes | Units | 96 | ||||
Initial Cost, Land | [1] | $ 4,748 | |||
Initial Cost, Buildings and Improvements | [1] | 10,089 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 1,551 | |||
Land | 4,748 | ||||
Buildings and Improvements | 11,640 | ||||
Total | [3] | 16,388 | |||
Accumulated Depreciation (AD) | (4,507) | ||||
Total Cost Net of Accumulated Depreciation | 11,881 | ||||
Encumbrances | $ 3,990 | ||||
Villa Del Sol [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Mar. 1, 2002 | |||
Property Location | Norwalk, CA | ||||
Year Built | Jan. 1, 1972 | ||||
Number of apartment homes | Units | 120 | ||||
Initial Cost, Land | [1] | $ 7,476 | |||
Initial Cost, Buildings and Improvements | [1] | 4,861 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 2,994 | |||
Land | 7,476 | ||||
Buildings and Improvements | 7,855 | ||||
Total | [3] | 15,331 | |||
Accumulated Depreciation (AD) | (4,194) | ||||
Total Cost Net of Accumulated Depreciation | 11,137 | ||||
Encumbrances | $ 11,031 | ||||
Villas at Park La Brea, The [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Mar. 1, 2002 | |||
Property Location | Los Angeles, CA | ||||
Year Built | Jan. 1, 2002 | ||||
Number of apartment homes | Units | 250 | ||||
Initial Cost, Land | [1] | $ 8,630 | |||
Initial Cost, Buildings and Improvements | [1] | 48,871 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 6,772 | |||
Land | 8,630 | ||||
Buildings and Improvements | 55,643 | ||||
Total | [3] | 64,273 | |||
Accumulated Depreciation (AD) | (26,338) | ||||
Total Cost Net of Accumulated Depreciation | 37,935 | ||||
Encumbrances | $ 16,934 | ||||
Villas of Pasadena [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Mid Rise | ||||
Date Consolidated | [4] | Jan. 1, 2006 | |||
Property Location | Pasadena, CA | ||||
Year Built | Jan. 1, 1973 | ||||
Number of apartment homes | Units | 92 | ||||
Initial Cost, Land | [1] | $ 9,693 | |||
Initial Cost, Buildings and Improvements | [1] | 6,818 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 3,433 | |||
Land | 9,693 | ||||
Buildings and Improvements | 10,251 | ||||
Total | [3] | 19,944 | |||
Accumulated Depreciation (AD) | (3,770) | ||||
Total Cost Net of Accumulated Depreciation | 16,174 | ||||
Encumbrances | $ 9,500 | ||||
Vivo - Cambridge MA [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Jun. 1, 2015 | |||
Property Location | Cambridge, MA | ||||
Year Built | Jan. 1, 2015 | ||||
Number of apartment homes | Units | 91 | ||||
Initial Cost, Land | [1] | $ 6,450 | |||
Initial Cost, Buildings and Improvements | [1] | 35,974 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 3,758 | |||
Land | 6,450 | ||||
Buildings and Improvements | 39,732 | ||||
Total | [3] | 46,182 | |||
Accumulated Depreciation (AD) | (3,055) | ||||
Total Cost Net of Accumulated Depreciation | 43,127 | ||||
Encumbrances | $ 21,307 | ||||
Waterford Village [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Aug. 1, 2002 | |||
Property Location | Bridgewater, MA | ||||
Year Built | Jan. 1, 1971 | ||||
Number of apartment homes | Units | 588 | ||||
Initial Cost, Land | [1] | $ 29,110 | |||
Initial Cost, Buildings and Improvements | [1] | 28,101 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 3,379 | |||
Land | 29,110 | ||||
Buildings and Improvements | 31,480 | ||||
Total | [3] | 60,590 | |||
Accumulated Depreciation (AD) | (22,898) | ||||
Total Cost Net of Accumulated Depreciation | 37,692 | ||||
Encumbrances | $ 36,731 | ||||
Waterways Village [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Jun. 1, 1997 | |||
Property Location | Aventura, FL | ||||
Year Built | Jan. 1, 1994 | ||||
Number of apartment homes | Units | 180 | ||||
Initial Cost, Land | [1] | $ 4,504 | |||
Initial Cost, Buildings and Improvements | [1] | 11,064 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 9,287 | |||
Land | 4,504 | ||||
Buildings and Improvements | 20,351 | ||||
Total | [3] | 24,855 | |||
Accumulated Depreciation (AD) | (9,627) | ||||
Total Cost Net of Accumulated Depreciation | 15,228 | ||||
Encumbrances | $ 13,705 | ||||
Waverly Apartments [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Aug. 1, 2008 | |||
Property Location | Brighton, MA | ||||
Year Built | Jan. 1, 1970 | ||||
Number of apartment homes | Units | 103 | ||||
Initial Cost, Land | [1] | $ 7,920 | |||
Initial Cost, Buildings and Improvements | [1] | 11,347 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 3,801 | |||
Land | 7,920 | ||||
Buildings and Improvements | 15,148 | ||||
Total | [3] | 23,068 | |||
Accumulated Depreciation (AD) | (5,121) | ||||
Total Cost Net of Accumulated Depreciation | 17,947 | ||||
Encumbrances | $ 12,012 | ||||
Wexford Village [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Aug. 1, 2002 | |||
Property Location | Worcester, MA | ||||
Year Built | Jan. 1, 1974 | ||||
Number of apartment homes | Units | 264 | ||||
Initial Cost, Land | [1] | $ 6,349 | |||
Initial Cost, Buildings and Improvements | [1] | 17,939 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 2,052 | |||
Land | 6,349 | ||||
Buildings and Improvements | 19,991 | ||||
