Apartment Investment and Management (AIV) 10-Q 7 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 03, 2018
Entity Registrant Name	APARTMENT INVESTMENT & MANAGEMENT CO
Entity Central Index Key	922,864
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		157,351,428
AIMCO Properties, LP [Member]
Entity Registrant Name	AIMCO PROPERTIES LP
Entity Central Index Key	926,660
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		166,397,751

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
ASSETS
Total assets	$ 6,544,356	$ 6,079,040
LIABILITIES AND EQUITY
Total liabilities	4,788,239	4,321,750
Preferred noncontrolling interests/Redeemable Preferred Units	101,332	101,537
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, 157,351,428 and 157,189,447 shares issued/outstanding at June 30, 2018 and December 31, 2017, respectively	1,574	1,572
Additional paid-in capital	3,887,260	3,900,042
Accumulated other comprehensive income	3,208	3,603
Distributions in excess of earnings	(2,402,101)	(2,367,073)
Total Aimco equity	1,614,941	1,663,144
Noncontrolling interests in consolidated real estate partnerships	(2,984)	(1,716)
Common noncontrolling interests in Aimco Operating Partnership	42,828	(5,675)
Total equity	1,654,785	1,655,753
Total liabilities and equity	6,544,356	6,079,040
Aimco Real Estate [Member]
ASSETS
Buildings and improvements	6,407,863	6,174,149
Land	1,763,788	1,753,604
Total real estate	8,171,651	7,927,753
Accumulated depreciation	(2,452,947)	(2,522,358)
Net real estate	5,718,704	5,405,395
Cash and cash equivalents	46,703	60,498
Restricted cash	41,117	34,827
Other assets	365,564	272,739
Assets held for sale	94,314	17,959
LIABILITIES AND EQUITY
Non-recourse property debt, net	3,791,238	3,545,109
Term loan, net	249,801	249,501
Revolving credit facility borrowings	220,170	67,160
Total indebtedness associated with Real Estate portfolio	4,261,209	3,861,770
Accrued liabilities and other	216,789	213,027
Liabilities related to assets held for sale	68,610	0
AIMCO Properties, LP [Member]
ASSETS
Total assets	6,544,356	6,079,040
LIABILITIES AND EQUITY
Total liabilities	4,788,239	4,321,750
Preferred noncontrolling interests/Redeemable Preferred Units	101,332	101,537
Commitments and contingencies (Note 4)
Equity/Partners' Capital:
Preferred units	125,000	125,000
General Partner and Special Limited Partner	1,489,941	1,538,144
Limited Partners	42,828	(5,675)
Partners’ capital attributable to the Aimco Operating Partnership	1,657,769	1,657,469
Noncontrolling interests in consolidated real estate partnerships	(2,984)	(1,716)
Total partners’ capital	1,654,785	1,655,753
Total liabilities and equity	6,544,356	6,079,040
AIMCO Properties, LP [Member] | Aimco Real Estate [Member]
ASSETS
Buildings and improvements	6,407,863	6,174,149
Land	1,763,788	1,753,604
Total real estate	8,171,651	7,927,753
Accumulated depreciation	(2,452,947)	(2,522,358)
Net real estate	5,718,704	5,405,395
Cash and cash equivalents	46,703	60,498
Restricted cash	41,117	34,827
Other assets	365,564	272,739
Assets held for sale	94,314	17,959
LIABILITIES AND EQUITY
Non-recourse property debt, net	3,791,238	3,545,109
Term loan, net	249,801	249,501
Revolving credit facility borrowings	220,170	67,160
Total indebtedness associated with Real Estate portfolio	4,261,209	3,861,770
Accrued liabilities and other	216,789	213,027
Liabilities related to assets held for sale	68,610	0
Assets Held-for-sale [Member] | Asset Management [Member]
ASSETS
Net real estate	216,875	224,873
Cash and cash equivalents	20,696	16,288
Restricted cash	30,055	30,928
Other assets	10,328	15,533
LIABILITIES AND EQUITY
Non-recourse property debt, net	224,112	227,141
Accrued liabilities and other	17,519	19,812
Assets Held-for-sale [Member] | AIMCO Properties, LP [Member] | Asset Management [Member]
ASSETS
Net real estate	216,875	224,873
Cash and cash equivalents	20,696	16,288
Restricted cash	30,055	30,928
Other assets	10,328	15,533
LIABILITIES AND EQUITY
Non-recourse property debt, net	224,112	227,141
Accrued liabilities and other	$ 17,519	$ 19,812

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
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)	157,351,428	157,189,447
Common Stock, shares outstanding (in shares)	157,351,428	157,189,447

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
REVENUES
Tax credit and transaction revenues	$ 57	$ 2,856	$ 3,576	$ 5,547
Total revenues	250,187	249,092	497,907	495,573
OPERATING EXPENSES
Depreciation and amortization	97,485	89,155	190,033	176,323
General and administrative expenses	13,882	10,108	25,237	21,071
Other expenses, net	4,366	2,650	7,324	4,389
Total operating expenses	200,826	189,386	395,169	378,078
Operating income	49,361	59,706	102,738	117,495
Interest income	2,884	2,012	5,056	4,204
Interest expense	(49,906)	(46,858)	(97,701)	(94,740)
Other, net	200	200	424	665
Income before income taxes and gain on dispositions	2,539	15,060	10,517	27,624
Income tax benefit	4,395	5,023	41,783	10,008
Income before gain on dispositions	6,934	20,083	52,300	37,632
Gain on dispositions of real estate, inclusive of related income tax	222	1,508	50,546	1,114
Net income	7,156	21,591	102,846	38,746
Noncontrolling interests:
Net income attributable to noncontrolling interests in consolidated real estate partnerships	(45)	(813)	(6,251)	(1,764)
Net income attributable to preferred noncontrolling interests in Aimco Operating Partnership	(1,934)	(1,939)	(3,871)	(3,888)
Net income attributable to common noncontrolling interests in Aimco Operating Partnership	(140)	(787)	(3,895)	(1,344)
Net income attributable to noncontrolling interests	(2,119)	(3,539)	(14,017)	(6,996)
Net income attributable to the company	5,037	18,052	88,829	31,750
Net income attributable to the company's preferred equity holders	(2,149)	(2,149)	(4,297)	(4,297)
Net income attributable to participating securities	(71)	(60)	(190)	(119)
Net income attributable to the company's common equity holders	$ 2,817	$ 15,843	$ 84,342	$ 27,334
Earnings attributable to the company per common share/unit
Net income attributable to the company per common share/unit - basic and diluted (in dollars per share/unit)	$ 0.02	$ 0.10	$ 0.54	$ 0.17
Dividends declared per common share/unit	$ 0.38	$ 0.36	$ 0.76	$ 0.72
Weighted average number of shares outstanding - basic	156,703	156,305	156,656	156,282
Weighted average number of shares outstanding - diluted	156,833	156,715	156,786	156,735
Asset Management [Member]
REVENUES
Rental and other property revenues	$ 19,000	$ 18,533	$ 37,808	$ 37,095
OPERATING EXPENSES
Property operating expenses	9,062	8,391	18,257	17,587
Aimco Real Estate [Member]
REVENUES
Rental and other property revenues	231,130	227,703	456,523	452,931
OPERATING EXPENSES
Property operating expenses	76,031	79,082	154,318	158,708
AIMCO Properties, LP [Member]
REVENUES
Tax credit and transaction revenues	57	2,856	3,576	5,547
Total revenues	250,187	249,092	497,907	495,573
OPERATING EXPENSES
Depreciation and amortization	97,485	89,155	190,033	176,323
General and administrative expenses	13,882	10,108	25,237	21,071
Other expenses, net	4,366	2,650	7,324	4,389
Total operating expenses	200,826	189,386	395,169	378,078
Operating income	49,361	59,706	102,738	117,495
Interest income	2,884	2,012	5,056	4,204
Interest expense	(49,906)	(46,858)	(97,701)	(94,740)
Other, net	200	200	424	665
Income before income taxes and gain on dispositions	2,539	15,060	10,517	27,624
Income tax benefit	4,395	5,023	41,783	10,008
Income before gain on dispositions	6,934	20,083	52,300	37,632
Gain on dispositions of real estate, inclusive of related income tax	222	1,508	50,546	1,114
Net income	7,156	21,591	102,846	38,746
Noncontrolling interests:
Net income attributable to noncontrolling interests in consolidated real estate partnerships	(45)	(813)	(6,251)	(1,764)
Net income attributable to the company	7,111	20,778	96,595	36,982
Net income attributable to the company's preferred equity holders	(4,083)	(4,088)	(8,168)	(8,185)
Net income attributable to participating securities	(79)	(63)	(204)	(123)
Net income attributable to the company's common equity holders	$ 2,949	$ 16,627	$ 88,223	$ 28,674
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)	$ 0.02	$ 0.10	$ 0.54	$ 0.18
Net income attributable to the company per common share/unit - diluted (in dollars per share/unit)	0.02	0.10	0.54	0.17
Dividends declared per common share/unit	$ 0.38	$ 0.36	$ 0.76	$ 0.72
Weighted average number of shares outstanding - basic	164,685	163,740	164,138	163,777
Weighted average number of shares outstanding - diluted	164,815	164,150	164,268	164,230
AIMCO Properties, LP [Member] | Asset Management [Member]
REVENUES
Rental and other property revenues	$ 19,000	$ 18,533	$ 37,808	$ 37,095
OPERATING EXPENSES
Property operating expenses	9,062	8,391	18,257	17,601
AIMCO Properties, LP [Member] | Aimco Real Estate [Member]
REVENUES
Rental and other property revenues	231,130	227,703	456,523	452,931
OPERATING EXPENSES
Property operating expenses	$ 76,031	$ 79,082	$ 154,318	$ 158,694

