Apartment Investment and Management (AIV) 10-Q 2 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 01, 2017
Entity Registrant Name	APARTMENT INVESTMENT & MANAGEMENT CO
Entity Central Index Key	922,864
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		157,022,720
AIMCO PROPERTIES, L.P [Member]
Entity Registrant Name	AIMCO PROPERTIES LP
Entity Central Index Key	926,660
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		164,473,992

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 63,762	$ 61,244
Total assets	6,199,202	6,232,818
LIABILITIES AND EQUITY
Total indebtedness associated with Real Estate portfolio	4,300,000	3,900,000
Total liabilities	4,619,566	4,184,651
Preferred noncontrolling interests/Redeemable Preferred Units	101,537	103,201
Commitments and contingencies (Note 4)
Equity/Partners' Capital:
Perpetual Preferred Stock	125,000	125,000
Common Stock, $0.01 par value, 500,787,260 shares authorized, 157,022,720 and 156,888,381 shares issued/outstanding at June 30, 2017 and December 31, 2016, respectively	1,570	1,569
Additional paid-in capital	3,897,621	4,051,722
Accumulated other comprehensive income	896	1,011
Distributions in excess of earnings	(2,530,585)	(2,385,399)
Total Aimco equity	1,494,502	1,793,903
Noncontrolling interests in consolidated real estate partnerships	(2,609)	151,121
Common noncontrolling interests in Aimco Operating Partnership	(13,794)	(58)
Total equity	1,478,099	1,944,966
Total liabilities and equity	6,199,202	6,232,818
AIMCO PROPERTIES, L.P [Member]
ASSETS
Cash and cash equivalents	63,762	61,244
Total assets	6,199,202	6,232,818
LIABILITIES AND EQUITY
Total liabilities	4,619,566	4,184,651
Preferred noncontrolling interests/Redeemable Preferred Units	101,537	103,201
Commitments and contingencies (Note 4)
Equity/Partners' Capital:
Preferred units	125,000	125,000
General Partner and Special Limited Partner	1,369,502	1,668,903
Limited Partners	(13,794)	(58)
Partners’ capital attributable to the Aimco Operating Partnership	1,480,708	1,793,845
Noncontrolling interests in consolidated real estate partnerships	(2,609)	151,121
Total partners’ capital	1,478,099	1,944,966
Total liabilities and equity	6,199,202	6,232,818
Asset Management [Member]
ASSETS
Net real estate	231,881	245,648
Cash and cash equivalents	18,893	15,423
Restricted cash	30,288	33,501
Other assets	50,878	52,492
LIABILITIES AND EQUITY
Non-recourse property debt, net	229,631	236,426
Accrued liabilities and other	58,641	62,630
Deferred income	15,355	18,452
Asset Management [Member] | AIMCO PROPERTIES, L.P [Member]
ASSETS
Net real estate	231,881	245,648
Cash and cash equivalents	18,893	15,423
Restricted cash	30,288	33,501
Other assets	50,878	52,492
LIABILITIES AND EQUITY
Non-recourse property debt, net	229,631	236,426
Accrued liabilities and other	58,641	62,630
Deferred income	15,355	18,452
Aimco Real Estate [Member]
ASSETS
Buildings and improvements	6,179,005	6,106,298
Land	1,824,672	1,824,819
Total real estate	8,003,677	7,931,117
Accumulated depreciation	(2,468,206)	(2,421,357)
Net real estate	5,535,471	5,509,760
Cash and cash equivalents	44,869	45,821
Restricted cash	39,331	36,405
Other assets	247,591	293,768
LIABILITIES AND EQUITY
Non-recourse property debt, net	3,617,182	3,630,276
Term loan, net	249,040	0
Revolving credit facility borrowings	245,720	17,930
Total indebtedness associated with Real Estate portfolio	4,111,942	3,648,206
Accrued liabilities and other	203,997	218,937
Aimco Real Estate [Member] | AIMCO PROPERTIES, L.P [Member]
ASSETS
Buildings and improvements	6,179,005	6,106,298
Land	1,824,672	1,824,819
Total real estate	8,003,677	7,931,117
Accumulated depreciation	(2,468,206)	(2,421,357)
Net real estate	5,535,471	5,509,760
Cash and cash equivalents	44,869	45,821
Restricted cash	39,331	36,405
Other assets	247,591	293,768
LIABILITIES AND EQUITY
Non-recourse property debt, net	3,617,182	3,630,276
Term loan, net	249,040	0
Revolving credit facility borrowings	245,720	17,930
Total indebtedness associated with Real Estate portfolio	4,111,942	3,648,206
Accrued liabilities and other	$ 203,997	$ 218,937

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
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)	157,022,720	156,888,381
Common Stock, shares outstanding (in shares)	157,022,720	156,888,381

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
REVENUES
Rental and other property revenues	$ 227,703	$ 223,741	$ 452,931	$ 446,332
Tax credit and transaction revenues	2,856	8,347	5,547	13,105
Total revenues	249,092	251,218	495,573	497,457
OPERATING EXPENSES
Property operating expenses	79,014	79,708	158,640	159,180
Depreciation and amortization	89,155	80,680	176,323	160,508
General and administrative expenses	10,108	11,616	21,071	23,914
Other expenses, net	2,727	5,526	4,465	7,096
Total operating expenses	189,386	186,782	378,078	369,487
Operating income	59,706	64,436	117,495	127,970
Interest income	2,012	1,843	4,204	3,678
Interest expense	(46,858)	(48,894)	(94,740)	(96,528)
Other, net	200	4,906	665	4,983
Income before income taxes and gain on dispositions	15,060	22,291	27,624	40,103
Income tax benefit	5,023	7,121	10,008	13,007
Income before gain on dispositions	20,083	29,412	37,632	53,110
Gain on dispositions of real estate, net of tax	1,508	216,541	1,114	222,728
Net income	21,591	245,953	38,746	275,838
Noncontrolling interests:
Net income attributable to noncontrolling interests in consolidated real estate partnerships	(813)	(8,677)	(1,764)	(9,607)
Net income attributable to preferred noncontrolling interests in Aimco Operating Partnership	(1,939)	(1,708)	(3,888)	(3,434)
Net income attributable to common noncontrolling interests in Aimco Operating Partnership	(787)	(11,135)	(1,344)	(12,307)
Net income attributable to noncontrolling interests	(3,539)	(21,520)	(6,996)	(25,348)
Net income attributable to the company	18,052	224,433	31,750	250,490
Net income attributable to the company's preferred equity holders	(2,149)	(2,758)	(4,297)	(5,515)
Net income attributable to participating securities	(60)	(293)	(119)	(370)
Net income attributable to the company's common equity holders	$ 15,843	$ 221,382	$ 27,334	$ 244,605
Earnings attributable to the company per common share/unit
Net income attributable to the company per common share/unit - basic (in dollars per share/unit)	$ 0.10	$ 1.42	$ 0.17	$ 1.57
Net income attributable to the company per common share/unit - diluted (in dollars per share/unit)	0.10	1.41	0.17	1.57
Dividends declared per common share/unit	$ 0.36	$ 0.33	$ 0.72	$ 0.66
Weighted average number of shares outstanding - basic	156,305	156,375	156,282	155,876
Weighted average number of shares outstanding - diluted	156,715	156,793	156,735	156,248
AIMCO PROPERTIES, L.P [Member]
REVENUES
Tax credit and transaction revenues	$ 2,856	$ 8,347	$ 5,547	$ 13,105
Total revenues	249,092	251,218	495,573	497,457
OPERATING EXPENSES
Depreciation and amortization	89,155	80,680	176,323	160,508
General and administrative expenses	10,108	11,616	21,071	23,914
Other expenses, net	2,727	5,526	4,465	7,096
Total operating expenses	189,386	186,782	378,078	369,487
Operating income	59,706	64,436	117,495	127,970
Interest income	2,012	1,843	4,204	3,678
Interest expense	(46,858)	(48,894)	(94,740)	(96,528)
Other, net	200	4,906	665	4,983
Income before income taxes and gain on dispositions	15,060	22,291	27,624	40,103
Income tax benefit	5,023	7,121	10,008	13,007
Income before gain on dispositions	20,083	29,412	37,632	53,110
Gain on dispositions of real estate, net of tax	1,508	216,541	1,114	222,728
Net income	21,591	245,953	38,746	275,838
Noncontrolling interests:
Net income attributable to noncontrolling interests in consolidated real estate partnerships	(813)	(8,677)	(1,764)	(9,607)
Net income attributable to the company	20,778	237,276	36,982	266,231
Net income attributable to the company's preferred equity holders	(4,088)	(4,466)	(8,185)	(8,949)
Net income attributable to participating securities	(63)	(293)	(123)	(370)
Net income attributable to the company's common equity holders	$ 16,627	$ 232,517	$ 28,674	$ 256,912
Earnings attributable to the company per common share/unit
Net income attributable to the company per common share/unit - basic (in dollars per share/unit)	$ 0.10	$ 1.42	$ 0.18	$ 1.57
Net income attributable to the company per common share/unit - diluted (in dollars per share/unit)	0.10	1.41	0.17	1.57
Dividends declared per common share/unit	$ 0.36	$ 0.33	$ 0.72	$ 0.66
Weighted average number of shares outstanding - basic	163,740	164,188	163,777	163,707
Weighted average number of shares outstanding - diluted	164,150	164,606	164,230	164,079
Asset Management [Member]
REVENUES
Rental and other property revenues	$ 18,533	$ 19,130	$ 37,095	$ 38,020
OPERATING EXPENSES
Property operating expenses	8,382	9,252	17,579	18,789
Asset Management [Member] | AIMCO PROPERTIES, L.P [Member]
REVENUES
Rental and other property revenues	18,533	19,130	37,095	38,020
OPERATING EXPENSES
Property operating expenses	8,382	9,252	17,579	18,789
Aimco Real Estate [Member]
REVENUES
Rental and other property revenues	227,703	223,741	452,931	446,332
OPERATING EXPENSES
Property operating expenses	79,014	79,708	158,640	159,180
Aimco Real Estate [Member] | AIMCO PROPERTIES, L.P [Member]
REVENUES
Rental and other property revenues	227,703	223,741	452,931	446,332
OPERATING EXPENSES
Property operating expenses	$ 79,014	$ 79,708	$ 158,640	$ 159,180