Total | [3] | 26,340 | |||
Accumulated Depreciation (AD) | (11,554) | ||||
Total Cost Net of Accumulated Depreciation | 14,786 | ||||
Encumbrances | $ 8,339 | ||||
Willow Bend [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | May 1, 1998 | |||
Property Location | Rolling Meadows, IL | ||||
Year Built | Jan. 1, 1969 | ||||
Number of apartment homes | Units | 328 | ||||
Initial Cost, Land | [1] | $ 2,717 | |||
Initial Cost, Buildings and Improvements | [1] | 15,437 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 24,761 | |||
Land | 2,717 | ||||
Buildings and Improvements | 40,198 | ||||
Total | [3] | 42,915 | |||
Accumulated Depreciation (AD) | (27,901) | ||||
Total Cost Net of Accumulated Depreciation | 15,014 | ||||
Encumbrances | $ 17,668 | ||||
Windrift [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Mar. 1, 2001 | |||
Property Location | Oceanside, CA | ||||
Year Built | Jan. 1, 1987 | ||||
Number of apartment homes | Units | 404 | ||||
Initial Cost, Land | [1] | $ 24,960 | |||
Initial Cost, Buildings and Improvements | [1] | 17,590 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 18,132 | |||
Land | 24,960 | ||||
Buildings and Improvements | 35,722 | ||||
Total | [3] | 60,682 | |||
Accumulated Depreciation (AD) | (21,560) | ||||
Total Cost Net of Accumulated Depreciation | 39,122 | ||||
Encumbrances | $ 40,270 | ||||
Windsor Park [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Mar. 1, 2001 | |||
Property Location | Woodbridge, VA | ||||
Year Built | Jan. 1, 1987 | ||||
Number of apartment homes | Units | 220 | ||||
Initial Cost, Land | [1] | $ 4,279 | |||
Initial Cost, Buildings and Improvements | [1] | 15,970 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 5,859 | |||
Land | 4,279 | ||||
Buildings and Improvements | 21,829 | ||||
Total | [3] | 26,108 | |||
Accumulated Depreciation (AD) | (11,668) | ||||
Total Cost Net of Accumulated Depreciation | 14,440 | ||||
Encumbrances | $ 17,676 | ||||
Woods of williamsburg [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Jan. 1, 2006 | |||
Property Location | Williamsburg, VA | ||||
Year Built | Jan. 1, 1976 | ||||
Number of apartment homes | Units | 125 | ||||
Initial Cost, Land | [1] | $ 798 | |||
Initial Cost, Buildings and Improvements | [1] | 3,657 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 1,109 | |||
Land | 798 | ||||
Buildings and Improvements | 4,766 | ||||
Total | [3] | 5,564 | |||
Accumulated Depreciation (AD) | (3,974) | ||||
Total Cost Net of Accumulated Depreciation | 1,590 | ||||
Encumbrances | $ 0 | ||||
Yacht Club at Brickell [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Dec. 1, 2003 | |||
Property Location | Miami, FL | ||||
Year Built | Jan. 1, 1998 | ||||
Number of apartment homes | Units | 357 | ||||
Initial Cost, Land | [1] | $ 31,362 | |||
Initial Cost, Buildings and Improvements | [1] | 32,214 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 11,405 | |||
Land | 31,362 | ||||
Buildings and Improvements | 43,619 | ||||
Total | [3] | 74,981 | |||
Accumulated Depreciation (AD) | (14,449) | ||||
Total Cost Net of Accumulated Depreciation | 60,532 | ||||
Encumbrances | $ 46,330 | ||||
Yorktown Apartments [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Dec. 1, 1999 | |||
Property Location | Lombard, IL | ||||
Year Built | Jan. 1, 1971 | ||||
Number of apartment homes | Units | 364 | ||||
Initial Cost, Land | [1] | $ 3,055 | |||
Initial Cost, Buildings and Improvements | [1] | 18,162 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 42,748 | |||
Land | 3,055 | ||||
Buildings and Improvements | 60,910 | ||||
Total | [3] | 63,965 | |||
Accumulated Depreciation (AD) | (22,524) | ||||
Total Cost Net of Accumulated Depreciation | 41,441 | ||||
Encumbrances | $ 29,686 | ||||
Stafford [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Year Built | Jan. 1, 1889 | ||||
Total Affordable Properties [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of apartment homes | Units | 7,650 | ||||
Initial Cost, Land | [1] | $ 40,042 | |||
Initial Cost, Buildings and Improvements | [1] | 356,151 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 361,468 | |||
Land | 40,049 | ||||
Buildings and Improvements | 717,620 | ||||
Total | [3] | 757,669 | |||
Accumulated Depreciation (AD) | (432,488) | ||||
Total Cost Net of Accumulated Depreciation | 325,181 | ||||
Encumbrances | $ 315,236 | ||||
All Hallows [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Jan. 1, 2006 | |||
Property Location | San Francisco, CA | ||||
Year Built | Jan. 1, 1976 | ||||
Number of apartment homes | Units | 157 | ||||
Initial Cost, Land | [1] | $ 1,338 | |||
Initial Cost, Buildings and Improvements | [1] | 29,770 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 21,406 | |||
Land | 1,338 | ||||
Buildings and Improvements | 51,176 | ||||
Total | [3] | 52,514 | |||
Accumulated Depreciation (AD) | (31,279) | ||||
Total Cost Net of Accumulated Depreciation | 21,235 | ||||
Encumbrances | $ 21,839 | ||||
Arvada House [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Nov. 1, 2004 | |||
Property Location | Arvada, CO | ||||
