Apartment Investment and Management (AIV) 10-Q4 Aug 222022 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Aug. 02, 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	Jun. 30, 2022
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
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		152,148,729
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	Jun. 30, 2022
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
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 Ex Transition Period	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	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Buildings and improvements	$ 1,269,624	$ 1,257,214
Land	601,757	534,285
Total real estate	1,871,381	1,791,499
Accumulated depreciation	(519,868)	(561,115)
Net real estate	1,351,513	1,230,384
Cash and cash equivalents	81,799	233,374
Restricted cash	12,510	11,208
Mezzanine investment	354,365	337,797
Right-of-use lease assets	130,532	429,768
Receivable from lease termination	186,318
Other assets, net	251,089	165,913
Total assets	2,419,412	2,434,101
LIABILITIES AND EQUITY
Non-recourse property debt,net	801,434	483,137
Construction loans, net	199,715	163,570
Notes payable to AIR	147,039	534,127
Total indebtedness	1,148,188	1,180,834
Deferred tax liabilities	136,950	124,747
Lease liabilities	123,785	435,093
Accrued liabilities and other	133,653	97,400
Total liabilities	1,542,576	1,838,074
Redeemable noncontrolling interests in consolidated real estate partnerships	51,814	33,794
Commitments and contingencies (Note 4)
Equity:
Common Stock, $0.01 par value, 510,587,500 shares authorized at both June 30, 2022 and December 31, 2021, and 149,096,590 and 149,818,021 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	1,492	1,498
Additional paid-in capital	515,065	521,842
Retained Earnings (accumulated deficit)	224,567	(22,775)
Total Aimco equity	741,124	500,565
Noncontrolling interests in consolidated real estate partnerships	44,665	35,213
Common noncontrolling interests in Aimco Operating Partnership	39,233	26,455
Total equity	825,022	562,233
Total liabilities and equity	2,419,412	2,434,101
Aimco OP L.P. [Member]
ASSETS
Buildings and improvements	1,269,624	1,257,214
Land	601,757	534,285
Total real estate	1,871,381	1,791,499
Accumulated depreciation	(519,868)	(561,115)
Net real estate	1,351,513	1,230,384
Cash and cash equivalents	81,799	233,374
Restricted cash	12,510	11,208
Mezzanine investment	354,365	337,797
Right-of-use lease assets	130,532	429,768
Receivable from lease termination	186,318
Other assets, net	251,089	165,913
Total assets	2,419,412	2,434,101
LIABILITIES AND EQUITY
Non-recourse property debt,net	801,434	483,137
Construction loans, net	199,715	163,570
Notes payable to AIR	147,039	534,127
Total indebtedness	1,148,188	1,180,834
Deferred tax liabilities	136,950	124,747
Lease liabilities	123,785	435,093
Accrued liabilities and other	133,653	97,400
Total liabilities	1,542,576	1,838,074
Redeemable noncontrolling interests in consolidated real estate partnerships	51,814	33,794
Commitments and contingencies (Note 4)
Equity:
General Partner and Special Limited Partner	741,124	500,565
Limited Partners	39,233	26,455
Partners’ capital attributable to Aimco Operating Partnership	780,357	527,020
Noncontrolling interests in consolidated real estate partnerships	44,665	35,213
Total partners’ capital	825,022	562,233
Total liabilities and equity	2,419,412	2,434,101
Interest Rate Options
ASSETS
Interest rate options	51,286	25,657
Interest Rate Options \| Aimco OP L.P. [Member]
ASSETS
Interest rate options	$ 51,286	$ 25,657

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - $ / shares	Jun. 30, 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)	149,096,590	149,818,021
Common Stock, shares outstanding (in shares)	149,096,590	149,818,021

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
REVENUES
Rental and other property revenues	$ 50,697	$ 40,418	$ 100,691	$ 80,222
OPERATING EXPENSES
Property operating expenses	19,708	16,403	38,929	33,345
Depreciation and amortization	34,863	20,639	57,981	41,356
General and administrative expenses	8,961	7,383	18,433	13,694
Total operating expenses	63,532	44,425	115,343	88,395
Interest expense	(41,546)	(12,638)	(56,147)	(25,315)
Mezzanine investment income, net	8,330	7,551	16,567	15,018
Realized and unrealized gains (losses) on interest rate options	20,017	(16,970)	38,795	8,377
Realized and unrealized gains (losses) on equity investments	26,630	875	22,297	875
Gain on dispositions of real estate	94,598		94,465
Lease modification income	205,387		205,387
Other (expense) income, net	(1,413)	2,043	(1,488)	2,406
Income (expense) before income tax benefit	299,168	(23,146)	305,224	(6,812)
Income tax (expense) benefit	(45,957)	2,760	(41,901)	7,860
Net income (loss)	253,211	(20,386)	263,323	1,048
Noncontrolling interests:
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships	(1,069)	(66)	(2,539)	86
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships	(346)	(275)	(344)	(566)
Net income (loss) attributable to common noncontrolling interests in Aimco Operating Partnership	(12,659)	1,037	(13,094)	(44)
Net income (loss) attributable to Aimco	$ 239,137	$ (19,690)	$ 247,346	$ 524
Net income (loss) attributable to Aimco per common share -basic (Note 6)	$ 1.58	$ (0.13)	$ 1.63	$ 0
Net income (loss) attributable to Aimco per common share - diluted (Note 6)	$ 1.57	$ (0.13)	$ 1.62	$ 0
Weighted-average common shares/units outstanding - basic	149,600	149,166	149,694	149,082
Weighted-average common shares/units outstanding - diluted	150,423	149,166	150,660	149,442
Aimco OP L.P. [Member]
REVENUES
Rental and other property revenues	$ 50,697	$ 40,418	$ 100,691	$ 80,222
OPERATING EXPENSES
Property operating expenses	19,708	16,403	38,929	33,345
Depreciation and amortization	34,863	20,639	57,981	41,356
General and administrative expenses	8,961	7,383	18,433	13,694
Total operating expenses	63,532	44,425	115,343	88,395
Interest expense	(41,546)	(12,638)	(56,147)	(25,315)
Mezzanine investment income, net	8,330	7,551	16,567	15,018
Realized and unrealized gains (losses) on interest rate options	20,017	(16,970)	38,795	8,377
Realized and unrealized gains (losses) on equity investments	26,630	875	22,297	875
Gain on dispositions of real estate	94,598		94,465
Lease modification income	205,387		205,387
Other (expense) income, net	(1,413)	2,043	(1,488)	2,406
Income (expense) before income tax benefit	299,168	(23,146)	305,224	(6,812)
Income tax (expense) benefit	(45,957)	2,760	(41,901)	7,860
Net income (loss)	253,211	(20,386)	263,323	1,048
Noncontrolling interests:
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships	(1,069)	(66)	(2,539)	86
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships	(346)	(275)	(344)	(566)
Net income (loss) attributable to Aimco	$ 251,796	$ (20,727)	$ 260,440	$ 568
Net income (loss) attributable to Aimco per common share -basic (Note 6)	$ 1.58	$ (0.13)	$ 1.63	$ 0
Net income (loss) attributable to Aimco per common share - diluted (Note 6)	$ 1.57	$ (0.13)	$ 1.62	$ 0
Weighted-average common shares/units outstanding - basic	157,525	157,134	157,621	157,093
Weighted-average common shares/units outstanding - diluted	158,447	157,134	158,666	157,453

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]	Retained Earnings (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 (loss) attributable to Aimco	524			524	524
Net income (loss) attributable to noncontrolling interests in consolidated real estate partnerships	566					566
Net income (loss) attributable to common noncontrolling interests in Aimco Operating Partnership	44						44
Redemption of OP Units	(40)	$ 4	898		902		(942)
Redemption of OP Units, (In share)		440
Share-based compensation expense	867		751		751		116
Distribution to noncontrolling interest in consolidated real estate partnerships	(582)					(582)
Other common stock issuances	1,071	$ 2	1,069		1,071
Other Common Stock issuances (In share)		232
Other, net	(319)		(305)		(305)	(14)
Other, net (in shares)		(45)
Balances at Jun. 30, 2021	561,222	$ 1,496	517,540	(16,315)	502,721	31,847	26,654
Balances (in shares) at Jun. 30, 2021		149,663
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Aimco	(19,690)			(19,690)	(19,690)
Net income (loss) attributable to noncontrolling interests in consolidated real estate partnerships	275					275
Net income (loss) attributable to common noncontrolling interests in Aimco Operating Partnership	(1,037)						(1,037)
Redemption of OP Units	(4)	$ 4	909		913		(917)
Redemption of OP Units, (In share)		440
Share-based compensation expense	638		580		580		58
Distribution to noncontrolling interest in consolidated real estate partnerships	(295)					(295)
Other, net	(17)	$ 1			1	(17)	(1)
Other, net (in shares)		15
Balances at Jun. 30, 2021	561,222	$ 1,496	517,540	(16,315)	502,721	31,847	26,654
Balances (in shares) at Jun. 30, 2021		149,663
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 (loss) attributable to Aimco	247,346			247,346	247,346
Net income (loss) attributable to noncontrolling interests in consolidated real estate partnerships	344					344
Net income (loss) attributable to common noncontrolling interests in Aimco Operating Partnership	13,094						13,094
Redemption of OP Units	(143)		1,535		1,535		(1,678)
Redemption of OP Units, (In share)		39
Share-based compensation expense	4,037		2,780		2,780		1,257
Distribution to noncontrolling interest in consolidated real estate partnerships	(605)					(605)
Contributions from noncontrolling interests in consolidated real estate partnerships	9,718					9,718
Purchase of noncontrolling interests in consolidated real estate partnerships	(7,244)		(7,244)		(7,244)
Common stock repurchased	(4,419)	$ (7)	(4,412)		(4,419)
Common stock repurchased (In shares)		(742)
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	(8)		(104)	(4)	(108)	(5)	105
Other, net (in shares)		(124)
Balances at Jun. 30, 2022	825,022	$ 1,492	515,065	224,567	741,124	44,665	39,233
Balances (in shares) at Jun. 30, 2022		149,097
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Aimco	239,137			239,137	239,137
Net income (loss) attributable to noncontrolling interests in consolidated real estate partnerships	346					346
Net income (loss) attributable to common noncontrolling interests in Aimco Operating Partnership	12,659						12,659
Redemption of OP Units	(10)		581		581		(591)
Redemption of OP Units, (In share)		16
Share-based compensation expense	1,608		1,417		1,417		191
Distribution to noncontrolling interest in consolidated real estate partnerships	(310)					(310)
Purchase of noncontrolling interests in consolidated real estate partnerships	(7,244)		(7,244)		(7,244)
Common stock repurchased	(3,102)	$ (5)	(3,097)		(3,102)
Common stock repurchased (In shares)		(540)
Other, net	(47)		(47)	1	(46)		(1)
Other, net (in shares)		(69)
Balances at Jun. 30, 2022	$ 825,022	$ 1,492	$ 515,065	$ 224,567	$ 741,124	$ 44,665	$ 39,233
Balances (in shares) at Jun. 30, 2022		149,097

