Apartment Investment and Management (AIV) 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 03, 2023
Document Information [Line Items]
Entity Registrant Name	Apartment Investment and Management Company
Entity Central Index Key	0000922864
Document Type	10-Q
Document Period End Date	Mar. 31, 2023
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Trading Symbol	AIV
Entity File Number	1-13232
Entity Tax Identification Number	84-1259577
Entity Address, State or Province	MD
Entity Address, Address Line One	4582 South Ulster Street
Entity Address, Address Line Two	Suite 1450
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80237
City Area Code	303
Local Phone Number	224-7900
Entity Common Stock, Shares Outstanding		148,616,217
Title of 12(b) Security	Class A Common Stock (Apartment Investment and Management Company)
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false
Aimco OP L.P. [Member]
Document Information [Line Items]
Entity Registrant Name	Aimco OP L.P.
Entity Central Index Key	0000926660
Document Type	10-Q
Document Period End Date	Mar. 31, 2023
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	true
Entity 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	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Buildings and improvements	$ 1,391,963	$ 1,322,381
Land	640,892	641,102
Total real estate	2,032,855	1,963,483
Accumulated depreciation	(545,604)	(530,722)
Net real estate	1,487,251	1,432,761
Cash and cash equivalents	166,149	206,460
Restricted cash	22,485	23,306
Mezzanine investment	158,430	158,558
Unconsolidated real estate partnerships	16,470	15,789
Notes receivable	39,363	39,014
Right-of-use lease assets- finance leases	110,625	110,269
Other assets, net	127,894	132,679
Total assets	2,189,175	2,181,223
LIABILITIES AND EQUITY
Non-recourse property debt, net	929,291	929,501
Construction loans, net	155,691	118,698
Total indebtedness	1,084,982	1,048,199
Deferred tax liabilities	114,883	119,615
Lease liabilities - finance leases	116,212	114,625
Accrued liabilities and other	97,220	106,600
Total liabilities	1,413,297	1,389,039
Redeemable noncontrolling interests in consolidated real estate partnerships	167,129	166,826
Commitments and contingencies (Note 3)
Equity (510,587,500 shares authorized at both March 31, 2023 and December 31, 2022):
Common Stock, $0.01 par value, 144,718,453 and 146,524,941 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	1,448	1,466
Additional paid-in capital	489,304	496,482
Retained earnings	41,087	49,904
Total Aimco equity	531,839	547,852
Noncontrolling interests in consolidated real estate partnerships	48,321	48,294
Common noncontrolling interests in Aimco Operating Partnership	28,589	29,212
Total equity	608,749	625,358
Total liabilities and equity	2,189,175	2,181,223
Aimco OP L.P. [Member]
ASSETS
Buildings and improvements	1,391,963	1,322,381
Land	640,892	641,102
Total real estate	2,032,855	1,963,483
Accumulated depreciation	(545,604)	(530,722)
Net real estate	1,487,251	1,432,761
Cash and cash equivalents	166,149	206,460
Restricted cash	22,485	23,306
Mezzanine investment	158,430	158,558
Unconsolidated real estate partnerships	16,470	15,789
Notes receivable	39,363	39,014
Right-of-use lease assets- finance leases	110,625	110,269
Other assets, net	127,894	132,679
Total assets	2,189,175	2,181,223
LIABILITIES AND EQUITY
Non-recourse property debt, net	929,291	929,501
Construction loans, net	155,691	118,698
Total indebtedness	1,084,982	1,048,199
Deferred tax liabilities	114,883	119,615
Lease liabilities - finance leases	116,212	114,625
Accrued liabilities and other	97,220	106,600
Total liabilities	1,413,297	1,389,039
Redeemable noncontrolling interests in consolidated real estate partnerships	167,129	166,826
Commitments and contingencies (Note 3)
Equity (510,587,500 shares authorized at both March 31, 2023 and December 31, 2022):
General Partner and Special Limited Partner	531,839	547,852
Limited Partners	28,589	29,212
Partners’ capital attributable to Aimco Operating Partnership	560,428	577,064
Noncontrolling interests in consolidated real estate partnerships	48,321	48,294
Total partners’ capital	608,749	625,358
Total liabilities and equity	2,189,175	2,181,223
Interest Rate Options
ASSETS
Interest rate options	60,508	62,387
Interest Rate Options | Aimco OP L.P. [Member]
ASSETS
Interest rate options	$ 60,508	$ 62,387

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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)	144,718,453	146,524,941
Common Stock, shares outstanding (in shares)	144,718,453	146,524,941

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUES
Rental and other property revenues	$ 44,268	$ 49,994
OPERATING EXPENSES
Property operating expenses	17,504	19,221
Depreciation and amortization	16,271	23,118
General and administrative expenses	8,403	9,472
Total operating expenses	42,178	51,811
Interest income	2,058	555
Interest expense	(9,725)	(14,601)
Realized and unrealized gains (losses) on interest rate options	(1,057)	18,778
Realized and unrealized gains (losses) on equity investments	137	(4,332)
Other income (expense), net	(3,498)	(1,020)
Income (loss) before income tax	(9,949)	6,056
Income tax benefit (expense)	4,196	4,056
Net income (loss)	(5,753)	10,112
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships	(3,274)	(1,470)
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships	(264)	2
Net income (loss) attributable to common noncontrolling interests in Aimco Operating Partnership	474	(435)
Net income (loss) attributable to Aimco	$ (8,817)	$ 8,209
Net income (loss) attributable to Aimco per common share -basic (Note 4)	$ (0.06)	$ 0.05
Net income (loss) attributable to Aimco per common share - diluted (Note 4)	$ (0.06)	$ 0.05
Weighted-average common shares/units outstanding - basic	145,827	149,790
Weighted-average common shares/units outstanding - diluted	145,827	150,348
Aimco OP L.P. [Member]
REVENUES
Rental and other property revenues	$ 44,268	$ 49,994
OPERATING EXPENSES
Property operating expenses	17,504	19,221
Depreciation and amortization	16,271	23,118
General and administrative expenses	8,403	9,472
Total operating expenses	42,178	51,811
Interest income	2,058	555
Interest expense	(9,725)	(14,601)
Realized and unrealized gains (losses) on interest rate options	(1,057)	18,778
Realized and unrealized gains (losses) on equity investments	137	(4,332)
Other income (expense), net	(3,498)	(1,020)
Income (loss) before income tax	(9,949)	6,056
Income tax benefit (expense)	4,196	4,056
Net income (loss)	(5,753)	10,112
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships	(3,274)	(1,470)
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships	(264)	2
Net income (loss) attributable to Aimco	$ (9,291)	$ 8,644
Net income (loss) attributable to Aimco per common share -basic (Note 4)	$ (0.06)	$ 0.05
Net income (loss) attributable to Aimco per common share - diluted (Note 4)	$ (0.06)	$ 0.05
Weighted-average common shares/units outstanding - basic	153,631	157,718
Weighted-average common shares/units outstanding - diluted	153,631	158,485
Unconsolidated Real Estate Partnerships Member
OPERATING EXPENSES
Mezzanine / Unconsolidated partnerships investment income (loss), net	$ 174	$ 256
Unconsolidated Real Estate Partnerships Member | Aimco OP L.P. [Member]
OPERATING EXPENSES
Mezzanine / Unconsolidated partnerships investment income (loss), net	174	256
Mezzanine Investment [Member]
OPERATING EXPENSES
Mezzanine / Unconsolidated partnerships investment income (loss), net	(128)	8,237
Mezzanine Investment [Member] | Aimco OP L.P. [Member]
OPERATING EXPENSES
Mezzanine / Unconsolidated partnerships investment income (loss), net	$ (128)	$ 8,237

