Apartment Investment and Management (AIV) 10-Q 9 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 05, 2022
Document Information [Line Items]
Entity Registrant Name	Apartment Investment and Management Company
Entity Central Index Key	0000922864
Document Type	10-Q
Document Period End Date	Mar. 31, 2022
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Trading Symbol	AIV
Entity File Number	1-13232
Entity Tax Identification Number	84-1259577
Entity Address, State or Province	MD
Entity Address, Address Line One	4582 South Ulster Street
Entity Address, Address Line Two	Suite 1450
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80237
City Area Code	303
Local Phone Number	224-7900
Entity Common Stock, Shares Outstanding		152,683,298
Title of 12(b) Security	Class A Common Stock (Apartment Investment and Management Company)
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false
Aimco OP L.P. [Member]
Document Information [Line Items]
Entity Registrant Name	Aimco OP L.P.
Entity Central Index Key	0000926660
Document Type	10-Q
Document Period End Date	Mar. 31, 2022
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	true
Entity Small Business	false
Entity Shell Company	false
Entity File Number	0-56223
Entity Tax Identification Number	85-2460835
Entity Address, State or Province	DE
Entity Address, Address Line One	4582 South Ulster Street
Entity Address, Address Line Two	Suite 1450
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80237
City Area Code	303
Local Phone Number	224-7900

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Buildings and improvements	$ 1,323,647	$ 1,257,214
Land	574,434	534,285
Total real estate	1,898,081	1,791,499
Accumulated depreciation	(576,243)	(561,115)
Net real estate	1,321,838	1,230,384
Cash and cash equivalents	109,011	233,374
Restricted cash	68,612	11,208
Mezzanine investment	346,034	337,797
Right-of-use lease assets	522,874	429,768
Other assets, net	181,061	165,913
Total assets	2,593,844	2,434,101
LIABILITIES AND EQUITY
Non-recourse property debt,net	512,301	483,137
Construction loans, net	180,562	163,570
Notes payable to AIR	534,127	534,127
Total indebtedness	1,226,990	1,180,834
Deferred tax liabilities	123,641	124,747
Lease liabilities	509,235	435,093
Accrued liabilities and other	114,761	97,400
Total liabilities	1,974,627	1,838,074
Redeemable noncontrolling interests in consolidated real estate partnerships	37,232	33,794
Commitments and contingencies (Note 4)
Equity:
Common Stock, $0.01 par value, 510,587,500 shares authorized at both March 31, 2022 and December 31, 2021, and 149,689,847 and 149,818,021 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	1,497	1,498
Additional paid-in capital	523,455	521,842
Accumulated deficit	(14,571)	(22,775)
Total Aimco equity	510,381	500,565
Noncontrolling interests in consolidated real estate partnerships	44,629	35,213
Common noncontrolling interests in Aimco Operating Partnership	26,975	26,455
Total equity	581,985	562,233
Total liabilities and equity	2,593,844	2,434,101
Aimco OP L.P. [Member]
ASSETS
Buildings and improvements	1,323,647	1,257,214
Land	574,434	534,285
Total real estate	1,898,081	1,791,499
Accumulated depreciation	(576,243)	(561,115)
Net real estate	1,321,838	1,230,384
Cash and cash equivalents	109,011	233,374
Restricted cash	68,612	11,208
Mezzanine investment	346,034	337,797
Right-of-use lease assets	522,874	429,768
Other assets, net	181,061	165,913
Total assets	2,593,844	2,434,101
LIABILITIES AND EQUITY
Non-recourse property debt,net	512,301	483,137
Construction loans, net	180,562	163,570
Notes payable to AIR	534,127	534,127
Total indebtedness	1,226,990	1,180,834
Deferred tax liabilities	123,641	124,747
Lease liabilities	509,235	435,093
Accrued liabilities and other	114,761	97,400
Total liabilities	1,974,627	1,838,074
Redeemable noncontrolling interests in consolidated real estate partnerships	37,232	33,794
Commitments and contingencies (Note 4)
Equity:
General Partner and Special Limited Partner	510,381	500,565
Limited Partners	26,975	26,455
Partners’ capital attributable to Aimco Operating Partnership	537,356	527,020
Noncontrolling interests in consolidated real estate partnerships	44,629	35,213
Total partners’ capital	581,985	562,233
Total liabilities and equity	2,593,844	2,434,101
Interest Rate Options
ASSETS
Interest rate options	44,414	25,657
Interest Rate Options | Aimco OP L.P. [Member]
ASSETS
Interest rate options	$ 44,414	$ 25,657

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	510,587,500	510,587,500
Common Stock, shares issued (in shares)	149,689,847	149,818,021
Common Stock, shares outstanding (in shares)	149,689,847	149,818,021

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
REVENUES
Rental and other property revenues	$ 49,994	$ 39,804
OPERATING EXPENSES
Property operating expenses	19,221	16,942
Depreciation and amortization	23,118	20,717
General and administrative expenses	9,472	6,311
Total operating expenses	51,811	43,970
Interest expense	(14,601)	(12,677)
Mezzanine / Unconsolidated partnerships investment income, net	8,237	7,467
Unrealized gains on interest rate options	18,778	25,347
Other (expense) income, net	(4,541)	363
Income before income tax benefit	6,056	16,334
Income tax benefit	4,056	5,100
Net income	10,112	21,434
Noncontrolling interests:
Net (income) loss attributable to redeemable noncontrolling interest in consolidated real estate partnership	(1,470)	152
Net loss(income) attributable to noncontrolling interests in consolidated real estate partnerships	2	(291)
Net income attributable to common noncontrolling interests in Aimco Operating Partnership	(435)	(1,081)
Net income attributable to Aimco	$ 8,209	$ 20,214
Net income attributable to Aimco per common share -basic (Note 6)	$ 0.05	$ 0.14
Net income attributable to Aimco per common share - diluted (Note 6)	$ 0.05	$ 0.14
Weighted average common shares/units outstanding - basic	149,790	148,914
Weighted average common shares/units outstanding - diluted	150,348	149,046
Aimco OP L.P. [Member]
REVENUES
Rental and other property revenues	$ 49,994	$ 39,804
OPERATING EXPENSES
Property operating expenses	19,221	16,942
Depreciation and amortization	23,118	20,717
General and administrative expenses	9,472	6,311
Total operating expenses	51,811	43,970
Interest expense	(14,601)	(12,677)
Mezzanine / Unconsolidated partnerships investment income, net	8,237	7,467
Unrealized gains on interest rate options	18,778	25,347
Other (expense) income, net	(4,541)	363
Income before income tax benefit	6,056	16,334
Income tax benefit	4,056	5,100
Net income	10,112	21,434
Noncontrolling interests:
Net (income) loss attributable to redeemable noncontrolling interest in consolidated real estate partnership	(1,470)	152
Net loss(income) attributable to noncontrolling interests in consolidated real estate partnerships	2	(291)
Net income attributable to Aimco	$ 8,644	$ 21,295
Net income attributable to Aimco per common share -basic (Note 6)	$ 0.05	$ 0.14
Net income attributable to Aimco per common share - diluted (Note 6)	$ 0.05	$ 0.14
Weighted average common shares/units outstanding - basic	157,718	156,882
Weighted average common shares/units outstanding - diluted	158,485	157,014

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total Aimco Equity [Member]	Noncontrolling Interests in Consolidated Real Estate Partnerships [Member]	Common Noncontrolling Interests in Aimco Operating Partnership [Member]
Balances at Dec. 31, 2020	$ 559,091	$ 1,490	$ 515,127	$ (16,839)	$ 499,778	$ 31,877	$ 27,436
Balances (in shares) at Dec. 31, 2020		149,036
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Aimco Operating Partnership	20,214			20,214	20,214
Net loss attributable to noncontrolling interests in consolidated real estate partnerships	291					291
Net income attributable to common noncontrolling interests in Aimco Operating Partnership	1,081						1,081
Redemption of OP Units	(36)						(36)
Share-based compensation expense	229		171		171		58
Distribution to noncontrolling interest in consolidated real estate partnerships	(287)					(287)
Other Common Stock issuances	1,071	$ 2	1,069		1,071
Other Common Stock issuances (In share)		232
Other, net	(302)	$ (1)	(316)		(317)	3	12
Other, net (in shares)		(60)
Balances at Mar. 31, 2021	581,352	$ 1,491	516,051	3,375	520,917	31,884	28,551
Balances (in shares) at Mar. 31, 2021		149,208
Balances at Dec. 31, 2021	562,233	$ 1,498	521,842	(22,775)	500,565	35,213	26,455
Balances (in shares) at Dec. 31, 2021		149,818
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Aimco Operating Partnership	8,209			8,209	8,209
Net loss attributable to noncontrolling interests in consolidated real estate partnerships	(2)					(2)
Net income attributable to common noncontrolling interests in Aimco Operating Partnership	435						435
Redemption of OP Units	(133)		954		954		(1,087)
Redemption of OP Units, (In share)		23
Share-based compensation expense	2,429		1,363		1,363		1,066
Distribution to noncontrolling interest in consolidated real estate partnerships	(295)					(295)
Contributions from noncontrolling interests in consolidated real estate partnerships	9,718					9,718
Common stock repurchased	(1,317)	$ (2)	(1,315)		(1,317)
Common stock repurchased (In shares)		(202)
Other Common Stock issuances	852	$ 1	851		852
Other Common Stock issuances (In share)		106
Redemption of redeemable noncontrolling interests in consolidated real estate partnerships	(183)		(183)		(183)
Other, net	39		(57)	(5)	(62)	(5)	106
Other, net (in shares)		(55)
Balances at Mar. 31, 2022	$ 581,985	$ 1,497	$ 523,455	$ (14,571)	$ 510,381	$ 44,629	$ 26,975
Balances (in shares) at Mar. 31, 2022		149,690

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$ 10,112	$ 21,434
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		23,118	20,717
Income from unconsolidated real estate partnerships		(8,237)	(7,467)
Unrealized gains on interest rate options		(18,778)	(25,347)
Income tax benefit		(4,056)	(5,100)
Amortization of debt issuance costs and other		814	238
Mezzanine investment income, net		(8,237)	(7,467)
Share based compensation		2,667	704
Changes in operating assets and operating liabilities:
Other assets		6,752	(19,231)
Accrued liabilities and other		(5,625)	16,631
Total adjustments		(3,601)	(19,110)
Net cash provided by operating activities		6,511	2,324
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate		(47,492)	(6,230)
Capital expenditures	[1]	(49,656)	(31,658)
Investment in IQHQ		(14,227)
Other investing activities		(73)	(49)
Net cash used in investing activities		(111,448)	(37,937)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from non-recourse property debt		40,000
Proceeds from construction loans		15,625
Principal repayments on non-recourse property debt		(2,101)	(18,174)
Purchase of interest rate options			(5,590)
Payments on finance leases		(24,516)	(3,699)
Common stock repurchased		(1,317)
Contributions from noncontrolling interests in consolidated real estate partnerships		9,718
Contributions from redeemable noncontrolling interests in consolidated real estate partnerships		6,879
Redemption of redeemable noncontrolling interests in consolidated real estate partnerships		(5,094)
Other financing activities		(1,216)	(354)
Net cash provided by (used in) financing activities		37,978	(27,817)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH		(66,959)	(63,430)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD		244,582	298,735
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD		177,623	235,305
Aimco OP L.P. [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		10,112	21,434
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		23,118	20,717
Income from unconsolidated real estate partnerships		(8,237)	(7,467)
Unrealized gains on interest rate options		(18,778)	(25,347)
Income tax benefit		(4,056)	(5,100)
Amortization of debt issuance costs and other		814	238
Mezzanine investment income, net		(8,237)	(7,467)
Share based compensation		2,667	704
Changes in operating assets and operating liabilities:
Other assets		6,752	(19,231)
Accrued liabilities and other		(5,625)	16,631
Total adjustments		(3,601)	(19,110)
Net cash provided by operating activities		6,511	2,324
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate		(47,492)	(6,230)
Capital expenditures	[2]	(49,656)	(31,658)
Investment in IQHQ		(14,227)
Other investing activities		(73)	(49)
Net cash used in investing activities		(111,448)	(37,937)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from non-recourse property debt		40,000
Proceeds from construction loans		15,625
Principal repayments on non-recourse property debt		(2,101)	(18,174)
Purchase of interest rate options			(5,590)
Payments on finance leases		(24,516)	(3,699)
Common stock repurchased		(1,317)
Contributions from noncontrolling interests in consolidated real estate partnerships		9,718
Contributions from redeemable noncontrolling interests in consolidated real estate partnerships		6,879
Redemption of redeemable noncontrolling interests in consolidated real estate partnerships		(5,094)
Other financing activities		(1,216)	(354)
Net cash provided by (used in) financing activities		37,978	(27,817)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH		(66,959)	(63,430)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD		244,582	298,735
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD		177,623	235,305
Unconsolidated Real Estate Partnerships [Member]
Adjustments to reconcile net income to net cash provided by operating activities:
Income from unconsolidated real estate partnerships		(256)	(255)
Unconsolidated Real Estate Partnerships [Member] | Aimco OP L.P. [Member]
Adjustments to reconcile net income to net cash provided by operating activities:
Income from unconsolidated real estate partnerships		$ (256)	$ (255)
[1]	Capital expenditures net of accrued capital costs of $ 40.4 million and $ 16.1 million for the three months ended March 31, 2022 and 2021 , respectively.
[2]	Capital expenditures net of accrued capital costs of $ 40.4 million and $1 6.1 million for the three months ended March 31, 2022 and 2021 , respectively.