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net income	$ 21,591	$ 245,953	$ 38,746	$ 275,838
Other comprehensive income (loss):
Unrealized losses on interest rate swaps	(345)	(411)	(355)	(1,085)
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss	369	398	755	818
Unrealized gains (losses) on investments in debt securities classified as available-for-sale	1,080	(232)	(421)	5,951
Other comprehensive income (loss)	1,104	(245)	(21)	5,684
Comprehensive income	22,695	245,708	38,725	281,522
Comprehensive income attributable to noncontrolling interests	(3,630)	(21,554)	(7,090)	(25,702)
Comprehensive income attributable to Aimco/Operating Partnership	19,065	224,154	31,635	255,820
AIMCO PROPERTIES, L.P [Member]
Net income	21,591	245,953	38,746	275,838
Other comprehensive income (loss):
Unrealized losses on interest rate swaps	(345)	(411)	(355)	(1,085)
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss	369	398	755	818
Unrealized gains (losses) on investments in debt securities classified as available-for-sale	1,080	(232)	(421)	5,951
Other comprehensive income (loss)	1,104	(245)	(21)	5,684
Comprehensive income	22,695	245,708	38,725	281,522
Comprehensive income attributable to noncontrolling interests	(856)	(8,725)	(1,865)	(9,694)
Comprehensive income attributable to Aimco/Operating Partnership	$ 21,839	$ 236,983	$ 36,860	$ 271,828

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 38,746	$ 275,838
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	176,323	160,508
Gain on dispositions of real estate, net of tax	(1,114)	(222,728)
Other adjustments	(5,302)	(10,380)
Net changes in operating assets and operating liabilities	(32,640)	(26,473)
Net cash provided by operating activities	176,013	176,765
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of real estate	(8,189)	(6,119)
Capital expenditures	(176,388)	(166,030)
Proceeds from dispositions of real estate	10,915	298,691
Purchases of corporate assets	(6,005)	(4,425)
Change in restricted cash	1,780	(286,841)
Other investing activities	733	10,013
Net cash used in investing activities	(177,154)	(154,711)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from non-recourse property debt	68,535	38,261
Principal repayments on non-recourse property debt	(91,420)	(59,267)
Proceeds from term loan	250,000	0
Net borrowings on revolving credit facility	227,790	133,540
Payment of dividends to holders of preferred securities	(4,297)	(5,515)
Payment of dividends to holders of Common Stock	(112,661)	(103,050)
Payment of distributions to noncontrolling interests	(11,176)	(11,898)
Purchases and redemptions of noncontrolling interests	(323,165)	(3,980)
Other financing activities	53	(5,709)
Net cash provided by (used in) financing activities	3,659	(17,618)
NET INCREASE IN CASH AND CASH EQUIVALENTS	2,518	4,436
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	61,244	50,789
CASH AND CASH EQUIVALENTS AT END OF PERIOD	63,762	55,225
AIMCO PROPERTIES, L.P [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	38,746	275,838
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	176,323	160,508
Gain on dispositions of real estate, net of tax	(1,114)	(222,728)
Other adjustments	(5,302)	(10,380)
Net changes in operating assets and operating liabilities	(32,640)	(26,473)
Net cash provided by operating activities	176,013	176,765
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of real estate	(8,189)	(6,119)
Capital expenditures	(176,388)	(166,030)
Proceeds from dispositions of real estate	10,915	298,691
Purchases of corporate assets	(6,005)	(4,425)
Change in restricted cash	1,780	(286,841)
Other investing activities	733	10,013
Net cash used in investing activities	(177,154)	(154,711)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from non-recourse property debt	68,535	38,261
Principal repayments on non-recourse property debt	(91,420)	(59,267)
Proceeds from term loan	250,000	0
Net borrowings on revolving credit facility	227,790	133,540
Payment of dividends to holders of preferred securities	(8,185)	(8,949)
Payment of distributions to General Partner and Special Limited Partner	(112,661)	(103,050)
Payment of distributions to Limited Partners	(5,408)	(5,169)
Payment of distributions to noncontrolling interests	(1,880)	(3,295)
Purchases and redemptions of noncontrolling interests	(311,055)	0
Other financing activities	(12,057)	(9,689)
Net cash provided by (used in) financing activities	3,659	(17,618)
NET INCREASE IN CASH AND CASH EQUIVALENTS	2,518	4,436
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	61,244	50,789
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 63,762	$ 55,225