Year Built | Jan. 1, 1977 | ||||
Number of apartment homes | Units | 88 | ||||
Initial Cost, Land | [1] | $ 405 | |||
Initial Cost, Buildings and Improvements | [1] | 3,314 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 2,415 | |||
Land | 405 | ||||
Buildings and Improvements | 5,729 | ||||
Total | [3] | 6,134 | |||
Accumulated Depreciation (AD) | (2,899) | ||||
Total Cost Net of Accumulated Depreciation | 3,235 | ||||
Encumbrances | $ 3,859 | ||||
Bayview [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Jun. 1, 2005 | |||
Property Location | San Francisco, CA | ||||
Year Built | Jan. 1, 1976 | ||||
Number of apartment homes | Units | 146 | ||||
Initial Cost, Land | [1] | $ 582 | |||
Initial Cost, Buildings and Improvements | [1] | 15,265 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 18,327 | |||
Land | 582 | ||||
Buildings and Improvements | 33,592 | ||||
Total | [3] | 34,174 | |||
Accumulated Depreciation (AD) | (22,292) | ||||
Total Cost Net of Accumulated Depreciation | 11,882 | ||||
Encumbrances | $ 11,291 | ||||
Beacon Hill [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Mar. 1, 2002 | |||
Property Location | Hillsdale, MI | ||||
Year Built | Jan. 1, 1980 | ||||
Number of apartment homes | Units | 198 | ||||
Initial Cost, Land | [1] | $ 1,094 | |||
Initial Cost, Buildings and Improvements | [1] | 7,044 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 6,148 | |||
Land | 1,094 | ||||
Buildings and Improvements | 13,192 | ||||
Total | [3] | 14,286 | |||
Accumulated Depreciation (AD) | (6,925) | ||||
Total Cost Net of Accumulated Depreciation | 7,361 | ||||
Encumbrances | $ 6,648 | ||||
Biltmore Towers [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Mar. 1, 2002 | |||
Property Location | Dayton, OH | ||||
Year Built | Jan. 1, 1980 | ||||
Number of apartment homes | Units | 230 | ||||
Initial Cost, Land | [1] | $ 1,814 | |||
Initial Cost, Buildings and Improvements | [1] | 6,411 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 13,459 | |||
Land | 1,814 | ||||
Buildings and Improvements | 19,870 | ||||
Total | [3] | 21,684 | |||
Accumulated Depreciation (AD) | (13,254) | ||||
Total Cost Net of Accumulated Depreciation | 8,430 | ||||
Encumbrances | $ 9,981 | ||||
Butternut Creek [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Mid Rise | ||||
Date Consolidated | [4] | Jan. 1, 2006 | |||
Property Location | Charlotte, MI | ||||
Year Built | Jan. 1, 1980 | ||||
Number of apartment homes | Units | 100 | ||||
Initial Cost, Land | [1] | $ 505 | |||
Initial Cost, Buildings and Improvements | [1] | 3,617 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 4,028 | |||
Land | 505 | ||||
Buildings and Improvements | 7,645 | ||||
Total | [3] | 8,150 | |||
Accumulated Depreciation (AD) | (6,134) | ||||
Total Cost Net of Accumulated Depreciation | 2,016 | ||||
Encumbrances | $ 4,044 | ||||
Carriage House [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Mid Rise | ||||
Date Consolidated | [4] | Dec. 1, 2006 | |||
Property Location | Petersburg, VA | ||||
Year Built | Jan. 1, 1885 | ||||
Number of apartment homes | Units | 118 | ||||
Initial Cost, Land | [1] | $ 716 | |||
Initial Cost, Buildings and Improvements | [1] | 2,886 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 4,298 | |||
Land | 716 | ||||
Buildings and Improvements | 7,184 | ||||
Total | [3] | 7,900 | |||
Accumulated Depreciation (AD) | (4,263) | ||||
Total Cost Net of Accumulated Depreciation | 3,637 | ||||
Encumbrances | $ 1,801 | ||||
City Line [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Mar. 1, 2002 | |||
Property Location | Newport News, VA | ||||
Year Built | Jan. 1, 1976 | ||||
Number of apartment homes | Units | 200 | ||||
Initial Cost, Land | [1] | $ 500 | |||
Initial Cost, Buildings and Improvements | [1] | 2,014 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 8,150 | |||
Land | 500 | ||||
Buildings and Improvements | 10,164 | ||||
Total | [3] | 10,664 | |||
Accumulated Depreciation (AD) | (5,369) | ||||
Total Cost Net of Accumulated Depreciation | 5,295 | ||||
Encumbrances | $ 4,214 | ||||
Copperwood I Apartments [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Apr. 1, 2006 | |||
Property Location | The Woodlands, TX | ||||
Year Built | Jan. 1, 1980 | ||||
Number of apartment homes | Units | 150 | ||||
Initial Cost, Land | [1] | $ 383 | |||
Initial Cost, Buildings and Improvements | [1] | 8,373 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 5,969 | |||
Land | 383 | ||||
Buildings and Improvements | 14,342 | ||||
Total | [3] | 14,725 | |||
Accumulated Depreciation (AD) | (12,522) | ||||
Total Cost Net of Accumulated Depreciation | 2,203 | ||||
Encumbrances | $ 5,066 | ||||
Copperwood II Apartments [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Oct. 1, 2005 | |||
Property Location | The Woodlands, TX | ||||
Year Built | Jan. 1, 1981 | ||||
Number of apartment homes | Units | 150 | ||||
Initial Cost, Land | [1] | $ 459 | |||
Initial Cost, Buildings and Improvements | [1] | 5,553 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 3,745 | |||
Land | 459 | ||||