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Capital expenditures net of accrued capital costs	$ 40.4	$ 16.1
Aimco OP L.P. [Member]
Capital expenditures net of accrued capital costs	$ 40.4	$ 6.1

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL (Unaudited) - USD ($) $ in Thousands	Total	Aimco OP L.P. [Member]	General Partner and Special Limited Partner [Member]Aimco OP L.P. [Member]	Limited Partners [Member]Aimco OP L.P. [Member]	Partners Capital Attributable To The Partnership [Member]Aimco OP L.P. [Member]	Noncontrolling Interests in Consolidated Real Estate Partnerships [Member]Aimco OP L.P. [Member]
Balances at Dec. 31, 2020		$ 559,091	$ 499,778	$ 27,436	$ 527,214	$ 31,877
Net income attributable to Aimco Operating Partnership	$ 20,214	21,295	20,214	1,081	21,295
Net income (loss) attributable to noncontrolling interests in consolidated real estate partnerships		291				291
Redemption of OP Units		(36)		(36)	(36)
Share-based compensation expense		1,301	1,243	58	1,301
Distribution to noncontrolling interest in consolidated real estate partnerships	(287)	(287)				(287)
Other, net		(303)	(318)	12	(306)	3
Balances at Mar. 31, 2021		581,352	520,917	28,551	549,468	31,884
Balances at Dec. 31, 2021		562,233	500,565	26,455	527,020	35,213
Net income attributable to Aimco Operating Partnership	8,209	8,644	8,209	435	8,644
Net income (loss) attributable to noncontrolling interests in consolidated real estate partnerships		(2)				(2)
Redemption of OP Units		(133)	954	(1,087)	(133)
Share-based compensation expense		2,429	1,363	1,066	2,429
Distribution to noncontrolling interest in consolidated real estate partnerships	(295)	(295)				(295)
Contributions from noncontrolling interests in consolidated real estate partnerships	9,718	9,718				9,718
Common stock repurchased	(1,317)	(1,317)	(1,317)		(1,317)
Other Common Stock issuances		852	852		852
Redemption of redeemable noncontrolling interests in consolidated real estate partnerships	$ (183)	(183)	(183)		(183)
Other, net		39	(62)	106	44	(5)
Balances at Mar. 31, 2022		$ 581,985	$ 510,381	$ 26,975	$ 537,356	$ 44,629

Organization

Organization	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Note 1 — Organization Apartment Investment and Management Company (“Aimco”), a Maryland corporation incorporated on January 10, 1994, is a self-administered and self-managed real estate investment trust (“REIT”). Aimco, through a wholly owned subsidiary, is the general and special limited partner of Aimco OP L.P. (“Aimco Operating Partnership”). Except as the context otherwise requires, “we,” “our,” and “us” refer to Aimco, Aimco Operating Partnership, and their consolidated subsidiaries, collectively. On December 15, 2020, Aimco completed the separation of its businesses (the “Separation”), creating two, separate and distinct, publicly traded companies, Aimco and Apartment Income REIT Corp. (“AIR”) (Aimco and AIR together, as they existed prior to the Separation, “Aimco Predecessor”). Events noted in this filing as occurring before December 15, 2020, were those entered into by Aimco Predecessor. Business As of March 31, 2022, Aimco owned 92.6 % of the legal interest in the common partnership units of Aimco Operating Partnership and 95.0 % of the economic interest in Aimco Operating Partnership. The remaining 7.4 % legal interest is owned by limited partners. As the sole general partner of Aimco Operating Partnership, Aimco has exclusive control of Aimco Operating Partnership’s day-to-day management. We own or lease a portfolio of real estate investments focused primarily on the U.S. multifamily sector. These real estate investments include: a portfolio of 29 operating apartment communities ( 25 consolidated properties with 6,125 apartment homes and four unconsolidated operating properties), diversified by both geography and price point, in ten major U.S. markets; one commercial office building that is part of a land assemblage; three residential apartment communities, with 1,331 planned apartment homes, a single family rental community with 16 planned homes plus eight accessory dwelling units, and one hotel, with 106 planned rooms, we are actively developing or redeveloping; land parcels held for development; and three residential apartment communities with 499 apartment homes for which we have completed the redevelopment, but have not achieved stabilization. Our real estate portfolio also includes one land parcel held for sale and an unconsolidated investment in land held for development. In addition, we hold other opportunistic and alternative investments, including our Mezzanine Investment (as defined and described in Note 2 below); our IQHQ investment (as defined and described in Note 3 below); and our investment in real estate technology funds.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 2 — 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 months ended March 31, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The condensed consolidated balance sheets of Aimco and Aimco Operating Partnership as of December 31, 2021 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 Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2021 . Except where indicated, the footnotes refer to both Aimco and Aimco Operating Partnership. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Aimco, Aimco Operating Partnership, and their consolidated subsidiaries. Aimco Operating Partnership’s condensed consolidated financial statements include the accounts of Aimco Operating Partnership and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. We consolidate a variable interest entity (“VIE”) in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company. Certain reclassifications have been made to prior period amounts to conform to the current period condensed consolidated financial statement presentation with no effect on the Company’s previously reported results of operations, financial position, or cash flows. Common Noncontrolling Interests in Aimco Operating Partnership Common noncontrolling interests in Aimco Operating Partnership consist of common Aimco Operating Partnership Units (“OP Units”) and are reflected in Aimco’s accompanying condensed consolidated balance sheets as common noncontrolling interests in Aimco Operating Partnership. Aimco Operating Partnership’s income or loss is allocated to the holders of common OP Units, other than Aimco, based on the weighted-average number of common OP Units (including Aimco) outstanding during the period. For all periods presented, the holders of common OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 5.0 % . Substantially all of the assets and liabilities of Aimco are held by Aimco Operating Partnership. Redeemable Noncontrolling Interests in Consolidated Real Estate Partnerships Redeemable noncontrolling interests consists of equity interests held by a limited partner in a consolidated real estate partnership that has a finite life. During the first quarter of 2022, we acquired all the outstanding redeemable noncontrolling interests in two consolidated properties for $ 5.1 million. At the time of redemption, the carrying amount of the redeemable non-controlling interests was $ 4.9 million. Prior to our acquisition during the first quarter of 2022, we attributed to noncontrolling interests their share of income or loss of consolidated partnerships based on their proportionate interest in the results of operations of the partnerships, including their share of losses. Redeemable noncontrolling interests in consolidated real estate partnerships as of March 31, 2022, consists of our institutional partner’s equity interest in our Upton Joint Venture, which provides our partner with an accruing 9.7 % rate of return on their investment. If a consolidated real estate partnership includes redemption rights that are not within our control, the noncontrolling interest is included as temporary equity. The assets of our consolidated real estate partnerships must first be used to settle the liabilities of the consolidated real estate partnerships. The consolidated real estate partnerships’ creditors do not have recourse to the general credit of Aimco Operating Partnership. The following table presents a reconciliation of our redeemable noncontrolling interests in consolidated real estate partnerships from December 31, 2021 to March 31, 2022 (in thousands): Balance at December 31, 2021 $ 33,794 Capital contributions 6,879 Redemptions ( 4,911 ) Net income 1,470 Balance at March 31, 2022 $ 37,232 Mezzanine Investment On November 26, 2019, Aimco Predecessor made a five-year , $ 275.0 million mezzanine loan to the partnership owning the “Parkmerced Apartments” located in southwest San Francisco (the “Mezzanine Investment”). The loan bears interest at a 10 % annual rate, accruing if not paid from property operations. Ownership of the subsidiaries that originated and hold the mezzanine loan was retained by AIR following the Separation. The Separation Agreement provides for AIR to transfer ownership of the subsidiaries that originated and hold the mezzanine loan, a related equity option to acquire a 30 % interest in the partnership owning Parkmerced Apartments and the interest rate option, or swaption, that provides partial protection against future refinancing risk through 2024 to Aimco once required third-party consents are received. At the time of the Separation and as of the date of this filing, legal title of these subsidiaries had not yet transferred to Aimco. Until legal title of the subsidiaries is transferred, AIR is obligated to pass payments on such loan to us, and we are obligated to indemnify AIR against any costs and expenses related thereto. We have the risks and rewards of ownership of the Mezzanine Investment and have recognized an asset related to our right to receive the Mezzanine Investment from AIR. We recognize as income the net amounts recognized by AIR on its equity investment that are due to be paid to us when collected to the extent the income is supported by the change in AIR's claim to the net assets of the underlying borrower. The income recognized primarily represents the interest accrued under the terms of the underlying mezzanine loan. The loan is subject to certain risks, including, but not limited to, those resulting from the lingering disruption due to the COVID-19 pandemic and associated response, and any similar events that might occur in the future, which may result in all or a portion of the loan not being repaid. In the event we determine that a portion of the Mezzanine Investment is not recoverable, we will recognize an impairment. Income Tax Benefit Certain of our operations, including our Development and Redevelopment activities, are conducted through taxable REIT subsidiaries, or TRS entities. Additionally, our TRS entities hold investments in one of our apartment communities and 1001 Brickell Bay Drive. Our income tax benefit calculated in accordance with GAAP includes income taxes associated with the income or loss of our TRS entities. Income taxes, as well as changes in valuation allowance and incremental deferred tax items in conjunction with intercompany asset transfers and internal restructurings (if applicable), are included in income tax benefit in our condensed consolidated statements of operations. Consolidated GAAP income or loss subject to tax consists of pretax income or loss of our taxable entities and gains retained by the REIT. For the three months ended March 31, 2022 and 2021, we had consolidated net losses subject to tax of $ 14.8 million and $ 9.5 million, respectively. For the three months ended March 31, 2022 , we recognized income tax benefit of $ 4.1 million, compared to $ 5.1 million during the same period ended 2021. The change is primarily due to an income tax benefit in 2021 of $ 2.7 million associated with internal restructuring costs and changes to our effective state tax rate, partially offset by higher GAAP losses at our TRS entities in 2022 . 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. Cash Equivalents We classify highly liquid investments with an original maturity of three months or less as cash equivalents. We maintain cash equivalents in financial institutions in excess of insured limits. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions. Restricted Cash Restricted cash consists of tenant security deposits, capital replacement reserves, insurance reserves, and cash restricted as required by our debt agreements. Other Assets, net Other assets were comprised of the following amounts (in thousands): March 31, 2022 December 31, 2021 Other investments $ 55,104 $ 45,386 Notes receivable 38,358 38,029 Prepaid expenses and real estate taxes 18,154 20,516 Unconsolidated real estate partnerships 15,145 13,025 Deferred costs, deposits, and other 16,194 22,136 Assets held for sale 10,131 — Deferred tax assets 9,660 6,388 Corporate fixed assets 9,411 9,855 Due from affiliates 3,654 4,840 Accounts receivable, net of allowances of $ 1,269 and $ 1,285 as of March 31, 2022 and December 31, 2021, respectively 3,136 2,469 Intangible assets, net 2,114 3,269 Total other assets, net $ 181,061 $ 165,913 Assets held for sale primarily includes a land parcel acquired in the first quarter of 2022 that is described further in Note 3. Accounting Pronouncements Adopted in the Current Year During the first quarter of 2022, we adopted ASU 2021-05 establishing Topic 842, Lessors - Certain Leases with Variable Lease Payments in conjunction with our ongoing operations. ASU 2021-05 requires a lessor to classify a lease with variable payments that do not depend on an index or rate as an operating lease if either a sales-type lease or direct financing lease classification would trigger a day-one loss, which was effective for us on January 1, 2022. The adoption of this standard on January 1, 2022 , did not have a material impact on our condensed consolidated financial statements . Recent Accounting Pronouncements In March 2020, the FASB issued Accounting Standards Update No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by the discontinuation of the LIBOR or by another reference rate expected to be discontinued because of reference rate reform. The guidance was effective beginning March 12, 2020 and can be applied prospectively through December 31, 2022. In January 2021, the FASB issued Accounting Standards Update 2021-01 , “Reference Rate Reform (Topic 848): Scope” (“ASU 2021-01”), which clarified the scope and application of the original guidance. We plan to adopt ASU 2020-04 and ASU 2021-01 when LIBOR is discontinued. We are currently evaluating the potential impact of adopting this guidance, but do not expect it to have a material impact on our consolidated financial statements due to the fact that we hold one month LIBOR debt instruments which are not expected to be discontinued in 2022.

