Apartment Investment and Management (AIV) 10-Q 4 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 01, 2019
Document Information [Line Items]
Entity Registrant Name	APARTMENT INVESTMENT & MANAGEMENT CO
Entity Central Index Key	0000922864
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
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 1700
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	757-8101
Entity Common Stock, Shares Outstanding		148,884,686
Title of 12(b) Security	Aimco Investment and Management Company Class A Common Stock
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false
AIMCO Properties, LP [Member]
Document Information [Line Items]
Entity Registrant Name	AIMCO PROPERTIES LP
Entity Central Index Key	0000926660
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
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	false
Entity Small Business	false
Entity Shell Company	false
Entity File Number	0-24497
Entity Tax Identification Number	84-1275621
Entity Address, State or Province	DE
Entity Address, Address Line One	4582 South Ulster Street
Entity Address, Address Line Two	Suite 1700
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	757-8101
Entity Common Stock, Shares Outstanding		158,433,601

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
ASSETS
Buildings and improvements	$ 6,848,162	$ 6,552,065
Land	1,887,424	1,756,525
Total real estate	8,735,586	8,308,590
Accumulated depreciation	(2,684,694)	(2,585,115)
Net real estate	6,050,892	5,723,475
Cash and cash equivalents	58,724	36,858
Restricted cash	34,501	35,737
Other assets	395,061	351,541
Assets held for sale	0	42,393
Total assets	6,539,178	6,190,004
LIABILITIES AND EQUITY
Non-recourse property debt, net	4,254,710	3,915,305
Revolving credit facility borrowings	0	160,360
Total indebtedness	4,254,710	4,075,665
Accrued liabilities and other	397,216	226,230
Liabilities related to assets held for sale	0	23,177
Total liabilities	4,651,926	4,325,072
Preferred noncontrolling interests/Redeemable Preferred Units	101,178	101,291
Commitments and contingencies (Note 5)
Equity/Partners' Capital:
Perpetual Preferred Stock	0	125,000
Common Stock, $0.01 par value, 500,787,260 shares authorized, 148,884,686 and 144,623,034 shares issued/outstanding at September 30, 2019 and December 31, 2018, respectively	1,489	1,446
Additional paid-in capital	3,497,333	3,515,686
Accumulated other comprehensive income	4,488	4,794
Distributions in excess of earnings	(1,797,851)	(1,947,507)
Total Aimco equity	1,705,459	1,699,419
Noncontrolling interests in consolidated real estate partnerships	1,500	(2,967)
Common noncontrolling interests in Aimco Operating Partnership	79,115	67,189
Total equity	1,786,074	1,763,641
Total liabilities and equity	6,539,178	6,190,004
AIMCO Properties, LP [Member]
ASSETS
Buildings and improvements	6,848,162	6,552,065
Land	1,887,424	1,756,525
Total real estate	8,735,586	8,308,590
Accumulated depreciation	(2,684,694)	(2,585,115)
Net real estate	6,050,892	5,723,475
Cash and cash equivalents	58,724	36,858
Restricted cash	34,501	35,737
Other assets	395,061	351,541
Assets held for sale	0	42,393
Total assets	6,539,178	6,190,004
LIABILITIES AND EQUITY
Non-recourse property debt, net	4,254,710	3,915,305
Revolving credit facility borrowings		160,360
Total indebtedness	4,254,710	4,075,665
Accrued liabilities and other	397,216	226,230
Liabilities related to assets held for sale	0	23,177
Total liabilities	4,651,926	4,325,072
Preferred noncontrolling interests/Redeemable Preferred Units	101,178	101,291
Commitments and contingencies (Note 5)
Equity/Partners' Capital:
Preferred units	0	125,000
General Partner and Special Limited Partner	1,705,459	1,574,419
Limited Partners	79,115	67,189
Partners’ capital attributable to the Aimco Operating Partnership	1,784,574	1,766,608
Partners' Capital Attributable to Noncontrolling Interest	1,500	(2,967)
Total partners’ capital	1,786,074	1,763,641
Total liabilities and equity	$ 6,539,178	$ 6,190,004

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	500,787,260	500,787,260
Common Stock, shares issued (in shares)	148,884,686	144,623,034
Common Stock, shares outstanding (in shares)	148,884,686	144,623,034

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
REVENUES
Total revenues	$ 229,827	$ 242,481	$ 684,262	$ 740,388
OPERATING EXPENSES
Depreciation and amortization	97,538	96,406	283,027	286,439
General and administrative expenses	11,821	12,479	34,314	37,196
Other expenses, net	4,411	5,780	14,323	13,624
Total operating expenses	191,200	195,527	564,117	590,696
Interest income	2,824	2,712	8,615	7,768
Interest expense	(42,011)	(45,492)	(122,961)	(143,193)
Gain on dispositions of real estate and the Asset Management business	1,146	626,232	356,929	679,738
Other, net	288	(283)	591	141
Income before income tax benefit (expense)	874	630,123	363,319	694,146
Income tax benefit (expense)	3,096	(26,206)	1,942	12,617
Net income	3,970	603,917	365,261	706,763
Noncontrolling interests:
Net loss (income) attributable to noncontrolling interests in consolidated real estate partnerships	58	(1,794)	(103)	(8,045)
Net income attributable to preferred noncontrolling interests in Aimco Operating Partnership	(1,933)	(1,934)	(5,800)	(5,805)
Net income attributable to common noncontrolling interests in Aimco Operating Partnership	(116)	(30,198)	(18,787)	(34,093)
Net income attributable to noncontrolling interests	(1,991)	(33,926)	(24,690)	(47,943)
Net income attributable to the company	1,979	569,991	340,571	658,820
Net income attributable to the company's preferred equity holders		(2,148)	(7,335)	(6,445)
Net loss (income) attributable to participating securities	24	(814)	(431)	(1,004)
Net income attributable to the company's common equity holders	$ 2,003	$ 567,029	$ 332,805	$ 651,371
Net income attributable to Aimco per common share – basic	$ 0.01	$ 3.73	$ 2.26	$ 4.29
Net income attributable to Aimco per common share – diluted	$ 0.01	$ 3.73	$ 2.26	$ 4.28
Weighted average common shares/units outstanding - basic	148,434	151,971	147,474	151,928
Weighted average common shares/units outstanding - diluted	148,636	152,193	147,692	152,086
AIMCO Properties, LP [Member]
REVENUES
Total revenues	$ 229,827	$ 242,481	$ 684,262	$ 740,388
OPERATING EXPENSES
Depreciation and amortization	97,538	96,406	283,027	286,439
General and administrative expenses	11,821	12,479	34,314	37,196
Other expenses, net	4,411	5,780	14,323	13,624
Total operating expenses	191,200	195,527	564,117	590,696
Interest income	2,824	2,712	8,615	7,768
Interest expense	(42,011)	(45,492)	(122,961)	(143,193)
Gain on dispositions of real estate and the Asset Management business	1,146	626,232	356,929	679,738
Other, net	288	(283)	591	141
Income before income tax benefit (expense)	874	630,123	363,319	694,146
Income tax benefit (expense)	3,096	(26,206)	1,942	12,617
Net income	3,970	603,917	365,261	706,763
Noncontrolling interests:
Net loss (income) attributable to noncontrolling interests in consolidated real estate partnerships	58	(1,794)	(103)	(8,045)
Net income attributable to the company	4,028	602,123	365,158	698,718
Net income attributable to the company's preferred equity holders	(1,933)	(4,082)	(13,135)	(12,250)
Net loss (income) attributable to participating securities	43	(941)	(429)	(1,145)
Net income attributable to the company's common equity holders	$ 2,138	$ 597,100	$ 351,594	$ 685,323
Net income attributable to Aimco per common share – basic	$ 0.01	$ 3.73	$ 2.26	$ 4.29
Net income attributable to Aimco per common share – diluted	$ 0.01	$ 3.72	$ 2.26	$ 4.29
Weighted average common shares/units outstanding - basic	156,618	160,088	155,644	159,622
Weighted average common shares/units outstanding - diluted	156,879	160,328	155,971	159,787
Real Estate [Member]
REVENUES
Total revenues	$ 229,827	$ 234,048	$ 684,262	$ 690,571
OPERATING EXPENSES
Property operating expenses	77,430	78,254	232,453	232,572
Real Estate [Member] | AIMCO Properties, LP [Member]
REVENUES
Total revenues	229,827	234,048	684,262	690,571
OPERATING EXPENSES
Property operating expenses	77,430	78,254	232,453	232,572
Asset Management Business [Member]
REVENUES
Total revenues	0	8,433	0	49,817
OPERATING EXPENSES
Property operating expenses	0	2,608	0	20,865
Asset Management Business [Member] | AIMCO Properties, LP [Member]
REVENUES
Total revenues	0	8,433	0	49,817
OPERATING EXPENSES
Property operating expenses	$ 0	$ 2,608	$ 0	$ 20,865

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net income	$ 3,970	$ 603,917	$ 365,261	$ 706,763
Other comprehensive income:
Unrealized (losses) gains on available for sale debt securities	(402)	979	(325)	(72)
Losses on interest rate swaps reclassified into earnings from accumulated other comprehensive loss	0	757	0	1,391
Other comprehensive (loss) income	(402)	1,736	(325)	1,319
Comprehensive income	3,568	605,653	364,936	708,082
Comprehensive income attributable to noncontrolling interests	(1,967)	(34,020)	(24,671)	(48,015)
Comprehensive income attributable to Aimco/Operating Partnership	1,601	571,633	340,265	660,067
AIMCO Properties, LP [Member]
Net income	3,970	603,917	365,261	706,763
Other comprehensive income:
Unrealized (losses) gains on available for sale debt securities	(402)	979	(325)	(72)
Losses on interest rate swaps reclassified into earnings from accumulated other comprehensive loss	0	757	0	1,391
Other comprehensive (loss) income	(402)	1,736	(325)	1,319
Comprehensive income	3,568	605,653	364,936	708,082
Comprehensive income attributable to noncontrolling interests	58	(1,794)	(103)	(8,045)
Comprehensive income attributable to Aimco/Operating Partnership	$ 3,626	$ 603,859	$ 364,833	$ 700,037