Buildings and Improvements | 9,298 | ||||
Total | [3] | 9,757 | |||
Accumulated Depreciation (AD) | (5,780) | ||||
Total Cost Net of Accumulated Depreciation | 3,977 | ||||
Encumbrances | $ 5,227 | ||||
Country Club Heights [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Mar. 1, 2004 | |||
Property Location | Quincy, IL | ||||
Year Built | Jan. 1, 1976 | ||||
Number of apartment homes | Units | 200 | ||||
Initial Cost, Land | [1] | $ 676 | |||
Initial Cost, Buildings and Improvements | [1] | 5,715 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 5,178 | |||
Land | 676 | ||||
Buildings and Improvements | 10,893 | ||||
Total | [3] | 11,569 | |||
Accumulated Depreciation (AD) | (6,518) | ||||
Total Cost Net of Accumulated Depreciation | 5,051 | ||||
Encumbrances | $ 5,365 | ||||
Crevenna Oaks [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Town Home | ||||
Date Consolidated | [4] | Jan. 1, 2006 | |||
Property Location | Burke, VA | ||||
Year Built | Jan. 1, 1979 | ||||
Number of apartment homes | Units | 50 | ||||
Initial Cost, Land | [1] | $ 0 | |||
Initial Cost, Buildings and Improvements | [1] | 5,203 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 486 | |||
Land | 0 | ||||
Buildings and Improvements | 5,689 | ||||
Total | [3] | 5,689 | |||
Accumulated Depreciation (AD) | (3,422) | ||||
Total Cost Net of Accumulated Depreciation | 2,267 | ||||
Encumbrances | $ 2,320 | ||||
Fountain Place [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Mid Rise | ||||
Date Consolidated | [4] | Jan. 1, 2006 | |||
Property Location | Connersville, IN | ||||
Year Built | Jan. 1, 1980 | ||||
Number of apartment homes | Units | 102 | ||||
Initial Cost, Land | [1] | $ 378 | |||
Initial Cost, Buildings and Improvements | [1] | 2,091 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 3,238 | |||
Land | 378 | ||||
Buildings and Improvements | 5,329 | ||||
Total | [3] | 5,707 | |||
Accumulated Depreciation (AD) | (2,386) | ||||
Total Cost Net of Accumulated Depreciation | 3,321 | ||||
Encumbrances | $ 869 | ||||
Hopkins Village [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Mid Rise | ||||
Date Consolidated | [4] | Sep. 1, 2003 | |||
Property Location | Baltimore, MD | ||||
Year Built | Jan. 1, 1979 | ||||
Number of apartment homes | Units | 165 | ||||
Initial Cost, Land | [1] | $ 549 | |||
Initial Cost, Buildings and Improvements | [1] | 5,973 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 3,896 | |||
Land | 549 | ||||
Buildings and Improvements | 9,869 | ||||
Total | [3] | 10,418 | |||
Accumulated Depreciation (AD) | (4,897) | ||||
Total Cost Net of Accumulated Depreciation | 5,521 | ||||
Encumbrances | $ 9,100 | ||||
Ingram Square [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Jan. 1, 2006 | |||
Property Location | San Antonio, TX | ||||
Year Built | Jan. 1, 1980 | ||||
Number of apartment homes | Units | 120 | ||||
Initial Cost, Land | [1] | $ 800 | |||
Initial Cost, Buildings and Improvements | [1] | 3,136 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 5,961 | |||
Land | 800 | ||||
Buildings and Improvements | 9,097 | ||||
Total | [3] | 9,897 | |||
Accumulated Depreciation (AD) | (6,009) | ||||
Total Cost Net of Accumulated Depreciation | 3,888 | ||||
Encumbrances | $ 3,120 | ||||
Kirkwood House [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Sep. 1, 2004 | |||
Property Location | Baltimore, MD | ||||
Year Built | Jan. 1, 1979 | ||||
Number of apartment homes | Units | 261 | ||||
Initial Cost, Land | [1] | $ 1,337 | |||
Initial Cost, Buildings and Improvements | [1] | 9,358 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 9,161 | |||
Land | 1,337 | ||||
Buildings and Improvements | 18,519 | ||||
Total | [3] | 19,856 | |||
Accumulated Depreciation (AD) | (9,502) | ||||
Total Cost Net of Accumulated Depreciation | 10,354 | ||||
Encumbrances | $ 16,000 | ||||
La Salle [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Oct. 1, 2000 | |||
Property Location | San Francisco, CA | ||||
Year Built | Jan. 1, 1976 | ||||
Number of apartment homes | Units | 145 | ||||
Initial Cost, Land | [1] | $ 1,866 | |||
Initial Cost, Buildings and Improvements | [1] | 19,567 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 18,188 | |||
Land | 1,866 | ||||
Buildings and Improvements | 37,755 | ||||
Total | [3] | 39,621 | |||
Accumulated Depreciation (AD) | (27,002) | ||||
Total Cost Net of Accumulated Depreciation | 12,619 | ||||
Encumbrances | $ 17,293 | ||||
La Vista [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Jan. 1, 2006 | |||
Property Location | Concord, CA | ||||
Year Built | Jan. 1, 1981 | ||||
Number of apartment homes | Units | 75 | ||||
Initial Cost, Land | [1] | $ 581 | |||
Initial Cost, Buildings and Improvements | [1] | 4,449 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 4,694 | |||
Land | 581 | ||||
Buildings and Improvements | 9,143 | ||||
Total | [3] | 9,724 | |||
Accumulated Depreciation (AD) | (4,271) | ||||
Total Cost Net of Accumulated Depreciation | 5,453 | ||||
Encumbrances | $ 4,839 | ||||
Loring Towers [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Oct. 1, 2002 | |||