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net income	$ 7,156	$ 21,591	$ 102,846	$ 38,746
Other comprehensive loss:
Unrealized (losses) gains on interest rate swaps	(4)	(345)	415	(355)
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss	100	369	219	755
Unrealized (losses) gains on available for sale debt securities	(451)	1,080	(1,051)	(421)
Other comprehensive (loss) gain	(355)	1,104	(417)	(21)
Comprehensive income	6,801	22,695	102,429	38,725
Comprehensive income attributable to noncontrolling interests	(2,100)	(3,630)	(13,995)	(7,090)
Comprehensive income attributable to Aimco/Operating Partnership	4,701	19,065	88,434	31,635
AIMCO Properties, LP [Member]
Net income	7,156	21,591	102,846	38,746
Other comprehensive loss:
Unrealized (losses) gains on interest rate swaps	(4)	(345)	415	(355)
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss	100	369	219	755
Unrealized (losses) gains on available for sale debt securities	(451)	1,080	(1,051)	(421)
Other comprehensive (loss) gain	(355)	1,104	(417)	(21)
Comprehensive income	6,801	22,695	102,429	38,725
Comprehensive income attributable to noncontrolling interests	(45)	(856)	(6,251)	(1,865)
Comprehensive income attributable to Aimco/Operating Partnership	$ 6,756	$ 21,839	$ 96,178	$ 36,860

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 102,846	$ 38,746
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	190,033	176,323
Gain on dispositions of real estate, inclusive of related income tax	(50,546)	(1,114)
Income Tax Expense (Benefit)	(41,783)	(10,008)
Other adjustments	2,307	4,706
Net changes in operating assets and operating liabilities	(17,231)	(31,147)
Net cash provided by operating activities	185,626	177,506
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate and deposits related to purchases of real estate	(205,318)	(8,189)
Capital expenditures	(164,116)	(176,388)
Proceeds from dispositions of real estate	76,317	10,915
Purchases of corporate assets	(2,649)	(6,005)
Other investing activities	2,079	733
Net cash used in investing activities	(293,687)	(178,934)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from non-recourse property debt	360,613	68,535
Principal repayments on non-recourse property debt	(257,144)	(91,420)
Proceeds from term loan	0	250,000
Net borrowings on revolving credit facility	153,010	227,790
Payment of dividends to holders of preferred securities	(4,297)	(4,297)
Payment of dividends to holders of Common Stock	(119,288)	(112,661)
Payment of distributions to noncontrolling interests	(16,998)	(11,176)
Purchases and redemptions of noncontrolling interests	(11,395)	(323,165)
Other financing activities	(41)	53
Net cash provided by financing activities	104,460	3,659
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(3,601)	2,231
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	142,541	131,150
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	138,940	133,381
AIMCO Properties, LP [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	102,846	38,746
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	190,033	176,323
Gain on dispositions of real estate, inclusive of related income tax	(50,546)	(1,114)
Income Tax Expense (Benefit)	(41,783)	(10,008)
Other adjustments	2,307	4,706
Net changes in operating assets and operating liabilities	(17,231)	(31,147)
Net cash provided by operating activities	185,626	177,506
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate and deposits related to purchases of real estate	(205,318)	(8,189)
Capital expenditures	(164,116)	(176,388)
Proceeds from dispositions of real estate	76,317	10,915
Purchases of corporate assets	(2,649)	(6,005)
Other investing activities	2,079	733
Net cash used in investing activities	(293,687)	(178,934)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from non-recourse property debt	360,613	68,535
Principal repayments on non-recourse property debt	(257,144)	(91,420)
Proceeds from term loan	0	250,000
Net borrowings on revolving credit facility	153,010	227,790
Payment of dividends to holders of preferred securities	(8,168)	(8,185)
Payment of distributions to General Partner and Special Limited Partner	(119,288)	(112,661)
Payment of distributions to Limited Partners	(5,625)	(5,408)
Payment of distributions to noncontrolling interests	(7,502)	(1,880)
Purchases and redemptions of noncontrolling interests	(3,581)	(311,055)
Other financing activities	(7,855)	(12,057)
Net cash provided by financing activities	104,460	3,659
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(3,601)	2,231
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	142,541	131,150
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 138,940	$ 133,381