Significant Transactions

Significant Transactions	3 Months Ended
	Mar. 31, 2022
Significant Transactions [Abstract]
Significant Transactions	Note 3 —Significant Transactions Acquisitions and Investments During the first quarter of 2022: • Aimco’s Fort Lauderdale consolidated joint venture closed on the previously announced acquisition of three undeveloped land parcels located in downtown Fort Lauderdale for $ 49.0 million ($ 25.0 million at Aimco's 51 % share), funded primarily by a $ 40.0 million land loan ($ 20.4 million at Aimco's share). The $ 49.0 million purchase price was allocated among the parcels based on third party appraisals. At the time of the acquisition, one land parcel was subject to a sales agreement for disposition and closing on or before October 9, 2022. Based on the facts and circumstances related to the sale, Aimco determined the land parcel meets the criteria for assets held for sale as of March 31, 2022. Assets held for sale are reported at the carrying value of $ 10.1 million and included within Other assets, net in our condensed consolidated balance sheets. Liabilities related to assets held for sale of $ 8.0 million are included in Accrued liabilities and other in our condensed consolidated balance sheets. • Aimco entered into a purchase agreement to acquire, for $ 100.0 million, a 9 -acre development site in Fort Lauderdale. The site is located in the Flagler Village neighborhood with the ability to develop approximately three million square feet of mixed-use development, over time. Due to certain transaction stipulations predefined in the purchase agreement, we reserved funds for the transaction by placing $ 70.0 million of cash , of which $ 20.0 million is held in escrow in the seller’s name, while $ 50.0 million is held in escrow in our name and included within restricted cash on the balance sheet at March 31, 2022. Additionally, $ 30.0 million in letters of credit is held in escrow. See Note 4 for information regarding commitments related to this pending acquisition. Timing of the transaction closing is uncertain but the purchase agreement provides that it shall occur not later than February 24, 2025. Concurrent with entering into the purchase agreement, Aimco entered into a short-term cancelable lease with the seller to obtain development rights of the 9-acre development site. Together, the two contracts are treated as one financing lease as title transfers at the end of the lease arrangement. Refer to Note 9 for details regarding the finance lease. • During the first quarter of 2022, Aimco funded the remaining $ 14.2 million of a total commitment of a $ 50.0 million passive equity investment in IQHQ Inc., a privately held life sciences real estate development company. Joint Venture Transaction During the first quarter of 2022, Aimco formed a joint venture for the construction of approximately one million square feet of mixed-use development in the Edgewater neighborhood of Miami, Florida. Aimco has a 20 % share of the joint venture, which includes the initial contribution of an eighth of an acre of land that we purchased for $ 1.7 million in January 2022. Aimco's total capital commitment to the venture is $ 8.0 million. Aimco will serve as the development manager for the venture and expects to begin construction in 2023.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 4 — Commitments and Contingencies Commitments In connection with our development, redevelopment, and other capital additions activities, we have entered into various construction-related contracts and we have made commitments to complete development and redevelopment of certain real estate, pursuant to financing or other arrangements. As of March 31, 2022 , our commitments related to these capital activities totaled approximately $ 217.9 million, most of which we expect to incur during the next 24 months. As described in Note 3, Aimco is under contract to acquire, for $ 100.0 million, a nine -acre development site in Fort Lauderdale. Aimco reserved funds for the transaction by placing $ 70.0 million of cash, of which $ 20.0 million is held in escrow in the seller's name and $ 50.0 million is held in escrow in Aimco's name. Timing of the closing and the funding of the remaining $ 30.0 million commitment is uncertain, but the purchase agreement provides that the transaction closing shall occur not later than February 24, 2025. Also as described in Note 3, we have a commitment to fund a total of $ 8.0 million associated with our Edgewater joint venture formed in the first quarter of 2022. As of March 31, 2022 , our remaining commitment is $ 6.0 million, all of which we expect to incur over the next twelve months. As of March 31, 2022 , we also have unfunded commitments in the amount of $ 3.2 million related to four investments in privately held entities that develop technology related to the real estate industry, the timing of which is uncertain. 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. Legal Matters From time to time, we may be a party to certain legal proceedings, incidental to the normal course of business. While the outcome of the legal proceedings cannot be predicted with certainty, we believe there are no legal proceedings pending that would have a material effect upon our financial condition or results of operations.

Agreements and Transactions Wit

Agreements and Transactions With AIR	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Agreements and Transactions With AIR	Note 5 — Agreements and Transactions With AIR In conjunction with the Separation in December 2020, we entered into the following agreements with AIR that have significant operational and financial impacts to us. Master Services Agreement We and AIR entered into a Master Services Agreement in which AIR will provide us with customary administrative and support services. We are obligated to pay AIR the fully burdened costs in performing the services. We may terminate any or all services on 60 days’ prior written notice, and AIR may terminate individual services at any time after December 31, 2023. During the three months ended March 31, 2022 and 2021 we incurred administrative and support fees o f $ 0.4 million, for both periods, which are included in general and administrative expenses in our condensed consolidated statements of operations. Property Management Agreements We entered into several Property Management Agreements with AIR, pursuant to which AIR provides us with certain property management, property accounting and related services for the majority of our operating properties, and we pay AIR a property management fee equal to 3 % of each respective property’s revenue collected and such other fees as may be mutually agreed upon for various other services. The initial term of each Property Management Agreement is one year, with automatic one-year renewal periods, unless either party elects to terminate upon delivery of 60 days’ prior written notice to the other party before the end of the term. Neither party is obligated to pay to the other party a termination fee or other penalty upon such termination. During the three months ended March 31, 2022 and 2021, we recognized property management and property accounting fe es of $ 1.4 mill ion and $ 1.3 million, respectively, which we included in property operating expenses in our condensed consolidated statements of operations. Master Leasing Agreement The Master Leasing Agreement governs the current and any future leasing arrangements between us, as lessee and AIR, as lessor. The initial term of the Master Leasing Agreement is 18 months (expiring on or about June 14, 2022), with automatic annual extensions (subject to each party’s right to terminate upon notice prior to the end of any such extension term). The Master Leasing Agreement provides that each time the parties thereto wish to execute a lease for a particular property, such parties will cause their applicable affiliates to execute a stand-alone lease. The initial annual rent for any leased property is based on the then-current fair market value of the subject property and market NOI cap rates, subject to certain adjustments, and is further subject to periodic escalation as set forth in the applicable lease, and the other terms thereof, including the initial term and extensions. We have the right to terminate any such lease prior to the end of its term once the leased property is stabilized. In connection with such an early termination, AIR will generally have an option (and not an obligation) to pay us an amount equal to the difference between the property’s fair value at stabilization and the initial value of the leasehold interest, at a five percent discount thereto; if AIR does not exercise such option, we will have the right to cause such property to be sold to a third party, with AIR guaranteed to receive an amount equal to the difference between the property’s fair market value at stabilization and the initial value of the leasehold interest and we will retain any excess proceeds. In the event of such sale of the property, we may also elect to purchase the property at a purchase price equal to the fair market value as agreed upon at the time of lease inception (and may subsequently sell the property to a third party, subject to AIR’s right of first refusal during the first year following our acquisition). If AIR elects not to pay the fee for the development or redevelopment-related improvements, and we decline to purchase the property or cause its sale to a third party, we may elect to rescind our termination of the applicable lease and instead continue such lease in effect in accordance with its terms. Refer to Note 9 for additional information on leases in place as of March 31, 2022. Notes Payable to AIR On December 14, 2020, we entered into $ 534.1 million of Notes Payable to AIR that are secured by a pledge of the equity interest in the entity that holds a portfolio of assets. In addition, the assets secure certain existing senior loans of $ 241.8 million as of March 31, 2022 . The notes mature on January 31, 2024 and bear interest at 5.2 %, with accrued interest payable on the first calendar day of each quarter. For the three months ended March 31, 2022 and 2021, we recognized interest expense related to the Notes Payable to AIR of $ 6.9 mil lion for both periods. Due to and from AIR As of March 31, 2022, we have amounts due to and from AIR of $ 11.1 million and $ 3.7 million , respectively. As of December 31, 2021 we had amounts due to and from AIR of $ 15.7 million and $ 4.8 million, respectively. The amounts due to AIR primarily consist of invoices paid on our behalf and accrued interest on the Notes Payable to AIR. The amounts due from AIR primarily consist of net cash flows generated by our operating properties. Terry Considine Service Agreement/AIR Reimbursement As contemplated by the Separation and by Aimco and AIR, Terry Considine, an Aimco board member and our former Chief Executive Officer, has specific responsibilities to Aimco as a non-executive employee during 2022 to support the establishment and growth of the Aimco business, reporting directly to the board. These responsibilities, separate from Mr. Considine’s services as a board member, include: (i) short and long term strategic direction and advice; (ii) transition and executive support to officers; and (iii) advice and consultation with respect to strategic growth and acquisition activities. The Independent Directors set Mr. Considine’s 2022 target total compensation (including base compensation, short-term incentive, and long-term incentive) for these responsibilities at $ 1.8 million, to be paid in equity. Mr. Considine does not receive any additional compensation for serving on the board. Additionally, Aimco is obligated for all base salary, short-term incentive amounts and long-term incentive amounts payable to Mr. Considine for the calendar year 2022 under the terms of his employment agreement with AIR that are in excess of $ 1.0 million, collectively. We estimate the total 2022 reimbursement to AIR, pursuant to this arrangement, will be $ 4.0 million. We estimate compensation associated with these arrangements to total $ 5.8 million for 2022. For the three months ended March 31, 2022 and 2021, we recognized $ 1.4 million and $ 1.5 million of expense related to the arrangements, respectively, which amounts are included in general and administrative expense in our condensed consolidated statements of operations.