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$ 263,323	$ 1,048
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		57,981	41,356
Income from unconsolidated real estate partnerships		(16,567)	(15,018)
Unrealized gains on interest rate options		(30,760)	(8,377)
Income tax expenses (benefit)		41,901	(7,860)
Amortization of debt issuance costs and other		1,421	609
Mezzanine investment income, net		(16,567)	(15,018)
Realized gain on interest rate option		(8,036)
Loss on extinguishment of debt, net		27,482
Lease modification income		(205,387)
Gain on equity investment redemption		(5,658)
Gain on disposition of real estate		(94,465)
Share based compensation		4,513	1,814
Changes in operating assets and operating liabilities:
Other assets, net		(14,437)	(11,160)
Net cash received from lease incentive		7,895
Accrued liabilities and other		(3,528)	14,562
Total adjustments		(237,945)	15,418
Net cash provided by operating activities		25,378	16,466
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate		(100,758)	(18,215)
Capital expenditures	[1]	(124,813)	(82,352)
Proceeds from disposition of real estate		126,769
Investment in IQHQ		(14,227)
Investment in unconsolidated real estate partnerships		(12,244)
Other investing activities		(116)	(1,484)
Net cash used in investing activities		(125,389)	(102,051)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from non-recourse property debt		614,720
Proceeds from construction loans		33,607	120,123
Payments of deferred loan costs		(6,620)	(6,178)
Principal repayments on non-recourse property debt		(283,826)	(20,331)
Principal repayments on notes payable to AIR		(387,088)
Purchase of interest rate options		(451)	(5,772)
Proceeds from interest rate option		13,660
Payments on finance leases		(25,366)	(5,133)
Payments of prepayment premiums		(21,395)
Common stock repurchased		(4,419)
Redemption of noncontrolling interest in real estate partnership		(7,244)
Distributions to noncontrolling interests in real estate partnerships		(605)
Contributions from noncontrolling interests in consolidated real estate partnerships		9,718
Contributions from redeemable noncontrolling interests in consolidated real estate partnerships		20,392
Redemption of common and preferred OP units		(133)
Redemption of redeemable noncontrolling interests in consolidated real estate partnerships		(5,094)
Other financing activities		(118)	(626)
Net cash provided by (used in) financing activities		(50,262)	82,083
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH		(150,273)	(3,502)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD		244,582	298,735
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD		94,309	295,233
Aimco OP L.P. [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		263,323	1,048
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		57,981	41,356
Income from unconsolidated real estate partnerships		(16,567)	(15,018)
Unrealized gains on interest rate options		(30,760)	(8,377)
Income tax expenses (benefit)		41,901	(7,860)
Amortization of debt issuance costs and other		1,421	609
Mezzanine investment income, net		(16,567)	(15,018)
Realized gain on interest rate option		(8,036)
Loss on extinguishment of debt, net		27,482
Lease modification income		(205,387)
Gain on equity investment redemption		(5,658)
Gain on disposition of real estate		(94,465)
Share based compensation		4,513	1,814
Changes in operating assets and operating liabilities:
Other assets, net		(14,437)	(11,160)
Net cash received from lease incentive		7,895
Accrued liabilities and other		(3,528)	14,562
Total adjustments		(237,945)	15,418
Net cash provided by operating activities		25,378	16,466
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate		(100,758)	(18,215)
Capital expenditures	[2]	(124,813)	(82,352)
Proceeds from disposition of real estate		126,769
Investment in IQHQ		(14,227)
Investment in unconsolidated real estate partnerships		(12,244)
Other investing activities		(116)	(1,484)
Net cash used in investing activities		(125,389)	(102,051)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from non-recourse property debt		614,720	120,123
Proceeds from construction loans		33,607
Payments of deferred loan costs		(6,620)	(6,178)
Principal repayments on non-recourse property debt		(283,826)	(20,331)
Principal repayments on notes payable to AIR		(387,088)
Purchase of interest rate options		(451)	(5,772)
Proceeds from interest rate option		13,660
Payments on finance leases		(25,366)	(5,133)
Payments of prepayment premiums		(21,395)
Redemption of OP Units		4,419
Redemption of noncontrolling interest in real estate partnership		(7,244)
Distributions to noncontrolling interests in real estate partnerships		(605)
Contributions from noncontrolling interests in consolidated real estate partnerships		9,718
Contributions from redeemable noncontrolling interests in consolidated real estate partnerships		20,392
Redemption of common and preferred OP units		133
Redemption of redeemable noncontrolling interests in consolidated real estate partnerships		(5,094)
Other financing activities		(118)	(626)
Net cash provided by (used in) financing activities		(50,262)	82,083
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH		(150,273)	(3,502)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD		244,582	298,735
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD		94,309	295,233
Unconsolidated Real Estate Partnerships [Member]
Adjustments to reconcile net income to net cash provided by operating activities:
Income from unconsolidated real estate partnerships		(300)	(508)
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		$ (300)	$ (508)

[1] Accrued capital expenditures were $ 29.1 mill ion a nd $ 18.7 millio n as of June 30, 2022 and 2021 , respectively. Accrued capital expenditures were $ 29.1 mill ion a nd $ 18.7 million as of June 30, 2022 and 2021 , respectively.

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Accrued capital expenditures	$ 29.1	$ 18.7
Aimco OP L.P. [Member]
Accrued capital expenditures	$ 29.1	$ 18.7

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 (loss) attributable to Aimco Operating Partnership	$ 524	568	524	44	568
Net income (loss) attributable to noncontrolling interests in consolidated real estate partnerships		566				566
Redemption of OP Units		(40)	902	(942)	(40)
Share-based compensation expense		867	751	116	867
Distribution to noncontrolling interest in consolidated real estate partnerships	(582)	(582)				(582)
Other OP Unit issuances		1,071	1,071		1,071
Other, net		(319)	(305)		(305)	(14)
Balances at Jun. 30, 2021		561,222	502,721	26,654	529,375	31,847
Balances at Mar. 31, 2021		581,352	520,917	28,551	549,468	31,884
Net income (loss) attributable to Aimco Operating Partnership	(19,690)	(20,727)	(19,690)	(1,037)	(20,727)
Net income (loss) attributable to noncontrolling interests in consolidated real estate partnerships		275				275
Redemption of OP Units		(4)	913	(917)	(4)
Share-based compensation expense		638	580	58	638
Distribution to noncontrolling interest in consolidated real estate partnerships	(295)	(295)				(295)
Other, net		(17)	1	(1)		(17)
Balances at Jun. 30, 2021		561,222	502,721	26,654	529,375	31,847
Balances at Dec. 31, 2021		562,233	500,565	26,455	527,020	35,213
Net income (loss) attributable to Aimco Operating Partnership	247,346	260,440	247,346	13,094	260,440
Net income (loss) attributable to noncontrolling interests in consolidated real estate partnerships		344				344
Redemption of OP Units		(143)	1,534	(1,677)	(143)
Share-based compensation expense		4,037	2,780	1,257	4,037
Distribution to noncontrolling interest in consolidated real estate partnerships	(605)	(605)				(605)
Contributions from noncontrolling interests in consolidated real estate partnerships	9,718	9,718				9,718
Purchase of noncontrolling interests in consolidated real estate partnerships	(7,244)	(7,244)	(7,244)		(7,244)
Repurchases of OP Units held by Aimco	(4,419)	(4,419)	(4,419)		(4,419)
Other OP Unit issuances		961	852	109	961
Redemption of redeemable noncontrolling interests in consolidated real estate partnerships	(183)	(183)	(183)		(183)
Other, net		(117)	(107)	(5)	(112)	(5)
Balances at Jun. 30, 2022		825,022	741,124	39,233	780,357	44,665
Balances at Mar. 31, 2022		581,985	510,381	26,975	537,356	44,629
Net income (loss) attributable to Aimco Operating Partnership	239,137	251,796	239,137	12,659	251,796
Net income (loss) attributable to noncontrolling interests in consolidated real estate partnerships		346				346
Redemption of OP Units		(9)	581	(590)	(9)
Share-based compensation expense		1,608	1,417	191	1,608
Distribution to noncontrolling interest in consolidated real estate partnerships	(310)	(310)				(310)
Purchase of noncontrolling interests in consolidated real estate partnerships	(7,244)	(7,244)	(7,244)		(7,244)
Repurchases of OP Units held by Aimco	$ (3,102)	(3,102)	(3,102)		(3,102)
Other, net		(48)	(46)	(2)	(48)
Balances at Jun. 30, 2022		$ 825,022	$ 741,124	$ 39,233	$ 780,357	$ 44,665