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Distributions in Excess of Earnings	Total Aimco Equity	Noncontrolling Interests In Consolidated Real Estate Partnerships	Common Noncontrolling Interests In Aimco Operating Partnership
Balances at Dec. 31, 2017	$ 1,655,753	$ 125,000	$ 1,524	$ 3,900,090	$ 3,603	$ (2,367,073)	$ 1,663,144	$ (1,716)	$ (5,675)
Balances (in shares) at Dec. 31, 2017		5,000	152,435
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Aimco Operating Partnership units	50,151								50,151
Redemption of Aimco Operating Partnership units	(8,458)								(8,458)
Amortization of share-based compensation cost	7,521			6,285			6,285		1,236
Amortization of share-based compensation cost (in shares)			21
Effect of changes in ownership of consolidated entities	(10,101)			(18,137)			(18,137)		8,036
Other, net	119		$ 2	122		(5)	119
Other, net (in shares)			136
Net income	700,958					658,820	658,820	8,045	34,093
Change in accumulated other comprehensive income	1,319				1,247		1,247		72
Cash dividends paid to Common Stockholders	(179,351)					(179,351)	(179,351)
Cash dividends paid to Preferred Stockholders	(6,445)					(6,445)	(6,445)
Distributions to noncontrolling interests	(17,336)							(7,934)	(9,402)
Balances at Sep. 30, 2018	2,194,130	$ 125,000	$ 1,526	3,888,360	4,850	(1,894,054)	2,125,682	(1,605)	70,053
Balances (in shares) at Sep. 30, 2018		5,000	152,592
Balances at Jun. 30, 2018	1,654,785	$ 125,000	$ 1,526	3,887,308	3,208	(2,402,101)	1,614,941	(2,984)	42,828
Balances (in shares) at Jun. 30, 2018		5,000	152,592
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of Aimco Operating Partnership units	(847)								(847)
Amortization of share-based compensation cost	2,260			1,804			1,804		456
Effect of changes in ownership of consolidated entities				(753)			(753)		753
Other, net	(2)			1		(3)	(2)
Net income	601,983					569,991	569,991	1,794	30,198
Change in accumulated other comprehensive income	1,736				1,642		1,642		94
Cash dividends paid to Common Stockholders	(59,793)					(59,793)	(59,793)
Cash dividends paid to Preferred Stockholders	(2,148)					(2,148)	(2,148)
Distributions to noncontrolling interests	(3,844)							(415)	(3,429)
Balances at Sep. 30, 2018	2,194,130	$ 125,000	$ 1,526	3,888,360	4,850	(1,894,054)	2,125,682	(1,605)	70,053
Balances (in shares) at Sep. 30, 2018		5,000	152,592
Balances at Dec. 31, 2018	1,763,641	$ 125,000	$ 1,446	3,515,686	4,794	(1,947,507)	1,699,419	(2,967)	67,189
Balances (in shares) at Dec. 31, 2018		5,000	144,623
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchases of Common Stock	(20,682)		$ (5)	(20,677)			(20,682)
Repurchases of Common Stock (in shares)			(461)
Redemption of Preferred Stock	(125,000)	$ (125,000)		4,089		(4,089)	(125,000)
Redemption of Preferred Stock (in shares)		(5,000)
Issuance of Aimco Operating Partnership units	3,034								3,034
Redemption of Aimco Operating Partnership units	(4,958)		$ 2	6,242			6,244		(11,202)
Redemption of Aimco Operating Partnership units (in shares)			127
Amortization of share-based compensation cost	7,182			4,795			4,795		2,387
Amortization of share-based compensation cost (in shares)			22
Effect of changes in ownership of consolidated entities				(12,123)			(12,123)	3,357	8,766
Contribution from noncontrolling interest inconsolidated real estate partnerships	4,911							4,911
Purchase of noncontrolling interest in consolidated real estate partnerships	(3,780)							(3,780)
Other, net	(98)		$ 1	(118)			(117)	19
Other, net (in shares)			82
Net income	359,461					340,571	340,571	103	18,787
Change in accumulated other comprehensive income	(325)				(306)		(306)		(19)
Cash dividends paid to Common Stockholders	(183,579)					(183,579)	(183,579)
Common Stock issued to Common Stockholders in special dividend	(516)		$ 45	(561)			(516)
Common Stock issued to Common Stockholders in special dividend (in shares)			4,492
Cash dividends paid to Preferred Stockholders	(3,247)					(3,247)	(3,247)
Distributions to noncontrolling interests	(9,970)							(143)	(9,827)
Balances at Sep. 30, 2019	1,786,074		$ 1,489	3,497,333	4,488	(1,797,851)	1,705,459	1,500	79,115
Balances (in shares) at Sep. 30, 2019			148,885
Balances at Jun. 30, 2019	1,842,866		$ 1,488	3,498,629	4,866	(1,741,765)	1,763,218	(2,718)	82,366
Balances (in shares) at Jun. 30, 2019			148,827
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of Aimco Operating Partnership units	(826)		$ 1	2,820			2,821		(3,647)
Redemption of Aimco Operating Partnership units (in shares)			57
Amortization of share-based compensation cost	1,958			1,163			1,163		795
Effect of changes in ownership of consolidated entities				(5,104)			(5,104)	2,315	2,789
Contribution from noncontrolling interest inconsolidated real estate partnerships	4,911							4,911
Purchase of noncontrolling interest in consolidated real estate partnerships	(2,863)							(2,863)
Other, net	(175)			(175)			(175)
Other, net (in shares)			1
Net income	2,037					1,979	1,979	(58)	116
Change in accumulated other comprehensive income	(402)				(378)		(378)		(24)
Cash dividends paid to Common Stockholders	(58,065)					(58,065)	(58,065)
Distributions to noncontrolling interests	(3,367)							(87)	(3,280)
Balances at Sep. 30, 2019	$ 1,786,074		$ 1,489	$ 3,497,333	$ 4,488	$ (1,797,851)	$ 1,705,459	$ 1,500	$ 79,115
Balances (in shares) at Sep. 30, 2019			148,885

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 365,261	$ 706,763
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	283,027	286,439
Gain on dispositions of real estate and the Asset Management business	(356,929)	(679,738)
Income tax benefit	(1,942)	(12,617)
Other adjustments	10,429	11,762
Net changes in operating assets and operating liabilities	(21,098)	(9,683)
Net cash provided by operating activities	278,748	302,926
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate and deposits related to purchases of real estate	(131,613)	(212,358)
Capital expenditures	(292,749)	(253,149)
Proceeds from dispositions of real estate	422,463	708,464
Purchases of corporate assets	(14,825)	(5,530)
Proceeds from repayments on notes receivable	111	3,242
Other investing activities	608	(1,547)
Net cash (used in) provided by investing activities	(16,005)	239,122
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of non-recourse property debt	667,965	360,613
Principal repayments of non-recourse property debt	(390,346)	(403,141)
Repayment of term loan	0	(250,000)
Net repayments on revolving credit facility	(160,360)	(67,160)
Repurchases of Common Stock	(20,682)	0
Redemption of Preferred Stock	(125,000)	0
Payment of dividends to Common Stockholders	(183,319)	(178,937)
Payment of dividends to Preferred Stockholders	(3,247)	(6,445)
Payment of distributions to noncontrolling interests	(16,320)	(22,549)
Redemption of noncontrolling interests in the Aimco Operating Partnership	(5,071)	(8,675)
Contribution from noncontrolling interests in consolidated real estate partnerships	4,911	0
Purchases of noncontrolling interests in consolidated real estate partnerships	(3,780)	(3,581)
Other financing activities	(6,864)	(415)
Net cash used in financing activities	(242,113)	(580,290)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	20,630	(38,242)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	72,595	142,541
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	93,225	104,299
AIMCO Properties, LP [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	365,261	706,763
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	283,027	286,439
Gain on dispositions of real estate and the Asset Management business	(356,929)	(679,738)
Income tax benefit	(1,942)	(12,617)
Other adjustments	10,429	11,762
Net changes in operating assets and operating liabilities	(21,098)	(9,683)
Net cash provided by operating activities	278,748	302,926
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate and deposits related to purchases of real estate	(131,613)	(212,358)
Capital expenditures	(292,749)	(253,149)
Proceeds from dispositions of real estate	422,463	708,464
Purchases of corporate assets	(14,825)	(5,530)
Proceeds from repayments on notes receivable	111	3,242
Other investing activities	608	(1,547)
Net cash (used in) provided by investing activities	(16,005)	239,122
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of non-recourse property debt	667,965	360,613
Principal repayments of non-recourse property debt	(390,346)	(403,141)
Repayment of term loan	0	(250,000)
Net repayments on revolving credit facility	(160,360)	(67,160)
Repurchases of Common Stock	(20,682)	0
Redemption of preferred units held by Aimco	(125,000)	0
Payment of dividends to Preferred Stockholders	(9,047)	(12,250)
Payment of distributions to General Partner and Special Limited Partner	(183,319)	(178,937)
Payment of distributions to Limited Partners	(10,211)	(8,810)
Payment of distributions to noncontrolling interests	(309)	(7,934)
Redemption of noncontrolling interests in the Aimco Operating Partnership	(5,071)	(8,675)
Contribution from noncontrolling interests in consolidated real estate partnerships	4,911	0
Purchases of noncontrolling interests in consolidated real estate partnerships	(3,780)	(3,581)
Other financing activities	(6,864)	(415)
Net cash used in financing activities	(242,113)	(580,290)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	20,630	(38,242)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	72,595	142,541
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 93,225	$ 104,299