Earnings and Dividends per Shar

Earnings and Dividends per Share and Unit	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings and Dividends per Share and Unit	Note 6 — Earnings and Dividends per Share and Unit Aimco and Aimco Operating Partnership calculate basic earnings per share of common stock and basic earnings per common unit based on the weighted-average number of shares of common stock and common partnership units outstanding. We calculate diluted earnings per share of common stock and diluted earnings per unit taking into consideration dilutive shares of common stock and common partnership unit equivalents and dilutive convertible securities outstanding during the period. Each of our executives and AIR’s executives received one share of Aimco stock and one share of AIR stock at the Separation date for unvested shares. We include AIR’s executives’ rights to receive Aimco shares upon vesting in our dilutive calculations. 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 of common stock and Aimco Operating Partnership’s issuance to Aimco of additional common partnership units equal to the number of shares of common stock purchased under the options. These equivalents also include unvested Performance-Based restricted stock awards that do not meet the definition of participating securities, which would result in an increase in the number of shares of common stock and common partnership units outstanding equal to the number of the shares that vest. Common partnership unit equivalents also include unvested long-term incentive partnership units. We include in the denominator securities with dilutive effect in calculating diluted earnings per share and per unit during these periods. Our time-based restricted stock awards receive non-forfeitable dividends similar to shares of common stock and common partnership units prior to vesting, and our Performance-Based LTIP I units and Performance-Based LTIP II units receive non-forfeitable distributions based on specified percentages of the distributions paid to common partnership units prior to vesting and conversion. The unvested restricted shares and units related to these awards are participating securities. We include the effect of participating securities 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 stock method. Participating securities are included in the computation of diluted earnings per share for the three months ended March 31, 2022 and 2021, because their effects are dilutive. Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the three months ended March 31, 2022 and 2021, are as follows (in thousands, except per share and per unit data): Three Months Ended March 31, 2022 2021 Earnings per share Numerator: Net income attributable to Aimco $ 8,209 $ 20,214 Net income allocated to Aimco participating securities ( 114 ) — Net income attributable to Aimco common stockholders $ 8,095 $ 20,214 Denominator - shares: Basic weighted-average common stock outstanding 149,790 148,914 Diluted share equivalents outstanding 558 132 Diluted weighted-average common stock outstanding 150,348 149,046 Earnings per share - basic $ 0.05 $ 0.14 Earnings per share - diluted $ 0.05 $ 0.14 Earnings per unit Numerator: Net income attributable to Aimco Operating Partnership $ 8,644 $ 21,295 Net income allocated to Aimco Operating Partnership participating securities ( 118 ) — Net income attributable to Aimco Operating Partnership's common unitholders $ 8,526 $ 21,295 Denominator - units Basic weighted-average common partnership units outstanding 157,718 156,882 Diluted partnership unit equivalents outstanding 767 132 Diluted weighted-average common partnership units outstanding 158,485 157,014 Earnings per unit - basic $ 0.05 $ 0.14 Earnings per unit - diluted $ 0.05 $ 0.14

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 7 — Fair Value Measurements Recurring Fair Value Measurements In 2020, we paid an upfront premium of $ 12.1 million for the option to enter into a $ 1.5 billion notional amount interest rate swap at a future date. This interest rate option, or swaption, provides partial protection against exposure to rising interest rates between now and October 2024. We receive a cash settlement in the future if the prevailing interest rate is higher than the 1.68 % five-year swap strike price. The amount of future cash settlement is capped if the prevailing interest rate exceeds 2.78 %. Alternatively, if interest rates were to decrease below the specified strike price, we would not receive a cash settlement, nor would we have any requirement to make a payment. During the year ended December 31, 2021, we paid upfront a premium of $ 5.6 million (including transaction costs) for the option to enter into a $ 500.0 million notional amount interest rate swap at a future date. This interest rate option, or swaption, provides partial protection against our refinancing interest rate risk relative to our Notes Payable to AIR and is intended to mitigate interest rate increases between now and January 2024. We receive a cash settlement in the future if the prevailing interest rate is higher than the 3 % strike price on the five-year swap rate. Alternatively, if interest rates were to decrease below the specified strike price, we would not receive a cash settlement, nor would we have any requirement to make a payment. From time to time we purchase interest rate swaps, caps, and other instruments to provide protection against increases in interest rates on our floating rate debt. The fair value of these instruments are included in the fair value table below. We measure at fair value on a recurring basis our interest rate options, which are presented in other assets in our condensed consolidated balance sheets. Our interest rate options are classified within Level 2 of the GAAP fair value hierarchy, and we estimate their fair value using pricing models that rely on observable market information, including contractual terms, market prices, and interest rate yield curves. The fair value adjustment is included in earnings in Unrealized gains on interest rate options in our condensed consolidated statements of operations. Changes in fair value are reflected as a non-cash transaction in adjustments to arrive at cash flows from operations, and the upfront premium is reflected in purchase of interest rate option in our condensed consolidated statements of cash flows. We have investments of $ 5.1 million in property technology funds consisting of privately held entities that develop technology related to the real estate industry. These investments are measured at net asset value (“NAV”) as a practical expedient. Refer to Note 4 for further details of unfunded commitments. The following table summarizes fair value for our interest rate options and our investments in real estate technology funds as of March 31, 2022, and December 31, 2021, (in thousands): As of March 31, 2022 As of December 31, 2021 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Interest rate options $ 44,227 $ — $ 44,227 $ — $ 25,449 $ — $ 25,449 $ — Investment in real estate technology funds (1) $ 5,104 $ — $ — $ — $ 9,613 — — — (1) Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy. Fair Value Disclosures We believe that the carrying value of the consolidated amounts of cash and cash equivalents, restricted cash, accounts receivable and payables approximated their fair value as of March 31, 2022, and December 31, 2021, due to their relatively short-term nature and high probability of realization. We estimate the fair value of our non-recourse property debt, construction loans, and Notes Payable to AIR 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, debt service coverage ratios, and loan to value ratios. We classify the fair value of our non-recourse property debt and construction loans debt within Level 2 of the GAAP fair value hierarchy based on the significance of certain of the unobservable inputs used to estimate its fair value. The carrying amount of the Notes Payable to AIR approximated their fair value at both March 31, 2022 and December 31, 2021. The following table summarizes the carrying value and fair value of our non-recourse property debt and construction loans (in thousands): As of March 31, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 516,142 $ 507,416 $ 484,883 $ 498,960 Construction loans $ 184,788 $ 184,788 $ 168,376 $ 168,376

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Note 8 — Variable Interest Entities We evaluate our investments in limited partnerships and similar entities in accordance with the consolidation guidance to determine whether each such entity is a VIE. The accounting standards related to the consolidation of VIEs require qualitative assessments to determine whether we are the primary beneficiary. The primary beneficiary analysis is based on power and economics. We conclude that we are the primary beneficiary and consolidate the VIE if we have both: (i) the power to direct the activities of the VIE that most significantly influence the VIE's economic performance, and (ii) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. Significant judgments and assumptions related to the determinations include, but are not limited to, estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions. Aimco consolidates Aimco Operating Partnership, a VIE of which Aimco is the primary beneficiary. Aimco, through Aimco Operating Partnership, consolidates all VIEs for which it is the primary beneficiary. Substantially all of the assets and liabilities of Aimco are that of Aimco Operating Partnership. The VIEs that Aimco Operating Partnership consolidates own interests in real estate. We are the primary beneficiary of the VIEs because we have the power to direct the activities that most significantly impact the entities’ economic performance and have a substantial economic interest. We have seven unconsolidated VIEs for which we are not the primary beneficiary because we are not the decision maker. The seven unconsolidated VIEs include four unconsolidated real estate partnerships that hold four apartment communities in San Diego, California, the Mezzanine Investment, our passive equity investment in IQHQ, and our investment in the Edgewater joint venture, formed in the first quarter of 2022 to develop a 2.8 -acre site in Miami's Edgewater neighborhood . The details of our consolidated and unconsolidated VIEs, excluding those of Aimco Operating Partnership, are summarized in the table below (in thousands, except for VIE count): March 31, 2022 December 31, 2021 Consolidated Unconsolidated Consolidated Unconsolidated Count of VIEs 8 7 9 6 Assets Real estate, net $ 211,702 $ — $ 564,909 $ — Mezzanine investment — 346,034 — 337,797 Right-of-use lease assets 425,788 — 429,768 — Unconsolidated real estate partnerships — 15,145 — 13,005 Other assets, net 23,271 50,000 43,715 35,773 Liabilities — — Deferred tax liabilities — — 124,747 — Accrued liabilities and other 56,077 — 30,519 — Construction loans, net 129,625 — 163,570 — Lease liabilities 433,171 — 435,093 — During the three months ended March 31, 2022, Aimco acquired all of the outstanding redeemable non-controlling interests in an entity classified as a consolidated VIE as of December 31, 2021. The changes in consolidated VIE assets and liabilities from December 31, 2021 to March 31, 2022 in the table above are primarily due to the impact of declassification of the entity as a VIE. As of March 31, 2022, one of our consolidated VIEs had an outstanding construction loan. In conjunction with this loan, we made customary guarantees. In certain situations, the lenders may have recourse to our general credit. As of March 31, 2022, we estimate the maximum exposure equals the $ 129.6 million outstanding loan balance. Other consolidated VIEs' creditors do not have recourse to our general credit. Unconsolidated Real Estate Partnerships We own an interest in four apartment communities in San Diego, California of which we are not the primary beneficiary. We also own a joint venture interest in a 2.8-acre development site in Miami’s Edgewater neighborhood. Our investment balance of $ 15.1 million and $ 13.0 million as of March 31, 2022 and December 31, 2021, respectively, represents our maximum exposure to loss in these VIEs. Mezzanine Investment AIR owns an interest in a partnership that owns Parkmerced Apartments, of which it is not the primary beneficiary, and under the terms of the Separation Agreement, AIR is obligated to transfer ownership of the subsidiaries that hold this interest to us upon receipt of required third-party consents. Our investment balance of $ 346.0 million and $ 337.8 million as of March 31, 2022 and December 31, 2021 , respectively, represents our indirect interest in notes receivable through our agreement with AIR and our maximum exposure to loss in this VIE.

Lease Arrangements

Lease Arrangements	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Lease Arrangements	Note 9 — Lease Arrangements Aimco as Lessor The majority of lease payments we receive from our residents and tenants are fixed. We receive variable payments from our residents and commercial tenants primarily for utility reimbursements and other services. For the three months ended March 31, 2022 and 2021 , our total lease income was comprised of the following amounts for all residential and commercial property leases (in thousands): Three Months Ended March 31, 2022 2021 Fixed lease income $ 46,333 $ 36,849 Variable lease income 3,661 2,955 Total lease income $ 49,994 $ 39,804 Aimco as Lessee Lease Arrangements with AIR We, as lessee, and AIR, as lessor, have entered into leases on five properties currently under construction or in lease-up. The lease arrangements are governed by the Master Leasing Agreement described in Note 5 and are classified as financing leases. We have provided AIR with residual value guarantees aggregating to $ 250.8 million, which provide that if the residual value of the leased assets is less than the specified residual value guarantees at the earlier of lease expiration or termination, we are required to pay the difference. Ground Leases During the year ended December 31, 2020, we entered into two 99-year ground leases for the land underlying the development site at Upton Place, a mixed-use development project which will create 689 apartment homes and approximately 100,000 square feet of commercial space in upper-northwest Washington, D.C. These ground leases are classified as financing leases. Other Finance Lease Arrangements As described in Note 3, during the quarter ended March 31, 2022 , we entered into certain financing lease arrangements concurrent with a contract to acquire a development site in Fort Lauderdale. At lease inception, $ 20.0 million in deposits were placed in the seller’s name, which subsequently reduced the financing lease right-of-use liability. The related interest is capitalized as part of the financing right-of-use asset. As of March 31, 2022 , the associated financing right-of-use assets and liabilities totaled $ 97.3 million and $ 75.1 million, respectively. Together, as of March 31, 2022 and December 31, 2021, these financing leases had weighted-average remaining terms of 33.2 years and 38.5 years, respectively, and weighted-average discount rates of 5.0 % and 5.4 %, respectively. As of March 31, 2022 , financing r ight-of-use assets and liabilities totaled $ 522.9 and $ 509.2 , respectively. As of December 31, 2021 , financing lease right-of-use assets and liabilitie s totaled $ 429.8 and $ 435.1 , r espectively. For the three months ended March 31, 2022, amortization related to finance leases was $ 3.2 million, net of amounts capitalized and, for the three months ended March 31, 2021, was $ 2.1 million, also net of amounts capitalized. For the three months ended March 31, 2022 and 2021, we capitalized $ 2.8 million and $ 6.9 million of lease costs, respectively, associated with active development and redevelopment projects on certain of the underlying property and ground lease assets. Operating Lease Arrangements Aimco has operating leases primarily for corporate office space. As of March 31, 2022 and December 31, 2021, Aimco's operating leases had weighted-average remaining terms of 7.1 years and 7.4 years, respectively. As of both March 31, 2022 and December 31, 2021,the leases had weighted-average discount rates of 3.1 % . We record operating lease expense on a straight-line basis over the lease term. Total operating lease cost for three months ended March 31, 2022 and 2021 w as $ 0.4 m illion and $ 0.3 million, respectively. As of March 31, 2022 and December 31, 2021, operating lease right-of-use assets of $ 4.9 million and $ 5.1 m illion, respectively, are included in other assets in the consolidated balance sheets. As of March 31, 2022 and December 31, 2021, operating lease liabilities of $ 12.3 million and $ 12.7 m illion, respectively, are included in accrued liabilities othe r in the consolidated balance sheets. For finance and operating leases, when the rate implicit in the lease cannot be determined, we estimate the value of our lease liabilities using discount rates equivalent to the rates we would pay on a secured borrowing with terms similar to the leases. We determine if an arrangement is or contains a lease at inception. We have lease agreements with lease and non-lease components and have elected to not separate these components for all classes of underlying assets. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. Office Space Sublease We have a sublease arrangement to provide space within our corporate office for fixed rents which commenced on January 1, 2021 and expire on May 31, 2029 . Annual Future Minimum Lease Payments Combined minimum annual lease payments under operating and financing leases, a nd sublease income that offsets Aimco's operating lease rent, are as follows (in thousands): Sublease Income Operating Lease Future Minimum Rent Financing Leases Future Minimum Payments Remainder of 2022 $ 1,046 $ 1,423 $ 19,924 2023 1,403 1,922 28,017 2024 1,413 1,935 29,017 2025 1,423 1,930 109,278 2026 1,433 1,960 30,300 Thereafter 3,526 4,844 1,614,644 Total $ 10,244 14,014 1,831,180 Less: Discount ( 1,684 ) ( 1,321,945 ) Total lease liabilities $ 12,330 $ 509,235