Property Location | Minneapolis, MN | ||||
Year Built | Jan. 1, 1975 | ||||
Number of apartment homes | Units | 230 | ||||
Initial Cost, Land | [1] | $ 886 | |||
Initial Cost, Buildings and Improvements | [1] | 7,445 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 8,508 | |||
Land | 886 | ||||
Buildings and Improvements | 15,953 | ||||
Total | [3] | 16,839 | |||
Accumulated Depreciation (AD) | (8,418) | ||||
Total Cost Net of Accumulated Depreciation | 8,421 | ||||
Encumbrances | $ 9,407 | ||||
Loring Towers Apartments [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Sep. 1, 2003 | |||
Property Location | Salem, MA | ||||
Year Built | Jan. 1, 1973 | ||||
Number of apartment homes | Units | 250 | ||||
Initial Cost, Land | [1] | $ 187 | |||
Initial Cost, Buildings and Improvements | [1] | 14,050 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 8,162 | |||
Land | 187 | ||||
Buildings and Improvements | 22,212 | ||||
Total | [3] | 22,399 | |||
Accumulated Depreciation (AD) | (11,245) | ||||
Total Cost Net of Accumulated Depreciation | 11,154 | ||||
Encumbrances | $ 9,725 | ||||
New Baltimore [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Mid Rise | ||||
Date Consolidated | [4] | Mar. 1, 2002 | |||
Property Location | New Baltimore, MI | ||||
Year Built | Jan. 1, 1980 | ||||
Number of apartment homes | Units | 101 | ||||
Initial Cost, Land | [1] | $ 896 | |||
Initial Cost, Buildings and Improvements | [1] | 2,360 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 5,419 | |||
Land | 896 | ||||
Buildings and Improvements | 7,779 | ||||
Total | [3] | 8,675 | |||
Accumulated Depreciation (AD) | (4,685) | ||||
Total Cost Net of Accumulated Depreciation | 3,990 | ||||
Encumbrances | $ 1,936 | ||||
Northpoint [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Jan. 1, 2000 | |||
Property Location | Chicago, IL | ||||
Year Built | Jan. 1, 1921 | ||||
Number of apartment homes | Units | 304 | ||||
Initial Cost, Land | [1] | $ 2,510 | |||
Initial Cost, Buildings and Improvements | [1] | 14,334 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 15,960 | |||
Land | 2,510 | ||||
Buildings and Improvements | 30,294 | ||||
Total | [3] | 32,804 | |||
Accumulated Depreciation (AD) | (22,496) | ||||
Total Cost Net of Accumulated Depreciation | 10,308 | ||||
Encumbrances | $ 17,382 | ||||
Panorama Park [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Mar. 1, 2002 | |||
Property Location | Bakersfield, CA | ||||
Year Built | Jan. 1, 1982 | ||||
Number of apartment homes | Units | 66 | ||||
Initial Cost, Land | [1] | $ 521 | |||
Initial Cost, Buildings and Improvements | [1] | 5,520 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 1,245 | |||
Land | 521 | ||||
Buildings and Improvements | 6,765 | ||||
Total | [3] | 7,286 | |||
Accumulated Depreciation (AD) | (3,904) | ||||
Total Cost Net of Accumulated Depreciation | 3,382 | ||||
Encumbrances | $ 1,678 | ||||
Park Place [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Mid Rise | ||||
Date Consolidated | [4] | Jun. 1, 2005 | |||
Property Location | St Louis, MO | ||||
Year Built | Jan. 1, 1977 | ||||
Number of apartment homes | Units | 242 | ||||
Initial Cost, Land | [1] | $ 705 | |||
Initial Cost, Buildings and Improvements | [1] | 6,327 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 8,333 | |||
Land | 705 | ||||
Buildings and Improvements | 14,660 | ||||
Total | [3] | 15,365 | |||
Accumulated Depreciation (AD) | (11,235) | ||||
Total Cost Net of Accumulated Depreciation | 4,130 | ||||
Encumbrances | $ 8,301 | ||||
Parkways, The [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Jun. 1, 2004 | |||
Property Location | Chicago, IL | ||||
Year Built | Jan. 1, 1925 | ||||
Number of apartment homes | Units | 446 | ||||
Initial Cost, Land | [1] | $ 3,426 | |||
Initial Cost, Buildings and Improvements | [1] | 23,257 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 21,981 | |||
Land | 3,426 | ||||
Buildings and Improvements | 45,238 | ||||
Total | [3] | 48,664 | |||
Accumulated Depreciation (AD) | (27,276) | ||||
Total Cost Net of Accumulated Depreciation | 21,388 | ||||
Encumbrances | $ 15,951 | ||||
Pleasant Hills [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Apr. 1, 2005 | |||
Property Location | Austin, TX | ||||
Year Built | Jan. 1, 1982 | ||||
Number of apartment homes | Units | 100 | ||||
Initial Cost, Land | [1] | $ 1,229 | |||
Initial Cost, Buildings and Improvements | [1] | 2,631 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 4,112 | |||
Land | 1,229 | ||||
Buildings and Improvements | 6,743 | ||||
Total | [3] | 7,972 | |||
Accumulated Depreciation (AD) | (4,194) | ||||
Total Cost Net of Accumulated Depreciation | 3,778 | ||||
Encumbrances | $ 2,899 | ||||
Plummer Village [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Mid Rise | ||||
Date Consolidated | [4] | Mar. 1, 2002 | |||
Property Location | North Hills, CA | ||||
Year Built | Jan. 1, 1983 | ||||
Number of apartment homes | Units | 75 | ||||
Initial Cost, Land | [1] | $ 666 | |||
Initial Cost, Buildings and Improvements | [1] | 2,647 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 1,349 | |||