Organization

Organization	6 Months Ended
	Jun. 30, 2018
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 several of 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, 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, 2018 , after eliminations for units held by consolidated subsidiaries, the Aimco Operating Partnership had 166,403,852 common partnership units outstanding. As of June 30, 2018 , Aimco owned 157,351,428 of the common partnership units ( 94.6% of the common partnership units) 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, 2018 , we owned an equity interest in 138 apartment communiti es with 37,897 apartment homes in our Real Estate portfolio. Our Real Estate portfolio 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 134 of these apartment communities with 37,755 apartment homes and these communities comprise our reportable segment. As of June 30, 2018 , we also held nominal ownership positions in partnerships that own 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 partnerships owning an aggregate of 39 apartment communities with 6,211 apartment homes. We completed the sale of our Asset Management business on July 25, 2018.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
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, 2018 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 . The balance sheets of Aimco and the Aimco Operating Partnership at December 31, 2017 , 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, 2017 . Except where indicated, the footnotes refer to both Aimco and the Aimco Operating Partnership. Principles of Consolidation Aimco’s accompanying condensed consolidated financial statements include the accounts of Aimco, the Aimco Operating Partnership, and their consolidated subsidiaries. The Aimco Operating Partnership’s condensed consolidated financial statements include the accounts of the Aimco Operating Partnership and its consolidated subsidiaries, including partnerships served by our Asset Management business (see 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 condensed consolidated 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 condensed consolidated 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, 2017 to June 30, 2018 . The preferred OP Units may be redeemed at the holders’ option (as further discussed in Note 5 ), and are therefore 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, 2017 $ 101,537 Distributions to holders of preferred OP Units (3,871 ) Redemption of preferred OP Units and other (205 ) Net income attributable to preferred OP Units 3,871 Balance, June 30, 2018 $ 101,332 Aimco Equity (including Noncontrolling Interests) The following table presents a reconciliation of Aimco’s consolidated permanent equity accounts from December 31, 2017 to June 30, 2018 (in thousands): Aimco Equity Noncontrolling interests in consolidated real estate partnerships Common noncontrolling interests in Aimco Operating Partnership Total Equity Balance, December 31, 2017 $ 1,663,144 $ (1,716 ) $ (5,675 ) $ 1,655,753 Contributions — (20 ) — (20 ) Issuance of common OP Units — — 50,151 50,151 Dividends on Preferred Stock (4,297 ) — — (4,297 ) Dividends and distributions on Common Stock and common OP Units (119,558 ) (7,499 ) (5,973 ) (133,030 ) Redemptions of common OP Units — — (7,611 ) (7,611 ) Amortization of stock-based compensation cost 4,481 — 780 5,261 Effect of changes in ownership for consolidated entities (17,385 ) — 7,283 (10,102 ) Change in accumulated other comprehensive loss (395 ) — (22 ) (417 ) Other 122 — — 122 Net income 88,829 6,251 3,895 98,975 Balance, June 30, 2018 $ 1,614,941 $ (2,984 ) $ 42,828 $ 1,654,785 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, 2017 to June 30, 2018 (in thousands): Partners’ capital attributable to the Aimco Operating Partnership Balance, December 31, 2017 $ 1,657,469 Issuance of common OP Units 50,151 Distributions to preferred units held by Aimco (4,297 ) Distributions to common units held by Aimco (119,558 ) Distributions to common units held by Limited Partners (5,973 ) Redemption of common OP Units (7,611 ) Amortization of Aimco stock-based compensation cost 5,261 Effect of changes in ownership for consolidated entities (10,102 ) Change in accumulated other comprehensive loss (417 ) Other 122 Net income 92,724 Balance, June 30, 2018 $ 1,657,769 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. Reclassifications Certain items included in the 2017 financial statements have been reclassified to conform to the current presentation. Income Taxes As discussed in Note 9 to the consolidated financial statements in Item 8 of our Form 10-K for the year ended December 31, 2017, we have not completed our accounting for the tax effects of the enactment of the Tax Cuts and Jobs Act in late December 2017. During the six months ended June 30, 2018 , we recognized a measurement period adjustment to reduce by $11.3 million an estimated valuation allowance recognized as of December 31, 2017. During the six months ended June 30, 2018 , we also recognized an offsetting valuation allowance resulting from an intercompany transfer of assets related to our Asset Management business. These adjustments had no net effect on our results of operations or effective tax rate. Accounting Pronouncements Adopted in the Current Year Effective January 1, 2018, we adopted a new standard issued by the Financial Accounting Standards Board, or FASB, that affects accounting for revenue. Under this new standard, revenue is generally recognized when an entity has transferred control of goods or services to a customer for an amount reflecting the consideration to which the entity expects to be entitled for such exchange. In evaluating the contracts we enter into in the ordinary course of business, substantially all of our revenue is generated by lease agreements, which will continue to be subject to existing GAAP until 2019, when we will adopt the new lease accounting standard. The new revenue standard also introduced new guidance for accounting for other income, including how we measure gains or losses on the sale of real estate. We adopted the new standard using the modified retrospective transition method effective January 1, 2018, with no effect on our results of operations or financial position. Effective January 1, 2018, we also adopted new standards issued by the FASB that affect the presentation and disclosure of the statements of cash flows. We are now required to present combined inflows and outflows of cash, cash equivalents, and restricted cash in the consolidated statement of cash flows. Previously our consolidated statements of cash flows presented transfers between restricted and unrestricted cash accounts as operating, financing, and investing cash activities depending upon the required or intended purpose for the restricted funds. The new guidance also requires debt prepayment and other extinguishment related payments to be classified as financing activities. We previously classified such payments as operating activities. We have revised our condensed consolidated statements of cash flows for the six months ended June 30, 2017 to conform to this presentation, and the effect of the revisions to net cash flows from operating and investing activities as previously reported for the six months ended June 30, 2017 are summarized in the following table (in thousands): As Previously Reported Adjustments As Revised Net cash flows from operating activities $ 176,013 $ 1,493 $ 177,506 Net cash flows from investing activities (177,154 ) (1,780 ) (178,934 ) As of June 30, 2018 , in addition to the balances presented as cash, cash equivalents and restricted cash on the condensed consolidated balance sheets, there is $0.4 million of cash, cash equivalents and restricted cash included in assets held for sale.