Organization

Organization	6 Months Ended
Organization	Jun. 30, 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 June 30, 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 28 operating apartment communities ( 24 consolidated properties with 5,879 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; two residential apartment communities, with 965 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 four residential apartment communities with 865 a partment 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 two unconsolidated investments in land held for development. In addition, we hold other opportunistic and alternative investments, including our Mezzanine Investment (see Note 2 for further information); our IQHQ investment (see Note 3 for further information ); and our investment in real estate technology funds.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 generally accepted accounting principles in the U.S. ("GAAP") have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments, consisting of normal recurring items, considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 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 int erests held by a limited partner in a consolidated real estate partnership that has a finite life. During the quarter ended March 31, 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 in 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. Redee mable noncontrolling interests in consolidated real estate partnerships as of June 30, 2022 consists of our institutional partner’s equity interest in our Upton Joint Venture, which provides our partner with an accruing 9.7 % r ate 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 rollforward of our redeemable noncontrolling interests in consolidated real estate partnerships from December 31, 2021 to June 30, 2022 (in thousands): Balance at December 31, 2021 $ 33,794 Capital contributions 20,392 Redemptions ( 4,911 ) Net income 2,539 Balance at June 30, 2022 $ 51,814 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 to Aimco through 2024 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 aspects 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 and six months ended June 30, 2022 , we had consolidated net income subject to tax of $ 181.4 million and $ 166.6 million, respectively. For the three and six months ended June 30, 2021 , we had consolidated net losses subject to tax of $ 9.0 million and $ 18.5 million, respectively. For the three months ended June 30, 2022, we recognized income tax expense of $ 46.0 million compared to a $ 2.8 million benefit during the same period in 2021. The change is primarily due to the GAAP income taxes associated with the lease modification income recognized in the second quarter of 2022. For the six months ended June 30, 2022, we recognized income tax expense of $ 41.9 million compared to a $ 7.9 million benefit during the same period in 2021 . The change is primarily due to the GAAP income taxes associated with the lease modification income recognized in the second quarter of 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): June 30, 2022 December 31, 2021 Other investments $ 82,056 $ 45,386 Assets held for sale (1) 52,566 — Notes receivable 38,606 38,029 Unconsolidated real estate partnerships 27,149 13,025 Prepaid expenses and real estate taxes 17,953 20,516 Deferred costs, deposits, and other 17,625 22,136 Corporate fixed assets 9,067 9,855 Accounts receivable, net of allowances of $ 1,397 and $ 1,285 as of June 30, 2022 and December 31, 2021, respectively 3,108 2,469 Intangible assets, net 1,602 3,269 Due from affiliates 1,357 4,840 Deferred tax assets — 6,388 Total other assets, net $ 251,089 $ 165,913 (1) In addition to the property we sold during the period, from time to time we may market to sell certain properties that are inconsistent with our long-term investment strategy. At the end of each reporting period, we evaluate whether such properties meet the criteria to be classified as held for sale. As of June 30, 2022 , assets held for sale include one land parcel in Fort Lauderdale, Florida and two properties located in the Seattle, Washington area. Accounting Pronouncements Adopted in the Current Year During the quarter ended March 31, 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 finance 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	6 Months Ended
Significant Transactions	Jun. 30, 2022
Significant Transactions [Abstract]
Significant Transactions	Note 3 —Significant Transactions Acquisitions and Investments • During the quarter ended March 31, 2022, we entered into a short-term cancellable lease of and a purchase agreement to acquire, for $ 100.0 million, a nine -acre development site in the Flagler Village neighborhood of Fort Lauderdale, Florida. The site has the potential for the development of approximately three million square feet of mixed-use property, which could contain up to 1,500 residential units at full build-out. On June 2, 2022, we finalized the purchase of part of the site for $ 64.0 million. Subsequent to the closing, there was $ 7.2 million remaining in escrow in the seller's name and $ 28.8 million in letters of credit held in escrow as reserved funds for the transaction. During the quarter ended June 30, 2022, we capitalized $ 2.8 million in fees as Land along with the closing. See Note 9 for further information. • During the quarter ended March 31, 2022, o ur Fort Lauderdale consolidated joint venture closed on the 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 cost was allocated among the parcels based on third-party appraisals. At the time of acquisition, one land parcel was subject to a sales agreement with closing expected on or before October 9, 2022. Based on the facts and circumstances related to the sale, we determined the land parcel met the criteria for classification as assets held for sale as of June 30, 2022. These assets are reported at a carrying value of $ 11.7 million, and are included within Other assets, net in our Condensed Consolidated Balance Sheets . Liabilities related to these assets held for sale of $ 8.0 million are included in Accrued liabilities and other in our Condensed Consolidated Balance Sheets . • During the quarter ended March 31, 2022, we funded the remaining $ 14.2 million of a total $ 50.0 million commitment of a passive equity investment in IQHQ Inc. (IQHQ), a privately held life sciences real estate development company. Based on certain facts and circumstances related to the investment, IQHQ was initially reported at cost. During the quarter ended June 30, 2022, 22 % of our original investment with a cost basis of $ 10.8 million was redeemed for $ 16.5 million. The redemption cash was received after quarter end. Consequently, we recognized a $ 5.7 million gain from this redemption in our Consolidated Statements of Operations for the three and six months ended June 30, 2022, and a $ 16.5 million receivable in our Condensed Consolidated Balance Sheets as of June 30, 2022. Further, our remaining investment in IQHQ with a cost basis of $ 39.2 million was valued at an estimated fair market value of $ 59.7 million, and a $ 20.5 million unrealized gain was recognized for the quarter ended June 30, 2022. Joint Venture Transaction • In May 2022, we formed two joint ventures for a ground-up project that entails the construction of 574 residential homes and 20,000 square feet of mixed-use retail and cultural space in Bethesda, Maryland. Aimco holds a 50 % share of the joint ventures (the “DC joint ventures”), with a maximum total capital commitment of $ 18.0 million, of which $ 12.0 million has been funded as of June 30, 2022. We serve as co-development manager for these ventures, which are expected to begin construction in late 2023. • In March 2022, we 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 holds a 20 % share of the joint venture ( the “Edgewater joint venture" ), which includes our initial contribution of an eighth of an acre of land that we purchased for $ 1.7 million in January 2022. Our total capital commitment for this venture i s $ 8.0 million. We will serve as the development manager for this venture, which is expected to begin construction in 2023. Dispositions • In April 2022, we closed on the sale of our Pathfinder Village property located in Fremont, California, for a gross sales price of $ 127.0 million and recognized a gain from the sale of $ 94.6 million. Pathfinder Village was a stabilized property previously reported within our Operating segment. Lease Arrangements • In June 2022, we as lessee and AIR as lessor, entered into a lease termination agreement pursuant to which AIR is required to pay us a termination payment on September 1, 2022, and upon receipt of such payment, the existing leases with respect to four properties will terminate. See Note 9 for further information .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 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 have made commitments to complete development and redevelopment of certain real estate, pursuant to financing or other arrangements. As of June 30, 2022, our commitments related to these capital activities totaled approxima tely $ 188.4 million, most of which we expect to incur during the next 24 months. As described in Note 3 , we are under contract to acquire, for $ 36.0 million, the two remaining land parcels of a nine -acre development site in Fort Lauderdale. As of June 30, 2022, we reserved $ 7.2 million which was held in escrow in the seller’s name. As of June 30, 2022, our remaining commitment is $ 28.8 million, which we expect to incur over the next twelve months. As described in Note 3 , we have a commitment to fun d a total of $ 26.0 million for our Edgewater joint venture and DC joint ventures formed during 2022. As of June 30, 2022 , our remaining commitments are $ 12.0 million, which we expect to incur over the next twelve months. As of June 30, 2022, we have unfunded commitments in the amoun t of $ 2.9 m illion related to four investments in privately held entities that develop technology related to the real estate industry. The timing of these funding commitments 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	6 Months Ended
Agreements and Transactions With AIR	Jun. 30, 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 entered into a Master Services Agreement with AIR whereby AIR provides us with customary administrative and support services. We are obligated to pay AIR the fully burdened costs in performing those 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 and six months ended June 30, 2022, we incurred administrative and supp ort fees of $ 0.5 million and $ 0.9 million, respectively, compared to $ 0.4 million and $ 0.8 million during the three and six months ended June 30, 2021, respectively. These administrative support fees are included in General and administrative expenses in our Condensed Consolidated Statements of Operations . Property Management Agreements We have 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. We pay AIR a property management fee for these services 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 and six months ended June 30, 2022, we recognized property management and property accounting fe es of $ 1.5 mill ion and $ 2.9 million, respectively, compared to $ 1.3 million and $ 2.6 million during the three and six months ended June 30, 2021, respectively. These property management and property accounting fees are included in Property operating expenses in our Condensed Consolidated Statements of Operations . Master Leasing Agreement The Master Leasing Agreement, as amended on June 14, 2022, governs the current and any future leasing arrangements between us, as lessee, and AIR, as lessor. Under the amendments to the Master Leasing Agreement, AIR's purchase option to acquire completed development and redevelopment properties was replaced with a right of first offer on development and redevelopment assets that have achieved stabilization after our acquisition of the asset and that we choose to bring to market within one year following stabilization. Additionally, it provides that each time the parties thereto wish to execute a new lease for a particular property, such parties will cause their applicable affiliates to execute a stand-alone lease. In June 2022, we as lessee and AIR as lessor, entered into a lease termination agreement pursuant to which AIR is required to pay us a termination payment on September 1, 2022, and upon receipt of such payment, the existing leases with respect to four properties will terminate. See Note 9 for further information. Notes Payable to AIR In June 2022, we entered into an agreement providing for early repayment of the Notes Payable to AIR relative to the original maturity date of such notes. The notes bore interest at 5.2 % with accrued interest payable on the first calendar day of each quarter. For the three and six months ended June 30, 2022 , we recognized interest expense related to the Notes Payable to AIR of $ 6.4 million and $ 13.3 million, respectively, compared to $ 6.9 million and $ 13.9 million during the three and six months ended June 30, 2021, respectively. Additionally, d uring the quarter ended June 30, 2022, we made a principal payment of $ 387.1 million, and recognized $ 17.9 million of associated spread maintenance costs, $ 12.9 million of which were paid as of June 30, 2022. In July 2022, we made the remaining principal and spread maintenance payments. Other In June 2022, for $ 7.2 million, we acquired from AIR the common noncontrolling interest in the entity that indirectly holds a portfolio of assets that secured the Notes Payable to AIR. Due to and from AIR As of June 30, 2022, we have amounts due to and from AIR of $ 16.2 million and $ 1.1 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 our 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 us as a non-executive employee during 2022 to support the establishment and growth of our business, reporting directly to our board of directors (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 of the Board 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, we are 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. As of June 30, 2022, we estimate the total 2022 reimbursement to AIR, pursuant to this arrangement, will be $ 4.0 m illion. We estimate compensation associated with these arrangements to tota l $ 5.8 million for 2022. For the three and six months ended June 30, 2022, we recognized $ 1.5 million and $ 2.9 million of expense related to the arrangements, respectively, compared to $ 1.5 million and $ 2.9 million during the three and six months ended June 30, 2021, respectively. This expense is included in General and administrative expenses in our Condensed Consolidated Statements of Operations .

Earnings and Dividends per Shar

Earnings and Dividends per Share and per Unit	6 Months Ended
Earnings and Dividends per Share and per Unit	Jun. 30, 2022
Earnings Per Share [Abstract]
Earnings and Dividends per Share and per Unit	Note 6 — Earnings and Dividends per Share and per 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 common 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 and six months ended June 30, 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 and six months ended June 30, 2022 and 2021, are as follows (in thousands, except per share and per unit data): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Earnings per share Numerator: Net income (loss) attributable to Aimco $ 239,137 $ ( 19,690 ) $ 247,346 $ 524 Net income allocated to Aimco participating securities ( 3,284 ) — ( 3,410 ) — Net income (loss) attributable to Aimco common stockholders $ 235,853 $ ( 19,690 ) $ 243,936 $ 524 Denominator - shares: Basic weighted-average common stock outstanding 149,600 149,166 149,694 149,082 Diluted share equivalents outstanding 823 — 966 360 Diluted weighted-average common stock outstanding 150,423 149,166 150,660 149,442 Earnings (loss) per share - basic $ 1.58 $ ( 0.13 ) $ 1.63 $ 0.00 Earnings (loss) per share - diluted $ 1.57 $ ( 0.13 ) $ 1.62 $ 0.00 Earnings per unit Numerator: Net income (loss) attributable to Aimco Operating Partnership $ 251,796 $ ( 20,727 ) $ 260,440 $ 568 Net income allocated to Aimco Operating Partnership participating securities ( 3,423 ) — ( 3,551 ) — Net income (loss) attributable to Aimco Operating Partnership's common unitholders $ 248,373 $ ( 20,727 ) $ 256,889 $ 568 Denominator - units Basic weighted-average common partnership units outstanding 157,525 157,134 157,621 157,093 Diluted partnership unit equivalents outstanding 922 - 1,045 360 Diluted weighted-average common partnership units outstanding 158,447 157,134 158,666 157,453 Earnings (loss) per unit - basic $ 1.58 $ ( 0.13 ) $ 1.63 $ 0.00 Earnings (loss) per unit - diluted $ 1.57 $ ( 0.13 ) $ 1.62 $ 0.00

Variable Interest Entities

Variable Interest Entities	6 Months Ended
Variable Interest Entities	Jun. 30, 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 applicable consolidation guidance to determine whether each such entity is a VIE. The accounting standards for 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 these 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. We consolidate 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. Aimco Operating Partnership is the primary beneficiary, and therefore consolidates our eight VIEs that own interests in real estate. In addition, we hav e nine unc onsolidated VIEs for which we are not the primary beneficiary because we are not their primary decision maker. The nine 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, our investment in the Edgewater joint venture, and our investments in the DC joint ventures. Details of our consolidated and unconsolidated VIEs, excluding those of Aimco Operating Partnership, are summarized in the table below as of June 30, 2022, and December 31, 2021, (in thousands, except for VIE count): June 30, 2022 December 31, 2021 Consolidated Unconsolidated Consolidated Unconsolidated Count of VIEs 8 9 9 6 Assets Real estate, net $ 205,053 $ — $ 564,909 $ — Mezzanine investment — 354,365 — 337,797 Right-of-use lease assets 96,254 — 429,768 — Receivable from lease termination 186,318 — — — Unconsolidated real estate partnerships — 27,149 — 13,005 Other assets, net 28,548 59,686 43,715 35,773 Liabilities Deferred tax liabilities — — 124,747 — Accrued liabilities and other 56,606 — 30,519 — Construction loans, net 133,985 — 163,570 — Lease liabilities 95,399 — 435,093 — Consolidated Real Estate Partnerships As of June 30, 2022, we acquired all of the outstanding redeemable non-controlling interests in an entity reported as a consolidated VIE as of December 31, 2021. The changes in consolidated VIE assets and liabilities from December 31, 2021 to June 30, 2022 in the table above are primarily due to the impact of: (i) the declassification of the entity described above as a VIE; (ii) the recognition of a receivable from lease termination of $ 186.3 million due to lease modifications; and (iii) the derecognition of right-of-use lease assets and lease liabilities of $ 326.1 million and $ 337.3 million, respectively, due to the lease modifications described in Note 3. As of June 30, 2022, one of our consolidated VIEs had an outstanding construction loan. In conjunction with this loan, we made customary guarantees. In certain situations, the loan's lenders may have recourse to our general credit. As of June 30, 2022, we estimate our maximum exposure equals the $ 134.0 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 unconsolidated real estate partnerships that hold four apartment communities in San Diego, California. We also own investments in the Edgewater joint venture to develop a 2.8-acre site in Miami's Edgewater neighborhood, and the DC joint ventures to develop a groun d-up and mixed-use retail and cultural space in Bethesda, Maryland. The joint ventures were formed during the six months ended June 30, 2022. See Note 3 for further information. Our investment balances of $ 27.1 million and $ 13.0 million as of June 30, 2022 and December 31, 2021, respectively, represented our maximum exposure to loss in these unconsolidated 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 balances of $ 354.4 million an d $ 337.8 million as of June 30, 2022 and December 31, 2021 , respectively, represent our indirect interest in notes receivable through our agreement with AIR and our maximum exposure to loss in this VIE.