Organization

Organization	6 Months Ended
	Jun. 30, 2017
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 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. As of June 30, 2017 , after eliminations for units held by consolidated subsidiaries, the Aimco Operating Partnership had 164,483,596 common partnership units and equivalents outstanding. As of June 30, 2017 , Aimco owned 157,022,720 of the common partnership units ( 95.5% of the common partnership units and equivalents) of the Aimco Operating Partnership and Aimco had outstanding an equal number of shares of its Class A Common Stock, which we refer to as Common Stock. Except as the context otherwise requires, “we,” “our” and “us” refer to Aimco, the Aimco Operating Partnership and their consolidated subsidiaries, collectively. As of June 30, 2017 , we owned an equity interest in 141 apartment communiti es with 39,187 apartment homes in our real estate portfolio. Our Real Estate portfolio, which comprises our reportable segment, is diversified by both price point and geography and consists primarily of market rate apartment communities in which we own a substantial interest. We consolidated 137 of these apartment communities with 39,045 apartment homes. As of June 30, 2017 , we also owned nominal ownership positions in partnerships holding 46 low-income housing tax credit apartment communities with 6,898 apartment homes. We provide services to these partnerships and receive fees and other payments in return. Our relationship with these partnerships is different than real estate ownership and is better described as an asset management business, or Asset Management. In accordance with accounting principles generally accepted in the United States of America, or GAAP, we are required to consolidate in our financial statements partnerships owning an aggregate of 39 apartment communities with 6,211 apartment homes.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2017 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . The balance sheets of Aimco and the Aimco Operating Partnership at December 31, 2016 , have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in Aimco’s and the Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2016 . Except where indicated, the footnotes refer to both Aimco and the Aimco Operating Partnership. Effective in 2017, we modified our condensed consolidated balance sheets to present the assets and liabilities of consolidated partnerships served by our Asset Management business separately from those amounts relating to our Real Estate portfolio. We have similarly modified our condensed consolidated statements of operations to present separately the rental and other property revenues and property operating expenses of consolidated partnerships served by our Asset Management business. We have reclassified these items in the condensed consolidated balance sheets as of December 31, 2016 , and in the condensed consolidated statements of operations for the three and six months ended June 30, 2016 , to conform to the current presentation. These reclassifications had no effect on previously reported total assets, total liabilities or net income amounts. Principles of Consolidation Aimco’s accompanying condensed consolidated financial statements include the accounts of Aimco, the Aimco Operating Partnership, and their consolidated subsidiaries. The Aimco Operating Partnership’s condensed consolidated financial statements include the accounts of the Aimco Operating Partnership and its consolidated subsidiaries, including partnerships served by our Asset Management business (see note Note 8 ). All significant intercompany balances and transactions have been eliminated in consolidation. Interests in the Aimco Operating Partnership that are held by limited partners other than Aimco are reflected in Aimco’s accompanying balance sheets as noncontrolling interests in the Aimco Operating Partnership. Interests in partnerships consolidated by 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. Temporary Equity and Partners’ Capital The following table presents a reconciliation of the Aimco Operating Partnership’s Preferred OP Units from December 31, 2016 to June 30, 2017 . The Preferred OP Units may be redeemed at the holders’ option (as further discussed in Note 5 ), and therefore are presented within temporary equity in Aimco’s condensed consolidated balance sheets and within temporary capital in the Aimco Operating Partnership’s condensed consolidated balance sheets (in thousands). Balance, December 31, 2016 $ 103,201 Distributions to preferred unitholders (3,888 ) Redemption of preferred units and other (1,664 ) Net income 3,888 Balance, June 30, 2017 $ 101,537 Aimco Equity (including Noncontrolling Interests) The following table presents a reconciliation of Aimco’s consolidated permanent equity accounts from December 31, 2016 to June 30, 2017 (in thousands): Aimco Equity Noncontrolling interests in consolidated real estate partnerships Common noncontrolling interests in Aimco Operating Partnership Total Equity Balance, December 31, 2016 $ 1,793,903 $ 151,121 $ (58 ) $ 1,944,966 Contributions — 3,341 — 3,341 Dividends on Preferred Stock (4,297 ) — — (4,297 ) Dividends and distributions on Common Stock and common OP Units (113,054 ) (1,880 ) (5,408 ) (120,342 ) Redemptions of common OP Units — — (10,448 ) (10,448 ) Amortization of stock-based compensation cost 4,824 — 306 5,130 Effect of changes in ownership for consolidated entities (159,025 ) (157,056 ) 3,358 (312,723 ) Cumulative effect of a change in accounting principle (59,586 ) — (2,881 ) (62,467 ) Change in accumulated other comprehensive loss (115 ) 101 (7 ) (21 ) Other 102 — — 102 Net income 31,750 1,764 1,344 34,858 Balance, June 30, 2017 $ 1,494,502 $ (2,609 ) $ (13,794 ) $ 1,478,099 On June 30, 2017, we acquired the 47% noncontrolling limited partner interest in the Palazzo joint venture, as further discussed in Note 3 . As a result of this transaction we recorded the consideration paid in excess of the noncontrolling interest in the consolidated real estate partnership of $155.6 million as a reduction of Aimco’s additional paid-in capital and the Aimco Operating Partnership’s partners capital. Please refer to the Accounting Pronouncements Adopted in the Current Year heading below, for further discussion of the cumulative effect of a change in accounting principle. Partners’ Capital attributable to the Aimco Operating Partnership The following table presents a reconciliation of the consolidated partners’ capital balances in permanent capital that are attributable to the Aimco Operating Partnership from December 31, 2016 to June 30, 2017 (in thousands): Partners’ capital attributable to the Aimco Operating Partnership Balance, December 31, 2016 $ 1,793,845 Distributions to preferred units held by Aimco (4,297 ) Distributions to common units held by Aimco (113,054 ) Distributions to common units held by Limited Partners (5,408 ) Redemption of common OP Units (10,448 ) Amortization of Aimco stock-based compensation cost 5,130 Effect of changes in ownership for consolidated entities (155,667 ) Cumulative effect of a change in accounting principle (62,467 ) Change in accumulated other comprehensive loss (122 ) Other 102 Net income 33,094 Balance, June 30, 2017 $ 1,480,708 A separate reconciliation of noncontrolling interests in consolidated real estate partnerships and total partners’ capital for the Aimco Operating Partnership is not presented as these amounts are identical to the corresponding noncontrolling interests in consolidated real estate partnerships and total equity for Aimco, which are presented above. Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates. Accounting Pronouncements Adopted in the Current Year Effective April 1, 2017, we elected to adopt early the new accounting standard that revised the GAAP definition of a business. Under the new standard we expect that apartment communities will no longer be considered businesses in most acquisitions and dispositions. Under the new standard, transaction costs incurred related to the acquisition of real estate operations will be capitalized as a cost of the acquisition. Additionally, we will no longer allocate goodwill to apartment communities for purposes of calculating gains or losses upon sale. We have applied the new standard prospectively to transactions occurring after April 1, 2017. This standard did not have a significant effect on our financial condition or results of operations. Effective January 1, 2017, we adopted a new standard issued by the Financial Accounting Standards Board, or FASB, that simplifies the accounting for the income tax consequences of intercompany transfers of assets. Previously, the recognition within the statement of operations of income tax expense or benefit resulting from an intercompany transfer of assets did not occur 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 recognizes the income tax expense or benefit from an intercompany transfer of assets when the transfer occurs. We have applied this change on a modified retrospective basis and recorded a cumulative effect adjustment to retained earnings of $62.5 million as of January 1, 2017, representing accumulated unrecognized tax expense from intercompany transfers between the Aimco Operating Partnership and TRS entities. Such amounts were included in other assets within our consolidated balance sheets at December 31, 2016. Also effective January 1, 2017, we adopted guidance that simplifies the accounting for share-based compensation. Under prior practice, tax benefits in excess of those associated with compensation cost recognized in accordance with GAAP, or windfalls, were recorded in equity and tax deficiencies were recorded in equity until previous windfalls had been recouped and then recognized in earnings. Under the new guidance, all of the tax effects related to share-based compensation are recognized through earnings. This guidance is applied to all windfalls and tax deficiencies resulting from settlements occurring after January 1, 2017. The new guidance also requires windfalls to be recorded in the period the related transaction triggering tax consequences, such as an exercise of stock options or vesting of restricted shares, occurs. This change in timing of recognition has been applied on a modified retrospective basis. We did not record a cumulative effect adjustment to opening retained earnings on the date of adoption as there were no accumulated windfalls recorded in equity. Compared to prior 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.

Significant Transactions, Dispo

Significant Transactions, Dispositions of Apartment Communities and Assets Held for Sale	6 Months Ended
	Jun. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
Disposals and Other Significant Transactions	Dispositions of Apartment Communities and Assets Held for Sale On June 30, 2017, we reacquired for $451.5 million , the 47% noncontrolling limited partner interest in the Palazzo joint venture, which owns three communities with a total of 1,382 apartment homes located in Los Angeles, California. We assumed $140.5 million of the noncontrolling interest partner’s share of existing non-recourse property-level debt and paid $311.0 million in cash consideration, which was funded by short-term borrowings we expect to repay using proceeds from apartment community sales. We now own all of the interests in the Palazzo joint venture and its underlying apartment communities. Prior to the transaction, we consolidated in our financial statements the joint venture and underlying apartment communities, therefore this transaction has been accounted for as an equity transaction. In accordance with GAAP, we recognized the $155.6 million of consideration paid in excess of the noncontrolling interest balance as a reduction of additional paid-in capital within Aimco’s equity and the Aimco Operating Partnership’s partners capital. Also on June 30, 2017, we entered into a second amended and restated senior secured credit agreement, or the Credit Agreement. The Credit Agreement continues our existing $600.0 million revolving loan facility with consistent terms and provides for a $250.0 million term loan, which we used to fund a portion of the Palazzo acquisition. The term loan matures on June 30, 2018 , includes a one-year extension option, subject to the satisfaction of customary conditions, and currently bears interest at 30-day LIBOR plus 1.35% . We paid lender and other fees of $1.0 million in connection with the term loan, which have been deferred and will be recognized as additional interest over the duration of the term loan. During the six months ended June 30, 2017 , partnerships served by the Asset Management business sold two apartment communities with a total of 252 apartment homes, resulting in gains of $2.6 million , and related tax expense of $0.9 million . We are currently marketing for sale certain apartment communities that are inconsistent with our long-term investment strategy. Additionally, the consolidated partnerships served by our Asset Management business periodically evaluates for sale certain of their apartment communities. At the end of each reporting period, we evaluate whether any consolidated apartment communities meet the criteria to be classified as held for sale. As of June 30, 2017 , no apartment communities were classified as held for sale.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017 , our commitments related to these capital activities totaled approximately $80.8 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 For various consolidated partnerships served by our Asset Management business, we are required to manage the partnerships and related apartment communities in compliance with various laws, regulations and contractual provisions that apply to 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 by the limited partners in these partnerships and would require a refund or reduction of investor capital contributions, which are reported as deferred income in our condensed consolidated balance sheets, until such time as our obligation to deliver tax benefits is relieved. The remaining compliance periods for the tax credit syndication arrangements range from less than one year to eight years . We do not anticipate that any material refunds or reductions of investor capital contributions will be required in connection with these arrangements. Income Taxes In 2014, the Internal Revenue Service initiated an audit of the Aimco Operating Partnership’s 2011 and 2012 tax years. We do not believe the audit will have any material effect on our unrecognized tax benefits, financial condition or results of operations. Legal Matters In addition to the matters described below, we are a party to various legal actions and administrative proceedings arising in the ordinary course of business, some of which are covered by our general liability insurance program, and none of which we expect to have a material adverse effect on our consolidated financial condition, results of operations or cash flows. Limited Partnerships In connection with our acquisitions of interests in real estate partnerships, we are sometimes subject to legal actions, including allegations that such activities may involve breaches of fiduciary duties to the partners of such real estate partnerships or violations of the relevant partnership agreements. We may incur costs in connection with the defense or settlement of such litigation. We believe that we comply with our fiduciary obligations and relevant partnership agreements. Although the outcome of any litigation is uncertain, we do not expect any such legal actions to have a material adverse effect on our consolidated financial condition, results of operations or cash flows. La Jolla Cove Litigation We are a defendant in a lawsuit filed by a group of disappointed buyers that contend we interfered with their allegedly superior right to acquire the La Jolla Cove property. The case, pending in state court in California, is in fact discovery at this stage. The disappointed buyers have filed a motion for summary adjudication, which requests that the judge issue declaratory relief and award the property to them. The motion is presently set for hearing in August. The case is set for jury trial in February 2018. Although the outcome of this litigation is uncertain, we do not believe its resolution will 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. 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. 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. 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. In September 2016, EPA listed our former community and a number of residential communities in the vicinity on the National Priorities List, or NPL (i.e. as a Superfund site), and IDEM has formally sought to terminate us from the voluntary remediation program. We have filed a formal appeal of the EPA listing and the IDEM termination of us from the voluntary remediation program. 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 a site that was used for dry cleaning. 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 2016, Lahontan sent us, the current property owner and a former operator of the dry cleaner drafts of a proposed cleanup and abatement order that if entered as drafted, would have required all three parties to perform additional groundwater investigation and corrective actions with respect to onsite and offsite contamination. After review of comments from us, Lahontan issued a final order in May 2017. The final order adds one more potentially-responsible party, acknowledges that there may be additional responsible parties, and narrows (as compared to earlier drafts) the scope of work. We filed an appeal of the final order in June 2017. Although the outcome of this process is uncertain, we do not expect its resolution to have a material adverse effect on our consolidated financial condition, results of operations or cash flows. We have determined that our legal obligations to remove or remediate certain potentially hazardous materials may be conditional asset retirement obligations, as defined in GAAP. Except in limited circumstances where the asset retirement activities are expected to be performed in connection with a planned construction project or apartment community casualty, we believe that the fair value of our asset retirement obligations cannot be reasonably estimated due to significant uncertainties in the timing and manner of settlement of those obligations. Asset retirement obligations that are reasonably estimable as of June 30, 2017 , are immaterial to our consolidated financial condition, results of operations and cash flows.