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Business Segments	Note 10 — Business Segments We have three segments: (i) Development and Redevelopment, (ii) Operating, and (iii) Other. Our Development and Redevelopment segment consists of properties that are under construction or have not achieved stabilization, as well as land assemblages that are being held for development adjacent to The Hamilton community and other land purchases. Our Operating segment includes 24 residential apartment communities that have achieved stabilized level of operations as of January 1, 2021 and maintained it throughout the current year and comparable period. We aggregate all our apartment communities that have reached stabilization into our Operating segment. Our Other segment consists of properties that are not included in our Development and Redevelopment or Operating segments. Our chief operating decision maker (“CODM”) uses cash flow, construction timeline to completion, and actual versus budgeted results to evaluate our properties in our Development and Redevelopment segment. Our CODM uses proportionate property net operating income to assess the operating performance of our Operating segment. Proportionate property net operating income is defined as our share of rental and other property revenues, excluding reimbursements, less direct property operating expenses, net of utility reimbursements, for consolidated communities. In our condensed consolidated statements of operations, utility reimbursements are included in rental and other property revenues, in accordance with GAAP. As of March 31, 2022, our Development and Redevelopment segment consists of 13 properties: three residential apartment communities with 1,331 planned apartment homes, a single family rental community with 16 planned homes plus eight accessory dwelling units, and one hotel, with 106 planned rooms, we are actively developing or redeveloping; three residential apartment communities with 499 apartment homes for which we have completed the redevelopment, but have not achieved stabilization; and, land parcels held for development. Our Operating segment includes 24 consolidated apartment communities with 6,067 apartment homes. Our Other segment includes our recent Eldridge Townhomes acquisition, stabilized but not owned for the comparable reporting period, and 1001 Brickell Bay Drive, our only office building. The following tables present the results of operations of consolidated properties with our segments reported on a proportionate basis for the three months ended March 31, 2022 and 2021 (in thousands): Development and Redevelopment Operating Other Proportionate and Other Adjustments Corporate and Amounts Not Allocated to Segments Consolidated Three Months Ended March 31, 2022: Rental and other property revenues $ 6,932 $ 35,776 $ 5,045 $ 2,165 $ 76 $ 49,994 Property operating expenses 2,519 11,188 1,404 2,288 1,822 19,221 Other operating expenses not allocated — — — — 32,590 32,590 Total operating expenses 2,519 11,188 1,404 2,288 34,412 51,811 Proportionate property net operating 4,413 24,588 3,641 ( 123 ) ( 34,336 ) ( 1,817 ) Other items included in income before — — — — 7,873 7,873 Income (loss) before income tax benefit $ 4,413 $ 24,588 $ 3,641 $ ( 123 ) $ ( 26,463 ) $ 6,056 Development and Redevelopment Operating Other Proportionate and Other Adjustments Corporate and Amounts Not Allocated to Segments Consolidated Three Months Ended March 31, 2021: Rental and other property revenues $ 2,257 $ 32,690 $ 3,186 $ 1,671 $ — $ 39,804 Property operating expenses 1,871 11,170 1,037 1,655 1,209 16,942 Other operating expenses not allocated — — — — 27,028 27,028 Total operating expenses 1,871 11,170 1,037 1,655 28,237 43,970 Proportionate property net operating 386 21,520 2,149 16 ( 28,237 ) ( 4,166 ) Other items included in income before — — — — 20,500 20,500 Income (loss) before income tax benefit $ 386 $ 21,520 $ 2,149 $ 16 $ ( 7,737 ) $ 16,334 (1) Represents adjustments for redeemable noncontrolling interests in consolidated real estate partnerships' share of the results of consolidated communities in our segments, 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) Other operating expenses not allocated to segments consists of depreciation and amortization, general and administrative expense, and miscellaneous other expenses. (3) Other items included in income before income tax benefit consists primarily of interest expense, unrealized gain on our interest rate options and mezzanine investment income, net. Net real estate and non-recourse property debt, net, of our segments were as follows (in thousands): Development and Redevelopment Operating Other Total As of March 31, 2022: Buildings and improvements $ 342,962 $ 783,538 $ 197,147 $ 1,323,647 Land 122,474 298,459 153,501 574,434 Total real estate 465,436 1,081,997 350,648 1,898,081 Accumulated depreciation ( 3,123 ) ( 526,547 ) ( 46,573 ) ( 576,243 ) Net real estate $ 462,313 $ 555,450 $ 304,075 $ 1,321,838 Non-recourse property debt and construction loans, net $ 211,729 $ 481,134 $ — $ 692,863 Development and Redevelopment Operating Other Total As of December 31, 2021: Buildings and improvements $ 277,041 $ 783,320 $ 196,853 $ 1,257,214 Land 82,325 298,459 153,501 534,285 Total real estate 359,366 1,081,779 350,354 1,791,499 Accumulated depreciation ( 2,252 ) ( 517,022 ) ( 41,841 ) ( 561,115 ) Net real estate $ 357,114 $ 564,757 $ 308,513 $ 1,230,384 Non-recourse property debt, net $ 163,570 $ 483,137 $ — $ 646,707 In addition to the amounts disclosed in the tables above, the Development and Redevelopment segment right-of-use assets and lease liabilities as of March 31, 2022 aggregated to $ 522.9 million and $ 509.2 million, respectively, and as of December 31, 2021, aggregated to $ 429.8 million and $ 435.1 million, respectively. As of March 31, 2022 , right-of-use assets and lease liabilities primarily relate to our investments in Upton Place, North Tower of Flamingo Point, 707 Leahy, The Fremont, Prism, Oak Shore, and Flagler Village.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 11 – Subsequent Events On May 3, 2022, we closed on the sale of our Pathfinder Village property located in Fremont, California, for $ 127.0 million. Pathfinder Village was a stabilized property and included within our Operating segment. Proceeds were used to repay existing debt obligations. Subsequent to quarter-end, we monetized the $ 500.0 million notional amount swaption described in Note 7 for $ 13.7 million and recognized a gain of $ 7.1 million.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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 months ended March 31, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The condensed consolidated balance sheets of Aimco and Aimco Operating Partnership as of December 31, 2021 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 Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2021 . Except where indicated, the footnotes refer to both Aimco and Aimco Operating Partnership.
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Aimco, Aimco Operating Partnership, and their consolidated subsidiaries. Aimco Operating Partnership’s condensed consolidated financial statements include the accounts of Aimco Operating Partnership and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. We consolidate a variable interest entity (“VIE”) in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company. Certain reclassifications have been made to prior period amounts to conform to the current period condensed consolidated financial statement presentation with no effect on the Company’s previously reported results of operations, financial position, or cash flows.
Common Noncontrolling Interests in Aimco Operating Partnership	Common Noncontrolling Interests in Aimco Operating Partnership Common noncontrolling interests in Aimco Operating Partnership consist of common Aimco Operating Partnership Units (“OP Units”) and are reflected in Aimco’s accompanying condensed consolidated balance sheets as common noncontrolling interests in Aimco Operating Partnership. Aimco Operating Partnership’s income or loss is allocated to the holders of common OP Units, other than Aimco, based on the weighted-average number of common OP Units (including Aimco) outstanding during the period. For all periods presented, the holders of common OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 5.0 % . Substantially all of the assets and liabilities of Aimco are held by Aimco Operating Partnership. Redeemable Noncontrolling Interests in Consolidated Real Estate Partnerships Redeemable noncontrolling interests consists of equity interests held by a limited partner in a consolidated real estate partnership that has a finite life. During the first quarter of 2022, we acquired all the outstanding redeemable noncontrolling interests in two consolidated properties for $ 5.1 million. At the time of redemption, the carrying amount of the redeemable non-controlling interests was $ 4.9 million. Prior to our acquisition during the first quarter of 2022, we attributed to noncontrolling interests their share of income or loss of consolidated partnerships based on their proportionate interest in the results of operations of the partnerships, including their share of losses. Redeemable noncontrolling interests in consolidated real estate partnerships as of March 31, 2022, consists of our institutional partner’s equity interest in our Upton Joint Venture, which provides our partner with an accruing 9.7 % rate of return on their investment. If a consolidated real estate partnership includes redemption rights that are not within our control, the noncontrolling interest is included as temporary equity. The assets of our consolidated real estate partnerships must first be used to settle the liabilities of the consolidated real estate partnerships. The consolidated real estate partnerships’ creditors do not have recourse to the general credit of Aimco Operating Partnership. The following table presents a reconciliation of our redeemable noncontrolling interests in consolidated real estate partnerships from December 31, 2021 to March 31, 2022 (in thousands): Balance at December 31, 2021 $ 33,794 Capital contributions 6,879 Redemptions ( 4,911 ) Net income 1,470 Balance at March 31, 2022 $ 37,232
Mezzanine Investment	Mezzanine Investment On November 26, 2019, Aimco Predecessor made a five-year , $ 275.0 million mezzanine loan to the partnership owning the “Parkmerced Apartments” located in southwest San Francisco (the “Mezzanine Investment”). The loan bears interest at a 10 % annual rate, accruing if not paid from property operations. Ownership of the subsidiaries that originated and hold the mezzanine loan was retained by AIR following the Separation. The Separation Agreement provides for AIR to transfer ownership of the subsidiaries that originated and hold the mezzanine loan, a related equity option to acquire a 30 % interest in the partnership owning Parkmerced Apartments and the interest rate option, or swaption, that provides partial protection against future refinancing risk through 2024 to Aimco once required third-party consents are received. At the time of the Separation and as of the date of this filing, legal title of these subsidiaries had not yet transferred to Aimco. Until legal title of the subsidiaries is transferred, AIR is obligated to pass payments on such loan to us, and we are obligated to indemnify AIR against any costs and expenses related thereto. We have the risks and rewards of ownership of the Mezzanine Investment and have recognized an asset related to our right to receive the Mezzanine Investment from AIR. We recognize as income the net amounts recognized by AIR on its equity investment that are due to be paid to us when collected to the extent the income is supported by the change in AIR's claim to the net assets of the underlying borrower. The income recognized primarily represents the interest accrued under the terms of the underlying mezzanine loan. The loan is subject to certain risks, including, but not limited to, those resulting from the lingering disruption due to the COVID-19 pandemic and associated response, and any similar events that might occur in the future, which may result in all or a portion of the loan not being repaid. In the event we determine that a portion of the Mezzanine Investment is not recoverable, we will recognize an impairment.
Income Tax Benefit	Income Tax Benefit Certain of our operations, including our Development and Redevelopment activities, are conducted through taxable REIT subsidiaries, or TRS entities. Additionally, our TRS entities hold investments in one of our apartment communities and 1001 Brickell Bay Drive. Our income tax benefit calculated in accordance with GAAP includes income taxes associated with the income or loss of our TRS entities. Income taxes, as well as changes in valuation allowance and incremental deferred tax items in conjunction with intercompany asset transfers and internal restructurings (if applicable), are included in income tax benefit in our condensed consolidated statements of operations. Consolidated GAAP income or loss subject to tax consists of pretax income or loss of our taxable entities and gains retained by the REIT. For the three months ended March 31, 2022 and 2021, we had consolidated net losses subject to tax of $ 14.8 million and $ 9.5 million, respectively. For the three months ended March 31, 2022 , we recognized income tax benefit of $ 4.1 million, compared to $ 5.1 million during the same period ended 2021. The change is primarily due to an income tax benefit in 2021 of $ 2.7 million associated with internal restructuring costs and changes to our effective state tax rate, partially offset by higher GAAP losses at our TRS entities in 2022 .
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.
Cash Equivalents	Cash Equivalents We classify highly liquid investments with an original maturity of three months or less as cash equivalents. We maintain cash equivalents in financial institutions in excess of insured limits. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions.
Restricted Cash	Restricted Cash Restricted cash consists of tenant security deposits, capital replacement reserves, insurance reserves, and cash restricted as required by our debt agreements.
Other Assets, net	Other Assets, net Other assets were comprised of the following amounts (in thousands): March 31, 2022 December 31, 2021 Other investments $ 55,104 $ 45,386 Notes receivable 38,358 38,029 Prepaid expenses and real estate taxes 18,154 20,516 Unconsolidated real estate partnerships 15,145 13,025 Deferred costs, deposits, and other 16,194 22,136 Assets held for sale 10,131 — Deferred tax assets 9,660 6,388 Corporate fixed assets 9,411 9,855 Due from affiliates 3,654 4,840 Accounts receivable, net of allowances of $ 1,269 and $ 1,285 as of March 31, 2022 and December 31, 2021, respectively 3,136 2,469 Intangible assets, net 2,114 3,269 Total other assets, net $ 181,061 $ 165,913 Assets held for sale primarily includes a land parcel acquired in the first quarter of 2022 that is described further in Note 3.
Accounting Pronouncements Adopted in the Current Year	Accounting Pronouncements Adopted in the Current Year During the first quarter of 2022, we adopted ASU 2021-05 establishing Topic 842, Lessors - Certain Leases with Variable Lease Payments in conjunction with our ongoing operations. ASU 2021-05 requires a lessor to classify a lease with variable payments that do not depend on an index or rate as an operating lease if either a sales-type lease or direct financing lease classification would trigger a day-one loss, which was effective for us on January 1, 2022. The adoption of this standard on January 1, 2022 , did not have a material impact on our condensed consolidated financial statements .
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the FASB issued Accounting Standards Update No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by the discontinuation of the LIBOR or by another reference rate expected to be discontinued because of reference rate reform. The guidance was effective beginning March 12, 2020 and can be applied prospectively through December 31, 2022. In January 2021, the FASB issued Accounting Standards Update 2021-01 , “Reference Rate Reform (Topic 848): Scope” (“ASU 2021-01”), which clarified the scope and application of the original guidance. We plan to adopt ASU 2020-04 and ASU 2021-01 when LIBOR is discontinued. We are currently evaluating the potential impact of adopting this guidance, but do not expect it to have a material impact on our consolidated financial statements due to the fact that we hold one month LIBOR debt instruments which are not expected to be discontinued in 2022.
Fair Value of Financial Instruments	We measure at fair value on a recurring basis our interest rate options, which are presented in other assets in our condensed consolidated balance sheets. Our interest rate options are classified within Level 2 of the GAAP fair value hierarchy, and we estimate their fair value using pricing models that rely on observable market information, including contractual terms, market prices, and interest rate yield curves. The fair value adjustment is included in earnings in Unrealized gains on interest rate options in our condensed consolidated statements of operations. Changes in fair value are reflected as a non-cash transaction in adjustments to arrive at cash flows from operations, and the upfront premium is reflected in purchase of interest rate option in our condensed consolidated statements of cash flows.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
Summary of Reconciliation of Redeemable Noncontrolling Interests in Real Estate Partnerships	The following table presents a reconciliation of our redeemable noncontrolling interests in consolidated real estate partnerships from December 31, 2021 to March 31, 2022 (in thousands): Balance at December 31, 2021 $ 33,794 Capital contributions 6,879 Redemptions ( 4,911 ) Net income 1,470 Balance at March 31, 2022 $ 37,232
Summary of Other Assets	Other assets were comprised of the following amounts (in thousands): March 31, 2022 December 31, 2021 Other investments $ 55,104 $ 45,386 Notes receivable 38,358 38,029 Prepaid expenses and real estate taxes 18,154 20,516 Unconsolidated real estate partnerships 15,145 13,025 Deferred costs, deposits, and other 16,194 22,136 Assets held for sale 10,131 — Deferred tax assets 9,660 6,388 Corporate fixed assets 9,411 9,855 Due from affiliates 3,654 4,840 Accounts receivable, net of allowances of $ 1,269 and $ 1,285 as of March 31, 2022 and December 31, 2021, respectively 3,136 2,469 Intangible assets, net 2,114 3,269 Total other assets, net $ 181,061 $ 165,913