Lease Arrangements

Lease Arrangements	6 Months Ended
Lease Arrangements	Jun. 30, 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 and six months ended June 30, 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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Fixed lease income $ 46,851 $ 37,554 $ 92,982 $ 74,343 Variable lease income 3,673 2,760 7,409 5,714 Total lease income $ 50,524 $ 40,314 $ 100,391 $ 80,057 Aimco as Lessee Lease Arrangements with AIR We, as lessee, and AIR, as lessor, have entered into leases on properties currently under construction or in lease-up. These lease arrangements are governed by separate Master Lease Agreements and the Master Leasing Agreement. In June 2022, we as lessee and AIR as lessor, entered into a lease termination agreement with respect to the four leases entered into on January 1, 2021. This agreement terminates the four finance leases on September 1, 2022. Upon termination, both parties shall be released of any and all liabilities and obligations under each respective lease other than those liabilities and obligations, if any, that expressly survive termination. On September 1, 2022 we will relinquish control of the leasehold improvements on these four leased properties as well as the underlying land. In exchange, AIR will transfer a total of $ 200.0 million in consideration to us as termination payments. On June 28, 2022, AIR made a $ 10.0 million non-refundable termination deposit with the remaining $ 190.0 million to be paid by AIR on September 1, 2022, both termination payments are accounted for as lease incentives. Based on the present value of the termination payments, net of remaining lease payments, we reduced the lease liability to zero and recorded a receivable from lease termination of $ 186.3 million in our Condensed Consolidated Balance Sheets at June 30, 2022. Because the termination agreement modified the expiration date of each lease to September 1, 2022, we accelerated depreciation on the associated leasehold improvements using lease terms ending September 1, 2022. We recorded $ 13.9 million of additional depreciation expense in our Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2022. The remaining $ 66.1 million of depreciation expense will be recognized in the third quarter. In addition, we reduced the associated right-of-use lease assets to zero and recognized lease modification income of $ 205.4 million, which is included in our Condensed Consolidated Statements of Operations for the periods ended June 30, 2022. Ground Leases We are lessee to 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 finance leases. Other Finance Lease Arrangements As described in Note 3 , during the quarter ended March 31, 2022, we, as lessee, entered into certain finance 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 finance lease liability. The related interest is capitalized as part of the finance right-of-use lease assets. In June 2022, we purchased a part of the aforementioned development site in Fort Lauderdale for $ 64.0 million. As a result of the purchase, we derecognized the associated right-of-use lease assets and lease liabilities, and recorded the difference to land . As of June 30, 2022 , the remaining right-of-use lease assets and lease liabilities associated with the other parts totaled $ 34.8 million and $ 26.3 million, respectively. See Note 3 for further information. Together, as of June 30, 2022 and December 31, 2021, these finance leases had weighted-average remaining terms of 74.8 years and 38.5 years, respectively, and weighted-average discount rates of 5.5 % and 5.4 %, respectively. As of June 30, 2022 , finance lease right-of-use lease assets and liabilities totaled $ 130.5 million and $ 123.8 million, respectively. As of December 31, 2021 , finance right-of-use lease assets and liabilitie s totaled $ 429.8 million and $ 435.1 million, r espectively. For the three and six months ended June 30, 2022, amortization related to finance leases was $ 3.4 million and $ 6.7 million, respectively, net of amounts capitalized, compared to $ 2.1 million and $ 3.4 million for the three and six months ended June 30, 2021, respectively. For the three and six months ended June 30, 2022, we capitalized $ 1.8 million and $ 4.8 mil lion, respectively, of lease costs associated with active development and redevelopment projects on certain of the underlying property and ground lease assets, compared to $ 5.8 million and $ 12.7 million, respectively, for three and six months ended June 30, 2021. Operating Lease Arrangements We have operating leases primarily for corporate office space. As of June 30, 2022 and December 31, 2021, our operating leases had weighted-average remaining terms of 7.1 years and 7.4 years, respectively. As of June 30, 2022 and December 31, 2021, the leases had weighted-average discount rates of 3.1 % , a nd 3.1 %, re spectively. We record operating lease expense on a straight-line basis over the lease term. Total operating lease expense for the three and six months ended June 30, 2022 wa s $ 0.2 million and $ 0.3 million, re spectively, compared to $ 0.3 million and $ 0.5 million for the three and six months ended June 30, 2021, respectively. As of June 30, 2022 and December 31, 2021, operating lease right-of-use lease assets of $ 4.7 million and $ 5.1 million, respectively, are included in O ther assets, net in our Condensed Consolidated Balance Sheets . As of June 30, 2022 and December 31, 2021, operating lease liabilities of $ 12.0 million and $ 12.7 m illion, respectively, are included in A ccrued liabilities and other in our Condensed 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 in our Condensed Consolidated Balance Sheets . 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 expires on May 31, 2029 . Annual Future Minimum Lease Payments C ombined minimum annual lease payments under operating and finance leases, a nd sublease income that offsets our operating lease rent, are as follows (in thousands): Sublease Income and Lease Modification Income Operating Lease Future Minimum Rent Financing Leases Future Minimum Payments Remainder of 2022 $ 188,593 $ 816 $ 1,046 2023 1,403 1,922 2,479 2024 1,413 1,935 3,479 2025 1,423 1,930 32,659 2026 1,433 1,960 4,335 Thereafter 3,526 4,847 1,155,087 Total $ 197,791 13,410 1,199,085 Less: Discount ( 1,402 ) ( 1,075,300 ) Total lease liabilities $ 12,008 $ 123,785

Business Segments

Business Segments	6 Months Ended
Business Segments	Jun. 30, 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 held for development. Our Operating segment includes 21 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 June 30, 2022, our Development and Redevelopment segment consists of 14 properties: two residential apartment communities with 965 planned apartment homes, a single family rental community with 16 pla nned homes plus eight accessory dwelling units, and one hotel, with 106 planned rooms, we are actively developing or redeveloping; four residential apartment communities with 865 apartment homes for which we have completed the redevelopment, but have not achieved stabilization; and, land parcels held for development. Our Operating segment includes 21 consolidated apartment communities with 5,582 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 June 30, 2022 and 2021 (in thousands): Development and Redevelopment Operating Other Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments Consolidated Three Months Ended June 30, 2022: Rental and other property revenues $ 8,899 $ 33,122 $ 4,333 $ 1,867 $ 2,476 $ 50,697 Property operating expenses 3,212 10,435 1,267 1,846 2,948 19,708 Other operating expenses not allocated (2) — — — — 43,824 43,824 Total operating expenses 3,212 10,435 1,267 1,846 46,772 63,532 Proportionate property net operating 5,687 22,687 3,066 21 ( 44,296 ) ( 12,835 ) Other items included in income before (3) — — — — 312,003 312,003 Income (loss) before income tax $ 5,687 $ 22,687 $ 3,066 $ 21 $ 267,707 $ 299,168 Development and Redevelopment Operating Other Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments Consolidated Three Months Ended June 30, 2021: Rental and other property revenues $ 2,489 $ 29,782 $ 3,138 $ 1,255 $ 3,754 $ 40,418 Property operating expenses 2,101 9,954 1,090 1,239 2,019 16,403 Other operating expenses not allocated (2) — — — — 28,022 28,022 Total operating expenses 2,101 9,954 1,090 1,239 30,041 44,425 Proportionate property net operating 388 19,828 2,048 16 ( 26,287 ) ( 4,007 ) Other items included in income before (3) — — — — ( 19,139 ) ( 19,139 ) Income (loss) before income tax $ 388 $ 19,828 $ 2,048 $ 16 $ ( 45,426 ) $ ( 23,146 ) The following tables present the results of operations of consolidated properties with our segments reported on a proportionate basis for the six months ended June 30, 2022 and 2021 (in thousands): Development and Redevelopment Operating Other Proportionate and Other Adjustments (1) Corporate and Consolidated Six Months Ended June 30, 2022: Rental and other property revenues $ 15,831 $ 65,361 $ 9,378 $ 3,797 $ 6,324 $ 100,691 Property operating expenses 5,728 20,697 2,822 3,750 5,932 38,929 Other operating expenses not allocated (2) — — — — 76,414 76,414 Total operating expenses 5,728 20,697 2,822 3,750 82,346 115,343 Proportionate property net operating 10,103 44,664 6,556 47 ( 76,022 ) ( 14,652 ) Other items included in income before (3) — — — — 319,876 319,876 Income (loss) before income tax $ 10,103 $ 44,664 $ 6,556 $ 47 $ 243,854 $ 305,224 Development and Redevelopment Operating Other Proportionate and Other Adjustments (1) Corporate and Consolidated Six Months Ended June 30, 2021: Rental and other property revenues $ 4,746 $ 59,051 $ 6,324 $ 2,712 $ 7,389 $ 80,222 Property operating expenses 3,968 20,160 2,127 2,680 4,410 33,345 Other operating expenses not allocated (2) — — — — 55,050 55,050 Total operating expenses 3,968 20,160 2,127 2,680 59,460 88,395 Proportionate property net operating 778 38,891 4,197 32 ( 52,071 ) ( 8,173 ) Other items included in income before (3) — — — — 1,361 1,361 Income (loss) before income tax $ 778 $ 38,891 $ 4,197 $ 32 $ ( 50,710 ) $ ( 6,812 ) (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 consist of depreciation and amortization, general and administrative expense, and miscellaneous other expenses. (3) Other items included in Income before income tax benefit consist primarily of interest expense, gain on our interest rate options, gain on sale of Real Estate, lease modification income and mezzanine investment income, net. Net real estate and non-recourse property debt, net, of our segments as of June 30, 2022 and December 31, 2021, were as follows (in thousands): Development and Redevelopment Operating Other Corporate (1) Total As of June 30, 2022: Buildings and improvements $ 403,803 $ 668,510 $ 197,311 $ — $ 1,269,624 Land 189,222 259,033 153,502 — 601,757 Total real estate 593,025 927,543 350,813 — 1,871,381 Accumulated depreciation ( 18,081 ) ( 450,643 ) ( 51,144 ) — ( 519,868 ) Net real estate 574,944 476,900 299,669 — 1,351,513 Non-recourse property debt and construction loans, net $ 231,090 $ 743,596 $ 26,463 $ — $ 1,001,149 Development and Redevelopment Operating Other Corporate (1) Total As of December 31, 2021: Buildings and improvements $ 277,041 $ 675,269 $ 196,853 $ 108,051 $ 1,257,214 Land 82,325 259,033 153,501 39,426 $ 534,285 Total real estate 359,366 934,302 350,354 147,477 1,791,499 Accumulated depreciation ( 2,252 ) ( 444,324 ) ( 41,841 ) ( 72,698 ) ( 561,115 ) Net real estate $ 357,114 $ 489,978 $ 308,513 $ 74,779 $ 1,230,384 Non-recourse property debt, net $ 163,570 $ 428,308 $ — $ 54,829 $ 646,707 (1) During the six months ended June 30, 2022, certain properties were sold or reclassified as Held for Sale, and therefore are not included in our segment balance sheets, as of June 30, 2022. We added a new Corporate segment to this table for presentation purposes to display these assets and the associated debt as of December 31, 2021. In addition to the amounts disclosed in the tables above, as of June 30, 2022 the Development and Redevelopment segment right-of-use lease assets and lease liabilities aggregated to $ 130.5 million and $ 123.8 million, respectively, and as of December 31, 2021, aggregated to $ 429.8 million and $ 435.1 million, respectively. As of June 30, 2022, right-of-use lease assets and lease liabilities primarily relate to our investments in Upton Place and Oak Shore. As described in Note 9, we entered into termination agreements to cancel our leases on North Tower of Flamingo Point, 707 Leahy, The Fremont, and Prism on September 1, 2022. Consequently, during the period ended June 30, 2022 , we wrote off $ 326.1 million and $ 337.3 million right-of-use lease assets and lease liability, respectively. Additionally, we purchased a land parcel for $ 64.0 million and terminated the certain lease component on Flagler Village and derecognized associated right-of-use lease assets and lease liabilities of $ 60.5 million and $ 46.7 million, respectively.