Significant Transactions, Dispo

Significant Transactions, Dispositions of Apartment Communities and Assets Held for Sale	6 Months Ended
	Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Disposals and Other Significant Transactions	Significant Transactions, Dispositions of Apartment Communities and Assets Held for Sale Acquisition of Apartment Communities During the six months ended June 30, 2018 , we purchased for $160.0 million Bent Tree Apartments, a 748 -apartment home community in Fairfax County, Virginia. The purchase price, plus $1.0 million of capitalized transaction costs, was allocated as follows: $47.0 million to land; $113.0 million to buildings and improvements; and $1.0 million to other items. During the six months ended June 30, 2018 , we agreed to acquire six apartment communities in the Philadelphia area for a stated purchase price of $445.0 million . The portfolio includes 1,006 existing apartment homes, 110 apartment homes under construction, and 185,000 square feet of office and retail space. On May 1, 2018, we purchased four of the six apartment communities, including 665 apartment homes and 153,000 square feet of office and retail space. The gross purchase price consisted of $208.9 million of assumed property-level debt and the issuance of 1.2 million OP Units. In accordance with GAAP, the OP Units were valued at $41.08 per unit, the closing price of Aimco’s common share on May 1, 2018. Total consideration, plus $6.4 million of capitalized transaction costs, was allocated as follows: $14.1 million to land; $282.5 million to buildings and improvements; $6.3 million to intangible assets; and $3.1 million to intangible liabilities. The purchase of the fifth apartment community is conditioned upon the City of Camden’s approval of the transfer of the existing PILOT tax agreement, which has not yet been received. The purchase of the sixth apartment community is expected upon completion of the construction in the first half of 2019. Dispositions of Apartment Communities and Assets Held for Sale During the six months ended June 30, 2018 , we sold three apartment communities with 513 apartment homes for a gain on disposition of $50.6 million , net of income tax, and gross proceeds of $71.9 million resulting in $64.6 million in net proceeds to us. Two of these communities are located in southern Virginia and one is located in suburban Maryland. During the six months ended June 30, 2018 , we sold our interests in the entities owning the La Jolla Cove property in settlement of legal actions filed in 2014 by a group of disappointed buyers who had hoped to acquire the property. We provided seller financing with a stated value of $48.6 million and received net cash proceeds of approximately $5.0 million in the sale. In addition to the apartment communities we sold during the periods presented, from time to time we may be marketing for sale certain apartment communities that are inconsistent with our long-term investment strategy. At the end of each reporting period, we evaluate whether such communities meet the criteria to be classified as held for sale. On July 25, 2018, we sold for $590.0 million our Asset Management business and our four affordable apartment communities located in Hunters Point. After payment of transaction costs and repayment of property-level debt encumbering the Hunters Point apartment communities, net proceeds were approximately $512.0 million . The related assets and liabilities were classified as held for sale as of June 30, 2018 . As of June 30, 2018 , we also classified Chestnut Hill Village, an 821 -apartment home community located in north Philadelphia, as held for sale. On July 27, 2018, we sold this community for gross proceeds of $170.4 million , resulting in $165.5 million of net proceeds to us.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
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, 2018 , our commitments related to these capital activities totaled approximately $118.0 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. In connection with the July 25, 2018, sale of our Asset Management business, the performance obligation related to continuing compliance was assumed by the purchaser. 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. 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 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). In May 2018, we prevailed on our federal judicial appeal vacating the Superfund listing. We continue to work with EPA and IDEM to identify options for clean-up of the site. 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, California, 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 partnership 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 May 2017, Lahontan issued a final cleanup and abatement order that names four potentially-responsible parties, acknowledges that there may be additional responsible parties, and requires the named parties to perform additional groundwater investigation and corrective actions with respect to onsite and offsite contamination. We are appealing the final order while simultaneously complying with it. 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, 2018 , 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, 2018
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 stockholder return, or TSR, restricted stock 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 0.1 million and 0.4 million of these securities was dilutive for the three months ended June 30, 2018 and 2017 , respectively. The effect of 0.1 million and 0.5 million of these securities was dilutive for the six months ended June 30, 2018 and 2017 , respectively. Securities with dilutive effect are included in the denominator for calculating diluted earnings per share and unit during these periods. There were 0.2 million potential shares and 0.2 million potential units not dilutive and excluded from the denominator for calculating diluted earnings per share and per unit, respectively, for both the three and six months ended June 30, 2018 and 2017 . Our time-based restricted stock awards receive dividends similar to shares of Common Stock and common partnership units prior to vesting and our TSR long-term incentive partnership units receive a percentage of the distributions paid to common partnership units prior to vesting. These dividends and distributions are not forfeited if the awards fail to 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 when the two-class method is more dilutive than the treasury method. There were 0.3 million and 0.2 million unvested participating securities as of June 30, 2018 and 2017 , respectively. 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, 2018 , 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, 2018
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, debt securities, and our interest rate swaps, both of which are classified within Level 2 of the GAAP fair value hierarchy. Our investments in debt securities 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, 2018 , was approximately 2.9 years. Our amortized cost basis for these investments, which represents the original cost adjusted for interest accretion less interest payments received, was $80.6 million and $77.7 million at June 30, 2018 and December 31, 2017 , respectively. We estimated the fair value of these investments to be $84.6 million and $82.8 million at June 30, 2018 and December 31, 2017 , respectively. We estimate the fair value of these investments using an income and market approach with primarily observable inputs, including yields and other information regarding similar types of investments, and adjusted for certain unobservable inputs specific to these investments. 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 entered into interest rate swap agreements, which limited exposure to interest rate risk on the partnerships’ debt by effectively converting the interest from a variable rate to a fixed rate. We estimated 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, 2018 2017 Beginning balance $ (1,795 ) $ (3,175 ) Unrealized losses included in interest expense — (23 ) Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss 219 755 Unrealized gains (losses) included in equity and partners’ capital 415 (355 ) Ending balance $ (1,161 ) $ (2,798 ) As of June 30, 2018 and December 31, 2017 , the interest rate swaps had aggregate notional amounts of $21.7 million and $22.0 million , respectively. We designated these interest rate swaps as cash flow hedges. As of June 30, 2018 , the fair value of these swaps is presented within liabilities held for sale in our condensed consolidated balance sheets, and we recognized 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. Effective July 25, 2018, in connection with the sale of our Asset Management business, these obligations were derecognized. Fair Value Disclosures We believe that the carrying values of the consolidated amounts of cash and cash equivalents, receivables and payables approximate their fair values at June 30, 2018 , and December 31, 2017 , due to their relatively short-term nature and high probability of realization. The estimated fair value of the total indebtedness associated with our Real Estate portfolio was approximately $4.2 billion at June 30, 2018 , as compared to a carrying amount of $4.3 billion at June 30, 2018 . The carrying value of the total indebtedness associated with our Real Estate portfolio approximated its estimated fair value at December 31, 2017 . We estimate the fair value of our consolidated debt using an income and market approach, including comparison of the contractual terms to observable and unobservable inputs such as market interest rate risk spreads, contractual interest rates, remaining periods to maturity, collateral quality and loan to value ratios on similarly encumbered apartment communities within our portfolio. We classify the fair value of debt within Level 3 of the GAAP valuation hierarchy based on the significance of certain of the unobservable inputs used to estimate its fair value.