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, 2021	$ 562,233	$ 1,498	$ 521,842	$ (22,775)	$ 500,565	$ 35,213	$ 26,455
Balances (in shares) at Dec. 31, 2021		149,818
Net income (loss)	8,642			8,209	8,209	(2)	435
Redemption of OP Units	(133)		954		954		(1,087)
Redemption of OP Units, (In share)		23
Share-based compensation expense	2,429		1,363		1,363		1,066
Contributions from noncontrolling interests	9,718					9,718
Distributions to noncontrolling interests	(295)					(295)
Redemption of redeemable noncontrolling interests in consolidated real estate partnerships	(183)		(183)		(183)
Common stock repurchased	(1,317)	$ (2)	(1,315)		(1,317)
Common stock repurchased (In shares)		(202)
Other common stock issuances	852	$ 1	851		852
Other Common Stock issuances (In share)		106
Other, net	39		(57)	(5)	(62)	(5)	106
Other, net (in shares)		(55)
Balances at Mar. 31, 2022	581,985	$ 1,497	523,455	(14,571)	510,381	44,629	26,975
Balances (in shares) at Mar. 31, 2022		149,690
Balances at Dec. 31, 2022	625,358	$ 1,466	496,482	49,904	547,852	48,294	29,212
Balances (in shares) at Dec. 31, 2022		146,525
Net income (loss)	(9,027)			(8,817)	(8,817)	264	(474)
Redemption of OP Units	(254)		4,293		4,293		(4,547)
Share-based compensation expense	4,822		1,696		1,696		3,126
Contributions from noncontrolling interests	50					50
Distributions to noncontrolling interests	(287)					(287)
Common stock repurchased	(14,721)	$ (20)	(14,701)		(14,721)
Common stock repurchased (In shares)		(2,019)
Other common stock issuances	2,812	$ 2	1,538		1,540		1,272
Other Common Stock issuances (In share)		247
Other, net	(4)		(4)		(4)
Other, net (in shares)		(35)
Balances at Mar. 31, 2023	$ 608,749	$ 1,448	$ 489,304	$ 41,087	$ 531,839	$ 48,321	$ 28,589
Balances (in shares) at Mar. 31, 2023		144,718

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		$ (5,753)	$ 10,112
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		16,271	23,118
Realized and unrealized (gains) losses on interest rate options		1,057	(18,778)
Realized and unrealized gains (losses) on equity investments		(137)	4,332
Income tax expense (benefit)		(4,196)	(4,056)
Amortization of debt issuance costs and other		808	814
Share based compensation		4,519	2,667
Changes in operating assets and operating liabilities:
Other assets, net		2,238	2,420
Accrued liabilities and other		(9,162)	(5,625)
Total adjustments		11,352	(3,601)
Net cash provided by operating activities		5,599	6,511
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate			(47,492)
Capital expenditures	[1]	(64,814)	(49,656)
Investment in IQHQ			(14,227)
Other investing activities		1,580	(73)
Net cash used in investing activities		(63,234)	(111,448)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from non-recourse property debt			40,000
Proceeds from construction loans		35,491	15,625
Principal repayments on non-recourse property debt		(779)	(2,101)
Payments on finance leases		(796)	(24,516)
Common stock repurchased		(14,522)	(1,317)
Distributions to redeemable noncontrolling interests		(3,095)
Contributions from noncontrolling interests		50	9,718
Distributions to noncontrolling interests		(287)
Contributions from redeemable noncontrolling interests		124	6,879
Redemption of OP Units		(254)
Redemption of redeemable noncontrolling interests			(5,094)
Other financing activities		571	(1,216)
Net cash provided by (used in) financing activities		16,503	37,978
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH		(41,132)	(66,959)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD		229,766	244,582
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD		188,634	177,623
Aimco OP L.P. [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		(5,753)	10,112
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		16,271	23,118
Realized and unrealized (gains) losses on interest rate options		1,057	(18,778)
Realized and unrealized gains (losses) on equity investments		(137)	4,332
Income tax expense (benefit)		(4,196)	(4,056)
Amortization of debt issuance costs and other		808	814
Share based compensation		4,519	2,667
Changes in operating assets and operating liabilities:
Other assets, net		2,238	2,420
Accrued liabilities and other		(9,162)	(5,625)
Total adjustments		11,352	(3,601)
Net cash provided by operating activities		5,599	6,511
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate			(47,492)
Capital expenditures	[2]	(64,814)	(49,656)
Investment in IQHQ			(14,227)
Other investing activities		1,580	(73)
Net cash used in investing activities		(63,234)	(111,448)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from non-recourse property debt			40,000
Proceeds from construction loans		35,491	15,625
Principal repayments on non-recourse property debt		(779)	(2,101)
Payments on finance leases		(796)	(24,516)
Common stock repurchased		(14,522)	(1,317)
Distributions to redeemable noncontrolling interests		(3,095)
Contributions from noncontrolling interests		50	9,718
Distributions to noncontrolling interests		(287)
Contributions from redeemable noncontrolling interests		124	6,879
Redemption of OP Units		(254)
Redemption of redeemable noncontrolling interests			(5,094)
Other financing activities		571	(1,216)
Net cash provided by (used in) financing activities		16,503	37,978
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH		(41,132)	(66,959)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD		229,766	244,582
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD		188,634	177,623
Unconsolidated Real Estate Partnerships [Member]
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Income from unconsolidated real estate partnerships		(174)	(256)
Unconsolidated Real Estate Partnerships [Member] | Aimco OP L.P. [Member]
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Income from unconsolidated real estate partnerships		(174)	(256)
Mezzanine Investment [Member]
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Mezzanine investment (income) loss, net		128	(8,237)
Income from unconsolidated real estate partnerships		128	(8,237)
Mezzanine Investment [Member] | Aimco OP L.P. [Member]
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Income from unconsolidated real estate partnerships		$ 128	$ (8,237)
[1] Accrued capital expenditures were $ 43.8 million and $ 40.4 million as of March 31, 2023 and 2022, respectively. Accrued capital expenditures were $ 43.8 million and $ 40.4 million as of March 31, 2023 and 2022, respectively

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accrued capital expenditures	$ 43.8	$ 40.4
Aimco OP L.P. [Member]
Accrued capital expenditures	$ 43.8	$ 40.4

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, 2021		$ 562,233	$ 500,565	$ 26,455	$ 527,020	$ 35,213
Net income (loss)	$ 8,642	8,642	8,209	435	8,644	(2)
Redemption of OP Units		(133)	954	(1,087)	(133)
Share-based compensation expense		2,429	1,363	1,066	2,429
Contributions from noncontrolling interests	9,718	9,718				9,718
Distributions to noncontrolling interests	(295)	(295)				(295)
Redemption of redeemable noncontrolling interests in consolidated real estate partnerships	(183)	(183)	(183)		(183)
Repurchases of OP Units held by Aimco	(1,317)	(1,317)	(1,317)		(1,317)
Other OP Unit issuances		852	852		852
Other, net		39	(62)	106	44	(5)
Balances at Mar. 31, 2022		581,985	510,381	26,975	537,356	44,629
Balances at Dec. 31, 2022		625,358	547,852	29,212	577,064	48,294
Net income (loss)	(9,027)	(9,027)	(8,817)	(474)	(9,291)	264
Redemption of OP Units		(254)	4,293	(4,547)	(254)
Share-based compensation expense		4,822	1,696	3,126	4,822
Contributions from noncontrolling interests	50	50				50
Distributions to noncontrolling interests	(287)	(287)				(287)
Repurchases of OP Units held by Aimco	$ (14,721)	(14,721)	(14,721)		(14,721)
Other OP Unit issuances		2,812	1,540	1,272	2,812
Other, net		(4)	(4)		(4)
Balances at Mar. 31, 2023		$ 608,749	$ 531,839	$ 28,589	$ 560,428	$ 48,321