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Partners' Capital - USD ($) $ in Thousands	Total	AIMCO Properties, LP [Member]	AIMCO Properties, LP [Member]Preferred Units [Member]	AIMCO Properties, LP [Member]General Partner and Special Limited Partner [Member]	AIMCO Properties, LP [Member]Limited Partner [Member]	AIMCO Properties, LP [Member]Partners Capital Attributable To The Partnership [Member]	AIMCO Properties, LP [Member]Noncontrolling Interests In Consolidated Real Estate Partnerships
Balances at Dec. 31, 2017		$ 1,655,753	$ 125,000	$ 1,538,144	$ (5,675)	$ 1,657,469	$ (1,716)
Increase (Decrease) in Partners' Capital [Roll Forward]
Issuance of Aimco Operating Partnership units	$ 50,151	50,151			50,151	50,151
Redemption of partnership units held by non-Aimco partners		(8,458)			(8,458)	(8,458)
Amortization of share-based compensation		7,521		6,285	1,236	7,521
Effect of changes in ownership of partnership units		(10,101)		(18,137)	8,036	(10,101)
Other, net		119		119		119
Net income		700,958		658,820	34,093	692,913	8,045
Change in accumulated other comprehensive income	1,319	1,319		1,247	72	1,319
Distributions paid to common unitholders		(188,753)		(179,351)	(9,402)	(188,753)
Distributions paid to preferred unitholders		(6,445)		(6,445)		(6,445)
Distributions paid to noncontrolling interests in consolidated real estate partnerships		(7,934)					(7,934)
Balances at Sep. 30, 2018		2,194,130	125,000	2,000,682	70,053	2,195,735	(1,605)
Balances at Jun. 30, 2018		1,654,785	125,000	1,489,941	42,828	1,657,769	(2,984)
Increase (Decrease) in Partners' Capital [Roll Forward]
Redemption of partnership units held by non-Aimco partners		(847)			(847)	(847)
Amortization of share-based compensation		2,260		1,804	456	2,260
Effect of changes in ownership of partnership units				(753)	753
Other, net		(2)		(2)		(2)
Net income		601,983		569,991	30,198	600,189	1,794
Change in accumulated other comprehensive income	1,736	1,736		1,642	94	1,736
Distributions paid to common unitholders		(63,222)		(59,793)	(3,429)	(63,222)
Distributions paid to preferred unitholders		(2,148)		(2,148)		(2,148)
Distributions paid to noncontrolling interests in consolidated real estate partnerships		(415)					(415)
Balances at Sep. 30, 2018		2,194,130	125,000	2,000,682	70,053	2,195,735	(1,605)
Balances at Dec. 31, 2018		1,763,641	125,000	1,574,419	67,189	1,766,608	(2,967)
Increase (Decrease) in Partners' Capital [Roll Forward]
Repurchases of common partnership units held by Aimco		(20,682)		(20,682)		(20,682)
Redemption of preferred units held by Aimco		(125,000)	$ (125,000)			(125,000)
Issuance of Aimco Operating Partnership units	3,034	3,034			3,034	3,034
Redemption of partnership units held by non-Aimco partners		(4,958)		6,244	(11,202)	(4,958)
Amortization of share-based compensation		7,182		4,795	2,387	7,182
Effect of changes in ownership of partnership units				(12,123)	8,766	(3,357)	3,357
Contribution from noncontrolling interest inconsolidated real estate partnerships	4,911	4,911					4,911
Purchase of noncontrolling interest in consolidated real estate partnerships		(3,780)					(3,780)
Other, net		(98)		(117)		(117)	19
Net income		359,461		340,571	18,787	359,358	103
Change in accumulated other comprehensive income	(325)	(325)		(306)	(19)	(325)
Distributions paid to common unitholders		(193,406)		(183,579)	(9,827)	(193,406)
Common partnership units issued to common unitholders in special distribution		(516)		(516)		(516)
Distributions paid to preferred unitholders		(3,247)		(3,247)		(3,247)
Distributions paid to noncontrolling interests in consolidated real estate partnerships		(143)					(143)
Balances at Sep. 30, 2019		1,786,074		1,705,459	79,115	1,784,574	1,500
Balances at Jun. 30, 2019		1,842,866		1,763,218	82,366	1,845,584	(2,718)
Increase (Decrease) in Partners' Capital [Roll Forward]
Redemption of partnership units held by non-Aimco partners		(826)		2,821	(3,647)	(826)
Amortization of share-based compensation		1,958		1,163	795	1,958
Effect of changes in ownership of partnership units				(5,104)	2,789	(2,315)	2,315
Contribution from noncontrolling interest inconsolidated real estate partnerships	4,911	4,911					4,911
Purchase of noncontrolling interest in consolidated real estate partnerships		(2,863)					(2,863)
Other, net		(175)		(175)		(175)
Net income		2,037		1,979	116	2,095	(58)
Change in accumulated other comprehensive income	$ (402)	(402)		(378)	(24)	(402)
Distributions paid to common unitholders		(61,345)		(58,065)	(3,280)	(61,345)
Distributions paid to noncontrolling interests in consolidated real estate partnerships		(87)					(87)
Balances at Sep. 30, 2019		$ 1,786,074		$ 1,705,459	$ 79,115	$ 1,784,574	$ 1,500

Organization

Organization	9 Months Ended
	Sep. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	Note 1 — Organization Apartment Investment and Management Company, or Aimco, is a Maryland corporation incorporated on January 10, 1994. Aimco is a self-administered and self-managed real estate investment trust, or REIT. AIMCO Properties, L.P., or the Aimco Operating Partnership, is a Delaware limited partnership formed on May 16, 1994, to conduct our business, which is focused on the ownership, management, redevelopment and some development of quality apartment communities located in several of the largest markets in the United States. Aimco, through its wholly-owned subsidiaries, AIMCO-GP, Inc. and AIMCO-LP Trust, owns a majority of the ownership interests in the Aimco Operating Partnership. Aimco conducts all of its business and owns all of its assets through the Aimco Operating Partnership. Interests in the Aimco Operating Partnership that are held by limited partners other than Aimco are referred to as OP Units. OP Units include common partnership units, which we refer to as common OP Units, as well as partnership preferred units, which we refer to as preferred OP Units. As of September 30, 2019, after elimination of units held by consolidated subsidiaries, the Aimco Operating Partnership had 158,447,276 common partnership units outstanding. As of September 30, 2019, Aimco owned 148,884,686 of the common partnership units, or 94.0%, of the Aimco Operating Partnership and Aimco had, an equal number of shares of its Class A Common Stock outstanding, which we refer to as Common Stock. Except as the context otherwise requires, “we,” “our” and “us” refer to Aimco, the Aimco Operating Partnership and their consolidated subsidiaries, collectively. As of September 30, 2019, we owned an equity interest in 128 apartment communities with 33,824 apartment homes in our portfolio. Our portfolio is diversified by both price point and geography and consists primarily of market rate apartment communities in which we own a substantial interest. We consolidated 124 of these apartment communities with 33,682 apartment homes.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 2 — Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. The balance sheets of Aimco and the Aimco Operating Partnership at December 31, 2018, have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in Aimco’s and the Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2018. Except where indicated, the footnotes refer to both Aimco and the Aimco Operating Partnership. Principles of Consolidation Aimco’s accompanying condensed consolidated financial statements include the accounts of Aimco, the Aimco Operating Partnership, and their consolidated subsidiaries. The Aimco Operating Partnership’s condensed consolidated financial statements include the accounts of the Aimco Operating Partnership and its consolidated subsidiaries. Please refer to Note 9. All significant intercompany balances and transactions have been eliminated in consolidation. Interests in the Aimco Operating Partnership that are held by limited partners other than Aimco are reflected in Aimco’s accompanying condensed consolidated balance sheets as noncontrolling interests in the Aimco Operating Partnership. Interests in partnerships consolidated by the Aimco Operating Partnership that are held by third parties are reflected in our accompanying condensed consolidated balance sheets as noncontrolling interests in consolidated real estate partnerships. Temporary Equity and Partners’ Capital The following table presents a reconciliation of the Aimco Operating Partnership’s preferred OP Units from December 31, 2018 to September 30, 2019. As described in Note 6, the preferred OP Units may be redeemed at the holder’s option, and are therefore presented within temporary equity in Aimco’s condensed consolidated balance sheets and within temporary capital in the Aimco Operating Partnership’s condensed consolidated balance sheets (in thousands): Balance, December 31, 2018 $ 101,291 Distributions to holders of preferred OP Units (5,800 ) Redemption of preferred OP Units and other (113 ) Net income attributable to preferred OP Units 5,800 Balance, September 30, 2019 $ 101,178 Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates. Reclassifications and Revisions Certain items in the 2018 condensed consolidated financial statements have been reclassified to conform to the current presentation. We have also reclassified gain on dispositions of real estate and related income taxes, which were previously reported net on our condensed consolidated statements of operations, to now present gain on dispositions of real estate and the Asset Management business as a component of income before income tax benefit (expense) in our condensed consolidated statements of operations, as follows (in thousands): Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Income tax benefit (expense) $ 27,941 $ (54,147 ) $ (26,206 ) $ 69,724 $ (57,107 ) $ 12,617 Gain on dispositions of real estate and the Asset Management business 572,085 54,147 626,232 622,631 57,107 679,738 During the nine months ended September 30, 2019, Aimco and the Aimco Operating Partnership effected a reverse split of Common Stock and common partnership units, respectively, at a ratio of one share or unit for every 1.03119 shares or units outstanding on the date of effectiveness. The accounting guidance for recapitalization events requires that we revise Aimco’s equity and the Aimco Operating Partnership’s partners’ capital as if the reverse split had occurred at the beginning of the earliest period presented. As such, we have revised the outstanding share and unit counts, presentation of share and unit activity, and earnings per share and unit, as if the reverse split had occurred on December 31, 2017. Accounting Pronouncements Adopted in the Current Year Effective January 1, 2019, we adopted the lease accounting standard issued by the Financial Accounting Standards Board, or FASB. We elected to adopt the new standard using practical expedients that: do not require a look back to expired or existing contracts for embedded leases; allow us to retain the classification of existing leases; and allow us to retain the previous accounting for the initial direct costs of existing leases. Under the new standard, a contract is or contains a lease when it provides the right to control the use of an asset for a period of time in exchange for consideration. Lessor accounting remains largely unchanged. In our position as a lessor, we have elected the practical expedient that allows us to combine revenue attributable to nonlease components with associated lease components where the timing and pattern of transfer of the components are the same. As a result, we will combine rent payments with payments for other services we provide to our residents, including residents’ reimbursement of utility expenses. We have adopted the standard using the optional transition method that allows for prior reporting periods to remain as originally presented. Please refer to Note 4. In 2018, the Securities Exchange Commission, or SEC, amended its rules to eliminate, modify, or integrate into other SEC requirements certain disclosure rules. The amendments are intended to simplify compliance without significantly changing the total mix of information provided to investors. The amendments created a requirement to report changes in equity and dividends per share in interim periods on a comparative basis for both quarter-to-date and year-to-date periods presented. We have presented comparative interim statements of stockholders’ and partners’ equity in our condensed consolidated financial statements for the three and nine months ended September 30, 2019 and 2018 . Recent Accounting Pronouncements In 2016, the FASB issued a new standard for accounting for financial instruments and credit losses thereon, which changes the method and timing of the recognition of credit losses on financial assets. The standard will require us to estimate and record credit losses over the life of a financial instrument, including receivables, at its inception. We have limited loans receivable and we invest in debt securities, which are subject to the new standard. Financial instruments, including receivables, related to operating leases are excluded from the new standard as they are subject to the lease accounting standard. This credit loss standard is required to be applied using a modified-retrospective approach and requires a cumulative-effect adjustment to retained earnings be recorded as of the date of adoption. The new standard is effective for us on January 1, 2020. We are currently in the process of completing our analysis of the impact of the standard and do not expect it to have a material effect on our financial position or results of operations.