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Business Segments	Business Segments Our chief executive officer, who is our chief operating decision maker, uses proportionate property net operating income to assess the operating performance of our apartment communities. Proportionate property net operating income is defined as our share of rental and other property revenue less our share of property operating expenses, including real estate taxes, for consolidated apartment communities we own and manage. Beginning in 2018, we exclude from rental and other property revenues the amount of utilities cost reimbursed by residents and reflect such amount as a reduction of the related utility expense within property operating expenses in our evaluation of segment results. In our condensed consolidated statements of operations, utility reimbursements are included in rental and other property revenues, in accordance with GAAP. The tables below have been revised to conform to this presentation. Apartment communities are classified as either part of our Real Estate portfolio or those owned through partnerships served by our Asset Management business. As of June 30, 2018 , for segment performance evaluation, our Real Estate segment included 134 consolidated apartment communities with 37,755 apartment homes and excluded four apartment communities with 142 apartment homes that we neither manage nor consolidate. As of June 30, 2018 , through our Asset Management business we also held nominal ownership positions in consolidated partnerships that own 39 low-income housing tax credit apartment communities with 6,211 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 following tables present the revenues, net operating income and income before gain on dispositions of our Real Estate segment on a proportionate basis and excluding amounts related to apartment communities sold or held for sale as of June 30, 2018 for the three and six months ended June 30, 2018 and 2017 (in thousands): Real Estate Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Reportable Segment (2) Consolidated Three months ended June 30, 2018: Rental and other property revenues attributable to Real Estate $ 214,478 $ 8,192 $ 8,460 $ 231,130 Rental and other property revenues of partnerships served by Asset Management business — — 19,000 19,000 Tax credit and transaction revenues — — 57 57 Total revenues 214,478 8,192 27,517 250,187 Property operating expenses attributable to Real Estate 60,930 7,655 7,446 76,031 Property operating expenses of partnerships served by Asset Management business — — 9,062 9,062 Other operating expenses not allocated to reportable segment (3) — — 115,733 115,733 Total operating expenses 60,930 7,655 132,241 200,826 Operating income 153,548 537 (104,724 ) 49,361 Other items included in income before gain on dispositions (4) — — (42,427 ) (42,427 ) Income before gain on dispositions $ 153,548 $ 537 $ (147,151 ) $ 6,934 Real Estate Proportionate and Other 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 $ 193,908 $ 13,547 $ 20,248 $ 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 193,908 13,547 41,637 249,092 Property operating expenses attributable to Real Estate 55,559 8,870 14,653 79,082 Property operating expenses of partnerships served by Asset Management business — — 8,391 8,391 Other operating expenses not allocated to reportable segment (3) — — 101,913 101,913 Total operating expenses 55,559 8,870 124,957 189,386 Operating income 138,349 4,677 (83,320 ) 59,706 Other items included in income before gain on dispositions (4) — — (39,623 ) (39,623 ) Income before gain on dispositions $ 138,349 $ 4,677 $ (122,943 ) $ 20,083 Real Estate Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Reportable Segment (2) Consolidated Six months ended June 30, 2018: Rental and other property revenues attributable to Real Estate $ 420,800 $ 16,978 $ 18,745 $ 456,523 Rental and other property revenues of partnerships served by Asset Management business — — 37,808 37,808 Tax credit and transaction revenues — — 3,576 3,576 Total revenues 420,800 16,978 60,129 497,907 Property operating expenses attributable to Real Estate 120,273 15,914 18,131 154,318 Property operating expenses of partnerships served by Asset Management business — — 18,257 18,257 Other operating expenses not allocated to reportable segment (3) — — 222,594 222,594 Total operating expenses 120,273 15,914 258,982 395,169 Operating income 300,527 1,064 (198,853 ) 102,738 Other items included in income before gain on dispositions (4) — — (50,438 ) (50,438 ) Income before gain on dispositions $ 300,527 $ 1,064 $ (249,291 ) $ 52,300 Real Estate Proportionate and Other 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 $ 385,414 $ 27,388 $ 40,129 $ 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 385,414 27,388 82,771 495,573 Property operating expenses attributable to Real Estate 111,734 17,880 29,094 158,708 Property operating expenses of partnerships served by Asset Management business — — 17,587 17,587 Other operating expenses not allocated to reportable segment (3) — — 201,783 201,783 Total operating expenses 111,734 17,880 248,464 378,078 Operating income 273,680 9,508 (165,693 ) 117,495 Other items included in income before gain on dispositions (4) — — (79,863 ) (79,863 ) Income before gain on dispositions $ 273,680 $ 9,508 $ (245,556 ) $ 37,632 (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. Also includes the reclassification of utility reimbursements from revenues to property operating expenses for the purpose of evaluating segment results. Utility reimbursements are included in rental and other property revenues in our condensed consolidated statements of operations prepared in accordance with GAAP. (2) Includes the operating results of apartment communities sold during the periods shown or held for sale at the end of the period, if any, 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 expenses and casualty gains and losses, which are included in consolidated property operating expenses and are not part of our segment performance measure. (3) Other operating expenses not allocated to reportable segment consists 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 consists of interest and income tax benefit. The assets of our reportable segment and the consolidated assets not allocated to our segment are as follows (in thousands): June 30, 2018 December 31, 2017 Real Estate $ 5,853,287 $ 5,391,816 Corporate and other assets (1) 691,069 687,224 Total consolidated assets $ 6,544,356 $ 6,079,040 (1) Includes the assets not allocated to our reportable segment, primarily the assets of consolidated partnerships served by our Asset Management business and apartment communities sold or held for sale as of June 30, 2018 . For the six months ended June 30, 2018 and 2017 , capital additions related to our Real Estate segment totaled $158.4 million and $163.2 million , respectively.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities Generally, a variable interest entity, or VIE, is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. 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. Aimco consolidates the Aimco Operating Partnership, which is a VIE for which Aimco is the primary beneficiary. Aimco, through the Aimco Operating Partnership, consolidates all VIEs for which the Aimco Operating Partnership is the primary beneficiary. 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. Certain 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 held a nominal ownership position in these partnerships, generally one percent or less. As general partner in these partnerships, we were the sole decision maker and we received fees and other payments in return for the asset management and other services we provided and thus shared in the economics of the partnerships, and as such, we were the primary beneficiary of these partnerships. On July 25, 2018, we completed the sale of our Asset Management business. The table below summarizes information regarding VIEs consolidated by the Aimco Operating Partnership: June 30, 2018 December 31, 2017 Real Estate portfolio: VIEs with interests in apartment communities 13 14 Apartment communities owned by VIEs 13 14 Apartment homes in communities owned by VIEs 4,196 4,321 Consolidated partnerships served by Asset Management business: VIEs with interests in apartment communities 41 49 Apartment communities owned by VIEs 31 37 Apartment homes in communities owned by VIEs 4,879 5,893 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, 2018 December 31, 2017 Real Estate portfolio: Assets Net real estate $ 478,774 $ 529,898 Cash and cash equivalents 13,776 16,111 Restricted cash 6,302 4,798 Assets held for sale 57,596 — Liabilities Non-recourse property debt secured by Real Estate communities, net 340,874 412,205 Accrued liabilities and other 12,204 10,623 Liabilities related to assets held for sale 68,443 — Consolidated partnerships served by Asset Management business: Assets held for sale at June 30, 2018 Real estate, net 171,281 215,580 Cash and cash equivalents 14,366 15,931 Restricted cash 22,691 30,107 Liabilities related to assets held for sale at June 30, 2018 Non-recourse property debt 183,188 220,356 Accrued liabilities and other 15,118 20,241

Basis of Presentation and Sum15

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
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, 2018 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 . The balance sheets of Aimco and the Aimco Operating Partnership at December 31, 2017 , 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, 2017 . Except where indicated, the footnotes refer to both Aimco and the Aimco Operating Partnership.
Principles of Consolidation	Principles of Consolidation Aimco’s accompanying condensed consolidated financial statements include the accounts of Aimco, the Aimco Operating Partnership, and their consolidated subsidiaries. The Aimco Operating Partnership’s condensed consolidated financial statements include the accounts of the Aimco Operating Partnership and its consolidated subsidiaries, including partnerships served by our Asset Management business (see 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 condensed consolidated 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 condensed consolidated 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 are therefore 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 January 1, 2018, we adopted a new standard issued by the Financial Accounting Standards Board, or FASB, that affects accounting for revenue. Under this new standard, revenue is generally recognized when an entity has transferred control of goods or services to a customer for an amount reflecting the consideration to which the entity expects to be entitled for such exchange. In evaluating the contracts we enter into in the ordinary course of business, substantially all of our revenue is generated by lease agreements, which will continue to be subject to existing GAAP until 2019, when we will adopt the new lease accounting standard. The new revenue standard also introduced new guidance for accounting for other income, including how we measure gains or losses on the sale of real estate. We adopted the new standard using the modified retrospective transition method effective January 1, 2018, with no effect on our results of operations or financial position. Effective January 1, 2018, we also adopted new standards issued by the FASB that affect the presentation and disclosure of the statements of cash flows. We are now required to present combined inflows and outflows of cash, cash equivalents, and restricted cash in the consolidated statement of cash flows. Previously our consolidated statements of cash flows presented transfers between restricted and unrestricted cash accounts as operating, financing, and investing cash activities depending upon the required or intended purpose for the restricted funds. The new guidance also requires debt prepayment and other extinguishment related payments to be classified as financing activities. We previously classified such payments as operating activities.

Basis of Presentation and Sum16

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2018
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, 2017 to June 30, 2018 . The preferred OP Units may be redeemed at the holders’ option (as further discussed in Note 5 ), and are therefore 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, 2017 $ 101,537 Distributions to holders of preferred OP Units (3,871 ) Redemption of preferred OP Units and other (205 ) Net income attributable to preferred OP Units 3,871 Balance, June 30, 2018 $ 101,332
Reconciliation of consolidated permanent equity accounts	The following table presents a reconciliation of Aimco’s consolidated permanent equity accounts from December 31, 2017 to June 30, 2018 (in thousands): Aimco Equity Noncontrolling interests in consolidated real estate partnerships Common noncontrolling interests in Aimco Operating Partnership Total Equity Balance, December 31, 2017 $ 1,663,144 $ (1,716 ) $ (5,675 ) $ 1,655,753 Contributions — (20 ) — (20 ) Issuance of common OP Units — — 50,151 50,151 Dividends on Preferred Stock (4,297 ) — — (4,297 ) Dividends and distributions on Common Stock and common OP Units (119,558 ) (7,499 ) (5,973 ) (133,030 ) Redemptions of common OP Units — — (7,611 ) (7,611 ) Amortization of stock-based compensation cost 4,481 — 780 5,261 Effect of changes in ownership for consolidated entities (17,385 ) — 7,283 (10,102 ) Change in accumulated other comprehensive loss (395 ) — (22 ) (417 ) Other 122 — — 122 Net income 88,829 6,251 3,895 98,975 Balance, June 30, 2018 $ 1,614,941 $ (2,984 ) $ 42,828 $ 1,654,785
Revisions to net cash flows from operating, investing, and financing activities	We have revised our condensed consolidated statements of cash flows for the six months ended June 30, 2017 to conform to this presentation, and the effect of the revisions to net cash flows from operating and investing activities as previously reported for the six months ended June 30, 2017 are summarized in the following table (in thousands): As Previously Reported Adjustments As Revised Net cash flows from operating activities $ 176,013 $ 1,493 $ 177,506 Net cash flows from investing activities (177,154 ) (1,780 ) (178,934 )
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, 2017 to June 30, 2018 (in thousands): Partners’ capital attributable to the Aimco Operating Partnership Balance, December 31, 2017 $ 1,657,469 Issuance of common OP Units 50,151 Distributions to preferred units held by Aimco (4,297 ) Distributions to common units held by Aimco (119,558 ) Distributions to common units held by Limited Partners (5,973 ) Redemption of common OP Units (7,611 ) Amortization of Aimco stock-based compensation cost 5,261 Effect of changes in ownership for consolidated entities (10,102 ) Change in accumulated other comprehensive loss (417 ) Other 122 Net income 92,724 Balance, June 30, 2018 $ 1,657,769