Organization

Organization	3 Months Ended
	Mar. 31, 2023
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”). 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. 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. As of March 31, 2023, Aimco owned 92.5 % of the legal interest in the common partnership units of Aimco Operating Partnership and 94.9 % of the economic interest in Aimco Operating Partnership. The remaining 7.5 % legal interest is owned by limited partners. The common partnership units of Aimco Operating Partnership are referred to as "OP Units". 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 26 operating apartment communities ( 22 consolidated properties with 5,640 apartment homes and four unconsolidated operating properties), diversified by both geography and price point; one commercial office building that is part of a land assemblage; three residential apartment communities, with 1,185 planned apartment homes, a single family rental community with 16 planned homes plus eight accessory dwelling units, and one hotel, with 106 rooms, we are actively developing or redeveloping; land parcels held for development. Our real estate portfolio also includes two unconsolidated investments in land held for development. In addition, we hold other alternative investments, including our Mezzanine Investment (see Note 2 for further information ); our IQHQ investment; and our investment in real estate technology funds.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
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 months ended March 31, 2023, are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The Condensed Consolidated Balance Sheets of Aimco and Aimco Operating Partnership as of December 31, 2022 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, 2022 . 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 OP Units held by third parties, 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 OP Units, other than Aimco, based on the weighted-average number of OP Units (including Aimco) outstanding during the period. For the periods ended March 31, 2023 and 2022, the holders of OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 5.1 % , and 5.0 %, respectively. Substantially all of the assets and liabilities of Aimco are held by Ai mco Operating Partnership. Redeemable Noncontrolling Interests in Consolidated Real Estate Partnerships Redeemable noncontrolling interests consist of equity interests held by a limited partner in a consolidated real estate partnership that has a finite life. If a consolidated real estate partnership includes redemption rights that are not within our control, the noncontrolling interest is included as temporary equity. Redeemable noncontrolling interests in consolidated real estate partnerships as of March 31, 2023, consists of the following: (i) a $ 102.0 million preferred equity interest in an entity that owns a portfolio of operating apartment communities and (ii) equity interests in two separate consolidated joint ventures (in which we hold preferred equity interests in one and common equity interests in the other) that are actively developing residential apartment communities. Capital contributions, distributions, and net income attributable to redeemable noncontrolling interests in consolidated real estate partnerships are determined in accordance with the relevant partnership agreements. These interests are presented as Redeemable noncontrolling interests in consolidated real estate partnerships in our Condensed Consolidated Balance Sheet as of March 31, 2023. The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships from December 31, 2022 to March 31, 2023 (in thousands): Balance at December 31, 2022 $ 166,826 Capital contributions 124 Distributions ( 3,095 ) Net income 3,274 Balance at March 31, 2023 $ 167,129 Mezzanine Investment In November 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 Investment was retained by AIR following the Separation. The Separation Agreement with AIR provides for AIR to transfer ownership of the subsidiaries that originated and hold the Mezzanine Investment, 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 Separation and as of the date of this filing, legal title of these subsidiaries had not yet transferred to us. Until legal title of the subsidiaries is transferred, AIR is obligated to pass payments received on the Mezzanine Investment 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. On a periodic basis, we evaluate our Mezzanine Investment for impairment. We assess whether there are any indicators that imply the value of our investment may be impaired. These include assessments of both the underlying property performance and general market conditions in place. An investment is considered impaired if we determine that its fair value is less than the net carrying value of the investment on an other-than-temporary basis. Cash flow projections for the investments consider property level factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. We consider various qualitative factors to determine if a decrease in the value of our investment is other-than-temporary. These factors include the loan’s maturity date, our intent and ability to retain our investment in the entity, and the financial condition and long-term prospects of the entity. Prior to recording a non-cash impairment charge during the three months ended December 31, 2022, we recognized as income the net amounts earned on the Mezzanine Investment by AIR on its equity investment that were due to be paid to us when collected to the extent the income was supported by the change in the counterparty’s claim to the net assets of the underlying borrower. The income recognized primarily represented the interest accrued under the terms of the underlying Mezzanine Investment. In February 2023, we entered into an agreement to sell our Mezzanine Investment for $ 167.5 million. The initial $ 5.0 million deposit received from the purchaser became nonrefundable in April 2023 when various conditions, including transfer consents, were cleared. The sale is expected to close during the three months ended June 30, 2023. Income Tax Benefit (Expense) 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 (expense) 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 (expense) in our Condensed Consolidated Statements of Operations . Consolidated GAAP income or loss subject to tax consists of pretax income or loss of our taxable entities and gains retained by the REIT. For the three months ended March 31, 2023, we had a net loss subject to tax of $ 4.9 million, compared to a net loss subject to tax of $ 14.8 million for the same period in 2022. For the three months ended March 31, 2023, we recognized an income tax benefit of $ 4.2 million, compared to an income tax benefit of $ 4.1 million during the same period in 2022. T he change is due primarily to the tax effect of depreciation associated with properties owned by, and activities of, our TRS entities, as well as a reduction to the effective state tax rate expected to apply to the reversal of our existing deferred items. Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates. Cash Equivalents We classify highly liquid investments with an original maturity of three months or less as cash equivalents. We maintain cash equivalents in financial institutions in excess of insured limits. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions. Restricted Cash Restricted cash consists of tenant security deposits, capital replacement reserves, insurance reserves, and cash restricted as required by our debt agreements. Other Assets, net Other assets were comprised of the following amounts (in thousands): March 31, 2023 December 31, 2022 Other investments $ 64,273 $ 63,982 Deferred costs, deposits, and other 18,731 20,460 Prepaid expenses and real estate taxes 14,392 17,363 Intangible assets, net 13,890 14,160 Corporate fixed assets 8,865 8,371 Accounts receivable, net of allowances of $ 850 and $ 1,206 as of March 31, 2023 and December 31, 2022, respectively 3,869 4,079 Deferred tax assets 2,092 2,321 Due from third-party property manager 1,782 1,943 Total other assets, net $ 127,894 $ 132,679 Recent Accounting Pronouncements In March 2020, the FASB issued Accounting Standards Update ("ASU") No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” , which provides optional expedients to debt, derivatives, and other contracts that refer to LIBOR or another reference rate expected to be discontinued because of reference rate reform. The original ASU was effective as of its issuance date and provided temporary relief through December 31, 2022, which was extended through December 31, 2024 by ASU 2022-06, "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848" . The UK Financial Conduct Authority has an intended cessation date of the overnight 1-, 3-, 6-, and 12-month tenors of USD LIBOR of June 30, 2023. We are currently evaluating the potential impact of the standard and may apply the optional expedients when LIBOR is discontinued, but do not expect it to have a material impact on our consolidated financial statements.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 3 — 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. We expect to fund most of these commitments over the next 24 months. As of March 31, 2023, we had entered into construction-related contracts for $ 133.2 million, with $ 268.4 million undrawn on our construction loans. As of March 31, 2023, we have remaining commitments of $ 9.5 million related to our unconsolidated joint ventures, which we expect to fund over the next twelve months. In addition, we have remaining commitments of $ 2.3 million related to our investments in property technology funds invested in entities that develop technology related to the real estate industry. The timing of the remaining funding of these commitments is uncertain. We also 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. 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.

Earnings per Share and per Unit

Earnings per Share and per Unit	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings per Share and per Unit	Note 4 — Earnings per Share and per Unit Aimco and Aimco Operating Partnership calculate basic earnings per share and basic earnings per unit based on the weighted-average number of shares of Common Stock and OP Units outstanding. We calculate diluted earnings per share and diluted earnings per unit taking into consideration dilutive shares of Common Stock and OP Unit equivalents and dilutive convertible securities outstanding during the period. Aimco's Common Stock and OP Unit equivalents include options to purchase shares of Common Stock, which, if exercised, would result in our issuance of additional shares of Common Stock and Aimco Operating Partnership’s issuance to us of additional OP Units equal to the number of shares of Common Stock purchased under the options. These equivalents also include unvested market-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 OP Units outstanding equal to the number of the shares that vest. OP 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. Aimco's time-based restricted stock awards receive non-forfeitable dividends similar to shares of Common Stock and OP Units prior to vesting, and our market-based long-term incentive partnership units receive non-forfeitable distributions based on specified percentages of the distributions paid to OP 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 not included in the computation of diluted earnings per share and unit for the three months ended March 31, 2023, because the effect of their inclusion would be antidilutive. However, participating securities were included in the computation of diluted earnings per share and unit for the three months ended March 31, 2022, because the effect of their inclusion was dilutive. Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the three months ended March 31, 2023 and 2022, are as follows (in thousands, except per share and per unit data): Three Months Ended March 31, 2023 2022 Earnings per share Numerator: Net income (loss) attributable to Aimco $ ( 8,817 ) $ 8,209 Net income (loss) allocated to Aimco participating securities — ( 114 ) Net income (loss) attributable to Aimco common stockholders $ ( 8,817 ) $ 8,095 Denominator - shares: Basic weighted-average Common Stock outstanding 145,827 149,790 Diluted share equivalents outstanding — 558 Diluted weighted-average Common Stock outstanding 145,827 150,348 Earnings (loss) per share - basic $ ( 0.06 ) $ 0.05 Earnings (loss) per share - diluted $ ( 0.06 ) $ 0.05 Earnings per unit Numerator: Net income (loss) attributable to Aimco Operating Partnership $ ( 9,291 ) $ 8,644 Net income (loss) allocated to Aimco Operating Partnership participating securities — ( 118 ) Net income (loss) attributable to Aimco Operating Partnership's common unit holders $ ( 9,291 ) $ 8,526 Denominator - units Basic weighted-average OP Units outstanding 153,631 157,718 Diluted partnership unit equivalents outstanding — 767 Diluted weighted-average OP Units outstanding 153,631 158,485 Earnings (loss) per unit - basic $ ( 0.06 ) $ 0.05 Earnings (loss) per unit - diluted $ ( 0.06 ) $ 0.05