Financing Activities

Financing Activities	6 Months Ended
Financing Activities	Jun. 30, 2022
Financing Activities[Abstract]
Financing Activities	Note 11 – Financing Activities In May 2022, we entered into 14 long term, fixed rate, non-recourse property loans that totaled $ 574.7 million. This non-recourse debt has a weighted-average term of 9.4 years and a weighted-average interest rate of 4.63 %. Total debt issuance costs of approximately $ 5.4 million have been deferred. In addition, we incurred $ 7.4 million in prepayment costs associated with the extinguishment of six loans. In June 2022, we entered into a construction loan for up to $ 23.0 million in financing to fund the Oak Shore project. The loan has a term of 36 months with an option to extend for two additional one year periods, and an interest rate based on the One-Month Term SOFR plus a spread of 4.41 %, subject to a minimum all-in interest rate of 5.56 %. In June 2022, we entered into an agreement for the modification and early repayment of our Notes Payable to AIR. During the quarter ended June 30, 2022, we made a principal payment of $ 387.1 million, and recognized $ 17.9 million of associated spread maintenance costs, $ 12.9 million of which were paid as of June 30, 2022. See Note 5 for further information. During the six months ended June 30, 2022 , we monetized our $ 500.0 million notional amount interest rate swaption for $ 13.7 million and recognized a gain of $ 8.0 million, which is included in Realized and unrealized gains (losses) on interest rate options in our Condensed Consolidated Statements of Operations for the periods ended June 30, 2022.

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 12 – Subsequent Events Subsequent to June 30, 2022, we purchased the remaining two land parcels of our Flagler Village neighborhood development site in Fort Lauderdale, Florida for $ 20.0 and $ 16.0 million. In July 2022, we sold our Cedar Rim Apartments property located in King County, Washington for $ 53.0 million. Cedar Rim was classified as a held for sale asset in the second quarter of 2022. In July 2022, we closed a preferred equity financing arrangement with an institutional equity investor for $ 102.0 million, accruing at a fixed 8.0 % interest rate, related to a portfolio of stabilized assets. In July 2022, we made the remaining principal and spread maintenance payments on our Notes Payable to AIR of $ 147.0 and $ 5.0 million.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 generally accepted accounting principles in the U.S. ("GAAP") have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments, consisting of normal recurring items, considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 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 int erests held by a limited partner in a consolidated real estate partnership that has a finite life. During the quarter ended March 31, 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 in 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. Redee mable noncontrolling interests in consolidated real estate partnerships as of June 30, 2022 consists of our institutional partner’s equity interest in our Upton Joint Venture, which provides our partner with an accruing 9.7 % r ate 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 rollforward of our redeemable noncontrolling interests in consolidated real estate partnerships from December 31, 2021 to June 30, 2022 (in thousands): Balance at December 31, 2021 $ 33,794 Capital contributions 20,392 Redemptions ( 4,911 ) Net income 2,539 Balance at June 30, 2022 $ 51,814
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 to Aimco through 2024 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 aspects 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 and six months ended June 30, 2022 , we had consolidated net income subject to tax of $ 181.4 million and $ 166.6 million, respectively. For the three and six months ended June 30, 2021 , we had consolidated net losses subject to tax of $ 9.0 million and $ 18.5 million, respectively. For the three months ended June 30, 2022, we recognized income tax expense of $ 46.0 million compared to a $ 2.8 million benefit during the same period in 2021. The change is primarily due to the GAAP income taxes associated with the lease modification income recognized in the second quarter of 2022. For the six months ended June 30, 2022, we recognized income tax expense of $ 41.9 million compared to a $ 7.9 million benefit during the same period in 2021 . The change is primarily due to the GAAP income taxes associated with the lease modification income recognized in the second quarter of 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): June 30, 2022 December 31, 2021 Other investments $ 82,056 $ 45,386 Assets held for sale (1) 52,566 — Notes receivable 38,606 38,029 Unconsolidated real estate partnerships 27,149 13,025 Prepaid expenses and real estate taxes 17,953 20,516 Deferred costs, deposits, and other 17,625 22,136 Corporate fixed assets 9,067 9,855 Accounts receivable, net of allowances of $ 1,397 and $ 1,285 as of June 30, 2022 and December 31, 2021, respectively 3,108 2,469 Intangible assets, net 1,602 3,269 Due from affiliates 1,357 4,840 Deferred tax assets — 6,388 Total other assets, net $ 251,089 $ 165,913 (1) In addition to the property we sold during the period, from time to time we may market to sell certain properties that are inconsistent with our long-term investment strategy. At the end of each reporting period, we evaluate whether such properties meet the criteria to be classified as held for sale. As of June 30, 2022 , assets held for sale include one land parcel in Fort Lauderdale, Florida and two properties located in the Seattle, Washington area.
Accounting Pronouncements Adopted in the Current Year	Accounting Pronouncements Adopted in the Current Year During the quarter ended March 31, 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 finance 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	On a recurring basis, we measure at fair value our interest rate options, which are presented in Other assets, net 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 any upfront premium is reflected in Purchase of interest rate options in our Condensed Consolidated Statements of Cash Flows .

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2022
Summary of Reconciliation of Redeemable Noncontrolling Interests in Real Estate Partnerships	The following table presents a rollforward of our redeemable noncontrolling interests in consolidated real estate partnerships from December 31, 2021 to June 30, 2022 (in thousands): Balance at December 31, 2021 $ 33,794 Capital contributions 20,392 Redemptions ( 4,911 ) Net income 2,539 Balance at June 30, 2022 $ 51,814
Summary of Other Assets	Other assets were comprised of the following amounts (in thousands): June 30, 2022 December 31, 2021 Other investments $ 82,056 $ 45,386 Assets held for sale (1) 52,566 — Notes receivable 38,606 38,029 Unconsolidated real estate partnerships 27,149 13,025 Prepaid expenses and real estate taxes 17,953 20,516 Deferred costs, deposits, and other 17,625 22,136 Corporate fixed assets 9,067 9,855 Accounts receivable, net of allowances of $ 1,397 and $ 1,285 as of June 30, 2022 and December 31, 2021, respectively 3,108 2,469 Intangible assets, net 1,602 3,269 Due from affiliates 1,357 4,840 Deferred tax assets — 6,388 Total other assets, net $ 251,089 $ 165,913 (1) In addition to the property we sold during the period, from time to time we may market to sell certain properties that are inconsistent with our long-term investment strategy. At the end of each reporting period, we evaluate whether such properties meet the criteria to be classified as held for sale. As of June 30, 2022 , assets held for sale include one land parcel in Fort Lauderdale, Florida and two properties located in the Seattle, Washington area.

Earnings and Dividends per Sh_2

Earnings and Dividends per Share and per Unit (Tables)	6 Months Ended
Earnings and Dividends per Share and per Unit (Tables)	Jun. 30, 2022
Earnings Per Share [Abstract]
Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings (Loss) 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 and six months ended June 30, 2022 and 2021, are as follows (in thousands, except per share and per unit data): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Earnings per share Numerator: Net income (loss) attributable to Aimco $ 239,137 $ ( 19,690 ) $ 247,346 $ 524 Net income allocated to Aimco participating securities ( 3,284 ) — ( 3,410 ) — Net income (loss) attributable to Aimco common stockholders $ 235,853 $ ( 19,690 ) $ 243,936 $ 524 Denominator - shares: Basic weighted-average common stock outstanding 149,600 149,166 149,694 149,082 Diluted share equivalents outstanding 823 — 966 360 Diluted weighted-average common stock outstanding 150,423 149,166 150,660 149,442 Earnings (loss) per share - basic $ 1.58 $ ( 0.13 ) $ 1.63 $ 0.00 Earnings (loss) per share - diluted $ 1.57 $ ( 0.13 ) $ 1.62 $ 0.00 Earnings per unit Numerator: Net income (loss) attributable to Aimco Operating Partnership $ 251,796 $ ( 20,727 ) $ 260,440 $ 568 Net income allocated to Aimco Operating Partnership participating securities ( 3,423 ) — ( 3,551 ) — Net income (loss) attributable to Aimco Operating Partnership's common unitholders $ 248,373 $ ( 20,727 ) $ 256,889 $ 568 Denominator - units Basic weighted-average common partnership units outstanding 157,525 157,134 157,621 157,093 Diluted partnership unit equivalents outstanding 922 - 1,045 360 Diluted weighted-average common partnership units outstanding 158,447 157,134 158,666 157,453 Earnings (loss) per unit - basic $ 1.58 $ ( 0.13 ) $ 1.63 $ 0.00 Earnings (loss) per unit - diluted $ 1.57 $ ( 0.13 ) $ 1.62 $ 0.00

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Summary of Carrying Value and Fair Value of Non-recourse Property Debt, Construction Loan and Notes Payable to AIR	The following table summarizes the carrying value and fair value of our non-recourse property debt, construction loans, and Notes Payable to AIR as of June 30, 2022, and December 31, 2021, (in thousands): As of June 30, 2022 As of December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 809,055 $ 786,094 $ 484,883 $ 498,960 Construction loans 203,396 203,396 168,376 168,376 Notes Payable to AIR 147,039 147,039 534,127 534,127 Total $ 1,159,490 $ 1,136,529 $ 1,187,386 $ 1,201,463

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
Variable Interest Entities (Tables)	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	Details of our consolidated and unconsolidated VIEs, excluding those of Aimco Operating Partnership, are summarized in the table below as of June 30, 2022, and December 31, 2021, (in thousands, except for VIE count): June 30, 2022 December 31, 2021 Consolidated Unconsolidated Consolidated Unconsolidated Count of VIEs 8 9 9 6 Assets Real estate, net $ 205,053 $ — $ 564,909 $ — Mezzanine investment — 354,365 — 337,797 Right-of-use lease assets 96,254 — 429,768 — Receivable from lease termination 186,318 — — — Unconsolidated real estate partnerships — 27,149 — 13,005 Other assets, net 28,548 59,686 43,715 35,773 Liabilities Deferred tax liabilities — — 124,747 — Accrued liabilities and other 56,606 — 30,519 — Construction loans, net 133,985 — 163,570 — Lease liabilities 95,399 — 435,093 —