Significant Transactions

Significant Transactions	9 Months Ended
	Sep. 30, 2019
Significant Transactions [Abstract]
Significant Transactions	Note 3 — Significant Transactions Acquisition of 1001 Brickell Bay Drive During the three months ended September 30, 2019, we acquired a 95% interest in 1001 Brickell Bay Drive, a 1.8-acre waterfront parcel in Miami, Florida, currently improved with an office building. Summarized information regarding this acquisition is set forth in the table below (dollars in thousands): Purchase price $ 156,750 Capitalized transaction costs 2,339 Noncontrolling interests in consolidated real estate partnerships 8,250 Total consideration (1) $ 167,339 Acquisition costs allocated to land $ 145,648 Acquisition costs allocated to building and improvements 153,241 Acquisition costs allocated to intangible assets 16,500 Acquisition costs allocated to intangible liabilities (6,519 ) Deferred tax liability assumed (2) (141,531 ) Total consideration $ 167,339 (1) Total consideration includes $66.8 million of debt assumed. (2) The deferred tax liability of $141.5 million resulted from the corporate structure utilized to complete the acquisition and is due to the difference between the purchase price determined in accordance with GAAP and the tax basis of the property. For the three and nine months ended September 30, 2019, we recorded an income tax benefit of $1.7 million related to this property. Acquisitions of Apartment Communities During the nine months ended September 30, 2019, we acquired an apartment community located in Ardmore, Pennsylvania, a suburb of Philadelphia. Summarized information regarding this acquisition is set forth in the table below (dollars in thousands): Number of apartment homes 110 Purchase price (1) $ 65,833 Capitalized transaction costs 892 Total consideration $ 66,725 Acquisition costs allocated to land $ 4,929 Acquisition costs allocated to building (2) 61,271 Acquisition costs allocated to furniture and fixtures (2) 525 Total consideration $ 66,725 (1) The gross purchase price of the acquisition consisted of $32.8 million in cash, $30.9 million of assumed property-level debt and the issuance of 59,761 OP Units. In accordance with GAAP, the OP Units were valued at $50.77 per unit, the Aimco Common Stock closing price on April 5, 2019, the purchase date. (2) Amounts are included within the buildings and improvements line item in our condensed consolidated balance sheets. Dispositions of Apartment Communities During the nine months ended September 30, 2019, we sold apartment communities as summarized below (dollars in thousands): Apartment communities sold 8 Apartment homes sold 2,605 Gain on dispositions of real estate $ 356,929 The apartment communities sold were predominantly located outside of our primary markets or in lower-rated locations within our primary markets and had average revenues per apartment home significantly below those of our retained portfolio. In addition to the apartment communities we sold during the current period, from time to time we may be marketing for sale certain apartment communities that are inconsistent with our long-term investment strategy. At the end of each reporting period, we evaluate whether such communities meet the criteria to be classified as held for sale. As of September 30, 2019, no apartment communities were classified as held for sale.

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases	Note 4 — Leases The majority of payments that we receive for our residential and commercial leases are fixed. We receive variable payments from our residents and commercial tenants primarily for utility and other expense reimbursements. For the three and nine months ended September 30, 2019, our total lease income was comprised of the following amounts for all operating leases (in thousands): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Fixed lease income $ 213,945 $ 639,359 Variable lease income 15,005 42,814 Total lease income $ 228,950 $ 682,173 In general, our commercial leases have options to extend for a certain period of time at the tenant’s option. Future minimum annual rental payments we will receive under commercial operating leases, excluding such extension options, are as follows (in thousands): October 1, 2019 to December 31, 2019 $ 7,200 2020 26,861 2021 23,391 2022 19,910 2023 16,081 Thereafter 65,583 Total $ 159,026 Generally, our residential leases do not provide extension options and, as of September 30, 2019, have an average remaining term of 10.3 months. Future minimum rental payments pursuant to residential leases are excluded from the table above due to their shorter term. For leases in which we are the lessee, beginning in 2019, we recognize right of use assets and related lease liabilities on our consolidated balance sheets. Upon adoption of the accounting guidance for leases, we recognized right of use assets of $87.5 million, which are included in other assets on our condensed consolidated balance sheets. We also recognized the related lease liabilities of $79.7 million, which are included in accrued liabilities and other on our condensed consolidated balance sheets. We estimated the value of the lease liabilities using a discount rate equivalent to the rate we would pay on a secured borrowing with similar terms to the lease. Substantially all of the payments under our ground and office leases are fixed. Rents for extension periods, when provided for in the lease, are generally adjusted to market value at the time the option is exercised; therefore, these extension periods were not included in our determination of the right of use asset and lease liability. For the three and nine months ended September 30, 2019, our total lease cost for ground leases was $1.3 million and $5.8 million, respectively, and for office leases was $1.1 million and $2.4 million, respectively. As of September 30, 2019, the ground and office leases have weighted average remaining terms of 79.3 years and 8.5 years, respectively, and weighted average discount rates of 4.12% and 3.22%, respectively. Minimum annual rental payments under operating leases, reconciled to the lease liabilities included in accrued liabilities and other on our condensed consolidated balance sheets are as follows (in thousands): Office Lease Future Minimum Rent Ground Lease Future Minimum Rent Total Operating Lease Future Minimum Rent October 1, 2019 to December 31, 2019 $ 852 $ 529 $ 1,381 2020 2,806 2,350 5,156 2021 2,704 2,439 5,143 2022 2,561 2,492 5,053 2023 1,871 2,492 4,363 Thereafter 10,644 422,169 432,813 Total 21,438 432,471 453,909 Less: Discount (3,091 ) (354,941 ) (358,032 ) Total lease liability $ 18,347 $ 77,530 $ 95,877

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 5 — Commitments and Contingencies Commitments In connection with our redevelopment, development and other capital additions activities, we have entered into various construction-related contracts and we have made commitments to complete redevelopment and development of certain apartment communities, pursuant to financing or other arrangements. As of September 30, 2019, our commitments related to these capital activities totaled approximately $308.9 million, most of which we expect to incur during the next 12 months. We enter into certain commitments for future purchases of goods and services in connection with the operations of our apartment communities. Those commitments generally have terms of one year or less and reflect expenditure levels comparable to our historical expenditures. Income Taxes In 2014, the Internal Revenue Service initiated an audit of the Aimco Operating Partnership’s 2011 and 2012 tax years. This audit was concluded during the three months ended September 30, 2019, with no material effect on our tax benefits, financial condition or results of operations. Legal Matters In addition to the matters described below, we are a party to various legal actions and administrative proceedings arising in the ordinary course of business, some of which are covered by our general liability insurance program, and none of which we expect to have a material adverse effect on our consolidated financial condition, results of operations or cash flows. Environmental Various federal, state and local laws subject apartment community owners or operators to liability for management, and the costs of removal or remediation, of certain potentially hazardous materials that may be present in the land or buildings of an apartment community. Such laws often impose liability without regard to fault or whether the owner or operator knew of, or was responsible for, the presence of such materials. The presence of, or the failure to manage or remediate properly, these materials may adversely affect occupancy at such apartment communities as well as the ability to sell or finance such apartment communities. In addition, governmental agencies may bring claims for costs associated with investigation and remediation actions. Moreover, private plaintiffs may potentially make claims for investigation and remediation costs they incur or for personal injury, disease, disability or other infirmities related to the alleged presence of hazardous materials. In addition to potential environmental liabilities or costs associated with our current apartment communities, we may also be responsible for such liabilities or costs associated with communities we acquire or manage in the future, or apartment communities we no longer own or operate. We are engaged in discussions with the Environmental Protection Agency, or EPA, regarding contaminated groundwater near an Indiana apartment community that has not been owned by us since 2008. The contamination allegedly derives from a dry cleaner that operated on our former property, prior to our ownership. We undertook a voluntary remediation of the dry cleaner contamination under IDEM’s oversight. In 2016, EPA listed our former community and a number of residential communities in the vicinity on the National Priorities List, or NPL (i.e. as a Superfund site). In May 2018, we prevailed on our federal judicial appeal vacating the Superfund listing. We continue to work with EPA to identify options for clean-up of the site. Although the outcome of these processes are uncertain, we do not expect their resolution to have a material adverse effect on our consolidated financial condition, results of operations or cash flows. We also have a contingent liability stemming from a property in Lake Tahoe, California, regarding environmental contamination from the historic operation of a dry cleaner. An entity owned by us was the former general partner of a now-dissolved partnership that previously owned a site that was used for dry cleaning. That entity and the current property owner have been remediating the dry cleaner site since 2009, under the oversight of the Lahontan Regional Water Quality Control Board, or Lahontan. In May 2017, Lahontan issued a final cleanup and abatement order that names four potentially-responsible parties, acknowledges that there may be additional responsible parties, and requires the named parties to perform additional groundwater investigation and corrective actions with respect to onsite and offsite contamination. We are appealing the final order while simultaneously complying with it. Although the outcome of this process is uncertain, we do not expect its resolution to have a material adverse effect on our consolidated financial condition, results of operations or cash flows. We have determined that our legal obligations to remove or remediate certain potentially hazardous materials may be conditional asset retirement obligations, as defined in GAAP. Except in limited circumstances where the asset retirement activities are expected to be performed in connection with a planned construction project or apartment community casualty, we believe that the fair value of our asset retirement obligations cannot be reasonably estimated due to significant uncertainties in the timing and manner of settlement of those obligations. Asset retirement obligations that are reasonably estimable as of September 30, 2019, are immaterial to our consolidated financial condition, results of operations and cash flows.