Land | 666 | ||||
Buildings and Improvements | 3,996 | ||||
Total | [3] | 4,662 | |||
Accumulated Depreciation (AD) | (2,863) | ||||
Total Cost Net of Accumulated Depreciation | 1,799 | ||||
Encumbrances | $ 2,282 | ||||
Riverwoods [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Jan. 1, 2006 | |||
Property Location | Kankakee, IL | ||||
Year Built | Jan. 1, 1983 | ||||
Number of apartment homes | Units | 125 | ||||
Initial Cost, Land | [1] | $ 598 | |||
Initial Cost, Buildings and Improvements | [1] | 4,931 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 3,675 | |||
Land | 598 | ||||
Buildings and Improvements | 8,606 | ||||
Total | [3] | 9,204 | |||
Accumulated Depreciation (AD) | (4,041) | ||||
Total Cost Net of Accumulated Depreciation | 5,163 | ||||
Encumbrances | $ 3,453 | ||||
Round Barn Manor [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Mar. 1, 2002 | |||
Property Location | Champaign, IL | ||||
Year Built | Jan. 1, 1979 | ||||
Number of apartment homes | Units | 156 | ||||
Initial Cost, Land | [1] | $ 810 | |||
Initial Cost, Buildings and Improvements | [1] | 5,134 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 6,171 | |||
Land | 810 | ||||
Buildings and Improvements | 11,305 | ||||
Total | [3] | 12,115 | |||
Accumulated Depreciation (AD) | (4,736) | ||||
Total Cost Net of Accumulated Depreciation | 7,379 | ||||
Encumbrances | $ 3,999 | ||||
San Jose Apartments [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Sep. 1, 2005 | |||
Property Location | San Antonio, TX | ||||
Year Built | Jan. 1, 1970 | ||||
Number of apartment homes | Units | 220 | ||||
Initial Cost, Land | [1] | $ 234 | |||
Initial Cost, Buildings and Improvements | [1] | 5,770 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 12,782 | |||
Land | 234 | ||||
Buildings and Improvements | 18,552 | ||||
Total | [3] | 18,786 | |||
Accumulated Depreciation (AD) | (10,962) | ||||
Total Cost Net of Accumulated Depreciation | 7,824 | ||||
Encumbrances | $ 4,259 | ||||
San Juan Del Centro [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Mid Rise | ||||
Date Consolidated | [4] | Sep. 1, 2005 | |||
Property Location | Boulder, CO | ||||
Year Built | Jan. 1, 1971 | ||||
Number of apartment homes | Units | 150 | ||||
Initial Cost, Land | [1] | $ 439 | |||
Initial Cost, Buildings and Improvements | [1] | 7,110 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 13,218 | |||
Land | 439 | ||||
Buildings and Improvements | 20,328 | ||||
Total | [3] | 20,767 | |||
Accumulated Depreciation (AD) | (11,721) | ||||
Total Cost Net of Accumulated Depreciation | 9,046 | ||||
Encumbrances | $ 11,553 | ||||
Shoreview [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Oct. 1, 1999 | |||
Property Location | San Francisco, CA | ||||
Year Built | Jan. 1, 1976 | ||||
Number of apartment homes | Units | 156 | ||||
Initial Cost, Land | [1] | $ 1,476 | |||
Initial Cost, Buildings and Improvements | [1] | 19,071 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 20,034 | |||
Land | 1,476 | ||||
Buildings and Improvements | 39,105 | ||||
Total | [3] | 40,581 | |||
Accumulated Depreciation (AD) | (28,570) | ||||
Total Cost Net of Accumulated Depreciation | 12,011 | ||||
Encumbrances | $ 18,716 | ||||
South Bay Villa [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Mar. 1, 2002 | |||
Property Location | Los Angeles, CA | ||||
Year Built | Jan. 1, 1981 | ||||
Number of apartment homes | Units | 80 | ||||
Initial Cost, Land | [1] | $ 1,352 | |||
Initial Cost, Buildings and Improvements | [1] | 2,770 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 3,759 | |||
Land | 1,352 | ||||
Buildings and Improvements | 6,529 | ||||
Total | [3] | 7,881 | |||
Accumulated Depreciation (AD) | (5,456) | ||||
Total Cost Net of Accumulated Depreciation | 2,425 | ||||
Encumbrances | $ 2,689 | ||||
St. George Villas [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Jan. 1, 2006 | |||
Property Location | St. George, SC | ||||
Year Built | Jan. 1, 1984 | ||||
Number of apartment homes | Units | 40 | ||||
Initial Cost, Land | [1] | $ 107 | |||
Initial Cost, Buildings and Improvements | [1] | 1,025 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 393 | |||
Land | 107 | ||||
Buildings and Improvements | 1,418 | ||||
Total | [3] | 1,525 | |||
Accumulated Depreciation (AD) | (1,178) | ||||
Total Cost Net of Accumulated Depreciation | 347 | ||||
Encumbrances | $ 357 | ||||
Summit Oaks [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Town Home | ||||
Date Consolidated | [4] | Jan. 1, 2006 | |||
Property Location | Burke, VA | ||||
Year Built | Jan. 1, 1980 | ||||
Number of apartment homes | Units | 50 | ||||
Initial Cost, Land | [1] | $ 0 | |||
Initial Cost, Buildings and Improvements | [1] | 5,311 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 506 | |||
Land | 0 | ||||
Buildings and Improvements | 5,817 | ||||
Total | [3] | 5,817 | |||
Accumulated Depreciation (AD) | (3,308) | ||||
Total Cost Net of Accumulated Depreciation | 2,509 | ||||
Encumbrances | $ 2,302 | ||||