Earnings per Share_Unit

Earnings per Share/Unit	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Earnings per Share/Unit	Earnings per Share and Unit Aimco and the Aimco Operating Partnership calculate basic earnings per common share and basic earnings per common unit based on the weighted average number of shares of Common Stock and common partnership units and participating securities outstanding and calculate diluted earnings per share and diluted earnings per unit taking into consideration dilutive common stock and common partnership unit equivalents and dilutive convertible securities outstanding during the period. Our common stock 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 total shareholder return-based restricted stock and unit awards that do not meet the definition of participating securities, which would result in an increase in the number of common shares and common partnership units outstanding equal to the number of shares that vest. The effect of these securities was dilutive for the three and six months ended June 30, 2017 and 2016 , 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 that the restricted stock does not vest. Therefore, the unvested shares and units 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. There were 0.2 million unvested participating shares and units at June 30, 2017 and 2016 . 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 June 30, 2017 , these preferred OP Units were potentially redeemable for approximately 2.4 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 and we expect to exclude them in future periods.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Recurring Fair Value Measurements We measure at fair value on a recurring basis our investments in the securitization trust that holds certain of our property debt, which we classify as available for sale, or AFS, securities, and our interest rate swaps, both of which are classified within Level 2 of the GAAP fair value hierarchy. Our investments classified as AFS are presented within other assets in the accompanying condensed consolidated balance sheets. We hold several positions in the securitization trust that pay interest currently and we also hold the first loss position in the securitization trust, which accrues interest over the term of the investment. We are accreting the discount to the $100.9 million face value of the investments into interest income using the effective interest method over the remaining term of the investments, which, as of June 30, 2017 , was approximately 3.9 years. Our amortized cost basis for these investments, which represents the original cost adjusted for interest accretion less interest payments received, was $75.1 million and $72.5 million at June 30, 2017 and December 31, 2016 , respectively. We estimated the fair value of these investments to be $78.2 million and $76.1 million at June 30, 2017 and December 31, 2016 , respectively. We estimate the fair value of these investments using an income and market approach primarily with observable inputs, including yields and other information regarding similar types of investments, and adjusted for certain unobservable inputs specific to these investments. The fair value of the positions that pay interest currently typically moves in an inverse relationship with movements in interest rates. The fair value of the first loss position is primarily correlated to collateral quality and demand for similar subordinate commercial mortgage-backed securities. Certain consolidated partnerships served by our Asset Management business have entered into interest rate swap agreements, which limit exposure to interest rate fluctuations on the partnerships’ variable-rate debt by effectively converting the interest on variable-rate debt to a fixed rate. We estimate the fair value of interest rate swaps using an income approach with primarily observable inputs including information regarding the hedged variable cash flows and forward yield curves relating to the variable interest rates on which the hedged cash flows are based. The following table sets forth a summary of the changes in fair value of these interest rate swaps (in thousands): Six Months Ended June 30, 2017 2016 Beginning balance $ (3,175 ) $ (4,938 ) Unrealized losses included in interest expense (23 ) (22 ) Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss 755 818 Unrealized losses included in equity and partners’ capital (355 ) (1,085 ) Ending balance $ (2,798 ) $ (5,227 ) As of June 30, 2017 and December 31, 2016 , these interest rate swaps had aggregate notional amounts of $49.3 million and $49.6 million , respectively. As of June 30, 2017 , these swaps had a weighted average remaining term of 3.5 years . We have designated these interest rate swaps as cash flow hedges. The fair value of these swaps is presented within accrued liabilities and other in our condensed consolidated balance sheets, and we recognize any changes in the fair value as an adjustment of accumulated other comprehensive loss within equity and partners’ capital to the extent of their effectiveness. If the forward rates at June 30, 2017 remain constant, we estimate that during the next 12 months , we would reclassify approximately $1.2 million of the unrealized losses in accumulated other comprehensive loss into earnings. If market interest rates increase above the 3.44% weighted average fixed rate under these interest rate swaps the consolidated partnerships will benefit from net cash payments due from the counterparties to the interest rate swaps. Fair Value Disclosures We believe that the aggregate fair value of the consolidated amounts of cash and cash equivalents, receivables and payables approximates their aggregate carrying amounts at June 30, 2017 and December 31, 2016 , due to their relatively short-term nature and high probability of realization. The estimated aggregate fair value of consolidated total indebtedness associated with our Real Estate portfolio and the non-recourse property debt of the consolidated partnerships served by our Asset Management was approximately $4.5 billion and $4.0 billion at June 30, 2017 and December 31, 2016 , respectively, as compared to aggregate carrying amounts of $4.3 billion and $3.9 billion , respectively. We estimate the fair value of debt using an income and market approach, including comparison of the contractual terms to observable and unobservable inputs such as market interest rate risk spreads, contractual interest rates, remaining periods to maturity, collateral quality and loan to value ratios on similarly encumbered assets within our portfolio. We classify the fair value of 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	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Business Segments	Business Segments In 2017, we revised the information regularly reviewed by our chief executive officer, who is our chief operating decision maker, to assess our operating performance. Apartment communities are classified as either part of our Real Estate portfolio or those owned through partnerships served by our Asset Management business. Our Real Estate portfolio consisted of 141 apartment communities with 39,187 apartment homes at June 30, 2017 . This portfolio is diversified by both price point and geography and consists primarily of market rate apartment communities. 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 consolidated apartment communities we own and manage. As of June 30, 2017 , for segment performance evaluation, our Real Estate segment included 137 consolidated apartment communities with 39,045 apartment homes and excluded four apartment communities with 142 apartment homes that we neither manage nor consolidate. As discussed in Note 1 , as of June 30, 2017 , through our Asset Management business we also owned nominal ownership positions in consolidated partnerships for which we provide asset management services. These partnerships own 46 low-income housing tax credit apartment communities with 6,898 apartment homes. Neither the results of operations, nor the assets of these partnerships and apartment communities are quantitatively material; therefore, we have one reportable segment, Real Estate. The results of operations for the three and six months ended June 30, 2016 , and the segment assets as of December 31, 2016 , shown below have been revised to reflect the change in our reportable segments. The following tables present the revenues, net operating income and income before gain on dispositions of our Real Estate segment on a proportionate basis (excluding amounts related to apartment communities sold) for the three and six months ended June 30, 2017 and 2016 (in thousands): Real Estate Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Reportable Segment (2) Consolidated Three Months Ended June 30, 2017 Rental and other property revenues attributable to Real Estate $ 219,137 $ 7,199 $ 1,367 $ 227,703 Rental and other property revenues of partnerships served by Asset Management business — — 18,533 18,533 Tax credit and transaction revenues — — 2,856 2,856 Total revenues 219,137 7,199 22,756 249,092 Property operating expenses attributable to Real Estate 68,387 2,265 8,362 79,014 Property operating expenses of partnerships served by Asset Management business 8,382 8,382 Other operating expenses not allocated to reportable segment (3) — — 101,990 101,990 Total operating expenses 68,387 2,265 118,734 189,386 Net operating income 150,750 4,934 (95,978 ) 59,706 Other items included in income before gain on dispositions (4) — — (39,623 ) (39,623 ) Income before gain on dispositions $ 150,750 $ 4,934 $ (135,601 ) $ 20,083 Real Estate Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Reportable Segment (2) Consolidated Three Months Ended June 30, 2016 Rental and other property revenues attributable to Real Estate $ 205,283 $ 7,429 $ 11,029 $ 223,741 Rental and other property revenues of partnerships served by Asset Management business — — 19,130 19,130 Tax credit and transaction revenues — — 8,347 8,347 Total revenues 205,283 7,429 38,506 251,218 Property operating expenses attributable to Real Estate 66,694 2,279 10,735 79,708 Property operating expenses of partnerships served by Asset Management business — — 9,252 9,252 Other operating expenses not allocated to reportable segment (3) — — 97,822 97,822 Total operating expenses 66,694 2,279 117,809 186,782 Net operating income 138,589 5,150 (79,303 ) 64,436 Other items included in income before gain on dispositions (4) — — (35,024 ) (35,024 ) Income before gain on dispositions $ 138,589 $ 5,150 $ (114,327 ) $ 29,412 Real Estate Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Reportable Segment (2) Consolidated Six Months Ended June 30, 2017 Rental and other property revenues attributable to Real Estate $ 436,112 $ 14,496 $ 2,323 $ 452,931 Rental and other property revenues of partnerships served by Asset Management business — — 37,095 37,095 Tax credit and transaction revenues — — 5,547 5,547 Total revenues 436,112 14,496 44,965 495,573 Property operating expenses attributable to Real Estate 137,851 4,568 16,221 158,640 Property operating expenses of partnerships served by Asset Management business 17,579 17,579 Other operating expenses not allocated to reportable segment (3) — — 201,859 201,859 Total operating expenses 137,851 4,568 235,659 378,078 Net operating income 298,261 9,928 (190,694 ) 117,495 Other items included in income before gain on dispositions (4) — — (79,863 ) (79,863 ) Income before gain on dispositions $ 298,261 $ 9,928 $ (270,557 ) $ 37,632 Real Estate Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Reportable Segment (2) Consolidated Six Months Ended June 30, 2016 Rental and other property revenues attributable to Real Estate $ 407,347 $ 15,022 $ 23,963 $ 446,332 Rental and other property revenues of partnerships served by Asset Management business — — 38,020 38,020 Tax credit and transaction revenues — — 13,105 13,105 Total revenues 407,347 15,022 75,088 497,457 Property operating expenses attributable to Real Estate 131,941 4,224 23,015 159,180 Property operating expenses of partnerships served by Asset Management business 18,789 18,789 Other operating expenses not allocated to reportable segment (3) — — 191,518 191,518 Total operating expenses 131,941 4,224 233,322 369,487 Net operating income 275,406 10,798 (158,234 ) 127,970 Other items included in income before gain on dispositions (4) — — (74,860 ) (74,860 ) Income before gain on dispositions $ 275,406 $ 10,798 $ (233,094 ) $ 53,110 (1) Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the results of consolidated apartment communities in our Real Estate segment, which are included in the related consolidated amounts, but excluded from proportionate property net operating income for our segment evaluation. (2) Includes the operating results of apartment communities sold during 2017 or 2016 , and the operating results of apartment communities owned by consolidated partnerships served by our Asset Management business. Corporate and Amounts Not Allocated to Reportable Segment 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 measure. (3) Other operating expenses not allocated to reportable segment consist of depreciation and amortization, general and administrative expenses and other operating expenses, which are not included in our measure of segment performance. (4) Other items included in income before gain on dispositions primarily consist of interest expense and income tax benefit. For the six months ended June 30, 2017 and 2016 , capital additions related to our Real Estate segment totaled $172.3 million and $163.1 million , respectively. The assets of our reportable segment and the consolidated assets not allocated to our segment are as follows (in thousands): June 30, 2017 December 31, 2016 Real Estate $ 5,583,603 $ 5,545,693 Corporate and other assets (1) 615,599 687,125 Total consolidated assets $ 6,199,202 $ 6,232,818 (1) Includes the assets of consolidated partnerships served by the Asset Management business and apartment communities sold as of June 30, 2017 .