Earnings and Dividends per Sh_2

Earnings and Dividends per Share and Unit (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings per Share and per Unit	Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the three months ended March 31, 2022 and 2021, are as follows (in thousands, except per share and per unit data): Three Months Ended March 31, 2022 2021 Earnings per share Numerator: Net income attributable to Aimco $ 8,209 $ 20,214 Net income allocated to Aimco participating securities ( 114 ) — Net income attributable to Aimco common stockholders $ 8,095 $ 20,214 Denominator - shares: Basic weighted-average common stock outstanding 149,790 148,914 Diluted share equivalents outstanding 558 132 Diluted weighted-average common stock outstanding 150,348 149,046 Earnings per share - basic $ 0.05 $ 0.14 Earnings per share - diluted $ 0.05 $ 0.14 Earnings per unit Numerator: Net income attributable to Aimco Operating Partnership $ 8,644 $ 21,295 Net income allocated to Aimco Operating Partnership participating securities ( 118 ) — Net income attributable to Aimco Operating Partnership's common unitholders $ 8,526 $ 21,295 Denominator - units Basic weighted-average common partnership units outstanding 157,718 156,882 Diluted partnership unit equivalents outstanding 767 132 Diluted weighted-average common partnership units outstanding 158,485 157,014 Earnings per unit - basic $ 0.05 $ 0.14 Earnings per unit - diluted $ 0.05 $ 0.14

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Summary of Fair Value for Interest Rate Options and Investments in Real Estate Technology Funds	The following table summarizes fair value for our interest rate options and our investments in real estate technology funds as of March 31, 2022, and December 31, 2021, (in thousands): As of March 31, 2022 As of December 31, 2021 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Interest rate options $ 44,227 $ — $ 44,227 $ — $ 25,449 $ — $ 25,449 $ — Investment in real estate technology funds (1) $ 5,104 $ — $ — $ — $ 9,613 — — — (1) Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy.
Summary of Carrying Value and Fair Value of Non-recourse Property Debt	The following table summarizes the carrying value and fair value of our non-recourse property debt and construction loans (in thousands): As of March 31, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 516,142 $ 507,416 $ 484,883 $ 498,960 Construction loans $ 184,788 $ 184,788 $ 168,376 $ 168,376

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The details of our consolidated and unconsolidated VIEs, excluding those of Aimco Operating Partnership, are summarized in the table below (in thousands, except for VIE count): March 31, 2022 December 31, 2021 Consolidated Unconsolidated Consolidated Unconsolidated Count of VIEs 8 7 9 6 Assets Real estate, net $ 211,702 $ — $ 564,909 $ — Mezzanine investment — 346,034 — 337,797 Right-of-use lease assets 425,788 — 429,768 — Unconsolidated real estate partnerships — 15,145 — 13,005 Other assets, net 23,271 50,000 43,715 35,773 Liabilities — — Deferred tax liabilities — — 124,747 — Accrued liabilities and other 56,077 — 30,519 — Construction loans, net 129,625 — 163,570 — Lease liabilities 433,171 — 435,093 —

Lease Arrangements (Tables)

Lease Arrangements (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Lease Income for Residential and Commercial Property Leases	our total lease income was comprised of the following amounts for all residential and commercial property leases (in thousands): Three Months Ended March 31, 2022 2021 Fixed lease income $ 46,333 $ 36,849 Variable lease income 3,661 2,955 Total lease income $ 49,994 $ 39,804
Minimum Annual Rental Payments Under Operating , Financing Leases and Sublease Income	Combined minimum annual lease payments under operating and financing leases, a nd sublease income that offsets Aimco's operating lease rent, are as follows (in thousands): Sublease Income Operating Lease Future Minimum Rent Financing Leases Future Minimum Payments Remainder of 2022 $ 1,046 $ 1,423 $ 19,924 2023 1,403 1,922 28,017 2024 1,413 1,935 29,017 2025 1,423 1,930 109,278 2026 1,433 1,960 30,300 Thereafter 3,526 4,844 1,614,644 Total $ 10,244 14,014 1,831,180 Less: Discount ( 1,684 ) ( 1,321,945 ) Total lease liabilities $ 12,330 $ 509,235

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Summary of Information for Reportable Segments	The following tables present the results of operations of consolidated properties with our segments reported on a proportionate basis for the three months ended March 31, 2022 and 2021 (in thousands): Development and Redevelopment Operating Other Proportionate and Other Adjustments Corporate and Amounts Not Allocated to Segments Consolidated Three Months Ended March 31, 2022: Rental and other property revenues $ 6,932 $ 35,776 $ 5,045 $ 2,165 $ 76 $ 49,994 Property operating expenses 2,519 11,188 1,404 2,288 1,822 19,221 Other operating expenses not allocated — — — — 32,590 32,590 Total operating expenses 2,519 11,188 1,404 2,288 34,412 51,811 Proportionate property net operating 4,413 24,588 3,641 ( 123 ) ( 34,336 ) ( 1,817 ) Other items included in income before — — — — 7,873 7,873 Income (loss) before income tax benefit $ 4,413 $ 24,588 $ 3,641 $ ( 123 ) $ ( 26,463 ) $ 6,056 Development and Redevelopment Operating Other Proportionate and Other Adjustments Corporate and Amounts Not Allocated to Segments Consolidated Three Months Ended March 31, 2021: Rental and other property revenues $ 2,257 $ 32,690 $ 3,186 $ 1,671 $ — $ 39,804 Property operating expenses 1,871 11,170 1,037 1,655 1,209 16,942 Other operating expenses not allocated — — — — 27,028 27,028 Total operating expenses 1,871 11,170 1,037 1,655 28,237 43,970 Proportionate property net operating 386 21,520 2,149 16 ( 28,237 ) ( 4,166 ) Other items included in income before — — — — 20,500 20,500 Income (loss) before income tax benefit $ 386 $ 21,520 $ 2,149 $ 16 $ ( 7,737 ) $ 16,334 (1) Represents adjustments for redeemable noncontrolling interests in consolidated real estate partnerships' share of the results of consolidated communities in our segments, 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) Other operating expenses not allocated to segments consists of depreciation and amortization, general and administrative expense, and miscellaneous other expenses. (3) Other items included in income before income tax benefit consists primarily of interest expense, unrealized gain on our interest rate options and mezzanine investment income, net.
Schedule of Net Real Estate and Non-Recourse Property Debt, Net, by Segment	Net real estate and non-recourse property debt, net, of our segments were as follows (in thousands): Development and Redevelopment Operating Other Total As of March 31, 2022: Buildings and improvements $ 342,962 $ 783,538 $ 197,147 $ 1,323,647 Land 122,474 298,459 153,501 574,434 Total real estate 465,436 1,081,997 350,648 1,898,081 Accumulated depreciation ( 3,123 ) ( 526,547 ) ( 46,573 ) ( 576,243 ) Net real estate $ 462,313 $ 555,450 $ 304,075 $ 1,321,838 Non-recourse property debt and construction loans, net $ 211,729 $ 481,134 $ — $ 692,863 Development and Redevelopment Operating Other Total As of December 31, 2021: Buildings and improvements $ 277,041 $ 783,320 $ 196,853 $ 1,257,214 Land 82,325 298,459 153,501 534,285 Total real estate 359,366 1,081,779 350,354 1,791,499 Accumulated depreciation ( 2,252 ) ( 517,022 ) ( 41,841 ) ( 561,115 ) Net real estate $ 357,114 $ 564,757 $ 308,513 $ 1,230,384 Non-recourse property debt, net $ 163,570 $ 483,137 $ — $ 646,707

Organization (Details Textual)