Lease Arrangements (Tables)

Lease Arrangements (Tables)	6 Months Ended
Lease Arrangements (Tables)	Jun. 30, 2022
Leases [Abstract]
Lease Income for Residential and Commercial Property Leases	For the three and six months ended June 30, 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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Fixed lease income $ 46,851 $ 37,554 $ 92,982 $ 74,343 Variable lease income 3,673 2,760 7,409 5,714 Total lease income $ 50,524 $ 40,314 $ 100,391 $ 80,057
Minimum Annual Rental Payments Under Operating , Financing Leases and Sublease Income	ombined minimum annual lease payments under operating and finance leases, a nd sublease income that offsets our operating lease rent, are as follows (in thousands): Sublease Income and Lease Modification Income Operating Lease Future Minimum Rent Financing Leases Future Minimum Payments Remainder of 2022 $ 188,593 $ 816 $ 1,046 2023 1,403 1,922 2,479 2024 1,413 1,935 3,479 2025 1,423 1,930 32,659 2026 1,433 1,960 4,335 Thereafter 3,526 4,847 1,155,087 Total $ 197,791 13,410 1,199,085 Less: Discount ( 1,402 ) ( 1,075,300 ) Total lease liabilities $ 12,008 $ 123,785

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
Business Segments (Tables)	Jun. 30, 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 June 30, 2022 and 2021 (in thousands): Development and Redevelopment Operating Other Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments Consolidated Three Months Ended June 30, 2022: Rental and other property revenues $ 8,899 $ 33,122 $ 4,333 $ 1,867 $ 2,476 $ 50,697 Property operating expenses 3,212 10,435 1,267 1,846 2,948 19,708 Other operating expenses not allocated (2) — — — — 43,824 43,824 Total operating expenses 3,212 10,435 1,267 1,846 46,772 63,532 Proportionate property net operating 5,687 22,687 3,066 21 ( 44,296 ) ( 12,835 ) Other items included in income before (3) — — — — 312,003 312,003 Income (loss) before income tax $ 5,687 $ 22,687 $ 3,066 $ 21 $ 267,707 $ 299,168 Development and Redevelopment Operating Other Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments Consolidated Three Months Ended June 30, 2021: Rental and other property revenues $ 2,489 $ 29,782 $ 3,138 $ 1,255 $ 3,754 $ 40,418 Property operating expenses 2,101 9,954 1,090 1,239 2,019 16,403 Other operating expenses not allocated (2) — — — — 28,022 28,022 Total operating expenses 2,101 9,954 1,090 1,239 30,041 44,425 Proportionate property net operating 388 19,828 2,048 16 ( 26,287 ) ( 4,007 ) Other items included in income before (3) — — — — ( 19,139 ) ( 19,139 ) Income (loss) before income tax $ 388 $ 19,828 $ 2,048 $ 16 $ ( 45,426 ) $ ( 23,146 ) The following tables present the results of operations of consolidated properties with our segments reported on a proportionate basis for the six months ended June 30, 2022 and 2021 (in thousands): Development and Redevelopment Operating Other Proportionate and Other Adjustments (1) Corporate and Consolidated Six Months Ended June 30, 2022: Rental and other property revenues $ 15,831 $ 65,361 $ 9,378 $ 3,797 $ 6,324 $ 100,691 Property operating expenses 5,728 20,697 2,822 3,750 5,932 38,929 Other operating expenses not allocated (2) — — — — 76,414 76,414 Total operating expenses 5,728 20,697 2,822 3,750 82,346 115,343 Proportionate property net operating 10,103 44,664 6,556 47 ( 76,022 ) ( 14,652 ) Other items included in income before (3) — — — — 319,876 319,876 Income (loss) before income tax $ 10,103 $ 44,664 $ 6,556 $ 47 $ 243,854 $ 305,224 Development and Redevelopment Operating Other Proportionate and Other Adjustments (1) Corporate and Consolidated Six Months Ended June 30, 2021: Rental and other property revenues $ 4,746 $ 59,051 $ 6,324 $ 2,712 $ 7,389 $ 80,222 Property operating expenses 3,968 20,160 2,127 2,680 4,410 33,345 Other operating expenses not allocated (2) — — — — 55,050 55,050 Total operating expenses 3,968 20,160 2,127 2,680 59,460 88,395 Proportionate property net operating 778 38,891 4,197 32 ( 52,071 ) ( 8,173 ) Other items included in income before (3) — — — — 1,361 1,361 Income (loss) before income tax $ 778 $ 38,891 $ 4,197 $ 32 $ ( 50,710 ) $ ( 6,812 ) (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 consist of depreciation and amortization, general and administrative expense, and miscellaneous other expenses. (3) Other items included in Income before income tax benefit consist primarily of interest expense, gain on our interest rate options, gain on sale of Real Estate, lease modification income 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 as of June 30, 2022 and December 31, 2021, were as follows (in thousands): Development and Redevelopment Operating Other Corporate (1) Total As of June 30, 2022: Buildings and improvements $ 403,803 $ 668,510 $ 197,311 $ — $ 1,269,624 Land 189,222 259,033 153,502 — 601,757 Total real estate 593,025 927,543 350,813 — 1,871,381 Accumulated depreciation ( 18,081 ) ( 450,643 ) ( 51,144 ) — ( 519,868 ) Net real estate 574,944 476,900 299,669 — 1,351,513 Non-recourse property debt and construction loans, net $ 231,090 $ 743,596 $ 26,463 $ — $ 1,001,149 Development and Redevelopment Operating Other Corporate (1) Total As of December 31, 2021: Buildings and improvements $ 277,041 $ 675,269 $ 196,853 $ 108,051 $ 1,257,214 Land 82,325 259,033 153,501 39,426 $ 534,285 Total real estate 359,366 934,302 350,354 147,477 1,791,499 Accumulated depreciation ( 2,252 ) ( 444,324 ) ( 41,841 ) ( 72,698 ) ( 561,115 ) Net real estate $ 357,114 $ 489,978 $ 308,513 $ 74,779 $ 1,230,384 Non-recourse property debt, net $ 163,570 $ 428,308 $ — $ 54,829 $ 646,707 (1) During the six months ended June 30, 2022, certain properties were sold or reclassified as Held for Sale, and therefore are not included in our segment balance sheets, as of June 30, 2022. We added a new Corporate segment to this table for presentation purposes to display these assets and the associated debt as of December 31, 2021.

Organization (Details Textual)

Organization (Details Textual)	6 Months Ended
Organization (Details Textual)	Jun. 30, 2022 Property ApartmentHome OfficeBuilding Home Dwelling Community Hotel Room
Continuing Operations [Member]
Organization [Line Items]
Number of real estate properties \| Property	28
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	2
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	965
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	865
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	24
Number of units in real estate property	5,879
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%
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		3 Months Ended			6 Months Ended
	Nov. 26, 2019 USD ($)	Jun. 30, 2022 USD ($) Land	Mar. 31, 2022 USD ($) Property	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) Land	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Jul. 31, 2021 Land
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Weighted average ownership interest					5%	5%
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		$ 181,400		$ (9,000)	$ 166,600	$ (18,500)
Investment interest rate		9.70%			9.70%
Income tax (expense) benefit		$ (45,957)		$ 2,760	$ (41,901)	$ 7,860
Accounts receivable		$ 3,108			$ 3,108		$ 2,469
Number of land parcels subject to disposition \| Land		1			1			1
Assets held for sale		$ 52,566			$ 52,566
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			true
Change in Accounting Principle, Accounting Standards Update, Adoption Date		Jan. 01, 2022			Jan. 01, 2022
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]		true			true
Other Assets [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Assets held for sale		$ 11,700			$ 11,700
Accrued Liabilities [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Assets held for sale		$ 8,000			$ 8,000
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%
Option to acquire equity interest in partnership, percentage					30%

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	6 Months Ended
	Jun. 30, 2022 USD ($)
Redeemable Noncontrolling Interest [Line Items]
Balance at December 31, 2021	$ 33,794
Balance at June 30, 2022	51,814
Real Estate Partnership [Member]
Redeemable Noncontrolling Interest [Line Items]
Balance at December 31, 2021	33,794
Capital contributions	20,392
Redemptions	(4,911)
Net income	2,539
Balance at June 30, 2022	$ 51,814

Basis of Presentation and Sum_6

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Other investments	$ 82,056	$ 45,386
Assets held for sale	52,566
Notes receivable	38,606	38,029
Unconsolidated real estate partnerships	27,149	13,025
Prepaid expenses and real estate taxes	17,953	20,516
Deferred costs, deposits, and other	17,625	22,136
Corporate fixed assets	9,067	9,855
Accounts receivable, net of allowances of $1,397 and $1,285 as of June 30, 2022 and December 31, 2021, respectively (1)	3,108	2,469
Intangible assets, net	1,602	3,269
Due from affiliates	1,357	4,840
Deferred tax assets		6,388
Total other assets, net	$ 251,089	$ 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	Jun. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable, net of allowances	$ 1,397	$ 1,285