Fair Value Measurements and Dis

Fair Value Measurements and Disclosures	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements and Disclosures	Note 5 — Fair Value Measure ments and Disclosures Recurring Fair Value Measurements From time to time we purchase interest rate swaps, caps, and other instruments to provide protection against increases in interest rates on our variable rate debt. As of March 31, 2023, we held interest rate swaps and caps with $ 2.0 billion notional value. These instruments were acquired for $ 17.7 million, and the fair value of these instruments is noted in the table below. On a recurring basis, we measure at fair value our interest rate options. 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 Realized and unrealized gains (losses) 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 . As of March 31, 2023 and December 31, 2022, we have an investment in stock of $ 2.3 million and $ 1.2 million, respectively, classified within Level 1 of the GAAP fair value hierarchy. In addition, as of March 31, 2023 and December 31, 2022, we have investments in property technology funds of $ 2.3 million and $ 3.1 million, respectively, in entities that develop technology related to the real estate industry. These investments are measured at net asset value (“NAV”) as a practical expedient. The following table summarizes the fair value for our interest rate options and our investments in real estate technology funds as of March 31, 2023 , and December 31, 2022, (in thousands): As of March 31, 2023 As of December 31, 2022 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Interest rate options $ 60,398 $ — $ 60,398 $ — $ 62,259 $ — $ 62,259 $ — Investment in stock $ 2,292 $ 2,292 $ — $ — $ 1,179 $ 1,179 $ — $ — Investments in real estate technology funds (1) $ 2,294 $ — $ — $ — $ 3,117 $ — $ — $ — (1) Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy. Fair Value Disclosures We believe that the carrying value of the consolidated amounts of cash and cash equivalents, restricted cash, accounts receivable and payables approximated their fair value as of March 31, 2023, and December 31, 2022, due to their relatively short-term nature and high probability of realization. We estimate the fair value of our debt using an income and market approach, including comparison of the contractual terms to observable and unobservable inputs such as market interest rate risk spreads, contractual interest rates, remaining periods to maturity, debt service coverage ratios, and loan to value ratios. We classify the fair value of our non-recourse property debt and construction loans within Level 2 of the GAAP valuation hierarchy based on the significance of certain of the unobservable inputs used to estimate their fair value. The following table summarizes the carrying value and fair value of our non-recourse property debt, and construction loans as of March 31, 2023, and December 31, 2022, (in thousands): As of March 31, 2023 As of December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 937,696 $ 888,823 $ 938,476 $ 878,804 Construction loans 162,764 162,404 126,317 125,954 Total $ 1,100,460 $ 1,051,227 $ 1,064,793 $ 1,004,758

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Note 6 — 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 we are the primary beneficiary. Through Aimco Operating Partnership, we consolidate all VIEs for which we are the primary beneficiary. Substantially all of our assets and liabilities are those of Aimco Operating Partnership. Aimco Operating Partnership is the primary beneficiary, and therefore consolidates its five VIEs that own interests in real estate. Assets of our consolidated VIEs must first be used to settle the liabilities of those VIEs. The consolidated VIEs' creditors do not have recourse to the general credit of Aimco Operating Partnership. In addition, we have eight unconsolidated VIEs for which we are not the primary beneficiary because we are not their primary decision maker. The eight unconsolidated VIEs include four unconsolidated real estate partnerships that hold four apartment communities in San Diego, California, the Mezzanine Investment, our passive equity investment in IQHQ, and our two unconsolidated investments in land held for development in Miami, Florida and Bethesda, Maryland. Our maximum exposure to loss because of our involvement with the unconsolidated VIEs is limited to the carrying value of their assets. The details of our consolidated and unconsolidated VIEs, excluding those of Aimco Operating Partnership, are summarized in the table below as of March 31, 2023, and December 31, 2022, (in thousands, except for VIE count): As of March 31, 2023 As of December 31, 2022 Consolidated Unconsolidated Consolidated Unconsolidated Count of VIEs 5 8 5 8 Assets Real estate, net $ 306,056 — $ 258,529 $ — Mezzanine investment — 158,430 — 158,558 Right-of-use lease assets 109,950 — 110,269 — Unconsolidated real estate partnerships — 16,470 — 15,789 Other assets, net 32,608 59,823 36,345 59,823 Liabilities Accrued liabilities and other 30,690 — 26,003 — Non-recourse property debt, net 22,883 — 22,689 — Construction loans, net 65,943 — 40,013 — Lease liabilities 115,530 — 114,625 —

Lease Arrangements

Lease Arrangements	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Lease Arrangements	Note 7 — Lease Arrangements Aimco as Lessor The majority of lease payments we receive from our residents and tenants are fixed. We receive variable payments from our residents and commercial tenants primarily for utility reimbursements and other services. For the three months ended March 31, 2023 and 2022, our total lease income was comprised of the following amounts for all residential and commercial property leases (in thousands): Three Months Ended March 31, 2023 2022 Fixed lease income $ 41,005 $ 46,333 Variable lease income 3,161 3,661 Total lease income $ 44,166 $ 49,994 Aimco as Lessee Finance Lease Arrangements We are lessee to finance leases for the land underlying the development sites at Upton Place, Strathmore Square, and a 15 -acre plot of land in Marin County, California. As of March 31, 2023 and December 31, 2022, our finance leases had weighted-average remaining terms of 93.5 years and 94.2 years, respectively, and weighted-average discount rates of 6.1 % and 6.1 %, respectively. For the three months ended March 31, 2023, amortization related to our finance leases was $ 0.0 million, net of amounts capitalized, compared to $ 3.2 million for the three months ended March 31, 2022. In addition, we capitalized $ 2.1 million of lease costs associated with active development and redevelopment projects on certain of the underlying property and ground lease assets, compared to $ 2.8 million for the three months ended March 31, 2022. Operating Lease Arrangements We have operating leases primarily for corporate office space. Substantially all of the payments under our office leases are fixed. As of March 31, 2023 and December 31, 2022, our operating leases had weighted-average remaining terms of 6.0 years and 6.25 years, respectively, and weighted-average discount rates of 3.5 % , and 3.4 %, re spectively. We record operating lease expense on a straight-line basis over the lease term. Total operating lease expense for the three months ended March 31, 2023 and 2022 was $ 0.4 million and $ 0.4 million, respectively . As of March 31, 2023 and December 31, 2022, operating lease right-of-use lease assets of $ 6.4 million and $ 6.7 million, respectively, are included in Other assets, net in our Condensed Consolidated Balance Sheets . As of March 31, 2023 and December 31, 2022, operating lease liabilities of $ 12.5 million and $ 12.8 million, respectively, are included in Accrued 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 . Leases with initial terms greater than 12 months are recorded as operating or finance leases 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 . For the three months ended March 31, 2023 and 2022, we recognized sublease income of $ 0.4 million and $ 0.4 million, respectively. Annual Future Minimum Lease Payments Combined 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 Finance Leases Future Minimum Payments Remainder of 2023 $ 1,054 $ 1,533 $ 2,304 2024 1,413 2,264 4,314 2025 1,423 2,302 4,490 2026 1,433 2,341 4,954 2027 1,443 2,380 5,483 Thereafter 2,083 3,024 1,433,295 Total $ 8,849 $ 13,844 $ 1,454,840 Less: Discount ( 1,391 ) ( 1,338,628 ) Total lease liabilities $ 12,453 $ 116,212