Organization (Details Textual)	3 Months Ended
	Mar. 31, 2022PropertyOfficeBuildingApartmentHomeHomeDwellingHotelRoomCommunity
Continuing Operations [Member]
Organization [Line Items]
Number of real estate properties | Property	29
Continuing Operations [Member] | Commercial Office Building [Member]
Organization [Line Items]
Number of real estate properties | OfficeBuilding	1
Continuing Operations [Member] | Residential Apartment Communities in Redevelopment [Member]
Organization [Line Items]
Number of real estate properties | Community	3
Continuing Operations [Member] | Hotel [Member]
Organization [Line Items]
Number of real estate properties | Hotel	1
Continuing Operations [Member] | Planned Apartment Homes [Member]
Organization [Line Items]
Number of units in real estate property	1,331
Continuing Operations [Member] | Planned Rooms [Member]
Organization [Line Items]
Number of units in real estate property | Room	106
Continuing Operations [Member] | Apartment Homes Redevelopment Completed [Member]
Organization [Line Items]
Number of units in real estate property	499
Continuing Operations [Member] | Planned Homes [Member]
Organization [Line Items]
Number of real estate properties | Home	16
Continuing Operations [Member] | Accessory Dwelling Units [Member]
Organization [Line Items]
Number of units in real estate property | Dwelling	8
Continuing Operations [Member] | Consolidated Properties [Member]
Organization [Line Items]
Number of real estate properties | Property	25
Number of units in real estate property	6,125
Continuing Operations [Member] | Unconsolidated Properties[ Member]
Organization [Line Items]
Number of real estate properties | OfficeBuilding	4
Aimco Operating Partnership [Member]
Organization [Line Items]
Percentage of the Aimco Operating Partnership common partnership units and equivalents owned by Aimco	92.60%
Percentage of economic interest in Aimco Operating Partnership owned by Aimco	95.00%
Percentage of Aimco Operating Partnership common partnership units and equivalents owned by other limited partners	7.40%

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) $ in Thousands	Nov. 26, 2019USD ($)	Mar. 31, 2022USD ($)Property	Mar. 31, 2021USD ($)
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Weighted average ownership interest		5.00%	5.00%
Carrying amount of acquired redeemable non-controlling interest		$ 4,900
Business acquisition, redeemable non-controlling interest		$ 5,100
Number of consolidated properties | Property		2
Consolidated income (loss) subject to tax		$ (14,800)	$ (9,500)
Investment interest rate		9.70%
Income tax benefit		$ 4,056	5,100
ASU 2021-05 [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]		true
Change in Accounting Principle, Accounting Standards Update, Adoption Date		Jan. 1, 2022
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]		true
Parkmerced Investment [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Equity method investment aggregate cost	$ 275,000
Equity method investment term	5 years
Equity method investment interest rate	10.00%
Option to acquire equity interest in partnership, percentage		30.00%
Restructuring [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Income tax benefit			$ 2,700

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Reconciliation of Redeemable Noncontrolling Interests in Real Estate Partnerships (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Redeemable Noncontrolling Interest [Line Items]
Balance at December 31, 2021	$ 33,794
Balance at March 31, 2022	37,232
Real Estate Partnership [Member]
Redeemable Noncontrolling Interest [Line Items]
Balance at December 31, 2021	33,794
Capital contributions	6,879
Redemptions	(4,911)
Net income	1,470
Balance at March 31, 2022	$ 37,232

Basis of Presentation and Sum_6

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Other investments	$ 55,104	$ 45,386
Notes receivable	38,358	38,029
Prepaid expenses and real estate taxes	18,154	20,516
Unconsolidated real estate partnerships	15,145	13,025
Deferred costs, deposits, and other	16,194	22,136
Assets held for sale	10,131
Deferred tax assets	9,660	6,388
Corporate fixed assets	9,411	9,855
Due from affiliates	3,654	4,840
Accounts receivable, net of allowances of $1,269 and $1,285 respectively	3,136	2,469
Intangible assets, net	2,114	3,269
Total other assets, net	$ 181,061	$ 165,913

Basis of Presentation and Sum_7

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Other Assets (Parenthetical) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable, net of allowances	$ 1,269	$ 1,285

Significant Transactions (Detai

Significant Transactions (Details Textual) $ in Thousands, Number in Millions	1 Months Ended		3 Months Ended
	Feb. 28, 2022USD ($)Land	Jul. 31, 2021USD ($)Land	Mar. 31, 2022USD ($)NumberContract
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Number of land parcels subject to disposition | Land		1
Assets held for sale			$ 10,131
Commitment purchase amount			50,000
Edgewater Joint Venture [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Commitment purchase amount			8,000
IQHQ [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Commitment purchase amount			$ 14,200
Aimco OP L.P. [Member] | Edgewater Joint Venture [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Number of square feet of mixed-use development | Number			1
Percentage of share in joint venture			20.00%
Total contribution			$ 1,700
Other Assets [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Assets held for sale			10,100
Accrued Liabilities
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Assets held for sale			8,000
Fort Lauderdale Consolidated Joint Venture
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Number of land parcels acquired | Land		3
Percentage Ownership in Joint Venture		51.00%
Number of acre development site | Land	9
Cash held in escrow in seller's name			20,000
Cash held in escrow			$ 50,000
Number of contracts | Contract			2
Reserved funds for the transaction by placing of cash	$ 70,000
Letters of credit into escrow	30,000
Fort Lauderdale Consolidated Joint Venture | Undeveloped Land Parcels Acquisition [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Asset acquisition, price of acquisition, expected	$ 100,000	$ 49,000
Land purchase		40,000
Fort Lauderdale Consolidated Joint Venture | Aimco OP L.P. [Member] | Undeveloped Land Parcels Acquisition [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Asset acquisition, price of acquisition, expected		25,000
Land purchase		$ 20,400

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) $ in Millions	1 Months Ended	3 Months Ended
	Feb. 28, 2022USD ($)Land	Mar. 31, 2022USD ($)
Long-term Purchase Commitment [Line Items]
Commitments related to capital spending activities		$ 50
Fort Lauderdale Florida Joint Ventures [Member]
Long-term Purchase Commitment [Line Items]
Commitments related to capital spending activities		8
Payments to acquire business in cash	$ 70
Cash held in escrow in seller's name	20
Cash held in escrow	50
Expect to incur purchase commitment amount		6
Letters of credit into escrow	$ 30
Number of acre development site | Land	9
Undeveloped Land Parcels Acquisition [Member] | Fort Lauderdale Florida Joint Ventures [Member]
Long-term Purchase Commitment [Line Items]
Asset acquisition, price of acquisition, expected	$ 100
Commitments related to development, redevelopment and capital improvement activities [Member]
Long-term Purchase Commitment [Line Items]
Commitments related to capital spending activities		$ 217.9
Time Period of Long-term Purchase Commitment		24 months
Commitments related to development, redevelopment and capital improvement activities [Member] | RET Ventures [Member]
Long-term Purchase Commitment [Line Items]
Unfunded commitments related to investment		$ 3.2
Commitments related to operations [Member] | Maximum [Member]
Long-term Purchase Commitment [Line Items]
Time Period of Long-term Purchase Commitment		1 year

Agreements and Transactions W_2

Agreements and Transactions With AIR (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 14, 2020
Related Party Transaction [Line Items]
Due from affiliates	$ 3,654		$ 4,840
Target compensation expense	1,800
Target compensation expense and reimbursement	5,800
Associated Service Fees	$ 1,400	$ 1,500
AIR [Member]
Related Party Transaction [Line Items]
Property management/Property accounting agreements	We entered into several Property Management Agreements with AIR, pursuant to which AIR provides us with certain property management, property accounting and related services for the majority of our operating properties, and we pay AIR a property management fee equal to 3% of each respective property’s revenue collected and such other fees as may be mutually agreed upon for various other services. The initial term of each Property Management Agreement is one year, with automatic one-year renewal periods, unless either party elects to terminate upon delivery of 60 days’ prior written notice to the other party before the end of the term. Neither party is obligated to pay to the other party a termination fee or other penalty upon such termination.
Property management/ Property accounting fee, percent	3.00%
Property management fee expenses	$ 1,400	1,300
Discount on payment for early termination	5.00%
Notes payable principle amount				$ 534,100
Collateralized by portfolio of assets	$ 241,800
Debt instrument maturity date	Jan. 31, 2024
Interest rate on related party note payable	5.20%
Interest expense related party	$ 6,900	6,900
Due to affiliates	11,100		15,700
Due from affiliates	3,700		$ 4,800
Accounts Payable	1,000
Reimbursement	4,000
AIR [Member] | General and Administrative Expense [Member] | Master Services Agreement [Member]
Related Party Transaction [Line Items]
Administrative and support fees	$ 400	$ 400

Earnings and Dividends per Sh_3

Earnings and Dividends per Share and Unit - Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings per Share and per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule of Earnings Per Share and Dividends Per Share [Line Items]
Net income attributable to Aimco Operating Partnership	$ 8,209	$ 20,214
Net income allocated to Aimco participating securities	(114)
Net income attributable to Aimco common stockholders	$ 8,095	$ 20,214
Basic weighted-average common stock outstanding	149,790	148,914
Diluted share equivalents outstanding	558	132
Diluted weighted-average common stock outstanding	150,348	149,046
Earnings per share - basic	$ 0.05	$ 0.14
Earnings per share - diluted	$ 0.05	$ 0.14
Aimco OP L.P. [Member]
Schedule of Earnings Per Share and Dividends Per Share [Line Items]
Net income attributable to Aimco Operating Partnership	$ 8,644	$ 21,295
Net income allocated to Aimco participating securities	(118)
Net income attributable to Aimco common stockholders	$ 8,526	$ 21,295
Basic weighted-average common stock outstanding	157,718	156,882
Diluted share equivalents outstanding	767	132
Diluted weighted-average common stock outstanding	158,485	157,014
Earnings per share - basic	$ 0.05	$ 0.14
Earnings per share - diluted	$ 0.05	$ 0.14

Fair Value Measurements (Detail

Fair Value Measurements (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative, description of terms	We receive a cash settlement in the future if the prevailing interest rate is higher than the 3% strike price on the five-year swap rate. Alternatively, if interest rates were to decrease below the specified strike price, we would not receive a cash settlement, nor would we have any requirement to make a payment.	We receive a cash settlement in the future if the prevailing interest rate is higher than the 1.68% five-year swap strike price. The amount of future cash settlement is capped if the prevailing interest rate exceeds 2.78%. Alternatively, if interest rates were to decrease below the specified strike price, we would not receive a cash settlement, nor would we have any requirement to make a payment.
Derivative swap rate period	5 years
Fair Value, Recurring | Property Technology Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investment			$ 5.1
Interest Rate Option [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Payments for purchase of swaption	$ 5.6	$ 12.1
Swaption, notional amount	$ 500	$ 1,500
Derivative strike rate	3.00%	1.68%
Derivative strike rate for limited settlement		2.78%

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Value for Interest Rate Options and Investments in Real Estate Technology Funds (Details) - Fair Value, Recurring - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate options		$ 44,227	$ 25,449
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate options		0	0
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate options		44,227	25,449
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate options		0	0
Real Estate Technology Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	[1]	5,104	9,613
Real Estate Technology Funds [Member] | Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	[1]	0	0
Real Estate Technology Funds [Member] | Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	[1]	0	0
Real Estate Technology Funds [Member] | Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	[1]	$ 0	$ 0
[1]	Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy.