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities Aimco consolidates the Aimco Operating Partnership, which is a variable interest entity, or VIE, for which Aimco is the primary beneficiary. Aimco, through the Aimco Operating Partnership, consolidates all VIEs for which we are the primary beneficiary. Generally, a VIE is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A limited partnership is considered a VIE when the majority of the limited partners unrelated to the general partner possess neither the right to remove the general partner without cause, nor certain rights to participate in the decisions that most significantly affect the financial results of the partnership. In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of our investment; the obligation or likelihood for us or other investors to provide financial support; and the similarity with and significance to our business activities and the business activities of the other investors. Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions. All of the VIEs we consolidate own interests in one or more apartment communities. VIEs that own apartment communities we classify as part of our Real Estate segment are typically structured to generate a return for their partners through the operation and ultimate sale of the communities. We are the primary beneficiary in the limited partnerships in which we are the sole decision maker and have a substantial economic interest. All of the partnerships served by our Asset Management business own interests in low-income housing tax credit apartment communities that are structured to provide for the pass-through of tax credits and tax deductions to their partners and are VIEs. We hold a nominal ownership position in these partnerships, generally one percent or less. As general partner in these partnerships, we are the sole decision maker and we receive fees and other payments in return for the asset management and other services we provide and thus share in the economics of the partnerships, and as such, we are the primary beneficiary of these partnerships. The table below summarizes information regarding VIEs consolidated by the Aimco Operating Partnership: June 30, 2017 December 31, 2016 Real Estate portfolio: VIEs with interests in apartment communities 12 13 Apartment communities held by VIEs 16 19 Apartment homes in communities held by VIEs 4,728 6,110 Consolidated partnerships served by the Asset Management business: VIEs with interests in apartment communities 53 54 Apartment communities held by VIEs 37 38 Apartment homes in communities held by VIEs 5,893 6,093 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 consolidated VIEs are summarized in the table below (in thousands): June 30, 2017 December 31, 2016 Real Estate portfolio: Assets Net real estate $ 563,106 $ 897,510 Cash and cash equivalents 15,259 15,877 Restricted cash 6,882 7,981 Liabilities Non-recourse property debt secured by Real Estate communities, net 420,043 725,061 Accrued liabilities and other 13,832 14,270 Consolidated partnerships served by the Asset Management business: Assets Real estate, net 222,409 235,920 Cash and cash equivalents 17,350 14,926 Restricted cash 29,311 32,542 Liabilities Non-recourse property debt 222,779 229,509 Accrued liabilities and other 15,545 16,934

Basis of Presentation and Sum15

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2017 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . The balance sheets of Aimco and the Aimco Operating Partnership at December 31, 2016 , have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in Aimco’s and the Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2016 . Except where indicated, the footnotes refer to both Aimco and the Aimco Operating Partnership. Effective in 2017, we modified our condensed consolidated balance sheets to present the assets and liabilities of consolidated partnerships served by our Asset Management business separately from those amounts relating to our Real Estate portfolio. We have similarly modified our condensed consolidated statements of operations to present separately the rental and other property revenues and property operating expenses of consolidated partnerships served by our Asset Management business. We have reclassified these items in the condensed consolidated balance sheets as of December 31, 2016 , and in the condensed consolidated statements of operations for the three and six months ended June 30, 2016 , to conform to the current presentation. These reclassifications had no effect on previously reported total assets, total liabilities or net income amounts.
Principles of Consolidation	Principles of Consolidation Aimco’s accompanying condensed consolidated financial statements include the accounts of Aimco, the Aimco Operating Partnership, and their consolidated subsidiaries. The Aimco Operating Partnership’s condensed consolidated financial statements include the accounts of the Aimco Operating Partnership and its consolidated subsidiaries, including partnerships served by our Asset Management business (see note Note 8 ). All significant intercompany balances and transactions have been eliminated in consolidation. Interests in the Aimco Operating Partnership that are held by limited partners other than Aimco are reflected in Aimco’s accompanying balance sheets as noncontrolling interests in the Aimco Operating Partnership. Interests in partnerships consolidated by 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.
Temporary Equity and Partners' Capital	The Preferred OP Units may be redeemed at the holders’ option (as further discussed in Note 5 ), and therefore are presented within temporary equity in Aimco’s condensed consolidated balance sheets and within temporary capital in the Aimco Operating Partnership’s condensed consolidated balance sheets (in thousands).
Use of Estimates	Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Accounting Pronouncements Adopted in the Current Year Effective April 1, 2017, we elected to adopt early the new accounting standard that revised the GAAP definition of a business. Under the new standard we expect that apartment communities will no longer be considered businesses in most acquisitions and dispositions. Under the new standard, transaction costs incurred related to the acquisition of real estate operations will be capitalized as a cost of the acquisition. Additionally, we will no longer allocate goodwill to apartment communities for purposes of calculating gains or losses upon sale. We have applied the new standard prospectively to transactions occurring after April 1, 2017. This standard did not have a significant effect on our financial condition or results of operations. Effective January 1, 2017, we adopted a new standard issued by the Financial Accounting Standards Board, or FASB, that simplifies the accounting for the income tax consequences of intercompany transfers of assets. Previously, the recognition within the statement of operations of income tax expense or benefit resulting from an intercompany transfer of assets did not occur 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 recognizes the income tax expense or benefit from an intercompany transfer of assets when the transfer occurs. We have applied this change on a modified retrospective basis and recorded a cumulative effect adjustment to retained earnings of $62.5 million as of January 1, 2017, representing accumulated unrecognized tax expense from intercompany transfers between the Aimco Operating Partnership and TRS entities. Such amounts were included in other assets within our consolidated balance sheets at December 31, 2016. Also effective January 1, 2017, we adopted guidance that simplifies the accounting for share-based compensation. Under prior practice, tax benefits in excess of those associated with compensation cost recognized in accordance with GAAP, or windfalls, were recorded in equity and tax deficiencies were recorded in equity until previous windfalls had been recouped and then recognized in earnings. Under the new guidance, all of the tax effects related to share-based compensation are recognized through earnings. This guidance is applied to all windfalls and tax deficiencies resulting from settlements occurring after January 1, 2017. The new guidance also requires windfalls to be recorded in the period the related transaction triggering tax consequences, such as an exercise of stock options or vesting of restricted shares, occurs. This change in timing of recognition has been applied on a modified retrospective basis. We did not record a cumulative effect adjustment to opening retained earnings on the date of adoption as there were no accumulated windfalls recorded in equity. Compared to prior 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.