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2018
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, 2018 2017 Beginning balance $ (1,795 ) $ (3,175 ) Unrealized losses included in interest expense — (23 ) Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss 219 755 Unrealized gains (losses) included in equity and partners’ capital 415 (355 ) Ending balance $ (1,161 ) $ (2,798 )

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2018
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 and excluding amounts related to apartment communities sold or held for sale as of June 30, 2018 for the three and six months ended June 30, 2018 and 2017 (in thousands): Real Estate Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Reportable Segment (2) Consolidated Three months ended June 30, 2018: Rental and other property revenues attributable to Real Estate $ 214,478 $ 8,192 $ 8,460 $ 231,130 Rental and other property revenues of partnerships served by Asset Management business — — 19,000 19,000 Tax credit and transaction revenues — — 57 57 Total revenues 214,478 8,192 27,517 250,187 Property operating expenses attributable to Real Estate 60,930 7,655 7,446 76,031 Property operating expenses of partnerships served by Asset Management business — — 9,062 9,062 Other operating expenses not allocated to reportable segment (3) — — 115,733 115,733 Total operating expenses 60,930 7,655 132,241 200,826 Operating income 153,548 537 (104,724 ) 49,361 Other items included in income before gain on dispositions (4) — — (42,427 ) (42,427 ) Income before gain on dispositions $ 153,548 $ 537 $ (147,151 ) $ 6,934 Real Estate Proportionate and Other 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 $ 193,908 $ 13,547 $ 20,248 $ 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 193,908 13,547 41,637 249,092 Property operating expenses attributable to Real Estate 55,559 8,870 14,653 79,082 Property operating expenses of partnerships served by Asset Management business — — 8,391 8,391 Other operating expenses not allocated to reportable segment (3) — — 101,913 101,913 Total operating expenses 55,559 8,870 124,957 189,386 Operating income 138,349 4,677 (83,320 ) 59,706 Other items included in income before gain on dispositions (4) — — (39,623 ) (39,623 ) Income before gain on dispositions $ 138,349 $ 4,677 $ (122,943 ) $ 20,083 Real Estate Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Reportable Segment (2) Consolidated Six months ended June 30, 2018: Rental and other property revenues attributable to Real Estate $ 420,800 $ 16,978 $ 18,745 $ 456,523 Rental and other property revenues of partnerships served by Asset Management business — — 37,808 37,808 Tax credit and transaction revenues — — 3,576 3,576 Total revenues 420,800 16,978 60,129 497,907 Property operating expenses attributable to Real Estate 120,273 15,914 18,131 154,318 Property operating expenses of partnerships served by Asset Management business — — 18,257 18,257 Other operating expenses not allocated to reportable segment (3) — — 222,594 222,594 Total operating expenses 120,273 15,914 258,982 395,169 Operating income 300,527 1,064 (198,853 ) 102,738 Other items included in income before gain on dispositions (4) — — (50,438 ) (50,438 ) Income before gain on dispositions $ 300,527 $ 1,064 $ (249,291 ) $ 52,300 Real Estate Proportionate and Other 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 $ 385,414 $ 27,388 $ 40,129 $ 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 385,414 27,388 82,771 495,573 Property operating expenses attributable to Real Estate 111,734 17,880 29,094 158,708 Property operating expenses of partnerships served by Asset Management business — — 17,587 17,587 Other operating expenses not allocated to reportable segment (3) — — 201,783 201,783 Total operating expenses 111,734 17,880 248,464 378,078 Operating income 273,680 9,508 (165,693 ) 117,495 Other items included in income before gain on dispositions (4) — — (79,863 ) (79,863 ) Income before gain on dispositions $ 273,680 $ 9,508 $ (245,556 ) $ 37,632 (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. Also includes the reclassification of utility reimbursements from revenues to property operating expenses for the purpose of evaluating segment results. Utility reimbursements are included in rental and other property revenues in our condensed consolidated statements of operations prepared in accordance with GAAP. (2) Includes the operating results of apartment communities sold during the periods shown or held for sale at the end of the period, if any, 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 expenses and casualty gains and losses, which are included in consolidated property operating expenses and are not part of our segment performance measure. (3) Other operating expenses not allocated to reportable segment consists 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 consists of interest 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, 2018 December 31, 2017 Real Estate $ 5,853,287 $ 5,391,816 Corporate and other assets (1) 691,069 687,224 Total consolidated assets $ 6,544,356 $ 6,079,040 (1) Includes the assets not allocated to our reportable segment, primarily the assets of consolidated partnerships served by our Asset Management business and apartment communities sold or held for sale as of June 30, 2018 .

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2018
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, 2018 December 31, 2017 Real Estate portfolio: VIEs with interests in apartment communities 13 14 Apartment communities owned by VIEs 13 14 Apartment homes in communities owned by VIEs 4,196 4,321 Consolidated partnerships served by Asset Management business: VIEs with interests in apartment communities 41 49 Apartment communities owned by VIEs 31 37 Apartment homes in communities owned by VIEs 4,879 5,893 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, 2018 December 31, 2017 Real Estate portfolio: Assets Net real estate $ 478,774 $ 529,898 Cash and cash equivalents 13,776 16,111 Restricted cash 6,302 4,798 Assets held for sale 57,596 — Liabilities Non-recourse property debt secured by Real Estate communities, net 340,874 412,205 Accrued liabilities and other 12,204 10,623 Liabilities related to assets held for sale 68,443 — Consolidated partnerships served by Asset Management business: Assets held for sale at June 30, 2018 Real estate, net 171,281 215,580 Cash and cash equivalents 14,366 15,931 Restricted cash 22,691 30,107 Liabilities related to assets held for sale at June 30, 2018 Non-recourse property debt 183,188 220,356 Accrued liabilities and other 15,118 20,241

Organization (Details Textual)

Organization (Details Textual)	6 Months Ended
	Jun. 30, 2018UnitsPropertyshares
Organization [Line Items]
Common partnership units and equivalents outstanding | shares	157,351,428
Percentage of the Aimco Operating Partnership's common partnership units and equivalents owned by Aimco	94.60%
AIMCO PROPERTIES, L.P [Member]
Organization [Line Items]
Common partnership units and equivalents outstanding | shares	166,403,852
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] | Partially Owned Properties [Member]
Organization [Line Items]
Number of apartment communities | Property	138
Number of apartment homes in apartment communities | Units	37,897
Aimco Real Estate [Member] | Wholly And Partially Owned Consolidated Properties [Member]
Organization [Line Items]
Number of apartment communities | Property	134
Number of apartment homes in apartment communities | Units	37,755
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Aimco Real Estate [Member] | Wholly And Partially Owned Consolidated Properties [Member]
Organization [Line Items]
Number of apartment communities | Property	3
Number of apartment homes in apartment communities | Units	513