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Business Segments	Note 8 — 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. As of March 31, 2023, our Development and Redevelopment segment consists of 12 properties: three residential apartment communities with 1,185 planned apartment homes, a single family rental community with 16 planned homes plus eight accessory dwelling units, and one hotel with 106 planned rooms, and 18,000 square feet of event space, which we are actively developing or redeveloping; and, land parcels held for development. Our Operating segment includes 21 residential apartment communities with 5,600 apartment homes that have achieved stabilized level of operations as of January 1, 2022 and maintained it throughout the current year and comparable period. We aggregate all our apartment communities that have reached stabilization into our Operating segment. During the three months ended March 31, 2023 , we reclassified one residential apartment community from the Other segment to the Operating segment because it reached stabilization. Prior period segment information has been recast based upon our current segment population, and is consistent with how our chief operating decision maker ("CODM") evaluates the business. The recast conforms with our reportable segment classification as of March 31, 2023. Our Other segment consists of properties currently owned that are not included in our Development and Redevelopment or Operating segments. Our Other segment includes 1001 Brickell Bay Drive, our only office building, and St. George Villas. Our 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, less direct property operating expenses, but • excluding utility reimbursements, for the consolidated communities. In our Condensed Consolidated Statements of Operations , utility reimbursements are included in Rental and other property revenues , in accordance with GAAP; • excluding the results of four apartment communities with an aggregate 142 apartment homes that we neither manage nor consolidate, our investment in IQHQ and the Mezzanine Investment; and • excluding property management costs and casualty gains or losses, reported in consolidated amounts, in our assessment of segment performance. The following tables present the results of operations of consolidated properties with our segments reported on a proportionate basis for the three months ended March 31, 2023 and 2022, (in thousands): Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended March 31, 2023: Rental and other property revenues $ 2,201 $ 36,672 $ 3,694 $ 1,701 $ — $ 44,268 Property operating expenses 2,025 11,186 1,192 1,677 1,424 17,504 Other operating expenses not allocated (3) — — — — 24,674 24,674 Total operating expenses 2,025 11,186 1,192 1,677 26,098 42,178 Proportionate property net operating 176 25,486 2,502 24 ( 26,098 ) 2,090 Other items included in income before (4) — — — — ( 12,039 ) ( 12,039 ) Income (loss) before income tax $ 176 $ 25,486 $ 2,502 $ 24 $ ( 38,137 ) $ ( 9,949 ) Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended March 31, 2022: Rental and other property revenues $ 48 $ 32,930 $ 4,354 $ 1,663 $ 10,999 $ 49,994 Property operating expenses 209 10,396 1,439 1,639 5,538 19,221 Other operating expenses not allocated (3) — — — — 32,590 32,590 Total operating expenses 209 10,396 1,439 1,639 38,128 51,811 Proportionate property net operating ( 161 ) 22,534 2,915 24 ( 27,129 ) ( 1,817 ) Other items included in income before (4) — — — — 7,873 7,873 Income (loss) before income tax $ ( 161 ) $ 22,534 $ 2,915 $ 24 $ ( 19,256 ) $ 6,056 (1) Represents adjustments for 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. (2) Includes the operating results of apartment communities sold during the periods shown or held for sale at the end of the period, if any. Also includes property management expenses and casualty gains and losses, which are included in consolidated property operating expenses and are not part of our segment performance measure. (3) Other operating expenses not allocated to segments consist of depreciation and amortization, general and administrative expense, and miscellaneous other expenses. (4) Other items included in Income before income tax benefit consist primarily of interest expense, mezzanine investment income (loss), net realized and unrealized gains (losses) on interest rate options, and realized and unrealized gains (losses) on equity investments. Net real estate and non-recourse property debt, net, of our segments as of March 31, 2023 and December 31, 2022, were as follows (in thousands): Development and Redevelopment Operating Other Total As of March 31, 2023: Buildings and improvements $ 515,493 $ 711,275 $ 165,195 $ 1,391,963 Land 228,358 262,409 150,125 640,892 Total real estate 743,851 973,684 315,320 2,032,855 Accumulated depreciation ( 4,403 ) ( 477,044 ) ( 64,157 ) ( 545,604 ) Net real estate $ 739,448 $ 496,640 $ 251,163 $ 1,487,251 Non-recourse property debt and construction loans, net $ 237,361 $ 766,981 $ 80,640 $ 1,084,982 Development and Redevelopment Operating Other Total As of December 31, 2022: Buildings and improvements $ 449,316 $ 708,665 $ 164,400 $ 1,322,381 Land 228,568 262,409 150,125 $ 641,102 Total real estate 677,884 971,074 314,525 1,963,483 Accumulated depreciation ( 2,378 ) ( 468,428 ) ( 59,916 ) $ ( 530,722 ) Net real estate $ 675,506 $ 502,646 $ 254,609 $ 1,432,761 Non-recourse property debt and construction loans, net $ 200,135 $ 767,514 $ 80,550 $ 1,048,199 In addition to the amounts disclosed in the tables above, as of March 31, 2023 the Development and Redevelopment segment right-of-use lease assets and lease liabilities aggregated to $ 110.6 million and $ 116.2 million, respectively, and as of December 31, 2022, aggregated to $ 110.3 million and $ 114.6 million, respectively. As of March 31, 2023, right-of-use lease assets and lease liabilities primarily relate to our investments in Upton Place, Strathmore, and Oak Shore.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
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 months ended March 31, 2023, are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The Condensed Consolidated Balance Sheets of Aimco and Aimco Operating Partnership as of December 31, 2022 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, 2022 . 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 OP Units held by third parties, 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 OP Units, other than Aimco, based on the weighted-average number of OP Units (including Aimco) outstanding during the period. For the periods ended March 31, 2023 and 2022, the holders of OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 5.1 % , and 5.0 %, respectively. Substantially all of the assets and liabilities of Aimco are held by Ai mco Operating Partnership. Redeemable Noncontrolling Interests in Consolidated Real Estate Partnerships Redeemable noncontrolling interests consist of equity interests held by a limited partner in a consolidated real estate partnership that has a finite life. If a consolidated real estate partnership includes redemption rights that are not within our control, the noncontrolling interest is included as temporary equity. Redeemable noncontrolling interests in consolidated real estate partnerships as of March 31, 2023, consists of the following: (i) a $ 102.0 million preferred equity interest in an entity that owns a portfolio of operating apartment communities and (ii) equity interests in two separate consolidated joint ventures (in which we hold preferred equity interests in one and common equity interests in the other) that are actively developing residential apartment communities. Capital contributions, distributions, and net income attributable to redeemable noncontrolling interests in consolidated real estate partnerships are determined in accordance with the relevant partnership agreements. These interests are presented as Redeemable noncontrolling interests in consolidated real estate partnerships in our Condensed Consolidated Balance Sheet as of March 31, 2023. The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships from December 31, 2022 to March 31, 2023 (in thousands): Balance at December 31, 2022 $ 166,826 Capital contributions 124 Distributions ( 3,095 ) Net income 3,274 Balance at March 31, 2023 $ 167,129
Mezzanine Investment	Mezzanine Investment In November 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 Investment was retained by AIR following the Separation. The Separation Agreement with AIR provides for AIR to transfer ownership of the subsidiaries that originated and hold the Mezzanine Investment, 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 Separation and as of the date of this filing, legal title of these subsidiaries had not yet transferred to us. Until legal title of the subsidiaries is transferred, AIR is obligated to pass payments received on the Mezzanine Investment 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. On a periodic basis, we evaluate our Mezzanine Investment for impairment. We assess whether there are any indicators that imply the value of our investment may be impaired. These include assessments of both the underlying property performance and general market conditions in place. An investment is considered impaired if we determine that its fair value is less than the net carrying value of the investment on an other-than-temporary basis. Cash flow projections for the investments consider property level factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. We consider various qualitative factors to determine if a decrease in the value of our investment is other-than-temporary. These factors include the loan’s maturity date, our intent and ability to retain our investment in the entity, and the financial condition and long-term prospects of the entity. Prior to recording a non-cash impairment charge during the three months ended December 31, 2022, we recognized as income the net amounts earned on the Mezzanine Investment by AIR on its equity investment that were due to be paid to us when collected to the extent the income was supported by the change in the counterparty’s claim to the net assets of the underlying borrower. The income recognized primarily represented the interest accrued under the terms of the underlying Mezzanine Investment. In February 2023, we entered into an agreement to sell our Mezzanine Investment for $ 167.5 million. The initial $ 5.0 million deposit received from the purchaser became nonrefundable in April 2023 when various conditions, including transfer consents, were cleared. The sale is expected to close during the three months ended June 30, 2023.
Income Tax Benefit (Expense)	Income Tax Benefit (Expense) 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 (expense) 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 (expense) in our Condensed Consolidated Statements of Operations . Consolidated GAAP income or loss subject to tax consists of pretax income or loss of our taxable entities and gains retained by the REIT. For the three months ended March 31, 2023, we had a net loss subject to tax of $ 4.9 million, compared to a net loss subject to tax of $ 14.8 million for the same period in 2022. For the three months ended March 31, 2023, we recognized an income tax benefit of $ 4.2 million, compared to an income tax benefit of $ 4.1 million during the same period in 2022. T he change is due primarily to the tax effect of depreciation associated with properties owned by, and activities of, our TRS entities, as well as a reduction to the effective state tax rate expected to apply to the reversal of our existing deferred items.
Use of Estimates	Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates.
Cash Equivalents	Cash Equivalents We classify highly liquid investments with an original maturity of three months or less as cash equivalents. We maintain cash equivalents in financial institutions in excess of insured limits. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions.
Restricted Cash	Restricted Cash Restricted cash consists of tenant security deposits, capital replacement reserves, insurance reserves, and cash restricted as required by our debt agreements.
Other Assets, net	Other Assets, net Other assets were comprised of the following amounts (in thousands): March 31, 2023 December 31, 2022 Other investments $ 64,273 $ 63,982 Deferred costs, deposits, and other 18,731 20,460 Prepaid expenses and real estate taxes 14,392 17,363 Intangible assets, net 13,890 14,160 Corporate fixed assets 8,865 8,371 Accounts receivable, net of allowances of $ 850 and $ 1,206 as of March 31, 2023 and December 31, 2022, respectively 3,869 4,079 Deferred tax assets 2,092 2,321 Due from third-party property manager 1,782 1,943 Total other assets, net $ 127,894 $ 132,679
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the FASB issued Accounting Standards Update ("ASU") No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” , which provides optional expedients to debt, derivatives, and other contracts that refer to LIBOR or another reference rate expected to be discontinued because of reference rate reform. The original ASU was effective as of its issuance date and provided temporary relief through December 31, 2022, which was extended through December 31, 2024 by ASU 2022-06, "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848" . The UK Financial Conduct Authority has an intended cessation date of the overnight 1-, 3-, 6-, and 12-month tenors of USD LIBOR of June 30, 2023. We are currently evaluating the potential impact of the standard and may apply the optional expedients when LIBOR is discontinued, but do not expect it to have a material impact on our consolidated financial statements.
Fair Value of Financial Instruments	On a recurring basis, we measure at fair value our interest rate options. 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 Realized and unrealized gains (losses) 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)	3 Months Ended
	Mar. 31, 2023
Summary of Reconciliation of Redeemable Noncontrolling Interests in Real Estate Partnerships	The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships from December 31, 2022 to March 31, 2023 (in thousands): Balance at December 31, 2022 $ 166,826 Capital contributions 124 Distributions ( 3,095 ) Net income 3,274 Balance at March 31, 2023 $ 167,129
Summary of Other Assets	Other assets were comprised of the following amounts (in thousands): March 31, 2023 December 31, 2022 Other investments $ 64,273 $ 63,982 Deferred costs, deposits, and other 18,731 20,460 Prepaid expenses and real estate taxes 14,392 17,363 Intangible assets, net 13,890 14,160 Corporate fixed assets 8,865 8,371 Accounts receivable, net of allowances of $ 850 and $ 1,206 as of March 31, 2023 and December 31, 2022, respectively 3,869 4,079 Deferred tax assets 2,092 2,321 Due from third-party property manager 1,782 1,943 Total other assets, net $ 127,894 $ 132,679