Basis of Presentation and Sum16

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2017
Schedule of Equity [Line Items]
Reconciliation of consolidated temporary equity accounts	The following table presents a reconciliation of the Aimco Operating Partnership’s Preferred OP Units from December 31, 2016 to June 30, 2017 . The Preferred OP Units may be redeemed at the holders’ option (as further discussed in Note 5 ), and therefore are presented within temporary equity in Aimco’s condensed consolidated balance sheets and within temporary capital in the Aimco Operating Partnership’s condensed consolidated balance sheets (in thousands). Balance, December 31, 2016 $ 103,201 Distributions to preferred unitholders (3,888 ) Redemption of preferred units and other (1,664 ) Net income 3,888 Balance, June 30, 2017 $ 101,537
Reconciliation of consolidated permanent equity accounts	The following table presents a reconciliation of Aimco’s consolidated permanent equity accounts from December 31, 2016 to June 30, 2017 (in thousands): Aimco Equity Noncontrolling interests in consolidated real estate partnerships Common noncontrolling interests in Aimco Operating Partnership Total Equity Balance, December 31, 2016 $ 1,793,903 $ 151,121 $ (58 ) $ 1,944,966 Contributions — 3,341 — 3,341 Dividends on Preferred Stock (4,297 ) — — (4,297 ) Dividends and distributions on Common Stock and common OP Units (113,054 ) (1,880 ) (5,408 ) (120,342 ) Redemptions of common OP Units — — (10,448 ) (10,448 ) Amortization of stock-based compensation cost 4,824 — 306 5,130 Effect of changes in ownership for consolidated entities (159,025 ) (157,056 ) 3,358 (312,723 ) Cumulative effect of a change in accounting principle (59,586 ) — (2,881 ) (62,467 ) Change in accumulated other comprehensive loss (115 ) 101 (7 ) (21 ) Other 102 — — 102 Net income 31,750 1,764 1,344 34,858 Balance, June 30, 2017 $ 1,494,502 $ (2,609 ) $ (13,794 ) $ 1,478,099
AIMCO PROPERTIES, L.P [Member]
Schedule of Equity [Line Items]
Reconciliation of consolidated permanent equity accounts	The following table presents a reconciliation of the consolidated partners’ capital balances in permanent capital that are attributable to the Aimco Operating Partnership from December 31, 2016 to June 30, 2017 (in thousands): Partners’ capital attributable to the Aimco Operating Partnership Balance, December 31, 2016 $ 1,793,845 Distributions to preferred units held by Aimco (4,297 ) Distributions to common units held by Aimco (113,054 ) Distributions to common units held by Limited Partners (5,408 ) Redemption of common OP Units (10,448 ) Amortization of Aimco stock-based compensation cost 5,130 Effect of changes in ownership for consolidated entities (155,667 ) Cumulative effect of a change in accounting principle (62,467 ) Change in accumulated other comprehensive loss (122 ) Other 102 Net income 33,094 Balance, June 30, 2017 $ 1,480,708

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table sets forth a summary of the changes in fair value of these interest rate swaps (in thousands): Six Months Ended June 30, 2017 2016 Beginning balance $ (3,175 ) $ (4,938 ) Unrealized losses included in interest expense (23 ) (22 ) Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss 755 818 Unrealized losses included in equity and partners’ capital (355 ) (1,085 ) Ending balance $ (2,798 ) $ (5,227 )

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2017
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 Real Estate segment on a proportionate basis (excluding amounts related to apartment communities sold) for the three and six months ended June 30, 2017 and 2016 (in thousands): Real Estate Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Reportable Segment (2) Consolidated Three Months Ended June 30, 2017 Rental and other property revenues attributable to Real Estate $ 219,137 $ 7,199 $ 1,367 $ 227,703 Rental and other property revenues of partnerships served by Asset Management business — — 18,533 18,533 Tax credit and transaction revenues — — 2,856 2,856 Total revenues 219,137 7,199 22,756 249,092 Property operating expenses attributable to Real Estate 68,387 2,265 8,362 79,014 Property operating expenses of partnerships served by Asset Management business 8,382 8,382 Other operating expenses not allocated to reportable segment (3) — — 101,990 101,990 Total operating expenses 68,387 2,265 118,734 189,386 Net operating income 150,750 4,934 (95,978 ) 59,706 Other items included in income before gain on dispositions (4) — — (39,623 ) (39,623 ) Income before gain on dispositions $ 150,750 $ 4,934 $ (135,601 ) $ 20,083 Real Estate Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Reportable Segment (2) Consolidated Three Months Ended June 30, 2016 Rental and other property revenues attributable to Real Estate $ 205,283 $ 7,429 $ 11,029 $ 223,741 Rental and other property revenues of partnerships served by Asset Management business — — 19,130 19,130 Tax credit and transaction revenues — — 8,347 8,347 Total revenues 205,283 7,429 38,506 251,218 Property operating expenses attributable to Real Estate 66,694 2,279 10,735 79,708 Property operating expenses of partnerships served by Asset Management business — — 9,252 9,252 Other operating expenses not allocated to reportable segment (3) — — 97,822 97,822 Total operating expenses 66,694 2,279 117,809 186,782 Net operating income 138,589 5,150 (79,303 ) 64,436 Other items included in income before gain on dispositions (4) — — (35,024 ) (35,024 ) Income before gain on dispositions $ 138,589 $ 5,150 $ (114,327 ) $ 29,412 Real Estate Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Reportable Segment (2) Consolidated Six Months Ended June 30, 2017 Rental and other property revenues attributable to Real Estate $ 436,112 $ 14,496 $ 2,323 $ 452,931 Rental and other property revenues of partnerships served by Asset Management business — — 37,095 37,095 Tax credit and transaction revenues — — 5,547 5,547 Total revenues 436,112 14,496 44,965 495,573 Property operating expenses attributable to Real Estate 137,851 4,568 16,221 158,640 Property operating expenses of partnerships served by Asset Management business 17,579 17,579 Other operating expenses not allocated to reportable segment (3) — — 201,859 201,859 Total operating expenses 137,851 4,568 235,659 378,078 Net operating income 298,261 9,928 (190,694 ) 117,495 Other items included in income before gain on dispositions (4) — — (79,863 ) (79,863 ) Income before gain on dispositions $ 298,261 $ 9,928 $ (270,557 ) $ 37,632 Real Estate Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Reportable Segment (2) Consolidated Six Months Ended June 30, 2016 Rental and other property revenues attributable to Real Estate $ 407,347 $ 15,022 $ 23,963 $ 446,332 Rental and other property revenues of partnerships served by Asset Management business — — 38,020 38,020 Tax credit and transaction revenues — — 13,105 13,105 Total revenues 407,347 15,022 75,088 497,457 Property operating expenses attributable to Real Estate 131,941 4,224 23,015 159,180 Property operating expenses of partnerships served by Asset Management business 18,789 18,789 Other operating expenses not allocated to reportable segment (3) — — 191,518 191,518 Total operating expenses 131,941 4,224 233,322 369,487 Net operating income 275,406 10,798 (158,234 ) 127,970 Other items included in income before gain on dispositions (4) — — (74,860 ) (74,860 ) Income before gain on dispositions $ 275,406 $ 10,798 $ (233,094 ) $ 53,110 (1) Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the results of consolidated apartment communities in our Real Estate segment, which are included in the related consolidated amounts, but excluded from proportionate property net operating income for our segment evaluation. (2) Includes the operating results of apartment communities sold during 2017 or 2016 , and the operating results of apartment communities owned by consolidated partnerships served by our Asset Management business. Corporate and Amounts Not Allocated to Reportable Segment 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 measure. (3) Other operating expenses not allocated to reportable segment consist of depreciation and amortization, general and administrative expenses and other operating expenses, which are not included in our measure of segment performance. (4) Other items included in income before gain on dispositions primarily consist of interest expense and income tax benefit.
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	The assets of our reportable segment and the consolidated assets not allocated to our segment are as follows (in thousands): June 30, 2017 December 31, 2016 Real Estate $ 5,583,603 $ 5,545,693 Corporate and other assets (1) 615,599 687,125 Total consolidated assets $ 6,199,202 $ 6,232,818 (1) Includes the assets of consolidated partnerships served by the Asset Management business and apartment communities sold as of June 30, 2017 .