Significant Transactions (Detai

Significant Transactions (Details Textual) $ in Thousands, Number in Millions			1 Months Ended				3 Months Ended			6 Months Ended
	Jun. 02, 2022 USD ($)	May 31, 2022 USD ($) SquareFeet Home	Jul. 31, 2022 USD ($)	Jun. 30, 2022 USD ($) Land	May 31, 2022 USD ($) SquareFeet Home	Apr. 30, 2022 USD ($)	Jun. 30, 2022 USD ($) Land	Mar. 31, 2022 USD ($) ft² Land Unit Number	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) Land	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Jul. 31, 2021 Land
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Number of land parcels subject to disposition \| Land				1			1			1			1
Assets held for sale				$ 52,566			$ 52,566			$ 52,566
Land				601,757			601,757			601,757		$ 534,285
Commitment purchase amount								$ 50,000
Repayment of secured property debt										283,826	$ 20,331
Repayment of notes payable										387,088
Prepayment premium					$ 7,400
Proceeds from swaption										13,660
Interest Rate Swaption [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Notional amount				$ 500,000			$ 500,000			500,000
Proceeds from swaption										13,700
Derivative gain on swaption										$ 8,000
Pathfinder Village Property [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Gain loss on sale of property held for sale						$ 94,600
Proceeds from sale of property						$ 127,000
Edgewater Joint Venture [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Commitment purchase amount								8,000
Starthmore Joint Venture [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Number of residential units \| Home		574			574
Number of square feet of mixed-use retail and cultural space \| SquareFeet		20,000			20,000
Percentage of share in joint venture				50%			50%			50%
Commitment purchase amount										$ 12,000
Starthmore Joint Venture [Member] \| Maximum [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Commitment purchase amount		$ 18,000
IQHQ [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Unrealized gain on investment							$ 20,500
Commitment purchase amount								$ 14,200
Equity method investment cost basis				$ 39,200			39,200			39,200
Equity method investments fair value				59,700			59,700			59,700
Receivable				$ 16,500			$ 16,500			$ 16,500
IQHQ [Member] \| Class A-1 Units [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Percentage Ownership in Joint Venture				22%			22%			22%
Equity method investment cost basis				$ 10,800			$ 10,800			$ 10,800
Equity method investment redemption with step-up value to be paid in cash				16,500			16,500			16,500
Gain from redemption of equity investment							5,700			5,700
Aimco OP L.P. [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Land				601,757			601,757			601,757		$ 534,285
Repayment of secured property debt										283,826	20,331
Repayment of notes payable										387,088
Proceeds from swaption										13,660
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%
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				11,700			11,700			11,700
Accrued Liabilities [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Assets held for sale				8,000			8,000			8,000
AIR [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Repayment of notes payable				387,100			387,100
Interest expense related party							6,400		$ 6,900	$ 13,300	$ 13,900
Spread maintenance cost				$ 17,900			17,900
AIR [Member] \| Subsequent Event [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Repayment of notes payable			$ 147,000
Spread maintenance cost			$ 5,000
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%
Number of acre development site \| Land								9
Fees Capitalized							$ 2,800
Cash held in escrow in seller's name	$ 7,200
Letters of credit into escrow	28,800
Purchased a component of development site	$ 64,000
Fort Lauderdale Consolidated Joint Venture \| Mixed-Use Property [Member] \| Flagler Village [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Area of real estate property \| ft²								3,000,000
Fort Lauderdale Consolidated Joint Venture \| Residential Units [Member] \| Flagler Village [Member] \| Maximum [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Number of units in real estate property \| Unit								1,500
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								$ 49,000
Land purchase								40,000
Fort Lauderdale Consolidated Joint Venture \| Undeveloped Land Parcels Acquisition [Member] \| Flagler Village [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Asset acquisition, price of acquisition, expected								100,000
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	3 Months Ended	6 Months Ended
	Mar. 31, 2022 USD ($)	Jun. 30, 2022 USD ($) Land
Long-term Purchase Commitment [Line Items]
Commitments related to capital spending activities	$ 50
Edgewater Joint Venture and DC Joint Ventures [Member]
Long-term Purchase Commitment [Line Items]
Commitments related to capital spending activities		$ 26
Expect to incur purchase commitment amount		$ 12
Fort Lauderdale Florida Joint Ventures [Member]
Long-term Purchase Commitment [Line Items]
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		$ 36
Cash held in escrow in seller's name		7.2
Expect to incur purchase commitment amount		28.8
Commitments related to development, redevelopment and capital improvement activities [Member]
Long-term Purchase Commitment [Line Items]
Commitments related to capital spending activities		$ 188.4
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		$ 2.9
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) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Jul. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Sep. 01, 2022 Lease	Dec. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Repayment of notes payable					$ 387,088
Due from affiliates		$ 1,357	$ 1,357		1,357			$ 4,840
Target compensation expense					1,800
Target compensation expense and reimbursement					5,800
Associated Service Fees			1,500	$ 1,500	$ 2,900	$ 2,900
AIR [Member]
Related Party Transaction [Line Items]
Property management/Property accounting agreements					We have 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. We pay AIR a property management fee for these services 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%
Property management fee expenses			$ 1,500	1,300	$ 2,900	2,600
Interest rate on related party note payable		5.20%	5.20%		5.20%
Interest expense related party			$ 6,400	6,900	$ 13,300	13,900
Repayment of notes payable		$ 387,100	387,100
Spread maintenance cost		17,900	17,900
Repayment of spread maintenance costs			12,900
Common noncontrolling interests		7,200	7,200		7,200
Due to affiliates		16,200	16,200		16,200			15,700
Due from affiliates		1,100	1,100		1,100			$ 4,800
Accounts Payable		$ 1,000	1,000		1,000
Reimbursement					4,000
AIR [Member] \| Forecast [Member]
Related Party Transaction [Line Items]
Number of finance leases to be terminated \| Lease							4
AIR [Member] \| Subsequent Event [Member]
Related Party Transaction [Line Items]
Repayment of notes payable	$ 147,000
Spread maintenance cost	$ 5,000
AIR [Member] \| General and Administrative Expense [Member] \| Master Services Agreement [Member]
Related Party Transaction [Line Items]
Administrative and support fees			$ 500	$ 400	$ 900	$ 800

Earnings and Dividends per Sh_3

Earnings and Dividends per Share and per Unit - Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings (Loss) per Share and per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Schedule of Earnings Per Share and Dividends Per Share [Line Items]
Net income (loss) attributable to Aimco Operating Partnership	$ 239,137	$ (19,690)	$ 247,346	$ 524
Net income allocated to Aimco participating securities	(3,284)		(3,410)
Net income (loss) attributable to Aimco common stockholders	$ 235,853	$ (19,690)	$ 243,936	$ 524
Basic weighted-average common stock outstanding	149,600	149,166	149,694	149,082
Diluted share equivalents outstanding	823		966	360
Diluted weighted-average common stock outstanding	150,423	149,166	150,660	149,442
Earnings (loss) per share - basic	$ 1.58	$ (0.13)	$ 1.63	$ 0
Earnings (loss) per share - diluted	$ 1.57	$ (0.13)	$ 1.62	$ 0
Aimco OP L.P. [Member]
Schedule of Earnings Per Share and Dividends Per Share [Line Items]
Net income (loss) attributable to Aimco Operating Partnership	$ 251,796	$ (20,727)	$ 260,440	$ 568
Net income allocated to Aimco participating securities	(3,423)		(3,551)
Net income (loss) attributable to Aimco common stockholders	$ 248,373	$ (20,727)	$ 256,889	$ 568
Basic weighted-average common stock outstanding	157,525	157,134	157,621	157,093
Diluted share equivalents outstanding	922		1,045	360
Diluted weighted-average common stock outstanding	158,447	157,134	158,666	157,453
Earnings (loss) per share - basic	$ 1.58	$ (0.13)	$ 1.63	$ 0
Earnings (loss) per share - diluted	$ 1.57	$ (0.13)	$ 1.62	$ 0

Fair Value Measurements (Detail

Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Proceeds from swaption	$ 13,660
Derivative, description of terms		During the six months ended June 30, 2022, we monetized our $500.0 million notional amount swaption for $13.7 million, and recognized a gain of $8.0 million, net of transaction costs.	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.
IQHQ [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity method investment cost basis	$ 39,200
IQHQ [Member] \| Class A-1 Units [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Percentage of ownership of units	22%
Equity method investment cost basis	$ 10,800
Equity method investment redemption with step-up value to be paid in cash	16,500
Fair Value, Recurring [Member] \| Property Technology Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investment	5,900
Fair Value, Nonrecurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of investment	59,700
Interest Rate Option [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Payments for purchase of swaption		$ 5,500	$ 12,100
Swaption, notional amount	500,000	$ 500,000	$ 1,500,000
Proceeds from swaption	13,700
Derivative gain on swaption, net of transaction costs	8,000
Derivative strike rate			1.68%
Derivative strike rate for limited settlement			2.78%
Interest Rate Swaption [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative, Notional Amount	500,000
Proceeds from swaption	13,700
Derivative gain on swaption, net of transaction costs	$ 8,000

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		Jun. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate options		$ 51,178	$ 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		51,178	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]	5,867	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, Construction Loan and Notes Payable to AIR (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Debt, Carrying Value	$ 1,159,490	$ 1,187,386
Total Debt, Fair Value	1,136,529	1,201,463
Non-recourse Property Debt [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Debt, Carrying Value	809,055	484,883
Total Debt, Fair Value	786,094	498,960
Construction Loans [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Debt, Carrying Value	203,396	168,376
Total Debt, Fair Value	203,396	168,376
Notes Payable [Member] \| AIR [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Debt, Carrying Value	147,039	534,127
Total Debt, Fair Value	$ 147,039	$ 534,127

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	Jun. 30, 2022 USD ($) Entity	Dec. 31, 2021 USD ($) Entity
Real estate, net	$ 1,351,513	$ 1,230,384
Mezzanine investment	354,365	337,797
Right-of-use lease assets	4,700	5,100
Unconsolidated real estate partnerships	27,149	13,025
Accrued liabilities and other	133,653	97,400
Construction loans, net	199,715	163,570
Total lease liabilities	$ 123,785	$ 435,093
Consolidated Entities [Member]
Count of VIEs \| Entity	8	9
Real estate, net	$ 205,053	$ 564,909
Mezzanine investment	0	0
Right-of-use lease assets	96,254	429,768
Receivable from lease termination	186,318	0
Unconsolidated real estate partnerships	0	0
Other assets, net	28,548	43,715
Deferred tax liabilities	0	124,747
Accrued liabilities and other	56,606	30,519
Construction loans, net	133,985	163,570
Total lease liabilities	$ 95,399	$ 435,093
Unconsolidated Entities [Member]
Count of VIEs \| Entity	9	6
Real estate, net	$ 0	$ 0
Mezzanine investment	354,365	337,797
Right-of-use lease assets	0	0
Receivable from lease termination	0	0
Unconsolidated real estate partnerships	27,149	13,005
Other assets, net	59,686	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	Jun. 30, 2022 USD ($) ApartmentHome Property	Dec. 31, 2021 USD ($)
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Mezzanine investment	$ 354,365	$ 337,797
Consolidated Entities [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Receivable from lease termination	186,318	0
Derecognizing of ROU lease assets	326,100
Derecognizing of lease liabilities	337,300
Mezzanine investment	0	0
Unconsolidated Entities [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Receivable from lease termination	0	0
Mezzanine investment	$ 354,365	337,797
San Diego Communities [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Number of real estate properties \| ApartmentHome	4
Number of apartment communities \| ApartmentHome	4
Mezzanine investment	$ 27,100	$ 13,000
San Diego Communities [Member] \| Unconsolidated Entities [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Number of real estate properties \| Property	4
Financial Guarantee [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Customary guarantees	$ 134,000

Lease Arrangements - Lease Inco

Lease Arrangements - Lease Income for Residential and Commercial Property Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Fixed lease income	$ 46,851	$ 37,554	$ 92,982	$ 74,343
Variable lease income	3,673	2,760	7,409	5,714
Total lease income	$ 50,524	$ 40,314	$ 100,391	$ 80,057

Lease Arrangements (Details Tex

Lease Arrangements (Details Textual) $ in Thousands		1 Months Ended	3 Months Ended			6 Months Ended
Lease Arrangements (Details Textual) $ in Thousands	Jun. 28, 2022 USD ($)	Jun. 30, 2022 USD ($) ft² ApartmentHome	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($) ft² ApartmentHome	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) ft² ApartmentHome	Jun. 30, 2021 USD ($)	Sep. 01, 2022 USD ($) Lease	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 15, 2020 Lease
Lessee, Lease, Description [Line Items]
Remaining right-of-use lease assets		$ 34,800		$ 34,800		$ 34,800
Remaining lease liabilities		$ 26,300		$ 26,300		$ 26,300
Financing leases weighted average remaining term		74 years 9 months 18 days		74 years 9 months 18 days		74 years 9 months 18 days				38 years 6 months
Financing leases, weighted average discount rate, percent		5.50%		5.50%		5.50%				5.40%
Financing right-of-use lease assets		$ 130,532		$ 130,532		$ 130,532				$ 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		Financing right-of-use lease assets				Financing right-of-use lease assets
Finance Lease, Liability		$ 123,785		$ 123,785		$ 123,785				$ 435,093
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]		Finance Lease, Liability		Finance Lease, Liability		Finance Lease, Liability				Finance Lease, Liability
Finance lease, amortization				$ 3,400	$ 2,100	$ 6,700	$ 3,400
Operating leases weighted average remaining term		7 years 1 month 6 days		7 years 1 month 6 days		7 years 1 month 6 days				7 years 4 months 24 days
Operating leases, weighted average discount rate, percent		3.10%		3.10%		3.10%				3.10%
Operating lease expenses				$ 200	300	$ 300	500
Operating right-of-use lease assets		$ 4,700		$ 4,700		$ 4,700				$ 5,100
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Other Assets		Other Assets		Other Assets				Other Assets
Operating lease liability		$ 12,008		$ 12,008		$ 12,008				$ 12,700
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]		us-gaap:OtherLiabilities		us-gaap:OtherLiabilities		us-gaap:OtherLiabilities				us-gaap:OtherLiabilities
Sub lease commencement date						Jan. 01, 2021
Sublease expiration date						May 31, 2029
Lease modification income				$ 205,387		$ 205,387
AIR [Member]
Lessee, Lease, Description [Line Items]
Number of master lease agreements \| Lease											4
Remaining right-of-use lease assets		$ 0		0		0
Remaining lease liabilities		0		0		0
Consideration as termination payments		200,000		200,000		200,000
Deposits paid as consideration of lease termination	$ 10,000
Receivable from lease termination		186,300		186,300		186,300
Depreciation				13,900		13,900
Lease modification income						205,400
Fort Lauderdale Florida Joint Venture [Member]
Lessee, Lease, Description [Line Items]
Finance lease advance deposits									$ 20,000
Purchased a component of development site		$ 64,000
Ground Lease [Member]
Lessee, Lease, Description [Line Items]
Lease cost capitalized				$ 1,800	$ 5,800	$ 4,800	$ 12,700
99 Year Ground Lease [Member]
Lessee, Lease, Description [Line Items]
Number of units in real estate property \| ApartmentHome		689		689		689
Area of real estate property \| ft²		100,000		100,000		100,000
Forecast [Member] \| AIR [Member]
Lessee, Lease, Description [Line Items]
Number of finance leases to be terminated \| Lease								4
Consideration as termination payments								$ 190,000
Depreciation			$ 66,100