Earnings per Share and per Un_2

Earnings per Share and per Unit (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings per Share and per Unit	Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the three months ended March 31, 2023 and 2022, are as follows (in thousands, except per share and per unit data): Three Months Ended March 31, 2023 2022 Earnings per share Numerator: Net income (loss) attributable to Aimco $ ( 8,817 ) $ 8,209 Net income (loss) allocated to Aimco participating securities — ( 114 ) Net income (loss) attributable to Aimco common stockholders $ ( 8,817 ) $ 8,095 Denominator - shares: Basic weighted-average Common Stock outstanding 145,827 149,790 Diluted share equivalents outstanding — 558 Diluted weighted-average Common Stock outstanding 145,827 150,348 Earnings (loss) per share - basic $ ( 0.06 ) $ 0.05 Earnings (loss) per share - diluted $ ( 0.06 ) $ 0.05 Earnings per unit Numerator: Net income (loss) attributable to Aimco Operating Partnership $ ( 9,291 ) $ 8,644 Net income (loss) allocated to Aimco Operating Partnership participating securities — ( 118 ) Net income (loss) attributable to Aimco Operating Partnership's common unit holders $ ( 9,291 ) $ 8,526 Denominator - units Basic weighted-average OP Units outstanding 153,631 157,718 Diluted partnership unit equivalents outstanding — 767 Diluted weighted-average OP Units outstanding 153,631 158,485 Earnings (loss) per unit - basic $ ( 0.06 ) $ 0.05 Earnings (loss) per unit - diluted $ ( 0.06 ) $ 0.05

Fair Value Measurements and D_2

Fair Value Measurements and Disclosures (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Summary of Fair Value for Interest Rate Options and Investments in Real Estate Technology Funds	The following table summarizes the fair value for our interest rate options and our investments in real estate technology funds as of March 31, 2023 , and December 31, 2022, (in thousands): As of March 31, 2023 As of December 31, 2022 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Interest rate options $ 60,398 $ — $ 60,398 $ — $ 62,259 $ — $ 62,259 $ — Investment in stock $ 2,292 $ 2,292 $ — $ — $ 1,179 $ 1,179 $ — $ — Investments in real estate technology funds (1) $ 2,294 $ — $ — $ — $ 3,117 $ — $ — $ — (1) Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy.
Summary of Carrying Value and Fair Value of Non-recourse Property Debt, Construction Loans	The following table summarizes the carrying value and fair value of our non-recourse property debt, and construction loans as of March 31, 2023, and December 31, 2022, (in thousands): As of March 31, 2023 As of December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 937,696 $ 888,823 $ 938,476 $ 878,804 Construction loans 162,764 162,404 126,317 125,954 Total $ 1,100,460 $ 1,051,227 $ 1,064,793 $ 1,004,758

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The details of our consolidated and unconsolidated VIEs, excluding those of Aimco Operating Partnership, are summarized in the table below as of March 31, 2023, and December 31, 2022, (in thousands, except for VIE count): As of March 31, 2023 As of December 31, 2022 Consolidated Unconsolidated Consolidated Unconsolidated Count of VIEs 5 8 5 8 Assets Real estate, net $ 306,056 — $ 258,529 $ — Mezzanine investment — 158,430 — 158,558 Right-of-use lease assets 109,950 — 110,269 — Unconsolidated real estate partnerships — 16,470 — 15,789 Other assets, net 32,608 59,823 36,345 59,823 Liabilities Accrued liabilities and other 30,690 — 26,003 — Non-recourse property debt, net 22,883 — 22,689 — Construction loans, net 65,943 — 40,013 — Lease liabilities 115,530 — 114,625 —

Lease Arrangements (Tables)

Lease Arrangements (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Lease Income for Residential and Commercial Property Leases	For the three months ended March 31, 2023 and 2022, our total lease income was comprised of the following amounts for all residential and commercial property leases (in thousands): Three Months Ended March 31, 2023 2022 Fixed lease income $ 41,005 $ 46,333 Variable lease income 3,161 3,661 Total lease income $ 44,166 $ 49,994
Minimum Annual Rental Payments Under Operating , Financing Leases and Sublease Income	Combined 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 Finance Leases Future Minimum Payments Remainder of 2023 $ 1,054 $ 1,533 $ 2,304 2024 1,413 2,264 4,314 2025 1,423 2,302 4,490 2026 1,433 2,341 4,954 2027 1,443 2,380 5,483 Thereafter 2,083 3,024 1,433,295 Total $ 8,849 $ 13,844 $ 1,454,840 Less: Discount ( 1,391 ) ( 1,338,628 ) Total lease liabilities $ 12,453 $ 116,212

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Summary of Information for Reportable Segments	The following tables present the results of operations of consolidated properties with our segments reported on a proportionate basis for the three months ended March 31, 2023 and 2022, (in thousands): Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended March 31, 2023: Rental and other property revenues $ 2,201 $ 36,672 $ 3,694 $ 1,701 $ — $ 44,268 Property operating expenses 2,025 11,186 1,192 1,677 1,424 17,504 Other operating expenses not allocated (3) — — — — 24,674 24,674 Total operating expenses 2,025 11,186 1,192 1,677 26,098 42,178 Proportionate property net operating 176 25,486 2,502 24 ( 26,098 ) 2,090 Other items included in income before (4) — — — — ( 12,039 ) ( 12,039 ) Income (loss) before income tax $ 176 $ 25,486 $ 2,502 $ 24 $ ( 38,137 ) $ ( 9,949 ) Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended March 31, 2022: Rental and other property revenues $ 48 $ 32,930 $ 4,354 $ 1,663 $ 10,999 $ 49,994 Property operating expenses 209 10,396 1,439 1,639 5,538 19,221 Other operating expenses not allocated (3) — — — — 32,590 32,590 Total operating expenses 209 10,396 1,439 1,639 38,128 51,811 Proportionate property net operating ( 161 ) 22,534 2,915 24 ( 27,129 ) ( 1,817 ) Other items included in income before (4) — — — — 7,873 7,873 Income (loss) before income tax $ ( 161 ) $ 22,534 $ 2,915 $ 24 $ ( 19,256 ) $ 6,056 (1) Represents adjustments for 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. (2) Includes the operating results of apartment communities sold during the periods shown or held for sale at the end of the period, if any. Also includes property management expenses and casualty gains and losses, which are included in consolidated property operating expenses and are not part of our segment performance measure. (3) Other operating expenses not allocated to segments consist of depreciation and amortization, general and administrative expense, and miscellaneous other expenses. (4) Other items included in Income before income tax benefit consist primarily of interest expense, mezzanine investment income (loss), net realized and unrealized gains (losses) on interest rate options, and realized and unrealized gains (losses) on equity investments.
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 March 31, 2023 and December 31, 2022, were as follows (in thousands): Development and Redevelopment Operating Other Total As of March 31, 2023: Buildings and improvements $ 515,493 $ 711,275 $ 165,195 $ 1,391,963 Land 228,358 262,409 150,125 640,892 Total real estate 743,851 973,684 315,320 2,032,855 Accumulated depreciation ( 4,403 ) ( 477,044 ) ( 64,157 ) ( 545,604 ) Net real estate $ 739,448 $ 496,640 $ 251,163 $ 1,487,251 Non-recourse property debt and construction loans, net $ 237,361 $ 766,981 $ 80,640 $ 1,084,982 Development and Redevelopment Operating Other Total As of December 31, 2022: Buildings and improvements $ 449,316 $ 708,665 $ 164,400 $ 1,322,381 Land 228,568 262,409 150,125 $ 641,102 Total real estate 677,884 971,074 314,525 1,963,483 Accumulated depreciation ( 2,378 ) ( 468,428 ) ( 59,916 ) $ ( 530,722 ) Net real estate $ 675,506 $ 502,646 $ 254,609 $ 1,432,761 Non-recourse property debt and construction loans, net $ 200,135 $ 767,514 $ 80,550 $ 1,048,199