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The table below summarizes information regarding VIEs consolidated by the Aimco Operating Partnership: June 30, 2017 December 31, 2016 Real Estate portfolio: VIEs with interests in apartment communities 12 13 Apartment communities held by VIEs 16 19 Apartment homes in communities held by VIEs 4,728 6,110 Consolidated partnerships served by the Asset Management business: VIEs with interests in apartment communities 53 54 Apartment communities held by VIEs 37 38 Apartment homes in communities held by VIEs 5,893 6,093 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 consolidated VIEs are summarized in the table below (in thousands): June 30, 2017 December 31, 2016 Real Estate portfolio: Assets Net real estate $ 563,106 $ 897,510 Cash and cash equivalents 15,259 15,877 Restricted cash 6,882 7,981 Liabilities Non-recourse property debt secured by Real Estate communities, net 420,043 725,061 Accrued liabilities and other 13,832 14,270 Consolidated partnerships served by the Asset Management business: Assets Real estate, net 222,409 235,920 Cash and cash equivalents 17,350 14,926 Restricted cash 29,311 32,542 Liabilities Non-recourse property debt 222,779 229,509 Accrued liabilities and other 15,545 16,934

Organization (Details Textual)

Organization (Details Textual)	6 Months Ended
	Jun. 30, 2017UnitsPropertyshares
Organization [Line Items]
Common partnership units and equivalents outstanding | shares	157,022,720
Percentage of the Aimco Operating Partnership's common partnership units and equivalents owned by Aimco	95.50%
AIMCO PROPERTIES, L.P [Member]
Organization [Line Items]
Common partnership units and equivalents outstanding | shares	164,483,596
Asset Management [Member] | Partially Owned Properties [Member]
Organization [Line Items]
Number of apartment communities | Property	46
Number of apartment homes in apartment communities | Units	6,898
Asset Management [Member] | Wholly And Partially Owned Consolidated Properties [Member]
Organization [Line Items]
Number of apartment communities | Property	39
Number of apartment homes in apartment communities | Units	6,211
Aimco Real Estate [Member]
Organization [Line Items]
Number of apartment communities | Property	137
Number of apartment homes in apartment communities | Units	39,045
Aimco Real Estate [Member] | Partially Owned Properties [Member]
Organization [Line Items]
Number of apartment communities | Property	141
Number of apartment homes in apartment communities | Units	39,187
Aimco Real Estate [Member] | Wholly And Partially Owned Consolidated Properties [Member]
Organization [Line Items]
Number of apartment communities | Property	137
Number of apartment homes in apartment communities | Units	39,045

Basis of Presentation and Sum21

Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cumulative effect of a change in accounting principle	$ (62,467)
Palazzo Joint Venture - Los Angeles CA [Member] | Aimco Real Estate [Member] | Palazzo Acquisition [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncontrolling limited partner interest (percent)	47.00%
Adjustments to additional paid in capital, other	$ 155,600

Basis of Presentation and Sum22

Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance, December 31, 2016	$ 103,201
Balance, June 30, 2017	101,537
AIMCO PROPERTIES, L.P [Member]
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance, December 31, 2016	103,201
Distributions to preferred unitholders	(3,888)
Redemption of preferred units and other	(1,664)
Net income	3,888
Balance, June 30, 2017	$ 101,537

Basis of Presentation and Sum23

Basis of Presentation and Summary of Significant Accounting Policies (Details 1) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, December 31, 2016	$ 1,944,966
Contributions	3,341
Dividends on Preferred Stock	(4,297)
Dividends and distributions on Common Stock and common OP Units	(120,342)
Redemptions of common OP Units	(10,448)
Amortization of stock-based compensation cost	5,130
Effect of changes in ownership for consolidated entities	(312,723)
Cumulative effect of a change in accounting principle	(62,467)
Change in accumulated other comprehensive loss	(21)
Other	102
Net income	34,858
Balance, June 30, 2017	1,478,099
Aimco Equity [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, December 31, 2016	1,793,903
Dividends on Preferred Stock	(4,297)
Dividends and distributions on Common Stock and common OP Units	(113,054)
Amortization of stock-based compensation cost	4,824
Effect of changes in ownership for consolidated entities	(159,025)
Cumulative effect of a change in accounting principle	(59,586)
Change in accumulated other comprehensive loss	(115)
Other	102
Net income	31,750
Balance, June 30, 2017	1,494,502
Noncontrolling Interests in Consolidated Real Estate Partnerships [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, December 31, 2016	151,121
Contributions	3,341
Dividends and distributions on Common Stock and common OP Units	(1,880)
Effect of changes in ownership for consolidated entities	(157,056)
Cumulative effect of a change in accounting principle	0
Change in accumulated other comprehensive loss	101
Net income	1,764
Balance, June 30, 2017	(2,609)
Common Noncontrolling Interests in Aimco Operating Partnership [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, December 31, 2016	(58)
Dividends and distributions on Common Stock and common OP Units	(5,408)
Redemptions of common OP Units	(10,448)
Amortization of stock-based compensation cost	306
Effect of changes in ownership for consolidated entities	3,358
Cumulative effect of a change in accounting principle	(2,881)
Change in accumulated other comprehensive loss	(7)
Net income	1,344
Balance, June 30, 2017	$ (13,794)

Basis of Presentation and Sum24

Basis of Presentation and Summary of Significant Accounting Policies (Details 2) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Increase (Decrease) in Partners' Capital [Roll Forward]
Redemption of common OP Units	$ (10,448)
Amortization of Aimco stock-based compensation cost	5,130
Effect of changes in ownership for consolidated entities	(312,723)
Cumulative effect of a change in accounting principle	62,467
Change in accumulated other comprehensive loss	(21)
Other	102
Net income	34,858
AIMCO PROPERTIES, L.P [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance, December 31, 2016	1,793,845
Balance, June 30, 2017	1,480,708
Partners Capital [Member] | AIMCO PROPERTIES, L.P [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance, December 31, 2016	1,793,845
Distributions to preferred units held by Aimco	(4,297)
Distributions to common units held by Aimco	(113,054)
Distributions to common units held by Limited Partners	(5,408)
Redemption of common OP Units	(10,448)
Amortization of Aimco stock-based compensation cost	5,130
Effect of changes in ownership for consolidated entities	(155,667)
Cumulative effect of a change in accounting principle	(62,467)
Change in accumulated other comprehensive loss	(122)
Other	102
Net income	33,094
Balance, June 30, 2017	$ 1,480,708

Significant Transactions, Dis25

Significant Transactions, Dispositions of Apartment Communities and Assets Held for Sale (Details Textual) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)UnitsProperty	Dec. 31, 2016USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncontrolling interests in consolidated real estate partnerships	$ (2,609)	$ 151,121
Revolving loan commitments	600,000	600,000
Assets	6,199,202	6,232,818
Liabilities	$ 4,619,566	4,184,651
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 homes in apartment communities | Units	252
Gain on dispositions of real estate, applicable income taxes	$ 900
Gain on dispositions of real estate	$ 2,600
Number of apartment communities | Property	2
Wholly And Partially Owned Consolidated Properties [Member] | Assets Held-for-sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of apartment communities | Property	0
Aimco Real Estate [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Term loan, gross	$ 249,040	$ 0
Number of apartment homes in apartment communities | Units	39,045
Number of apartment communities | Property	137
Aimco Real Estate [Member] | Wholly And Partially Owned Consolidated Properties [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of apartment homes in apartment communities | Units	39,045
Number of apartment communities | Property	137
Aimco Real Estate [Member] | Palazzo Joint Venture - Los Angeles CA [Member] | Palazzo Acquisition [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncontrolling interests in consolidated real estate partnerships	$ 451,500
Noncontrolling limited partner interest (percent)	47.00%
Noncontrolling interest partner's share of existing non-recourse property-level debt	$ 140,500
Term loan, gross	$ 250,000
Term loan interest rate	30-day LIBOR plus 1.35%
Term loan issue costs	$ 1,000
Number of apartment homes in apartment communities | Units	1,382
Number of apartment communities | Property	3
Payments to acquire noncontrolling limited partner interest in real estate partnership	$ 311,000
Adjustments to additional paid in capital, other	$ 155,600