Earnings and Dividends per Shar

Earnings and Dividends per Share and Unit	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Earnings per Share/Unit	Note 6 — Earnings and Dividends per Share and Unit Aimco and the Aimco Operating Partnership calculate basic earnings per common share and basic earnings per common unit based on the weighted average number of shares of Common Stock and common partnership units outstanding and excludes participating securities. Diluted earnings per share and diluted earnings per unit are calculated taking into consideration dilutive common stock and common partnership unit equivalents and dilutive convertible securities outstanding during the period. Our common stock and common partnership unit equivalents include options to purchase shares of Common Stock, which, if exercised, would result in Aimco’s issuance of additional shares and the Aimco Operating Partnership’s issuance to Aimco of additional common partnership units equal to the number of shares purchased under the options. These equivalents also include unvested total stockholder return, or TSR, restricted stock awards that do not meet the definition of participating securities, which would result in an increase in the number of shares of Common Stock and common partnership units outstanding equal to the number of shares that vest. Common partnership unit equivalents also include unvested long-term incentive partnership units. Securities with dilutive effect are included in the denominator for calculating diluted earnings per share and per unit during these periods. Our time-based restricted stock awards receive non-forfeitable dividends similar to shares of Common Stock and common partnership units prior to vesting. These dividends and distributions are not forfeited if the awards fail to vest. Therefore, the unvested shares and units related to these awards are participating securities. The effect of our time-based restricted stock awards is included in basic and diluted earnings per share and unit computations using the two-class method of allocating distributed and undistributed earnings when the two-class method is more dilutive than the treasury method. The effect of dilutive securities included in the calculation of earnings per share, and securities not dilutive and excluded from the calculation of earnings per share, for the three and nine months ended September 30, 2019 and 2018, were as follows (in thousands): Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Dilutive share equivalents outstanding 202 222 218 158 Dilutive partnership unit equivalents outstanding 261 240 327 165 Non-dilutive share equivalents outstanding — 184 — 184 Non-dilutive partnership unit equivalents outstanding — 421 — 421 Unvested restricted participating shares and partnership units 189 250 189 250 The Aimco Operating Partnership has various classes of preferred OP Units, which may be redeemed at the holder’s option. The Aimco Operating Partnership may redeem these units for cash, or at its option, shares of Common Stock. As of September 30, 2019, these preferred OP Units were potentially redeemable for approximately 1.9 million shares of Common Stock (based on the period end market price), or cash. The Aimco Operating Partnership has a redemption policy that requires cash settlement of redemption requests for the preferred OP Units, subject to limited exceptions. Accordingly, we have excluded these securities from earnings per share and unit computations and we expect to exclude them in future periods. During the three and nine months ended September 30, 2019, we paid $0.39 and $2.80, respectively, in dividends and distributions per share and per unit. Of the $2.80 paid in dividends and distributions in 2019, $2.02 was paid in March and represents the per share and unit value of the special dividend and special distribution. The special dividend consisted of $67.1 million in cash, 4.5 million shares of Common Stock and $0.4 million of cash paid in lieu of issuing fractional shares. The special distribution consisted of $72.7 million in cash, 4.8 million common partnership units and $0.4 million of cash paid in lieu of issuing fractional units. During the three and nine months ended September 30, 2018, we paid $0.38 and $1.14, respectively, in dividends and distributions per share and per unit.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 7 — Fair Value Measurements Recurring Fair Value Measurements We hold several positions in the securitization trust that holds certain of our property debt and pay interest currently. We also hold the first loss position in the securitization trust, which accrues interest over the term of the investment. These investments were acquired at a discount to face value and we are accreting the discount to the $100.9 million face value of the investments through interest income using the effective interest method over the remaining expected term of the investments, which, as of September 30, 2019, was approximately 1.7 years. We measure at fair value, on a recurring basis, our investments in the securitization trust, which we classify as available for sale, or AFS, debt securities. Our investments in AFS debt securities are included in other assets in the accompanying condensed consolidated balance sheets. Our amortized cost basis for AFS debt securities, which represents the original cost adjusted for interest accretion less interest payments received, was $88.3 million and $83.6 million as of September 30, 2019 and December 31, 2018, respectively. We estimated the fair value of these investments to be $92.9 million and $88.5 million as of September 30, 2019 and December 31, 2018, respectively. Our investments in AFS debt securities are classified within Level 2 of the GAAP fair value hierarchy. We estimate the fair value of these investments using an income and market approach with primarily observable inputs, including yields and other information regarding similar types of investments, and adjusted for certain unobservable inputs specific to these investments. The fair value of the positions that pay interest currently typically moves in an inverse relationship with movements in interest rates. The fair value of the first loss position is primarily correlated to collateral quality and demand for similar subordinate commercial mortgage-backed securities. Fair Value Disclosures We believe that the carrying value of the consolidated amounts of cash and cash equivalents, receivables and payables approximated their fair value as of September 30, 2019 and December 31, 2018, due to their relatively short-term nature and high probability of realization. The carrying amounts of longer term seller financing notes receivable approximated their estimated fair value as of September 30, 2019 and December 31, 2018. The carrying amount of our total indebtedness approximated its estimated fair value as of September 30, 2019 and December 31, 2018. We estimate the fair value of our seller financing notes and our consolidated debt using an income and market approach, including comparison of the contractual terms to observable and unobservable inputs such as market interest rate risk spreads, contractual interest rates, remaining periods to maturity, collateral quality and loan to value ratios on similarly encumbered apartment communities within our portfolio. We classify the fair value of debt and seller financing notes within Level 3 of the GAAP valuation hierarchy based on the significance of certain of the unobservable inputs used to estimate its fair value.

Business Segments

Business Segments	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Business Segments	Note 8 — Business Segments In 2019, as a result of the 2018 sale of the Asset Management business, we revised the information regularly reviewed by our chief executive officer, who is our chief operating decision maker, to assess our operating performance. We have determined we have four segments: Same Store, Redevelopment and Development, Acquisition, and Other Real Estate. Our Same Store segment includes communities that have reached a stabilized level of operations as of the beginning of a two-year comparable period and maintained it throughout the current and comparable prior year, and are not expected to be sold within 12 months. Our Redevelopment and Development segment includes apartment communities that are currently under construction that have not achieved a stabilized level of operations, and those that have been completed in recent years that have not achieved and maintained stabilized operations for both the current and comparable prior year. Our Acquisition segment includes apartment communities that we have acquired since the beginning of a two-year comparable period. Our Other Real Estate segment primarily includes apartment communities that are subject to limitations on rent increases, communities that we expect to sell within 12 months but do not yet meet the criteria to be classified as held for sale, certain retail spaces and 1001 Brickell Bay Drive. Our chief operating decision maker uses proportionate property net operating income to assess the operating performance of our apartment communities. Proportionate property net operating income is defined as our share of rental and other property revenue less our share of property operating expenses for consolidated apartment communities. We exclude from rental and other property revenues the amount of utility costs reimbursed by residents and reflect such amount as a reduction of the related utility expense within property operating expenses in our evaluation of segment results. In our condensed consolidated statements of operations, utility reimbursements are included in rental and other property revenues, in accordance with GAAP. As of September 30, 2019, our Same Store segment included 95 consolidated apartment communities with 27,640 apartment homes; our Redevelopment and Development segment included seven consolidated apartment communities with 3,137 apartment homes; our Acquisition segment included seven consolidated apartment communities with 1,590 apartment homes; and our Other Real Estate segment included 15 apartment communities with 1,315 apartment homes and one office building. The following tables present the revenues, proportionate property net operating income and income before income tax benefit (expense) of our segments on a proportionate basis and excluding our proportionate share of four communities with 142 apartment homes, which we do not consolidate, and amounts related to apartment communities sold as of September 30, 2019 for the three and nine months ended September 30, 2019 and 2018 (in thousands): Same Store Redevelopment and Development Acquisition Other Real Estate Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three months ended September 30, 2019: Total revenues $ 179,056 $ 17,891 $ 10,656 $ 13,389 $ 8,832 $ 3 $ 229,827 Property operating expenses attributable to real estate 48,220 7,469 3,317 5,149 8,234 5,041 77,430 Other operating expenses not allocated to segments (3) — — — — — 113,770 113,770 Total operating expenses 48,220 7,469 3,317 5,149 8,234 118,811 191,200 Proportionate property net operating income 130,836 10,422 7,339 8,240 598 (118,808 ) 38,627 Other items included in income before income tax benefit (4) — — — — — (37,753 ) (37,753 ) Income before income tax benefit $ 130,836 $ 10,422 $ 7,339 $ 8,240 $ 598 $ (156,561 ) $ 874 Same Store Redevelopment and Development Acquisition Other Real Estate Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three months ended September 30, 2018: Total revenues $ 172,426 $ 19,876 $ 10,630 $ 9,475 $ 8,335 $ 21,739 $ 242,481 Property operating expenses attributable to real estate 46,751 7,242 2,826 3,652 7,826 9,957 78,254 Other operating expenses not allocated to segments (3) — — — — — 117,273 117,273 Total operating expenses 46,751 7,242 2,826 3,652 7,826 127,230 195,527 Proportionate property net operating income 125,675 12,634 7,804 5,823 509 (105,491 ) 46,954 Other items included in income before income tax benefit (4) — — — — — 583,169 583,169 Income before income tax expense $ 125,675 $ 12,634 $ 7,804 $ 5,823 $ 509 $ 477,678 $ 630,123 Same Store Redevelopment and Development Acquisition Other Real Estate Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Nine months ended September 30, 2019: Total revenues $ 529,550 $ 57,408 $ 30,886 $ 32,130 $ 25,715 $ 8,573 $ 684,262 Property operating expenses attributable to real estate 142,124 21,786 9,144 12,940 24,025 22,434 232,453 Other operating expenses not allocated to segments (3) — — — — — 331,664 331,664 Total operating expenses 142,124 21,786 9,144 12,940 24,025 354,098 564,117 Proportionate property net operating income 387,426 35,622 21,742 19,190 1,690 (345,525 ) 120,145 Other items included in income before income tax expense (4) — — — — — 243,174 243,174 Income before income tax benefit $ 387,426 $ 35,622 $ 21,742 $ 19,190 $ 1,690 $ (102,351 ) $ 363,319 Same Store Redevelopment and Development Acquisition Other Real Estate Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Nine months ended September 30, 2018: Total revenues $ 509,357 $ 56,436 $ 18,567 $ 28,164 $ 24,103 $ 103,761 $ 740,388 Property operating expenses attributable to real estate 139,417 20,678 5,224 11,179 22,551 33,523 232,572 Other operating expenses not allocated to segments (3) — — — — — 358,124 358,124 Total operating expenses 139,417 20,678 5,224 11,179 22,551 391,647 590,696 Proportionate property net operating income 369,940 35,758 13,343 16,985 1,552 (287,886 ) 149,692 Other items included in income before income tax expense (4) — — — — — 544,454 544,454 Income before income tax benefit $ 369,940 $ 35,758 $ 13,343 $ 16,985 $ 1,552 $ 256,568 $ 694,146 (1) Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the results of consolidated apartment communities in our segments, which are included in the related consolidated amounts, but excluded from proportionate property net operating income for our segment evaluation. Also includes the reclassification of utility reimbursements from revenues to property operating expenses for the purpose of evaluating segment results. Utility reimbursements are included in rental and other property revenues in our condensed consolidated statements of operations prepared in accordance with GAAP. (2) Includes the operating results of apartment communities sold during the periods shown or held for sale at the end of the period, if any, and the operating results of apartment communities owned by consolidated partnerships served by our Asset Management business prior to its sale in July 2018. Corporate and Amounts Not Allocated to Segments 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 consists of property operating expenses of partnerships served by our Asset Management business prior to its sale in July 2018, depreciation and amortization, general and administrative expenses and other operating expenses, which are not included in our measure of segment performance. (4) Other items included in income before income tax benefit (expense) primarily consists of gain on dispositions of real estate and the Asset Management business and interest expense. The assets of our segments and the consolidated assets not allocated to our segments were as follows (in thousands): September 30, 2019 December 31, 2018 Same Store $ 4,083,389 $ 4,131,494 Redevelopment and Development 899,628 792,126 Acquisition 633,462 507,190 Other Real Estate 643,645 327,099 Corporate and other assets (1) 279,054 432,095 Total consolidated assets $ 6,539,178 $ 6,190,004 (1) Includes the assets not allocated to our segments, primarily corporate assets and assets of apartment communities sold as of September 30, 2019. For the nine months ended September 30, 2019 and 2018, capital additions related to our segments were as follows (in thousands): 2019 2018 Same Store $ 121,069 $ 126,140 Redevelopment and Development 147,582 98,191 Acquisition 22,398 9,731 Other Real Estate 12,692 4,194 Total capital additions $ 303,741 $ 238,256