Organization (Details Textual)

Organization (Details Textual)	3 Months Ended
	Mar. 31, 2023 Hotel Property Home Community OfficeBuilding Room Dwelling ApartmentHome
Continuing Operations [Member]
Organization [Line Items]
Number of real estate properties | Property	26
Continuing Operations [Member] | Commercial Office Building [Member]
Organization [Line Items]
Number of real estate properties | OfficeBuilding	1
Continuing Operations [Member] | Residential Apartment Communities in Redevelopment [Member]
Organization [Line Items]
Number of real estate properties | Community	3
Continuing Operations [Member] | Hotel [Member]
Organization [Line Items]
Number of real estate properties | Hotel	1
Continuing Operations [Member] | Planned Apartment Homes [Member]
Organization [Line Items]
Number of units in real estate property | ApartmentHome	1,185
Continuing Operations [Member] | Rooms [Member]
Organization [Line Items]
Number of units in real estate property | Room	106
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	22
Number of units in real estate property | ApartmentHome	5,640
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	92.50%
Percentage of economic interest in Aimco Operating Partnership owned by Aimco	94.90%
Percentage of Aimco Operating Partnership common partnership units and equivalents owned by other limited partners	7.50%

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Feb. 28, 2023	Nov. 30, 2019	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Weighted average ownership interest			5.10%	5%
Consolidated income (loss) subject to tax			$ (4,900)	$ (14,800)
Mezzanine investment			158,430		$ 158,558
Agreement to sell mezzanine investment	$ 167,500
Nonrefundable deposit received	$ 5,000
Preferred equity, investment amount			102,000
Income tax benefit (expense)			$ 4,196	$ 4,056
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	3 Months Ended
	Mar. 31, 2023 USD ($)
Redeemable Noncontrolling Interest [Line Items]
Balance at December 31, 2022	$ 166,826
Balance at March 31, 2023	167,129
Real Estate Partnership [Member]
Redeemable Noncontrolling Interest [Line Items]
Balance at December 31, 2022	166,826
Capital contributions	124
Distributions	(3,095)
Net income	3,274
Balance at March 31, 2023	$ 167,129

Basis of Presentation and Sum_6

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Other investments	$ 64,273	$ 63,982
Deferred costs, deposits, and other	18,731	20,460
Prepaid expenses and real estate taxes	14,392	17,363
Intangible assets, net	13,890	14,160
Corporate fixed assets	8,865	8,371
Accounts receivable, net of allowances of $850 and $1,206 as of March 31, 2023 and December 31, 2022, respectively	3,869	4,079
Deferred tax assets	2,092	2,321
Due from third-party property manager	1,782	1,943
Total other assets, net	$ 127,894	$ 132,679

Basis of Presentation and Sum_7

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Other Assets (Parenthetical) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable, net of allowances	$ 850	$ 1,206

Significant Transactions (Detai

Significant Transactions (Details Textual)	Mar. 31, 2023 a
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Area of real estate property	15

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Long-term Purchase Commitment [Line Items]
Construction related contracts, amount	$ 133.2
Undrawn construction loans	268.4
Unconsolidated Joint Ventures [Member]
Long-term Purchase Commitment [Line Items]
Remaining commitments	$ 9.5
Commitments related to development, redevelopment and capital improvement activities [Member]
Long-term Purchase Commitment [Line Items]
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]
Remaining commitments	$ 2.3
Commitments related to operations [Member] | Maximum [Member]
Long-term Purchase Commitment [Line Items]
Time Period of Long-term Purchase Commitment	1 year

Earnings per Share and per Un_3

Earnings per Share and per Unit - Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings per Share and per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule of Earnings Per Share and Dividends Per Share [Line Items]
Net income (loss) attributable to Aimco	$ (8,817)	$ 8,209
Net income (loss) allocated to Aimco participating securities		(114)
Net income (loss) attributable to Aimco common stockholders	$ (8,817)	$ 8,095
Basic weighted-average Common Stock outstanding	145,827	149,790
Diluted share equivalents outstanding		558
Diluted weighted-average Common Stock outstanding	145,827	150,348
Earnings (loss) per share - basic	$ (0.06)	$ 0.05
Earnings (loss) per share - diluted	$ (0.06)	$ 0.05
Aimco OP L.P. [Member]
Schedule of Earnings Per Share and Dividends Per Share [Line Items]
Net income (loss) attributable to Aimco	$ (9,291)	$ 8,644
Net income (loss) allocated to Aimco participating securities		(118)
Net income (loss) attributable to Aimco common stockholders	$ (9,291)	$ 8,526
Basic weighted-average Common Stock outstanding	153,631	157,718
Diluted share equivalents outstanding		767
Diluted weighted-average Common Stock outstanding	153,631	158,485
Earnings (loss) per share - basic	$ (0.06)	$ 0.05
Earnings (loss) per share - diluted	$ (0.06)	$ 0.05

Fair Value Measurements and D_3

Fair Value Measurements and Disclosures (Details Textual) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments acquired	$ 17,700
Common Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment	2,292	$ 1,179
Common Stock [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment	2,292	1,179
Property Technology Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment	2,300	$ 3,100
Interest Rate Swaps and Caps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Notional Amount	$ 2,000,000

Fair Value Measurements and D_4

Fair Value Measurements and Disclosures - Summary of Fair Value for Interest Rate Options and Investments in Real Estate Technology Funds (Details) - Fair Value, Recurring - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate options		$ 60,398	$ 62,259
Common Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		2,292	1,179
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate options		0	0
Level 1 [Member] | Common Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		2,292	1,179
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate options		60,398	62,259
Level 2 [Member] | Common Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		0	0
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate options		0	0
Level 3 [Member] | Common Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		0	0
Real Estate Technology Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	[1]	2,294	3,117
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 and D_5

Fair Value Measurements and Disclosures - Summary of Carrying Value and Fair Value of Non-recourse Property Debt, Construction Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt, Fair Value	$ 1,100,460	$ 1,064,793
Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt, Fair Value	1,051,227	1,004,758
Non-recourse Property Debt [Member] | Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt, Fair Value	937,696	938,476
Non-recourse Property Debt [Member] | Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt, Fair Value	888,823	878,804
Construction Loans [Member] | Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt, Fair Value	162,764	126,317
Construction Loans [Member] | Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt, Fair Value	$ 162,404	$ 125,954

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	Mar. 31, 2023 USD ($) Entity	Dec. 31, 2022 USD ($) Entity
Real estate, net	$ 1,487,251	$ 1,432,761
Mezzanine investment	158,430	158,558
Right-of-use lease assets	6,400	6,700
Unconsolidated real estate partnerships	16,470	15,789
Accrued liabilities and other	97,220	106,600
Non-recourse property debt, net	929,291	929,501
Construction loans, net	155,691	118,698
Total lease liabilities	$ 116,212	$ 114,625
Consolidated Entities [Member]
Count of VIEs | Entity	5	5
Real estate, net	$ 306,056	$ 258,529
Mezzanine investment	0	0
Right-of-use lease assets	109,950	110,269
Unconsolidated real estate partnerships	0	0
Other assets, net	32,608	36,345
Accrued liabilities and other	30,690	26,003
Non-recourse property debt, net	22,883	22,689
Construction loans, net	65,943	40,013
Total lease liabilities	$ 115,530	$ 114,625
Unconsolidated Entities [Member]
Count of VIEs | Entity	8	8
Real estate, net	$ 0	$ 0
Mezzanine investment	158,430	158,558
Right-of-use lease assets	0	0
Unconsolidated real estate partnerships	16,470	15,789
Other assets, net	59,823	59,823
Accrued liabilities and other	0	0
Non-recourse property debt, net	0	0
Construction loans, net	0	0
Total lease liabilities	$ 0	$ 0

Variable Interest Entities (D_2

Variable Interest Entities (Details Textual) $ in Thousands	Mar. 31, 2023 USD ($) ApartmentHome Entity	Dec. 31, 2022 USD ($) Entity
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Mezzanine investment	$ 158,430	$ 158,558
Consolidated Entities [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Number Of Variable Interest Entities | Entity	5	5
Mezzanine investment	$ 0	$ 0
Unconsolidated Entities [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Number Of Variable Interest Entities | Entity	8	8
Mezzanine investment	$ 158,430	$ 158,558
San Diego Communities [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Number of apartment communities | ApartmentHome	4