Tamarac Pines Apartments I [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Nov. 1, 2004 | |||
Property Location | Woodlands, TX | ||||
Year Built | Jan. 1, 1980 | ||||
Number of apartment homes | Units | 144 | ||||
Initial Cost, Land | [1] | $ 363 | |||
Initial Cost, Buildings and Improvements | [1] | 2,775 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 3,643 | |||
Land | 363 | ||||
Buildings and Improvements | 6,418 | ||||
Total | [3] | 6,781 | |||
Accumulated Depreciation (AD) | (3,872) | ||||
Total Cost Net of Accumulated Depreciation | 2,909 | ||||
Encumbrances | $ 3,591 | ||||
Tamarac Pines Apartments II [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Nov. 1, 2004 | |||
Property Location | Woodlands, TX | ||||
Year Built | Jan. 1, 1980 | ||||
Number of apartment homes | Units | 156 | ||||
Initial Cost, Land | [1] | $ 266 | |||
Initial Cost, Buildings and Improvements | [1] | 3,195 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 4,145 | |||
Land | 266 | ||||
Buildings and Improvements | 7,340 | ||||
Total | [3] | 7,606 | |||
Accumulated Depreciation (AD) | (4,397) | ||||
Total Cost Net of Accumulated Depreciation | 3,209 | ||||
Encumbrances | $ 3,890 | ||||
Terry Manor [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Mid Rise | ||||
Date Consolidated | [4] | Oct. 1, 2005 | |||
Property Location | Los Angeles, CA | ||||
Year Built | Jan. 1, 1977 | ||||
Number of apartment homes | Units | 170 | ||||
Initial Cost, Land | [1] | $ 1,997 | |||
Initial Cost, Buildings and Improvements | [1] | 5,848 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 5,361 | |||
Land | 1,997 | ||||
Buildings and Improvements | 11,209 | ||||
Total | [3] | 13,206 | |||
Accumulated Depreciation (AD) | (8,893) | ||||
Total Cost Net of Accumulated Depreciation | 4,313 | ||||
Encumbrances | $ 6,111 | ||||
Tompkins Terrace [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Oct. 1, 2002 | |||
Property Location | Beacon, NY | ||||
Year Built | Jan. 1, 1974 | ||||
Number of apartment homes | Units | 193 | ||||
Initial Cost, Land | [1] | $ 872 | |||
Initial Cost, Buildings and Improvements | [1] | 6,827 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 14,478 | |||
Land | 872 | ||||
Buildings and Improvements | 21,305 | ||||
Total | [3] | 22,177 | |||
Accumulated Depreciation (AD) | (11,354) | ||||
Total Cost Net of Accumulated Depreciation | 10,823 | ||||
Encumbrances | $ 6,470 | ||||
University Square [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Mar. 1, 2005 | |||
Property Location | Philadelphia, PA | ||||
Year Built | Jan. 1, 1978 | ||||
Number of apartment homes | Units | 442 | ||||
Initial Cost, Land | [1] | $ 702 | |||
Initial Cost, Buildings and Improvements | [1] | 12,201 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 13,049 | |||
Land | 702 | ||||
Buildings and Improvements | 25,250 | ||||
Total | [3] | 25,952 | |||
Accumulated Depreciation (AD) | (9,785) | ||||
Total Cost Net of Accumulated Depreciation | 16,167 | ||||
Encumbrances | $ 0 | ||||
Van Nuys Apartments [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Mar. 1, 2002 | |||
Property Location | Los Angeles, CA | ||||
Year Built | Jan. 1, 1981 | ||||
Number of apartment homes | Units | 299 | ||||
Initial Cost, Land | [1] | $ 3,576 | |||
Initial Cost, Buildings and Improvements | [1] | 21,226 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 23,576 | |||
Land | 3,576 | ||||
Buildings and Improvements | 44,802 | ||||
Total | [3] | 48,378 | |||
Accumulated Depreciation (AD) | (21,151) | ||||
Total Cost Net of Accumulated Depreciation | 27,227 | ||||
Encumbrances | $ 23,851 | ||||
Wah Luck House [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Jan. 1, 2006 | |||
Property Location | Washington, DC | ||||
Year Built | Jan. 1, 1982 | ||||
Number of apartment homes | Units | 153 | ||||
Initial Cost, Land | [1] | $ 0 | |||
Initial Cost, Buildings and Improvements | [1] | 7,772 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 472 | |||
Land | 0 | ||||
Buildings and Improvements | 8,244 | ||||
Total | [3] | 8,244 | |||
Accumulated Depreciation (AD) | (2,976) | ||||
Total Cost Net of Accumulated Depreciation | 5,268 | ||||
Encumbrances | $ 4,715 | ||||
Walnut Hills [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Jan. 1, 2006 | |||
Property Location | Cincinnati, OH | ||||
Year Built | Jan. 1, 1983 | ||||
Number of apartment homes | Units | 198 | ||||
Initial Cost, Land | [1] | $ 820 | |||
Initial Cost, Buildings and Improvements | [1] | 5,608 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 5,720 | |||
Land | 820 | ||||
Buildings and Improvements | 11,328 | ||||
Total | [3] | 12,148 | |||
Accumulated Depreciation (AD) | (6,186) | ||||
Total Cost Net of Accumulated Depreciation | 5,962 | ||||
Encumbrances | $ 5,048 | ||||
Washington Square West [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Mid Rise | ||||
Date Consolidated | [4] | Sep. 1, 2004 | |||
Property Location | Philadelphia, PA | ||||
Year Built | Jan. 1, 1982 | ||||
Number of apartment homes | Units | 132 | ||||
Initial Cost, Land | [1] | $ 582 | |||