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Variable Interest Entities	Note 9 — Variable Interest Entities Generally, a variable interest entity, or VIE, is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A limited partnership is considered a VIE when the majority of the limited partners unrelated to the general partner possess neither the right to remove the general partner without cause, nor certain rights to participate in the decisions that most significantly affect the financial results of the partnership. In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of our investment; the obligation or likelihood for us or other investors to provide financial support; and the similarity with and significance to our business activities and the business activities of the other investors. Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions. Aimco consolidates the Aimco Operating Partnership, a VIE of which Aimco is the primary beneficiary. Aimco, through the Aimco Operating Partnership, consolidates all VIEs for which the Aimco Operating Partnership is the primary beneficiary. All of the VIEs the Aimco Operating Partnership consolidates own interests in one or more apartment communities and are typically structured to generate a return for their partners through the operation and ultimate sale of the communities. The Aimco Operating Partnership is the primary beneficiary in the limited partnerships in which it is the sole decision maker and has a substantial economic interest. The table below summarizes information regarding VIEs consolidated by the Aimco Operating Partnership: September 30, 2019 December 31, 2018 VIEs with interests in apartment communities 6 9 Apartment communities owned by VIEs 6 9 Apartment homes in communities owned by VIEs 2,056 3,592 Assets of the Aimco Operating Partnership’s consolidated VIEs must first be used to settle the liabilities of such consolidated VIEs. These consolidated VIEs’ creditors do not have recourse to the general credit of the Aimco Operating Partnership. Assets and liabilities of consolidated VIEs are summarized in the table below (in thousands): September 30, 2019 December 31, 2018 Assets Net real estate $ 203,443 $ 488,127 Cash and cash equivalents 5,604 15,416 Restricted cash 1,884 4,461 Other assets 26,433 3,973 Liabilities Non-recourse property debt secured by Aimco communities, net 176,840 322,685 Accrued liabilities and other 32,378 13,576

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. The balance sheets of Aimco and the Aimco Operating Partnership at December 31, 2018, have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in Aimco’s and the Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2018. Except where indicated, the footnotes refer to both Aimco and the Aimco Operating Partnership.
Principles of Consolidation	Principles of Consolidation Aimco’s accompanying condensed consolidated financial statements include the accounts of Aimco, the Aimco Operating Partnership, and their consolidated subsidiaries. The Aimco Operating Partnership’s condensed consolidated financial statements include the accounts of the Aimco Operating Partnership and its consolidated subsidiaries. Please refer to Note 9. All significant intercompany balances and transactions have been eliminated in consolidation. Interests in the Aimco Operating Partnership that are held by limited partners other than Aimco are reflected in Aimco’s accompanying condensed consolidated balance sheets as noncontrolling interests in the Aimco Operating Partnership. Interests in partnerships consolidated by the Aimco Operating Partnership that are held by third parties are reflected in our accompanying condensed consolidated balance sheets as noncontrolling interests in consolidated real estate partnerships.
Temporary Equity and Partners' Capital	Temporary Equity and Partners’ Capital The following table presents a reconciliation of the Aimco Operating Partnership’s preferred OP Units from December 31, 2018 to September 30, 2019. As described in Note 6, the preferred OP Units may be redeemed at the holder’s option, and are therefore presented within temporary equity in Aimco’s condensed consolidated balance sheets and within temporary capital in the Aimco Operating Partnership’s condensed consolidated balance sheets (in thousands): Balance, December 31, 2018 $ 101,291 Distributions to holders of preferred OP Units (5,800 ) Redemption of preferred OP Units and other (113 ) Net income attributable to preferred OP Units 5,800 Balance, September 30, 2019 $ 101,178
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.
Reclassifications and Revisions	Reclassifications and Revisions Certain items in the 2018 condensed consolidated financial statements have been reclassified to conform to the current presentation. We have also reclassified gain on dispositions of real estate and related income taxes, which were previously reported net on our condensed consolidated statements of operations, to now present gain on dispositions of real estate and the Asset Management business as a component of income before income tax benefit (expense) in our condensed consolidated statements of operations, as follows (in thousands): Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Income tax benefit (expense) $ 27,941 $ (54,147 ) $ (26,206 ) $ 69,724 $ (57,107 ) $ 12,617 Gain on dispositions of real estate and the Asset Management business 572,085 54,147 626,232 622,631 57,107 679,738 During the nine months ended September 30, 2019, Aimco and the Aimco Operating Partnership effected a reverse split of Common Stock and common partnership units, respectively, at a ratio of one share or unit for every 1.03119 shares or units outstanding on the date of effectiveness. The accounting guidance for recapitalization events requires that we revise Aimco’s equity and the Aimco Operating Partnership’s partners’ capital as if the reverse split had occurred at the beginning of the earliest period presented. As such, we have revised the outstanding share and unit counts, presentation of share and unit activity, and earnings per share and unit, as if the reverse split had occurred on December 31, 2017.
Accounting Pronouncements Adopted in the Current Year and Recent Accounting Pronouncements	Accounting Pronouncements Adopted in the Current Year Effective January 1, 2019, we adopted the lease accounting standard issued by the Financial Accounting Standards Board, or FASB. We elected to adopt the new standard using practical expedients that: do not require a look back to expired or existing contracts for embedded leases; allow us to retain the classification of existing leases; and allow us to retain the previous accounting for the initial direct costs of existing leases. Under the new standard, a contract is or contains a lease when it provides the right to control the use of an asset for a period of time in exchange for consideration. Lessor accounting remains largely unchanged. In our position as a lessor, we have elected the practical expedient that allows us to combine revenue attributable to nonlease components with associated lease components where the timing and pattern of transfer of the components are the same. As a result, we will combine rent payments with payments for other services we provide to our residents, including residents’ reimbursement of utility expenses. We have adopted the standard using the optional transition method that allows for prior reporting periods to remain as originally presented. Please refer to Note 4. In 2018, the Securities Exchange Commission, or SEC, amended its rules to eliminate, modify, or integrate into other SEC requirements certain disclosure rules. The amendments are intended to simplify compliance without significantly changing the total mix of information provided to investors. The amendments created a requirement to report changes in equity and dividends per share in interim periods on a comparative basis for both quarter-to-date and year-to-date periods presented. We have presented comparative interim statements of stockholders’ and partners’ equity in our condensed consolidated financial statements for the three and nine months ended September 30, 2019 and 2018 . Recent Accounting Pronouncements In 2016, the FASB issued a new standard for accounting for financial instruments and credit losses thereon, which changes the method and timing of the recognition of credit losses on financial assets. The standard will require us to estimate and record credit losses over the life of a financial instrument, including receivables, at its inception. We have limited loans receivable and we invest in debt securities, which are subject to the new standard. Financial instruments, including receivables, related to operating leases are excluded from the new standard as they are subject to the lease accounting standard. This credit loss standard is required to be applied using a modified-retrospective approach and requires a cumulative-effect adjustment to retained earnings be recorded as of the date of adoption. The new standard is effective for us on January 1, 2020. We are currently in the process of completing our analysis of the impact of the standard and do not expect it to have a material effect on our financial position or results of operations.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Reconciliation of consolidated temporary equity accounts	The following table presents a reconciliation of the Aimco Operating Partnership’s preferred OP Units from December 31, 2018 to September 30, 2019. As described in Note 6, the preferred OP Units may be redeemed at the holder’s option, and are therefore presented within temporary equity in Aimco’s condensed consolidated balance sheets and within temporary capital in the Aimco Operating Partnership’s condensed consolidated balance sheets (in thousands): Balance, December 31, 2018 $ 101,291 Distributions to holders of preferred OP Units (5,800 ) Redemption of preferred OP Units and other (113 ) Net income attributable to preferred OP Units 5,800 Balance, September 30, 2019 $ 101,178
Reclassifications to conform to the current presentation	We have also reclassified gain on dispositions of real estate and related income taxes, which were previously reported net on our condensed consolidated statements of operations, to now present gain on dispositions of real estate and the Asset Management business as a component of income before income tax benefit (expense) in our condensed consolidated statements of operations, as follows (in thousands): Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Income tax benefit (expense) $ 27,941 $ (54,147 ) $ (26,206 ) $ 69,724 $ (57,107 ) $ 12,617 Gain on dispositions of real estate and the Asset Management business 572,085 54,147 626,232 622,631 57,107 679,738

Significant Transactions (Table

Significant Transactions (Tables)	9 Months Ended
	Sep. 30, 2019
Summarized Information Regarding Acquisition	Summarized information regarding this acquisition is set forth in the table below (dollars in thousands): Number of apartment homes 110 Purchase price (1) $ 65,833 Capitalized transaction costs 892 Total consideration $ 66,725 Acquisition costs allocated to land $ 4,929 Acquisition costs allocated to building (2) 61,271 Acquisition costs allocated to furniture and fixtures (2) 525 Total consideration $ 66,725 (1) The gross purchase price of the acquisition consisted of $32.8 million in cash, $30.9 million of assumed property-level debt and the issuance of 59,761 OP Units. In accordance with GAAP, the OP Units were valued at $50.77 per unit, the Aimco Common Stock closing price on April 5, 2019, the purchase date. (2) Amounts are included within the buildings and improvements line item in our condensed consolidated balance sheets.
Summary of Apartment Community Dispositions	During the nine months ended September 30, 2019, we sold apartment communities as summarized below (dollars in thousands): Apartment communities sold 8 Apartment homes sold 2,605 Gain on dispositions of real estate $ 356,929
1001 Brickell Bay Drive [Member]
Summarized Information Regarding Acquisition	Summarized information regarding this acquisition is set forth in the table below (dollars in thousands): Purchase price $ 156,750 Capitalized transaction costs 2,339 Noncontrolling interests in consolidated real estate partnerships 8,250 Total consideration (1) $ 167,339 Acquisition costs allocated to land $ 145,648 Acquisition costs allocated to building and improvements 153,241 Acquisition costs allocated to intangible assets 16,500 Acquisition costs allocated to intangible liabilities (6,519 ) Deferred tax liability assumed (2) (141,531 ) Total consideration $ 167,339 (1) Total consideration includes $66.8 million of debt assumed. (2) The deferred tax liability of $141.5 million resulted from the corporate structure utilized to complete the acquisition and is due to the difference between the purchase price determined in accordance with GAAP and the tax basis of the property. For the three and nine months ended September 30, 2019, we recorded an income tax benefit of $1.7 million related to this property.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Lease income for operating leases	For the three and nine months ended September 30, 2019, our total lease income was comprised of the following amounts for all operating leases (in thousands): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Fixed lease income $ 213,945 $ 639,359 Variable lease income 15,005 42,814 Total lease income $ 228,950 $ 682,173
Future minimum annual rental payments receivable under commercial operating leases	Future minimum annual rental payments we will receive under commercial operating leases, excluding such extension options, are as follows (in thousands) October 1, 2019 to December 31, 2019 $ 7,200 2020 26,861 2021 23,391 2022 19,910 2023 16,081 Thereafter 65,583 Total $ 159,026
Minimum annual rental payments under operating leases	Minimum annual rental payments under operating leases, reconciled to the lease liabilities included in accrued liabilities and other on our condensed consolidated balance sheets are as follows (in thousands): Office Lease Future Minimum Rent Ground Lease Future Minimum Rent Total Operating Lease Future Minimum Rent October 1, 2019 to December 31, 2019 $ 852 $ 529 $ 1,381 2020 2,806 2,350 5,156 2021 2,704 2,439 5,143 2022 2,561 2,492 5,053 2023 1,871 2,492 4,363 Thereafter 10,644 422,169 432,813 Total 21,438 432,471 453,909 Less: Discount (3,091 ) (354,941 ) (358,032 ) Total lease liability $ 18,347 $ 77,530 $ 95,877