Lease Arrangements - Lease Inco

Lease Arrangements - Lease Income for Residential and Commercial Property Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Fixed lease income	$ 41,005	$ 46,333
Variable lease income	3,161	3,661
Total lease income	$ 44,166	$ 49,994

Lease Arrangements (Details Tex

Lease Arrangements (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) a	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Area of real estate property | a	15
Financing leases weighted average remaining term	93 years 6 months		94 years 2 months 12 days
Financing leases, weighted average discount rate, percent	6.10%		6.10%
Financing right-of-use lease assets	$ 110,625		$ 110,269
Finance Lease, Liability	$ 116,212		$ 114,625
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Finance Lease, Liability
Finance lease, amortization	$ 0	$ 3,200
Operating leases weighted average remaining term	6 years		6 years 3 months
Operating leases, weighted average discount rate, percent	3.50%		3.40%
Operating lease expenses	$ 400	400
Operating right-of-use lease assets	$ 6,400		$ 6,700
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets		Other Assets
Operating lease liability	$ 12,453		$ 12,800
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	us-gaap:OtherLiabilities		us-gaap:OtherLiabilities
Sub lease commencement date	Jan. 01, 2021
Sublease expiration date	May 31, 2029
Sublease income	$ 400	400
Ground Lease [Member]
Lessee, Lease, Description [Line Items]
Lease cost capitalized	$ 2,100	$ 2,800

Lease Arrangements - Minimum An

Lease Arrangements - Minimum Annual Rental Payments Under Operating and Financing Leases and Sublease Income (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Sublease Lease, Liability, Payment, Due [Abstract]
Reminder of 2023	$ 1,054
2024	1,413
2025	1,423
2026	1,433
2027	1,443
Thereafter	2,083
Total	8,849
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remainder of 2023	1,533
2024	2,264
2025	2,302
2026	2,341
2027	2,380
Thereafter	3,024
Total	13,844
Less: Discount	(1,391)
Total lease liabilities	$ 12,453	$ 12,800
Operating Lease Liability Statement Of Financial Position [Extensible List]	us-gaap:OtherLiabilities	us-gaap:OtherLiabilities
Finance Lease, Liability, Payment, Due [Abstract]
Remainder of 2023	$ 2,304
2024	4,314
2025	4,490
2026	4,954
2027	5,483
Thereafter	1,433,295
Total	1,454,840
Less: Discount	(1,338,628)
Total lease liabilities	$ 116,212	$ 114,625
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Total lease liabilities

Business Segments (Details Text

Business Segments (Details Textual) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) ft² Property Hotel Home Community Segment Dwelling Room ApartmentHome	Dec. 31, 2022 USD ($)	Jan. 01, 2022 Property ApartmentHome
Business Segments (Textual) [Abstract]
Number of reportable segments | Segment	3
Development and Redevelopment [Member]
Business Segments (Textual) [Abstract]
Right-of-use lease assets | $	$ 110.6	$ 110.3
Lease liabilities | $	$ 116.2	$ 114.6
Continuing Operations [Member]
Business Segments (Textual) [Abstract]
Number of real estate properties | Property	26
Residential Apartment Communities in Redevelopment [Member] | Continuing Operations [Member]
Business Segments (Textual) [Abstract]
Number of real estate properties | Community	3
Planned Apartment Homes [Member] | Continuing Operations [Member]
Business Segments (Textual) [Abstract]
Number of units in real estate property | ApartmentHome	1,185
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
Wholly And Partially Owned Consolidated Properties [Member] | Development and Redevelopment [Member]
Business Segments (Textual) [Abstract]
Event space square foot | ft²	18,000
Wholly And Partially Owned Consolidated Properties [Member] | Operating Portfolio Segment [Member]
Business Segments (Textual) [Abstract]
Number of real estate properties | Property			21
Number of residential apartment community reclassified upon reaching stabilization | Community	1
Wholly And Partially Owned Consolidated Properties [Member] | Residential Apartment Communities in Redevelopment [Member] | Continuing Operations [Member] | Development and Redevelopment [Member]
Business Segments (Textual) [Abstract]
Number of real estate properties | Property	3
Wholly And Partially Owned Consolidated Properties [Member] | Planned Apartment Homes [Member] | Operating Portfolio Segment [Member]
Business Segments (Textual) [Abstract]
Number of units in real estate property | ApartmentHome			5,600
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	12
Wholly And Partially Owned Consolidated Properties [Member] | Real Estate Partnership [Member] | Planned Apartment Homes [Member] | Development and Redevelopment [Member]
Business Segments (Textual) [Abstract]
Number of units in real estate property | ApartmentHome	1,185
Wholly And Partially Owned Consolidated Properties [Member] | Real Estate Partnership [Member] | Planned Homes [Member]
Business Segments (Textual) [Abstract]
Number of units in real estate property | Home	16
Unconsolidated Investment in IQHQ and Mezzanine Investment [Member]
Business Segments (Textual) [Abstract]
Number of apartment communities | Community	4
Number of apartment homes | ApartmentHome	142

Business Segments - Summary of

Business Segments - Summary of Information for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Summary information for the reportable segments
Rental and other property revenues	$ 44,268	$ 49,994
Property operating expenses	17,504	19,221
Other operating expenses not allocated to segments	24,674	32,590
Total operating expenses	42,178	51,811
Proportionate property net operating income (loss)	2,090	(1,817)
Other items included in income (loss) before income tax	(12,039)	7,873
Income (loss) before income tax	(9,949)	6,056
Operating Segments [Member]
Summary information for the reportable segments
Rental and other property revenues	36,672	32,930
Property operating expenses	11,186	10,396
Total operating expenses	11,186	10,396
Proportionate property net operating income (loss)	25,486	22,534
Income (loss) before income tax	25,486	22,534
Segment Reconciling Items [Member]
Summary information for the reportable segments
Rental and other property revenues	1,701	1,663
Property operating expenses	1,677	1,639
Total operating expenses	1,677	1,639
Proportionate property net operating income (loss)	24	24
Income (loss) before income tax	24	24
Corporate Non-Segment [Member]
Summary information for the reportable segments
Rental and other property revenues		10,999
Property operating expenses	1,424	5,538
Other operating expenses not allocated to segments	24,674	32,590
Total operating expenses	26,098	38,128
Proportionate property net operating income (loss)	(26,098)	(27,129)
Other items included in income (loss) before income tax	(12,039)	7,873
Income (loss) before income tax	(38,137)	(19,256)
Development and Redevelopment [Member] | Operating Segments [Member]
Summary information for the reportable segments
Rental and other property revenues	2,201	48
Property operating expenses	2,025	209
Total operating expenses	2,025	209
Proportionate property net operating income (loss)	176	(161)
Income (loss) before income tax	176	(161)
Other [Member] | Operating Segments [Member]
Summary information for the reportable segments
Rental and other property revenues	3,694	4,354
Property operating expenses	1,192	1,439
Total operating expenses	1,192	1,439
Proportionate property net operating income (loss)	2,502	2,915
Income (loss) before income tax	$ 2,502	$ 2,915

Business Segments - Schedule of

Business Segments - Schedule of Net Real Estate and Non-Recourse Property Debt, Net, by Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Buildings and improvements		$ 1,322,381
Land	$ 640,892	641,102
Total real estate		1,963,483
Accumulated depreciation		(530,722)
Net real estate	1,487,251	1,432,761
Non-recourse property debt and construction loans, net	929,291	929,501
Operating Segments [Member]
Segment Reporting Information [Line Items]
Buildings and improvements	1,391,963
Land	640,892
Total real estate	2,032,855
Accumulated depreciation	(545,604)
Net real estate	1,487,251
Non-recourse property debt and construction loans, net	1,084,982	1,048,199
Development and Redevelopment [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Buildings and improvements	515,493	449,316
Land	228,358	228,568
Total real estate	743,851	677,884
Accumulated depreciation	(4,403)	(2,378)
Net real estate	739,448	675,506
Non-recourse property debt and construction loans, net	237,361	200,135
Operating Portfolio Segment [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Buildings and improvements	711,275	708,665
Land	262,409	262,409
Total real estate	973,684	971,074
Accumulated depreciation	(477,044)	(468,428)
Net real estate	496,640	502,646
Non-recourse property debt and construction loans, net	766,981	767,514
Other [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Buildings and improvements	165,195	164,400
Land	150,125	150,125
Total real estate	315,320	314,525
Accumulated depreciation	(64,157)	(59,916)
Net real estate	251,163	254,609
Non-recourse property debt and construction loans, net	$ 80,640	$ 80,550