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)
Commitments related to development, redevelopment and capital improvement activities [Member]
Long-term Purchase Commitment [Line Items]
Commitments related to capital spending activities	$ 80.8
Time Period of Long-term Purchase Commitment	12 months
Minimum [Member]
Long-term Purchase Commitment [Line Items]
Compliance Period For Low Income Housing Tax Credit Syndication Agreements	1 year
Maximum [Member]
Long-term Purchase Commitment [Line Items]
Compliance Period For Low Income Housing Tax Credit Syndication Agreements	8 years
Maximum [Member] | Commitments related to operations [Member]
Long-term Purchase Commitment [Line Items]
Time Period of Long-term Purchase Commitment	1 year

Earnings per Share_Unit (Detail

Earnings per Share/Unit (Details Textual) - USD ($) $ in Thousands, shares in Millions	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016
Earnings Per Share [Abstract]
Participating securities outstanding (in shares)	0.2		0.2
Preferred noncontrolling interests in Aimco Operating Partnership	$ 101,537	$ 103,201
Number of shares potentially redeemable for (in shares)	2.4

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Interest Rate Swap [Member] - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Fair Value Assets and Liabilities Measured on Recurring Basis Fair value and input reconciliation [Roll Forward]
Cash Flow Hedge Fair Value, Beginning Balance	$ (3,175)	$ (4,938)
Unrealized losses included in interest expense	(23)	(22)
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss	755	818
Unrealized losses included in equity and partners’ capital	(355)	(1,085)
Cash Flow Hedge Fair Value, Ending Balance	$ (2,798)	$ (5,227)

Fair Value Measurements (Deta29

Fair Value Measurements (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated fair value of consolidated debt	$ 4,500	$ 4,000
Total indebtedness	4,300	3,900
Cash Flow Hedging [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notional amount of interest rate swaps	$ 49.3	49.6
Average Remaining Maturity of Interest Rate Swaps	3 years 6 months
Period For Reclassification Into Earnings	12 months
Amount of unrealized gains (losses) estimated to be reclassified from accumulated other comprehensive loss to earnings during the next 12 months	$ 1.2
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	$ 100.9
Excepted Remaining Term of Available For Sale Securities	3 years 11 months
Amortized cost of the investment in available-for-sale debt securities	$ 75.1	72.5
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	$ 78.2	$ 76.1

Business Segments (Details Text

Business Segments (Details Textual) $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)UnitsPropertySegment	Jun. 30, 2016USD ($)	Dec. 31, 2016UnitsProperty
Business Segments (Textual) [Abstract]
Number of reportable segments | Segment	1
Aimco Real Estate [Member]
Business Segments (Textual) [Abstract]
Number of owned and managed apartment communities in segments | Property	137
Number of apartment homes in apartment communities | Units	39,045
Operating Segments [Member] | Aimco Real Estate [Member]
Business Segments (Textual) [Abstract]
Capital additions related to segments | $	$ 172.3	$ 163.1
Partially Owned Properties [Member] | Aimco Real Estate [Member]
Business Segments (Textual) [Abstract]
Number of owned and managed apartment communities in segments | Property	141
Number of apartment homes in apartment communities | Units	39,187
Partially Owned Properties [Member] | Asset Management [Member]
Business Segments (Textual) [Abstract]
Number of owned and managed apartment communities in segments | Property	46
Number of apartment homes in apartment communities | Units	6,898
Unconsolidated Properties [Member] | Aimco Real Estate [Member]
Business Segments (Textual) [Abstract]
Number of owned and managed apartment communities in segments | Property	4
Number of apartment homes in apartment communities | Units	142
Aimco Real Estate [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Business Segments (Textual) [Abstract]
Number of owned and managed apartment communities in segments | Property	16		19
Number of apartment homes in apartment communities | Units	4,728		6,110

Business Segments (Details)

Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Summary information for the reportable segments
Rental and other property revenues	$ 227,703	$ 223,741	$ 452,931	$ 446,332
Tax credit and transaction revenues	2,856	8,347	5,547	13,105
Total revenues	249,092	251,218	495,573	497,457
Property operating expenses	79,014	79,708	158,640	159,180
Depreciation and amortization	89,155	80,680	176,323	160,508
General and administrative expenses	10,108	11,616	21,071	23,914
Other operating expenses not allocated to reportable segment (3)	101,990	97,822	201,859	191,518
Total operating expenses	189,386	186,782	378,078	369,487
Net operating income (loss)	59,706	64,436	117,495	127,970
Other Items included in income before gain on dispositions (4)	(39,623)	(35,024)	(79,863)	(74,860)
Income before gain on dispositions	20,083	29,412	37,632	53,110
Aimco Real Estate [Member]
Summary information for the reportable segments
Rental and other property revenues	227,703	223,741	452,931	446,332
Property operating expenses	79,014	79,708	158,640	159,180
Operating Segments [Member] | Aimco Real Estate [Member]
Summary information for the reportable segments
Rental and other property revenues	219,137	205,283	436,112	407,347
Total revenues	219,137	205,283	436,112	407,347
Property operating expenses	68,387	66,694	137,851	131,941
Total operating expenses	68,387	66,694	137,851	131,941
Net operating income (loss)	150,750	138,589	298,261	275,406
Income before gain on dispositions	150,750	138,589	298,261	275,406
Segment Reconciling Items [Member]
Summary information for the reportable segments
Rental and other property revenues	7,199	7,429	14,496	15,022
Total revenues	7,199	7,429	14,496	15,022
Property operating expenses	2,265	2,279	4,568	4,224
Total operating expenses	2,265	2,279	4,568	4,224
Net operating income (loss)	4,934	5,150	9,928	10,798
Income before gain on dispositions	4,934	5,150	9,928	10,798
Corporate Non-Segment [Member]
Summary information for the reportable segments
Rental and other property revenues	1,367	11,029	2,323	23,963
Tax credit and transaction revenues	2,856	8,347	5,547	13,105
Total revenues	22,756	38,506	44,965	75,088
Property operating expenses	8,362	10,735	16,221	23,015
Other operating expenses not allocated to reportable segment (3)	101,990	97,822	201,859	191,518
Total operating expenses	118,734	117,809	235,659	233,322
Net operating income (loss)	(95,978)	(79,303)	(190,694)	(158,234)
Other Items included in income before gain on dispositions (4)	(39,623)	(35,024)	(79,863)	(74,860)
Income before gain on dispositions	(135,601)	(114,327)	(270,557)	(233,094)
Asset Management [Member]
Summary information for the reportable segments
Rental and other property revenues	18,533	19,130	37,095	38,020
Property operating expenses	8,382	9,252	17,579	18,789
Asset Management [Member] | Operating Segments [Member] | Aimco Real Estate [Member]
Summary information for the reportable segments
Rental and other property revenues	0	0	0	0
Property operating expenses		0
Asset Management [Member] | Segment Reconciling Items [Member]
Summary information for the reportable segments
Property operating expenses
Asset Management [Member] | Corporate Non-Segment [Member]
Summary information for the reportable segments
Rental and other property revenues	18,533	19,130	37,095	38,020
Property operating expenses	$ 8,382	$ 9,252	$ 17,579	$ 18,789

Business Segments (Details 1)

Business Segments (Details 1) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Total assets	$ 6,199,202	$ 6,232,818
Operating Segments [Member] | Aimco Real Estate [Member]
Segment Reporting Information [Line Items]
Total assets	5,583,603	5,545,693
Corporate Non-Segment [Member]
Segment Reporting Information [Line Items]
Total assets	$ 615,599	$ 687,125

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)UnitsPropertyEntity	Dec. 31, 2016USD ($)UnitsPropertyEntity	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Variable Interest Entity [Line Items]
Nominal ownership position in low-income housing tax credit partnerships, percentage, up to	1.00%
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Cash and Cash Equivalents, at Carrying Value	$ 63,762	$ 61,244	$ 55,225	$ 50,789
Aimco Real Estate [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Number of consolidated variable interest entities | Entity	12	13
Number of apartment communities | Property	16	19
Number of apartment homes owned by VIEs | Units	4,728	6,110
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Real Estate Investment Property, Net	$ 563,106	$ 897,510
Cash and Cash Equivalents, at Carrying Value	15,259	15,877
Restricted cash	6,882	7,981
Secured Debt	420,043	725,061
Accrued liabilities and other	$ 13,832	$ 14,270
Asset Management [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Number of consolidated variable interest entities | Entity	53	54
Number of apartment communities | Property	37	38
Number of apartment homes owned by VIEs | Units	5,893	6,093
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Real Estate Investment Property, Net	$ 222,409	$ 235,920
Cash and Cash Equivalents, at Carrying Value	17,350	14,926
Restricted cash	29,311	32,542
Secured Debt	222,779	229,509
Accrued liabilities and other	$ 15,545	$ 16,934