Lease Arrangements - Minimum An

Lease Arrangements - Minimum Annual Rental Payments Under Operating and Financing Leases and Sublease Income (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Sublease Lease, Liability, Payment, Due [Abstract]
Reminder of 2022	$ 188,593
2023	1,403
2024	1,413
2025	1,423
2026	1,433
Thereafter	3,526
Total	197,791
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remainder of 2022	816
2023	1,922
2024	1,935
2025	1,930
2026	1,960
Thereafter	4,847
Total	13,410
Less: Discount	(1,402)
Total lease liabilities	$ 12,008	$ 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	$ 1,046
2023	2,479
2024	3,479
2025	32,659
2026	4,335
Thereafter	1,155,087
Total	1,199,085
Less: Discount	(1,075,300)
Total lease liabilities	$ 123,785	$ 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) $ in Millions		6 Months Ended
Business Segments (Details Textual) $ in Millions	Jun. 02, 2022 USD ($)	Jun. 30, 2022 USD ($) Room Segment Property Home Dwelling Hotel ApartmentHome Community	Dec. 31, 2021 USD ($)	Jan. 01, 2021 Property
Business Segments (Textual) [Abstract]
Number of reportable segments \| Segment		3
Write-off of right-of-use lease assets		$ 326.1
Write-off of lease liability		337.3
Fort Lauderdale Florida Joint Ventures [Member]
Business Segments (Textual) [Abstract]
Purchased a component of development site	$ 64
Derecognized associated right-of-use lease assets		60.5
Derecognized associated lease liabilities		46.7
Development and Redevelopment [Member]
Business Segments (Textual) [Abstract]
Right-of-use lease assets		130.5	$ 429.8
Lease liabilities		$ 123.8	$ 435.1
Continuing Operations [Member]
Business Segments (Textual) [Abstract]
Number of real estate properties \| Property		28
Residential Apartment Communities in Redevelopment [Member] \| Continuing Operations [Member]
Business Segments (Textual) [Abstract]
Number of real estate properties \| Community		2
Apartment Homes Redevelopment Completed [Member] \| Continuing Operations [Member]
Business Segments (Textual) [Abstract]
Number of units in real estate property \| ApartmentHome		865
Planned Apartment Homes [Member] \| Continuing Operations [Member]
Business Segments (Textual) [Abstract]
Number of units in real estate property \| ApartmentHome		965
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		21
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				21
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		2
Wholly And Partially Owned Consolidated Properties [Member] \| Apartment Homes Redevelopment Completed [Member] \| Development and Redevelopment [Member]
Business Segments (Textual) [Abstract]
Number of units in real estate property \| ApartmentHome		865
Wholly And Partially Owned Consolidated Properties [Member] \| Apartment Homes Redevelopment Completed [Member] \| Continuing Operations [Member] \| Development and Redevelopment [Member]
Business Segments (Textual) [Abstract]
Number of real estate properties \| Property		4
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		5,582
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		14
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		965
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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Summary information for the reportable segments
Rental and other property revenues	$ 50,697	$ 40,418	$ 100,691	$ 80,222
Property operating expenses	19,708	16,403	38,929	33,345
Other operating expenses not allocated to segments	43,824	28,022	76,414	55,050
Total operating expenses	63,532	44,425	115,343	88,395
Proportionate property net operating income (loss)	(12,835)	(4,007)	(14,652)	(8,173)
Other items included in income (loss) before income tax	312,003	(19,139)	319,876	1,361
Income (expense) before income tax benefit	299,168	(23,146)	305,224	(6,812)
Operating Segments [Member]
Summary information for the reportable segments
Rental and other property revenues	33,122	29,782	65,361	59,051
Property operating expenses	10,435	9,954	20,697	20,160
Total operating expenses	10,435	9,954	20,697	20,160
Proportionate property net operating income (loss)	22,687	19,828	44,664	38,891
Income (expense) before income tax benefit	22,687	19,828	44,664	38,891
Segment Reconciling Items [Member]
Summary information for the reportable segments
Rental and other property revenues	1,867	1,255	3,797	2,712
Property operating expenses	1,846	1,239	3,750	2,680
Total operating expenses	1,846	1,239	3,750	2,680
Proportionate property net operating income (loss)	21	16	47	32
Income (expense) before income tax benefit	21	16	47	32
Corporate Non-Segment [Member]
Summary information for the reportable segments
Rental and other property revenues	2,476	3,754	6,324	7,389
Property operating expenses	2,948	2,019	5,932	4,410
Other operating expenses not allocated to segments	43,824	28,022	76,414	55,050
Total operating expenses	46,772	30,041	82,346	59,460
Proportionate property net operating income (loss)	(44,296)	(26,287)	(76,022)	(52,071)
Other items included in income (loss) before income tax	312,003	(19,139)	319,876	1,361
Income (expense) before income tax benefit	267,707	(45,426)	243,854	(50,710)
Development and Redevelopment [Member] \| Operating Segments [Member]
Summary information for the reportable segments
Rental and other property revenues	8,899	2,489	15,831	4,746
Property operating expenses	3,212	2,101	5,728	3,968
Total operating expenses	3,212	2,101	5,728	3,968
Proportionate property net operating income (loss)	5,687	388	10,103	778
Income (expense) before income tax benefit	5,687	388	10,103	778
Other [Member] \| Operating Segments [Member]
Summary information for the reportable segments
Rental and other property revenues	4,333	3,138	9,378	6,324
Property operating expenses	1,267	1,090	2,822	2,127
Total operating expenses	1,267	1,090	2,822	2,127
Proportionate property net operating income (loss)	3,066	2,048	6,556	4,197
Income (expense) before income tax benefit	$ 3,066	$ 2,048	$ 6,556	$ 4,197

Business Segments - Schedule of

Business Segments - Schedule of Net Real Estate and Non-Recourse Property Debt, Net, by Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Land	$ 601,757	$ 534,285
Net real estate	1,351,513	1,230,384
Non-recourse property debt and construction loans, net	801,434	483,137
Operating Segments [Member]
Segment Reporting Information [Line Items]
Buildings and improvements	1,269,624	1,257,214
Land	601,757	534,285
Total real estate	1,871,381	1,791,499
Accumulated depreciation	(519,868)	(561,115)
Net real estate	1,351,513	1,230,384
Non-recourse property debt and construction loans, net	1,001,149	646,707
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Buildings and improvements		108,051
Land		39,426
Total real estate		147,477
Accumulated depreciation		(72,698)
Net real estate		74,779
Non-recourse property debt and construction loans, net		54,829
Development and Redevelopment [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Buildings and improvements	403,803	277,041
Land	189,222	82,325
Total real estate	593,025	359,366
Accumulated depreciation	(18,081)	(2,252)
Net real estate	574,944	357,114
Non-recourse property debt and construction loans, net	231,090	163,570
Operating Portfolio Segment [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Buildings and improvements	668,510	675,269
Land	259,033	259,033
Total real estate	927,543	934,302
Accumulated depreciation	(450,643)	(444,324)
Net real estate	476,900	489,978
Non-recourse property debt and construction loans, net	743,596	428,308
Other [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Buildings and improvements	197,311	196,853
Land	153,502	153,501
Total real estate	350,813	350,354
Accumulated depreciation	(51,144)	(41,841)
Net real estate	299,669	$ 308,513
Non-recourse property debt and construction loans, net	$ 26,463

Financing Activities (Details T

Financing Activities (Details Textual) $ in Thousands	1 Months Ended		3 Months Ended	6 Months Ended	12 Months Ended
Financing Activities (Details Textual) $ in Thousands	Jun. 30, 2022 USD ($)	May 31, 2022 USD ($) Loan	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Credit Derivatives [Line Items]
Number of long term fixed rate \| Loan		14
Non-recourse property loans		$ 574,700
Proceeds from swaption				$ 13,660
Non-recourse debt weighted average term		9 years 4 months 24 days
Weighted average interest rate		4.63%
Debt issuance costs		$ 5,400
Prepayment premium		$ 7,400
Loan Terms	36 months
Repayment of notes payable				387,088
Notes payable	$ 147,039		$ 147,039	147,039	$ 534,127
Maximum [Member]
Credit Derivatives [Line Items]
Construction Loan	$ 23,000		23,000	23,000
Minimum [Member]
Credit Derivatives [Line Items]
Debt instruments interest rate	5.56%
AIR [Member]
Credit Derivatives [Line Items]
Repayment of notes payable	$ 387,100		387,100
Spread maintenance cost	17,900		17,900
Notes payable	$ 12,900		$ 12,900	12,900
Interest Rate Option [Member]
Credit Derivatives [Line Items]
Swaption, notional amount				500,000	$ 500,000	$ 1,500,000
Proceeds from swaption				13,700
Derivative gain on swaption				$ 8,000
One-Month Term SOFR [Member]
Credit Derivatives [Line Items]
Debt instruments interest rate	4.41%

Subsequent Events (Details Text

Subsequent Events (Details Textual) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	6 Months Ended
	Jul. 31, 2022	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2022
Subsequent Event [Line Items]
Principal repayments on notes payable to AIR				$ 387,088
Subsequent Event [Member]
Subsequent Event [Line Items]
Preferred equity financing, investment amount	$ 102,000
Preferred equity financing, accrued interest rate	8%
Cedar Rim Apartments [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from sale of real estate held for sale	$ 53,000
AIR [Member]
Subsequent Event [Line Items]
Principal repayments on notes payable to AIR		$ 387,100	$ 387,100
Spread maintenance cost		$ 17,900	$ 17,900
AIR [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Principal repayments on notes payable to AIR	147,000
Spread maintenance cost	5,000
Undeveloped Land One Parcels Acquisition [Member] \| Fort Lauderdale Consolidated Joint Venture [Member]
Subsequent Event [Line Items]
Purchased a component of development site	20,000
Undeveloped Land Two Parcels Acquisition [Member] \| Fort Lauderdale Consolidated Joint Venture [Member]
Subsequent Event [Line Items]
Purchased a component of development site	$ 16,000