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Carrying Value and Fair Value of Non-recourse Property Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Carrying Value [Member] | Non Recourse Property Debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Non-recourse property debt	$ 516,142	$ 484,883
Carrying Value [Member] | Construction Loan Payable
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Non-recourse property debt	184,788	168,376
Fair Value [Member] | Non Recourse Property Debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Non-recourse property debt	507,416	498,960
Fair Value [Member] | Construction Loan Payable
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Non-recourse property debt	$ 184,788	$ 168,376

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	Mar. 31, 2022USD ($)Entity	Dec. 31, 2021USD ($)Entity
Real estate, net	$ 1,321,838	$ 1,230,384
Mezzanine investment	346,034	337,797
Operating right-of-use lease assets	4,900	5,100
Unconsolidated real estate partnerships	15,145	13,025
Accrued liabilities and other	114,761	97,400
Construction loans, net	180,562	163,570
Total lease liabilities	$ 509,235	$ 435,093
Consolidated Entities [Member]
Count of VIEs | Entity	8	9
Real estate, net	$ 211,702	$ 564,909
Mezzanine investment	0	0
Operating right-of-use lease assets	425,788	429,768
Unconsolidated real estate partnerships	0	0
Other assets, net	23,271	43,715
Deferred tax liabilities	0	124,747
Accrued liabilities and other	56,077	30,519
Construction loans, net	129,625	163,570
Total lease liabilities	$ 433,171	$ 435,093
Unconsolidated Entities [Member]
Count of VIEs | Entity	7	6
Real estate, net	$ 0	$ 0
Mezzanine investment	346,034	337,797
Operating right-of-use lease assets	0	0
Unconsolidated real estate partnerships	15,145	13,005
Other assets, net	50,000	35,773
Deferred tax liabilities	0	0
Accrued liabilities and other	0	0
Construction loans, net	0	0
Total lease liabilities	$ 0	$ 0

Variable Interest Entities (D_2

Variable Interest Entities (Details Textual) $ in Thousands	Mar. 31, 2022USD ($)aApartmentHome	Dec. 31, 2021USD ($)
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Mezzanine investment	$ 346,034	$ 337,797
Number of acre development site | a	2.8
San Diego Communities [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Number of apartment communities | ApartmentHome	4
Mezzanine investment	$ 15,100	$ 13,000
Financial Guarantee [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Customary guarantees	$ 129,600

Lease Arrangements - Lease Inco

Lease Arrangements - Lease Income for Residential and Commercial Property Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Fixed lease income	$ 46,333	$ 36,849
Variable lease income	3,661	2,955
Total lease income	$ 49,994	$ 39,804

Lease Arrangements (Details Tex

Lease Arrangements (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)ft²ApartmentHomeProperty	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Lessee, Lease, Description [Line Items]
Aggregate residual value of leased assets	$ 250,800
Financing leases weighted average remaining term	33 years 2 months 12 days		38 years 6 months
Financing leases, weighted average discount rate, percent	5.00%		5.40%
Financing right-of-use lease assets	$ 522,874		$ 429,768
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Financing right-of-use lease assets		Financing right-of-use lease assets
Finance Lease, Liability	$ 509,235		$ 435,093
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Finance Lease, Liability		Finance Lease, Liability
Finance lease, amortization	$ 3,200	$ 2,100
Operating leases weighted average remaining term	7 years 1 month 6 days		7 years 4 months 24 days
Operating leases, weighted average discount rate, percent	3.10%		3.10%
Operating lease cost	$ 400	300
Operating right-of-use lease assets	$ 4,900		$ 5,100
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets		Other Assets
Operating lease liability	$ 12,330		$ 12,700
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	us-gaap:OtherLiabilities		us-gaap:OtherLiabilities
Sub lease commencement date	Jan. 1, 2021
Sublease expiration date	May 31, 2029
Fort Lauderdale Florida Joint Venture [Member]
Lessee, Lease, Description [Line Items]
Financing right-of-use lease assets	$ 97,300
Finance Lease, Liability	75,100
Finance lease advance deposits	$ 20,000
Under Construction or Leased Up [Member]
Lessee, Lease, Description [Line Items]
Number of apartment communities | Property	5
Ground Lease [Member]
Lessee, Lease, Description [Line Items]
Lease cost capitalized	$ 2,800	$ 6,900
99 Year Ground Lease [Member]
Lessee, Lease, Description [Line Items]
Number of units in real estate property | ApartmentHome	689
Area of real estate property | ft²	100,000

Lease Arrangements - Minimum An

Lease Arrangements - Minimum Annual Rental Payments Under Operating and Financing Leases and Sublease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Sublease Lease, Liability, Payment, Due [Abstract]
Remainder of 2022	$ 1,046
2023	1,403
2024	1,413
2025	1,423
2026	1,433
Thereafter	3,526
Total	10,244
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remainder of 2022	1,423
2023	1,922
2024	1,935
2025	1,930
2026	1,960
Thereafter	4,844
Total	14,014
Less: Discount	(1,684)
Total lease liabilities	$ 12,330	$ 12,700
Operating Lease Liability Statement Of Financial Position [Extensible List]	us-gaap:OtherLiabilities	us-gaap:OtherLiabilities
Finance Lease, Liability, Payment, Due [Abstract]
Remainder of 2022	$ 19,924
2023	28,017
2024	29,017
2025	109,278
2026	30,300
Thereafter	1,614,644
Total	1,831,180
Less: Discount	(1,321,945)
Total lease liabilities	$ 509,235	$ 435,093
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Total lease liabilities	Total lease liabilities

Business Segments (Details Text

Business Segments (Details Textual)	3 Months Ended
	Mar. 31, 2022USD ($)PropertyApartmentHomeHomeDwellingHotelRoomSegmentCommunity	Dec. 31, 2021USD ($)	Jan. 01, 2021Property
Business Segments (Textual) [Abstract]
Number of reportable segments | Segment	3
Development and Redevelopment [Member]
Business Segments (Textual) [Abstract]
Right-of-use lease assets | $	$ 522.9	$ 429.8
Lease liabilities | $	$ 509.2	$ 435.1
Continuing Operations [Member]
Business Segments (Textual) [Abstract]
Number of real estate properties | Property	29
Residential Apartment Communities in Redevelopment [Member] | Continuing Operations [Member]
Business Segments (Textual) [Abstract]
Number of real estate properties | Community	3
Planned Apartment Homes [Member] | Continuing Operations [Member]
Business Segments (Textual) [Abstract]
Number of units in real estate property | ApartmentHome	1,331
Planned Homes [Member] | Continuing Operations [Member]
Business Segments (Textual) [Abstract]
Number of real estate properties | Home	16
Accessory Dwelling Units [Member] | Continuing Operations [Member]
Business Segments (Textual) [Abstract]
Number of units in real estate property | Dwelling	8
Hotel [Member] | Continuing Operations [Member]
Business Segments (Textual) [Abstract]
Number of real estate properties | Hotel	1
Planned Rooms [Member] | Continuing Operations [Member]
Business Segments (Textual) [Abstract]
Number of units in real estate property | Room	106
Wholly And Partially Owned Consolidated Properties [Member] | Operating Portfolio Segment [Member]
Business Segments (Textual) [Abstract]
Number of real estate properties | Property	24
Wholly And Partially Owned Consolidated Properties [Member] | Residential Apartment Communities in Redevelopment [Member] | Operating Portfolio Segment [Member]
Business Segments (Textual) [Abstract]
Number of real estate properties | Property			24
Wholly And Partially Owned Consolidated Properties [Member] | Residential Apartment Communities in Redevelopment [Member] | Continuing Operations [Member] | Development and Redevelopment [Member]
Business Segments (Textual) [Abstract]
Number of real estate properties | Property	3
Wholly And Partially Owned Consolidated Properties [Member] | Planned Apartment Homes [Member] | Development and Redevelopment [Member]
Business Segments (Textual) [Abstract]
Number of units in real estate property | ApartmentHome	499
Wholly And Partially Owned Consolidated Properties [Member] | Planned Apartment Homes [Member] | Operating Portfolio Segment [Member]
Business Segments (Textual) [Abstract]
Number of units in real estate property | ApartmentHome	6,067
Wholly And Partially Owned Consolidated Properties [Member] | Accessory Dwelling Units [Member] | Development and Redevelopment [Member]
Business Segments (Textual) [Abstract]
Number of units in real estate property | Dwelling	8
Wholly And Partially Owned Consolidated Properties [Member] | Hotel [Member] | Development and Redevelopment [Member]
Business Segments (Textual) [Abstract]
Number of units in real estate property | Hotel	1
Wholly And Partially Owned Consolidated Properties [Member] | Planned Rooms [Member] | Development and Redevelopment [Member]
Business Segments (Textual) [Abstract]
Number of units in real estate property | Room	106
Wholly And Partially Owned Consolidated Properties [Member] | Real Estate Partnership [Member] | Development and Redevelopment [Member]
Business Segments (Textual) [Abstract]
Number of real estate properties | Community	13
Wholly And Partially Owned Consolidated Properties [Member] | Real Estate Partnership [Member] | Planned Apartment Homes [Member] | Development and Redevelopment [Member]
Business Segments (Textual) [Abstract]
Number of units in real estate property | ApartmentHome	1,331
Wholly And Partially Owned Consolidated Properties [Member] | Real Estate Partnership [Member] | Planned Homes [Member] | Development and Redevelopment [Member]
Business Segments (Textual) [Abstract]
Number of units in real estate property | Home	16

Business Segments - Summary of

Business Segments - Summary of Information for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Summary information for the reportable segments
Rental and other property revenues	$ 49,994	$ 39,804
Property operating expenses	19,221	16,942
Other operating expenses not allocated to segments	32,590	27,028
Total operating expenses	51,811	43,970
Proportionate property net operating income (loss)	(1,817)	(4,166)
Other items included in income (loss) before income tax benefit	7,873	20,500
Income before income tax benefit	6,056	16,334
Operating Segments [Member]
Summary information for the reportable segments
Rental and other property revenues	35,776	32,690
Property operating expenses	11,188	11,170
Total operating expenses	11,188	11,170
Proportionate property net operating income (loss)	24,588	21,520
Income before income tax benefit	24,588	21,520
Segment Reconciling Items [Member]
Summary information for the reportable segments
Rental and other property revenues	2,165	1,671
Property operating expenses	2,288	1,655
Total operating expenses	2,288	1,655
Proportionate property net operating income (loss)	(123)	16
Income before income tax benefit	(123)	16
Corporate Non-Segment [Member]
Summary information for the reportable segments
Rental and other property revenues	76
Property operating expenses	1,822	1,209
Other operating expenses not allocated to segments	32,590	27,028
Total operating expenses	34,412	28,237
Proportionate property net operating income (loss)	(34,336)	(28,237)
Other items included in income (loss) before income tax benefit	7,873	20,500
Income before income tax benefit	(26,463)	(7,737)
Development and Redevelopment [Member] | Operating Segments [Member]
Summary information for the reportable segments
Rental and other property revenues	6,932	2,257
Property operating expenses	2,519	1,871
Total operating expenses	2,519	1,871
Proportionate property net operating income (loss)	4,413	386
Income before income tax benefit	4,413	386
Other [Member] | Operating Segments [Member]
Summary information for the reportable segments
Rental and other property revenues	5,045	3,186
Property operating expenses	1,404	1,037
Total operating expenses	1,404	1,037
Proportionate property net operating income (loss)	3,641	2,149
Income before income tax benefit	$ 3,641	$ 2,149

Business Segments - Schedule of

Business Segments - Schedule of Net Real Estate and Non-Recourse Property Debt, Net, by Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Land	$ 574,434	$ 534,285
Net real estate	1,321,838	1,230,384
Non-recourse property debt,net	512,301	483,137
Operating Segments [Member]
Segment Reporting Information [Line Items]
Buildings and improvements	1,323,647	1,257,214
Land	574,434	534,285
Total real estate	1,898,081	1,791,499
Accumulated depreciation	(576,243)	(561,115)
Net real estate	1,321,838	1,230,384
Non-recourse property debt,net	692,863	646,707
Development and Redevelopment [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Buildings and improvements	342,962	277,041
Land	122,474	82,325
Total real estate	465,436	359,366
Accumulated depreciation	(3,123)	(2,252)
Net real estate	462,313	357,114
Non-recourse property debt,net	211,729	163,570
Operating Portfolio Segment [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Buildings and improvements	783,538	783,320
Land	298,459	298,459
Total real estate	1,081,997	1,081,779
Accumulated depreciation	(526,547)	(517,022)
Net real estate	555,450	564,757
Non-recourse property debt,net	481,134	483,137
Other [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Buildings and improvements	197,147	196,853
Land	153,501	153,501
Total real estate	350,648	350,354
Accumulated depreciation	(46,573)	(41,841)
Net real estate	$ 304,075	$ 308,513

Subsequent Events (Details Text

Subsequent Events (Details Textual) - USD ($) $ in Millions	May 09, 2022	May 03, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest Rate Option [Member]
Subsequent Event [Line Items]
Swaption, notional amount			$ 500	$ 1,500
Subsequent Event [Member] | Interest Rate Option [Member]
Subsequent Event [Line Items]
Swaption, notional amount	$ 500
Proceeds from swaption	13.7
Derivative gain on swaption	$ 7.1
Subsequent Event [Member] | Pathfinder Village [Member] | Fremont, California [Member]
Subsequent Event [Line Items]
Proceeds from sale of property		$ 127