Earnings and Dividends per Sh_2

Earnings and Dividends per Share and Unit (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Effect of Dilutive Securities and Securities not Dilutive	The effect of dilutive securities included in the calculation of earnings per share, and securities not dilutive and excluded from the calculation of earnings per share, for the three and nine months ended September 30, 2019 and 2018, were as follows (in thousands): Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Dilutive share equivalents outstanding 202 222 218 158 Dilutive partnership unit equivalents outstanding 261 240 327 165 Non-dilutive share equivalents outstanding — 184 — 184 Non-dilutive partnership unit equivalents outstanding — 421 — 421 Unvested restricted participating shares and partnership units 189 250 189 250

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Summary information for the reportable segments	The following tables present the revenues, proportionate property net operating income and income before income tax benefit (expense) of our segments on a proportionate basis and excluding our proportionate share of four communities with 142 apartment homes, which we do not consolidate, and amounts related to apartment communities sold as of September 30, 2019 for the three and nine months ended September 30, 2019 and 2018 (in thousands): Same Store Redevelopment and Development Acquisition Other Real Estate Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three months ended September 30, 2019: Total revenues $ 179,056 $ 17,891 $ 10,656 $ 13,389 $ 8,832 $ 3 $ 229,827 Property operating expenses attributable to real estate 48,220 7,469 3,317 5,149 8,234 5,041 77,430 Other operating expenses not allocated to segments (3) — — — — — 113,770 113,770 Total operating expenses 48,220 7,469 3,317 5,149 8,234 118,811 191,200 Proportionate property net operating income 130,836 10,422 7,339 8,240 598 (118,808 ) 38,627 Other items included in income before income tax benefit (4) — — — — — (37,753 ) (37,753 ) Income before income tax benefit $ 130,836 $ 10,422 $ 7,339 $ 8,240 $ 598 $ (156,561 ) $ 874 Same Store Redevelopment and Development Acquisition Other Real Estate Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three months ended September 30, 2018: Total revenues $ 172,426 $ 19,876 $ 10,630 $ 9,475 $ 8,335 $ 21,739 $ 242,481 Property operating expenses attributable to real estate 46,751 7,242 2,826 3,652 7,826 9,957 78,254 Other operating expenses not allocated to segments (3) — — — — — 117,273 117,273 Total operating expenses 46,751 7,242 2,826 3,652 7,826 127,230 195,527 Proportionate property net operating income 125,675 12,634 7,804 5,823 509 (105,491 ) 46,954 Other items included in income before income tax benefit (4) — — — — — 583,169 583,169 Income before income tax expense $ 125,675 $ 12,634 $ 7,804 $ 5,823 $ 509 $ 477,678 $ 630,123 Same Store Redevelopment and Development Acquisition Other Real Estate Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Nine months ended September 30, 2019: Total revenues $ 529,550 $ 57,408 $ 30,886 $ 32,130 $ 25,715 $ 8,573 $ 684,262 Property operating expenses attributable to real estate 142,124 21,786 9,144 12,940 24,025 22,434 232,453 Other operating expenses not allocated to segments (3) — — — — — 331,664 331,664 Total operating expenses 142,124 21,786 9,144 12,940 24,025 354,098 564,117 Proportionate property net operating income 387,426 35,622 21,742 19,190 1,690 (345,525 ) 120,145 Other items included in income before income tax expense (4) — — — — — 243,174 243,174 Income before income tax benefit $ 387,426 $ 35,622 $ 21,742 $ 19,190 $ 1,690 $ (102,351 ) $ 363,319 Same Store Redevelopment and Development Acquisition Other Real Estate Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Nine months ended September 30, 2018: Total revenues $ 509,357 $ 56,436 $ 18,567 $ 28,164 $ 24,103 $ 103,761 $ 740,388 Property operating expenses attributable to real estate 139,417 20,678 5,224 11,179 22,551 33,523 232,572 Other operating expenses not allocated to segments (3) — — — — — 358,124 358,124 Total operating expenses 139,417 20,678 5,224 11,179 22,551 391,647 590,696 Proportionate property net operating income 369,940 35,758 13,343 16,985 1,552 (287,886 ) 149,692 Other items included in income before income tax expense (4) — — — — — 544,454 544,454 Income before income tax benefit $ 369,940 $ 35,758 $ 13,343 $ 16,985 $ 1,552 $ 256,568 $ 694,146 (1) Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the results of consolidated apartment communities in our segments, which are included in the related consolidated amounts, but excluded from proportionate property net operating income for our segment evaluation. Also includes the reclassification of utility reimbursements from revenues to property operating expenses for the purpose of evaluating segment results. Utility reimbursements are included in rental and other property revenues in our condensed consolidated statements of operations prepared in accordance with GAAP. (2) Includes the operating results of apartment communities sold during the periods shown or held for sale at the end of the period, if any, and the operating results of apartment communities owned by consolidated partnerships served by our Asset Management business prior to its sale in July 2018. Corporate and Amounts Not Allocated to Segments 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 consists of property operating expenses of partnerships served by our Asset Management business prior to its sale in July 2018, depreciation and amortization, general and administrative expenses and other operating expenses, which are not included in our measure of segment performance. (4) Other items included in income before income tax benefit (expense) primarily consists of gain on dispositions of real estate and the Asset Management business and interest expense.
Reconciliation of Assets from Segment to Consolidated	The assets of our segments and the consolidated assets not allocated to our segments were as follows (in thousands): September 30, 2019 December 31, 2018 Same Store $ 4,083,389 $ 4,131,494 Redevelopment and Development 899,628 792,126 Acquisition 633,462 507,190 Other Real Estate 643,645 327,099 Corporate and other assets (1) 279,054 432,095 Total consolidated assets $ 6,539,178 $ 6,190,004 (1) Includes the assets not allocated to our segments, primarily corporate assets and assets of apartment communities sold as of September 30, 2019.
Capital additions related to segments	For the nine months ended September 30, 2019 and 2018, capital additions related to our segments were as follows (in thousands): 2019 2018 Same Store $ 121,069 $ 126,140 Redevelopment and Development 147,582 98,191 Acquisition 22,398 9,731 Other Real Estate 12,692 4,194 Total capital additions $ 303,741 $ 238,256

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The table below summarizes information regarding VIEs consolidated by the Aimco Operating Partnership: September 30, 2019 December 31, 2018 VIEs with interests in apartment communities 6 9 Apartment communities owned by VIEs 6 9 Apartment homes in communities owned by VIEs 2,056 3,592 Assets of the Aimco Operating Partnership’s consolidated VIEs must first be used to settle the liabilities of such consolidated VIEs. These consolidated VIEs’ creditors do not have recourse to the general credit of the Aimco Operating Partnership. Assets and liabilities of consolidated VIEs are summarized in the table below (in thousands): September 30, 2019 December 31, 2018 Assets Net real estate $ 203,443 $ 488,127 Cash and cash equivalents 5,604 15,416 Restricted cash 1,884 4,461 Other assets 26,433 3,973 Liabilities Non-recourse property debt secured by Aimco communities, net 176,840 322,685 Accrued liabilities and other 32,378 13,576

Organization (Details Textual)

Organization (Details Textual)	9 Months Ended
	Sep. 30, 2019Propertyapartment_homeshares
Organization [Line Items]
Common partnership units and equivalents outstanding | shares	148,884,686
Partially Owned Properties [Member]
Organization [Line Items]
Number of apartment communities | Property	128
Number of apartment homes in apartment communities | apartment_home	33,824
Wholly And Partially Owned Consolidated Properties [Member]
Organization [Line Items]
Number of apartment communities | Property	124
Number of apartment homes in apartment communities | apartment_home	33,682
AIMCO PROPERTIES, L.P [Member]
Organization [Line Items]
Common partnership units and equivalents outstanding | shares	158,447,276
AIMCO-GP, Inc. [Member]
Organization [Line Items]
Percentage of the Aimco Operating Partnership's common partnership units and equivalents owned by Aimco	94.00%

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance, December 31, 2018	$ 101,291
Balance, September 30, 2019	101,178
AIMCO PROPERTIES, L.P [Member]
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance, December 31, 2018	101,291
Distributions to holders of preferred OP Units	(5,800)
Redemption of preferred OP Units and other	(113)
Net income attributable to preferred OP Units	5,800
Balance, September 30, 2019	$ 101,178

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income tax benefit (expense)	$ 3,096	$ (26,206)	$ 1,942	$ 12,617
Gain on dispositions of real estate and the Asset Management business	$ 1,146	626,232	$ 356,929	679,738
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income tax benefit (expense)		27,941		69,724
Gain on dispositions of real estate and the Asset Management business		572,085		622,631
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income tax benefit (expense)		(54,147)		(57,107)
Gain on dispositions of real estate and the Asset Management business		$ 54,147		$ 57,107

Basis of Presentation and Sum_6

Basis of Presentation and Summary of Significant Accounting Policies (Details Textual)	9 Months Ended
	Sep. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Equity reverse stock split	0.0103119

Significant Transactions (Detai

Significant Transactions (Details Textual) - 1001 Brickell Bay Drive [Member]	Sep. 30, 2019a
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Business acquisition, percentage of interest acquired	95.00%
Area of land	1.8