Basis of Presentation and Sum21

Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred tax asset valuation allowance, increase (decrease), amount	$ (11,300)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	138,940	$ 142,541	$ 133,381	$ 131,150
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]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 400

Basis of Presentation and Sum22

Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance, December 31, 2017	$ 101,537
Balance, June 30, 2018	101,332
AIMCO PROPERTIES, L.P [Member]
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance, December 31, 2017	101,537
Distributions to holders of preferred OP Units	(3,871)
Redemption of preferred OP Units and other	(205)
Net income attributable to preferred OP Units	3,871
Balance, June 30, 2018	$ 101,332

Basis of Presentation and Sum23

Basis of Presentation and Summary of Significant Accounting Policies (Details 1) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, December 31, 2017	$ 1,655,753
Contributions	(20)
Common units issued during period, value	50,151
Dividends on Preferred Stock	(4,297)
Dividends and distributions on Common Stock and common OP Units	(133,030)
Redemptions of common OP Units	(7,611)
Amortization of stock-based compensation cost	5,261
Effect of changes in ownership for consolidated entities	(10,102)
Change in accumulated other comprehensive loss	(417)
Other	122
Net income	98,975
Balance, June 30, 2018	1,654,785
Aimco Equity [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, December 31, 2017	1,663,144
Dividends on Preferred Stock	(4,297)
Dividends and distributions on Common Stock and common OP Units	(119,558)
Amortization of stock-based compensation cost	4,481
Effect of changes in ownership for consolidated entities	(17,385)
Change in accumulated other comprehensive loss	(395)
Other	122
Net income	88,829
Balance, June 30, 2018	1,614,941
Noncontrolling Interests in Consolidated Real Estate Partnerships [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, December 31, 2017	(1,716)
Contributions	(20)
Dividends and distributions on Common Stock and common OP Units	(7,499)
Net income	6,251
Balance, June 30, 2018	(2,984)
Common Noncontrolling Interests in Aimco Operating Partnership [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, December 31, 2017	(5,675)
Common units issued during period, value	50,151
Dividends and distributions on Common Stock and common OP Units	(5,973)
Redemptions of common OP Units	(7,611)
Amortization of stock-based compensation cost	780
Effect of changes in ownership for consolidated entities	7,283
Change in accumulated other comprehensive loss	(22)
Net income	3,895
Balance, June 30, 2018	$ 42,828

Basis of Presentation and Sum24

Basis of Presentation and Summary of Significant Accounting Policies (Details 2) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Increase (Decrease) in Partners' Capital [Roll Forward]
Common units issued during period, value	$ 50,151
Redemption of common OP Units	(7,611)
Amortization of Aimco stock-based compensation cost	5,261
Effect of changes in ownership for consolidated entities	(10,102)
Change in accumulated other comprehensive loss	(417)
Other	122
Net income	98,975
AIMCO Properties, LP [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance, December 31, 2017	1,657,469
Balance, June 30, 2018	1,657,769
AIMCO Properties, LP [Member] | Partners Capital [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance, December 31, 2017	1,657,469
Common units issued during period, value	50,151
Distributions to preferred units held by Aimco	(4,297)
Distributions to common units held by Aimco	(119,558)
Distributions to common units held by Limited Partners	(5,973)
Redemption of common OP Units	(7,611)
Amortization of Aimco stock-based compensation cost	5,261
Effect of changes in ownership for consolidated entities	(10,102)
Change in accumulated other comprehensive loss	(417)
Other	122
Net income	92,724
Balance, June 30, 2018	$ 1,657,769

Basis of Presentation and Sum25

Basis of Presentation and Summary of Significant Accounting Policies (Details 3) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash flows from operating activities	$ 185,626	$ 177,506
Net cash flows from investing activities	$ (293,687)	(178,934)
As Previously Reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash flows from operating activities		176,013
Net cash flows from investing activities		(177,154)
Accounting Standards Update 2016-18 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash flows from operating activities		1,493
Net cash flows from investing activities		$ (1,780)

Significant Transactions, Dis26

Significant Transactions, Dispositions of Apartment Communities and Assets Held for Sale (Details Textual) $ / shares in Units, ft² in Thousands, $ in Thousands, shares in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Jul. 31, 2018USD ($)	Jun. 30, 2018USD ($)UnitsPropertyshares	Jun. 30, 2018USD ($)UnitsProperty	May 01, 2018ft²UnitsProperty$ / shares	Apr. 16, 2018USD ($)ft²UnitsProperty	Dec. 31, 2017USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncontrolling Interest in Limited Partnerships		$ (2,984)	$ (2,984)			$ (1,716)
Assets		6,544,356	6,544,356			6,079,040
Liabilities		$ 4,788,239	$ 4,788,239			$ 4,321,750
Wholly And Partially Owned Consolidated Properties [Member] | Assets Held-for-sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of apartment homes in apartment communities | Units		821	821
Number of apartment communities | Property		1	1
Bent Tree Apartments - Fairfax County, Virginia [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total fair value allocated to land		$ 47,000	$ 47,000
Total fair value allocated to building and improvements		113,000	113,000
Total fair value allocated to other items		$ 1,000	1,000
Payments to acquire and develop real estate			$ 160,000
Number of apartment homes in apartment communities | Units		748	748
Capitalized asset acquisition costs			$ 1,000
2018 Philadelphia Acquisition Portfolio [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total fair value allocated to land		$ 14,100	14,100
Total fair value allocated to building and improvements		282,500	282,500
Asset Acquisition Recognized Identifiable Assets Acquired and Liabilities Assumed Intangible Assets		6,300	6,300
Asset Acquisition Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Liabilities		3,100	3,100
Number of apartment homes in apartment communities | Units				665	1,006
Area of office and retail space acquired (in square feet) | ft²				153	185
Asset Acquisition Recognized Identifiable Assets Acquired and Liabilities Assumed Non-Recourse Property Debt		$ 208,900	208,900
Common units issued during period | shares		1.2
Asset Acquisition, Share Price | $ / shares				$ 41.08
Capitalized asset acquisition costs			6,400
Number of apartment communities | Property				4	6
Stated purchase price of real estate acquired					$ 445,000
One Ardmore Place - Philadelphia [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of apartment homes in apartment communities | Units					110
La Jolla Cove [Member] | 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]
Notional value of seller financing provided		$ 48,600	48,600
Net cash proceeds from the sale of real estate with seller financing provided			$ 5,000
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		37,755	37,755
Number of apartment communities | Property		134	134
Aimco Real Estate [Member] | 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		513	513
Net proceeds to Aimco from the sale of real estate			$ 64,600
Gain on dispositions of real estate			50,600
Gross proceeds from sale of real estate			$ 71,900
Number of apartment communities | Property		3	3
Asset Management [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		6,211	6,211
Number of apartment communities | Property		39	39
Subsequent Event [Member] | Aimco Real Estate [Member] | 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]
Net proceeds to Aimco from the sale of real estate	$ 165,500
Gross proceeds from sale of real estate	170,400
Asset Management [Member] | Subsequent Event [Member] | 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]
Net proceeds to Aimco from the sale of real estate	512,000
Gross proceeds from sale of real estate	$ 590,000

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) $ in Millions	1 Months Ended	6 Months Ended
	May 31, 2017parties	Jun. 30, 2018USD ($)
Long-term Purchase Commitment [Line Items]
Number of potentially responsible parties, environmental remediation | parties	4
Commitments related to development, redevelopment and capital improvement activities [Member]
Long-term Purchase Commitment [Line Items]
Commitments related to capital spending activities | $		$ 118
Time Period of Long-term Purchase Commitment		12 months
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	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive potential common shares/units (in shares)	0.1	0.4	0.1	0.5
Antidilutive securities excluded from the denominator for calculating dilutive earnings per share and per unit (in shares)	0.2	0.2	0.2	0.2
Participating securities outstanding (in shares)	0.3	0.2	0.3	0.2
Preferred noncontrolling interests in Aimco Operating Partnership	$ 101,332		$ 101,332		$ 101,537
Number of shares potentially redeemable for (in shares)	2.4		2.4
AIMCO Properties, LP [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the denominator for calculating dilutive earnings per share and per unit (in shares)	0.2	0.2	0.2	0.2
Preferred noncontrolling interests in Aimco Operating Partnership	$ 101,332		$ 101,332		$ 101,537