Initial Cost, Buildings and Improvements | [1] | 11,169 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 5,448 | |||
Land | 582 | ||||
Buildings and Improvements | 16,617 | ||||
Total | [3] | 17,199 | |||
Accumulated Depreciation (AD) | (11,617) | ||||
Total Cost Net of Accumulated Depreciation | 5,582 | ||||
Encumbrances | $ 3,389 | ||||
Whitefield Place [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Apr. 1, 2005 | |||
Property Location | San Antonio, TX | ||||
Year Built | Jan. 1, 1980 | ||||
Number of apartment homes | Units | 80 | ||||
Initial Cost, Land | [1] | $ 219 | |||
Initial Cost, Buildings and Improvements | [1] | 3,151 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 2,336 | |||
Land | 219 | ||||
Buildings and Improvements | 5,487 | ||||
Total | [3] | 5,706 | |||
Accumulated Depreciation (AD) | (3,344) | ||||
Total Cost Net of Accumulated Depreciation | 2,362 | ||||
Encumbrances | $ 1,981 | ||||
Winter Gardens [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | High Rise | ||||
Date Consolidated | [4] | Mar. 1, 2004 | |||
Property Location | St Louis, MO | ||||
Year Built | Jan. 1, 1920 | ||||
Number of apartment homes | Units | 112 | ||||
Initial Cost, Land | [1] | $ 300 | |||
Initial Cost, Buildings and Improvements | [1] | 3,072 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 4,773 | |||
Land | 300 | ||||
Buildings and Improvements | 7,845 | ||||
Total | [3] | 8,145 | |||
Accumulated Depreciation (AD) | (2,946) | ||||
Total Cost Net of Accumulated Depreciation | 5,199 | ||||
Encumbrances | $ 3,237 | ||||
Woodland Hills [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Property Type | Garden | ||||
Date Consolidated | [4] | Oct. 1, 2005 | |||
Property Location | Jackson, MI | ||||
Year Built | Jan. 1, 1980 | ||||
Number of apartment homes | Units | 125 | ||||
Initial Cost, Land | [1] | $ 320 | |||
Initial Cost, Buildings and Improvements | [1] | 3,875 | |||
Costs Capitalized Subsequent to Consolidation | [2] | 4,113 | |||
Land | 327 | ||||
Buildings and Improvements | 7,989 | ||||
Total | [3] | 8,316 | |||
Accumulated Depreciation (AD) | (4,955) | ||||
Total Cost Net of Accumulated Depreciation | 3,361 | ||||
Encumbrances | $ 3,188 | ||||
Other [Member] | Continuing Operations [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of apartment homes | Units | [6] | 0 | |||
Initial Cost, Land | [1],[6] | $ 76,034 | |||
Initial Cost, Buildings and Improvements | [1],[6] | 10,474 | |||
Costs Capitalized Subsequent to Consolidation | [2],[6] | 1,958 | |||
Land | [6] | 76,034 | |||
Buildings and Improvements | [6] | 12,432 | |||
Total | [3],[6] | 88,466 | |||
Accumulated Depreciation (AD) | [6] | (2,883) | |||
Total Cost Net of Accumulated Depreciation | [6] | 85,583 | |||
Encumbrances | [6] | $ 0 | |||
[1] | For 2008 and prior periods, costs to acquire the noncontrolling interest’s share of our consolidated real estate partnerships were capitalized as part of the initial cost. | ||||
[2] | Costs capitalized subsequent to consolidation includes costs capitalized since acquisition or first consolidation of the partnership/apartment community. | ||||
[3] | The aggregate cost of land and depreciable property for Federal income tax purposes was approximately $3.7 billion at December 31, 2016. | ||||
[4] | Date we acquired the apartment community or first consolidated the partnership which owns the apartment community. | ||||
[5] | The current carrying value of the apartment community reflects an impairment loss recognized during the current period or prior periods. | ||||
[6] | Other includes land parcels, commercial properties and other related costs. We exclude such properties from our residential apartment home counts |
Real Estate and Accumulated D85
Real Estate and Accumulated Depreciation - (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Real Estate | ||||
Balance at beginning of year | $ 8,307,483 | $ 8,144,958 | $ 8,214,081 | |
Additions during the year: | ||||
Acquisitions | 333,174 | 147,077 | 379,187 | |
Capital additions | 338,606 | 362,948 | 367,454 | |
Deductions during the year: | ||||
Casualty and other write-offs | [1] | (166,703) | (79,561) | (111,068) |
SEC Schedule III, Real Estate, Held For Sale | (2,801) | (7,036) | (38,744) | |
Sales | (323,593) | (260,903) | (665,952) | |
Balance at end of year | 8,486,166 | 8,307,483 | 8,144,958 | |
Accumulated Depreciation | ||||
Balance at beginning of year | 2,778,022 | 2,672,179 | 2,822,872 | |
Additions during the year | ||||
Depreciation | 312,365 | 285,514 | 265,060 | |
Deductions during the year: | ||||
Casualty and other write-offs | [1] | (163,009) | (78,838) | (106,802) |
SEC Schedule III, Accumulated Depreciation, Held For Sale | (1,525) | (4,427) | (12,304) | |
Sales | (195,095) | (96,406) | (296,647) | |
Balance at end of year | 2,730,758 | 2,778,022 | 2,672,179 | |
Write-off of fully depreciated assets | $ 161,600 | $ 76,900 | $ 106,300 | |
[1] | Includes the write-off of fully depreciated assets totaling $161.6 million, $76.9 million and $106.3 million, during the years ended December 31, 2016, 2015 and 2014, respectively. |