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, 2018	Jun. 30, 2017
Fair Value Assets and Liabilities Measured on Recurring Basis Fair value and input reconciliation [Roll Forward]
Cash flow hedge fair value, beginning balance	$ (1,795)	$ (3,175)
Unrealized losses included in interest expense	0	(23)
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss	219	755
Unrealized gains (losses) included in equity and partners’ capital	415	(355)
Cash flow hedge fair value, ending balance	$ (1,161)	$ (2,798)

Fair Value Measurements (Deta30

Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Cash Flow Hedging [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notional amount of interest rate swaps	$ 21,700	$ 22,000
Available-for-sale Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Face amount of investment in available-for-sale debt securities	$ 100,900
Excepted remaining term of available for sale securities	2 years 11 months
Amortized cost of the investment in available-for-sale debt securities	$ 80,600	77,700
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	84,600	82,800
Aimco Real Estate [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated fair value of consolidated debt	4,200,000
Total indebtedness associated with Real Estate portfolio	4,261,209	3,861,770
Non-recourse property debt, net	$ 3,791,238	$ 3,545,109

Business Segments (Details Text

Business Segments (Details Textual) $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)SegmentUnitsProperty	Jun. 30, 2017USD ($)	Dec. 31, 2017UnitsProperty
Business Segments (Textual) [Abstract]
Number of reportable segments | Segment	1
Operating Segments [Member] | Aimco Real Estate [Member]
Business Segments (Textual) [Abstract]
Capital additions related to segments | $	$ 158.4	$ 163.2
Partially Owned Properties [Member] | Aimco Real Estate [Member]
Business Segments (Textual) [Abstract]
Number of owned and managed apartment communities in segments | Property	138
Number of apartment homes in apartment communities | Units	37,897
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
Wholly And Partially Owned Consolidated Properties [Member] | Aimco Real Estate [Member]
Business Segments (Textual) [Abstract]
Number of owned and managed apartment communities in segments | Property	134
Number of apartment homes in apartment communities | Units	37,755
Wholly And Partially Owned Consolidated Properties [Member] | Asset Management [Member]
Business Segments (Textual) [Abstract]
Number of owned and managed apartment communities in segments | Property	39
Number of apartment homes in apartment communities | Units	6,211
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	13		14
Number of apartment homes in apartment communities | Units	4,196		4,321

Business Segments (Details)

Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Summary information for the reportable segments
Tax credit and transaction revenues	$ 57	$ 2,856	$ 3,576	$ 5,547
Total revenues	250,187	249,092	497,907	495,573
Depreciation and amortization	97,485	89,155	190,033	176,323
General and administrative expenses	13,882	10,108	25,237	21,071
Other operating expenses not allocated to reportable segment (3)	115,733	101,913	222,594	201,783
Total operating expenses	200,826	189,386	395,169	378,078
Net operating income (loss)	49,361	59,706	102,738	117,495
Other Items included in income before gain on dispositions (4)	(42,427)	(39,623)	(50,438)	(79,863)
Income before gain on dispositions	6,934	20,083	52,300	37,632
Aimco Real Estate [Member]
Summary information for the reportable segments
Rental and other property revenues	231,130	227,703	456,523	452,931
Property operating expenses	76,031	79,082	154,318	158,708
Operating Segments [Member] | Aimco Real Estate [Member]
Summary information for the reportable segments
Rental and other property revenues	214,478	193,908	420,800	385,414
Total revenues	214,478	193,908	420,800	385,414
Property operating expenses	60,930	55,559	120,273	111,734
Total operating expenses	60,930	55,559	120,273	111,734
Net operating income (loss)	153,548	138,349	300,527	273,680
Income before gain on dispositions	153,548	138,349	300,527	273,680
Segment Reconciling Items [Member]
Summary information for the reportable segments
Total revenues	8,192	13,547	16,978	27,388
Total operating expenses	7,655	8,870	15,914	17,880
Net operating income (loss)	537	4,677	1,064	9,508
Income before gain on dispositions	537	4,677	1,064	9,508
Segment Reconciling Items [Member] | Aimco Real Estate [Member]
Summary information for the reportable segments
Rental and other property revenues	8,192	13,547	16,978	27,388
Property operating expenses	7,655	8,870	15,914	17,880
Corporate Non-Segment [Member]
Summary information for the reportable segments
Tax credit and transaction revenues	57	2,856	3,576	5,547
Total revenues	27,517	41,637	60,129	82,771
Other operating expenses not allocated to reportable segment (3)	115,733	101,913	222,594	201,783
Total operating expenses	132,241	124,957	258,982	248,464
Net operating income (loss)	(104,724)	(83,320)	(198,853)	(165,693)
Other Items included in income before gain on dispositions (4)	(42,427)	(39,623)	(50,438)	(79,863)
Income before gain on dispositions	(147,151)	(122,943)	(249,291)	(245,556)
Corporate Non-Segment [Member] | Aimco Real Estate [Member]
Summary information for the reportable segments
Rental and other property revenues	8,460	20,248	18,745	40,129
Property operating expenses	7,446	14,653	18,131	29,094
Asset Management [Member]
Summary information for the reportable segments
Rental and other property revenues	19,000	18,533	37,808	37,095
Property operating expenses	9,062	8,391	18,257	17,587
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	0	0	0
Asset Management [Member] | Corporate Non-Segment [Member]
Summary information for the reportable segments
Rental and other property revenues	19,000	18,533	37,808	37,095
Property operating expenses	$ 9,062	$ 8,391	$ 18,257	$ 17,587

Business Segments (Details 1)

Business Segments (Details 1) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Total assets	$ 6,544,356	$ 6,079,040
Operating Segments [Member] | Aimco Real Estate [Member]
Segment Reporting Information [Line Items]
Total assets	5,853,287	5,391,816
Corporate Non-Segment [Member]
Segment Reporting Information [Line Items]
Total assets	$ 691,069	$ 687,224

Variable Interest Entities (Det

Variable Interest Entities (Details) - Variable Interest Entity, Primary Beneficiary [Member] $ in Thousands	Jun. 30, 2018USD ($)UnitsPropertyEntity	Dec. 31, 2017USD ($)UnitsPropertyEntity
Aimco Real Estate [Member]
Variable Interest Entity [Line Items]
Number of consolidated variable interest entities | Entity	13	14
Number of apartment communities | Property	13	14
Number of apartment homes owned by VIEs | Units	4,196	4,321
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Net real estate	$ 478,774	$ 529,898
Cash and cash equivalents	13,776	16,111
Restricted cash	6,302	4,798
Assets held for sale	57,596	0
Non-recourse property debt secured by Real Estate communities, net	340,874	412,205
Accrued liabilities and other	12,204	10,623
Liabilities related to assets held for sale	$ 68,443	$ 0
Asset Management [Member]
Variable Interest Entity [Line Items]
Number of consolidated variable interest entities | Entity	41	49
Number of apartment communities | Property	31	37
Number of apartment homes owned by VIEs | Units	4,879	5,893
Assets Held-for-sale [Member] | Asset Management [Member]
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Net real estate	$ 171,281	$ 215,580
Cash and cash equivalents	14,366	15,931
Restricted cash	22,691	30,107
Non-recourse property debt secured by Real Estate communities, net	183,188	220,356
Accrued liabilities and other	$ 15,118	$ 20,241