Significant Transactions - Summ

Significant Transactions - Summarized Information Regarding Acquisition (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)apartment_home	Dec. 31, 2018USD ($)
Business Acquisition [Line Items]
Noncontrolling interests in consolidated real estate partnerships	$ 1,500	$ (2,967)
Acquisition costs allocated to land	1,887,424	1,756,525
Acquisition costs allocated to building and improvements	6,848,162	$ 6,552,065
1001 Brickell Bay Drive [Member]
Business Acquisition [Line Items]
Purchase price	156,750
Capitalized transaction costs	2,339
Noncontrolling interests in consolidated real estate partnerships	8,250
Total consideration	167,339
Acquisition costs allocated to land	145,648
Acquisition costs allocated to building and improvements	153,241
Acquisition costs allocated to intangible assets	16,500
Acquisition costs allocated to intangible liabilities	(6,519)
Deferred tax liability assumed	(141,531)
Philadelphia Acquisition
Business Acquisition [Line Items]
Purchase price	65,833
Capitalized transaction costs	892
Total consideration	66,725
Acquisition costs allocated to land	4,929
Acquisition costs allocated to building and improvements	$ 61,271
Number of apartment homes | apartment_home	110
Acquisition costs allocated to furniture and fixtures	$ 525

Significant Transactions - Su_2

Significant Transactions - Summarized Information Regarding Acquisition (Parenthetical) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Business Acquisition [Line Items]
Income tax benefit (expense)	$ 3,096	$ (26,206)	$ 1,942	$ 12,617
1001 Brickell Bay Drive [Member]
Business Acquisition [Line Items]
Assumed debt	66,800		66,800
Deferred tax liabilities	141,531		141,531
Income tax benefit (expense)	1,700		1,700
Philadelphia Acquisition
Business Acquisition [Line Items]
Cash paid in acquisition	32,800		32,800
Property-level debt assumed in acquisition	$ 30,900		$ 30,900
Issuance of OP Units			59,761
Share price per unit (in dollars per share)	$ 50.77		$ 50.77

Significant Transactions - Su_3

Significant Transactions - Summary of Apartment Community Dispositions (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)Propertyapartment_homeCommunity	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)Propertyapartment_homeCommunity	Sep. 30, 2018USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on dispositions of real estate | $	$ 1,146	$ 626,232	$ 356,929	$ 679,738
Wholly And Partially Owned Consolidated Properties [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Apartment communities sold | Property	124		124
Apartment homes sold | apartment_home	33,682		33,682
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Wholly And Partially Owned Consolidated Properties [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Apartment communities sold | Property	8		8
Apartment homes sold | apartment_home	2,605		2,605
Gain on dispositions of real estate | $			$ 356,929
Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Apartment communities sold | Community	0		0

Leases - Lease Income for Opera

Leases - Lease Income for Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Leases [Abstract]
Fixed lease income	$ 213,945	$ 639,359
Variable lease income	15,005	42,814
Total lease income	$ 228,950	$ 682,173

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Jan. 01, 2019
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Lease liabilities	$ 95,877	$ 95,877
ASU 2016-02
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Right of use assets			$ 87,500
Lease liabilities			$ 79,700
Commercial lease
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Lease, existence of option to extend		true
Residential Lease
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Lease, existence of option to extend		false
Weighted average remaining term	10 months 9 days	10 months 9 days
Lease, option to extend		Generally, our residential leases do not provide extension options
Ground Lease
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Weighted average remaining term	79 years 3 months 18 days	79 years 3 months 18 days
Lease liabilities	$ 77,530	$ 77,530
Lease cost	$ 1,300	$ 5,800
Operating lease, weighted average discount rate, percent	4.12%	4.12%
Office Lease
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Weighted average remaining term	8 years 6 months	8 years 6 months
Lease liabilities	$ 18,347	$ 18,347
Lease cost	$ 1,100	$ 2,400
Operating lease, weighted average discount rate, percent	3.22%	3.22%

Leases - Future Minimum Annual

Leases - Future Minimum Annual Payments Receivable Under Commercial Operating Leases (Details) $ in Thousands	Sep. 30, 2019USD ($)
Leases [Abstract]
October 1, 2019 to December 31, 2019	$ 7,200
2020	26,861
2021	23,391
2022	19,910
2023	16,081
Thereafter	65,583
Total	$ 159,026

Leases - Minimum Annual Rental

Leases - Minimum Annual Rental Payments Under Operating Leases (Details) $ in Thousands	Sep. 30, 2019USD ($)
Lessee Lease Description [Line Items]
October 1, 2019 to December 31, 2019	$ 1,381
2020	5,156
2021	5,143
2022	5,053
2023	4,363
Thereafter	432,813
Total	453,909
Less: Discount	(358,032)
Total lease liability	$ 95,877
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesAndOtherLiabilities
Office Lease Future Minimum Rent
Lessee Lease Description [Line Items]
October 1, 2019 to December 31, 2019	$ 852
2020	2,806
2021	2,704
2022	2,561
2023	1,871
Thereafter	10,644
Total	21,438
Less: Discount	(3,091)
Total lease liability	$ 18,347
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesAndOtherLiabilities
Ground Lease Future Minimum Rent
Lessee Lease Description [Line Items]
October 1, 2019 to December 31, 2019	$ 529
2020	2,350
2021	2,439
2022	2,492
2023	2,492
Thereafter	422,169
Total	432,471
Less: Discount	(354,941)
Total lease liability	$ 77,530
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesAndOtherLiabilities

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) $ in Millions	1 Months Ended	9 Months Ended
	May 31, 2017Party	Sep. 30, 2019USD ($)
Long-term Purchase Commitment [Line Items]
Number of potentially-responsible parties | Party	4
Commitments related to development, redevelopment and capital improvement activities [Member]
Long-term Purchase Commitment [Line Items]
Commitments related to capital spending activities | $		$ 308.9
Time Period of Long-term Purchase Commitment		12 months
Commitments related to operations [Member] | Maximum [Member]
Long-term Purchase Commitment [Line Items]
Time Period of Long-term Purchase Commitment		1 year

Earnings and Dividends per Sh_3

Earnings and Dividends per Share and Unit - Effect of Dilutive Securities and Securities not Dilutive (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Schedule of Earnings Per Share and Dividends Per Share [Line Items]
Dilutive share and partnership unit equivalents outstanding	202	222	218	158
Non-dilutive share and partnership unit equivalents outstanding		184		184
Unvested restricted participating shares and partnership units	189	250	189	250
AIMCO Properties, LP [Member]
Schedule of Earnings Per Share and Dividends Per Share [Line Items]
Dilutive share and partnership unit equivalents outstanding	261	240	327	165
Non-dilutive share and partnership unit equivalents outstanding		421		421

Earnings and Dividends per Sh_4

Earnings and Dividends per Share and Unit (Details Textual) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 31, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Schedule of Earnings Per Share and Dividends Per Share [Line Items]
Number of shares potentially redeemable for (in shares)		1.9		1.9
Dividends paid (in dollars per share)		$ 0.39	$ 0.38	$ 2.80	$ 1.14
Distributions paid (in dollars per share)		$ 0.39	$ 0.38	$ 2.80	$ 1.14
Special dividend		$ 58,065	$ 59,793	$ 183,579	$ 179,351
Special Dividend and Special Distribution [Member]
Schedule of Earnings Per Share and Dividends Per Share [Line Items]
Dividends paid (in dollars per share)	$ 2.02
Special Dividend Paid [Member]
Schedule of Earnings Per Share and Dividends Per Share [Line Items]
Special dividend	$ 67,100
Common shares issued in special dividend (in shares)	4.5
Special dividend, cash paid in lieu of fractional shares	$ 400
Special Cash Distribution [Member] | AIMCO Properties, LP [Member] | General Partner and Special Limited Partner [Member]
Schedule of Earnings Per Share and Dividends Per Share [Line Items]
Special distribution		$ 72,700
Units issued in special dividend (in shares)		4.8
Special distribution, cash paid in lieu of fractional shares		$ 400

Fair Value Measurements (Detail

Fair Value Measurements (Details Textual) - Available-for-sale Securities [Member] - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Face amount of investment in available-for-sale debt securities	$ 100.9
Expected remaining term of available for sale securities	1 year 8 months 12 days
Amortized cost of the investment in available-for-sale debt securities	$ 88.3	$ 83.6
Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage-backed securities available-for-sale, fair value disclosure	$ 92.9	$ 88.5

Business Segments (Details Text

Business Segments (Details Textual)	9 Months Ended
	Sep. 30, 2019Propertyapartment_homeSegmentoffice_building
Business Segments (Textual) [Abstract]
Number of reportable segments | Segment	4
Wholly And Partially Owned Consolidated Properties [Member]
Business Segments (Textual) [Abstract]
Number of owned and managed apartment communities in segments | Property	124
Number of apartment homes in apartment communities | apartment_home	33,682
Wholly And Partially Owned Consolidated Properties [Member] | Same Store [Member]
Business Segments (Textual) [Abstract]
Number of owned and managed apartment communities in segments | Property	95
Number of apartment homes in apartment communities | apartment_home	27,640
Wholly And Partially Owned Consolidated Properties [Member] | Redevelopment and Development [Member]
Business Segments (Textual) [Abstract]
Number of owned and managed apartment communities in segments | Property	7
Number of apartment homes in apartment communities | apartment_home	3,137
Wholly And Partially Owned Consolidated Properties [Member] | Acquisition [Member]
Business Segments (Textual) [Abstract]
Number of owned and managed apartment communities in segments | Property	7
Number of apartment homes in apartment communities | apartment_home	1,590
Wholly And Partially Owned Consolidated Properties [Member] | Other Real Estate [Member]
Business Segments (Textual) [Abstract]
Number of owned and managed apartment communities in segments | Property	15
Number of apartment homes in apartment communities | apartment_home	1,315
Wholly And Partially Owned Consolidated Properties [Member] | Other Real Estate [Member] | Office Building [Member]
Business Segments (Textual) [Abstract]
Number of owned and managed apartment communities in segments | office_building	1
Unconsolidated Properties [Member]
Business Segments (Textual) [Abstract]
Number of owned and managed apartment communities in segments | Property	4
Number of apartment homes in apartment communities | apartment_home	142

Business Segments (Details)

Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Summary information for the reportable segments
Total revenues	$ 229,827	$ 242,481	$ 684,262	$ 740,388
Other operating expenses not allocated to segments	113,770	117,273	331,664	358,124
Total operating expenses	191,200	195,527	564,117	590,696
Proportionate property net operating income	38,627	46,954	120,145	149,692
Other items included in income before income tax benefit (expense)	(37,753)	583,169	243,174	544,454
Income before income tax benefit (expense)	874	630,123	363,319	694,146
Real Estate [Member]
Summary information for the reportable segments
Total revenues	229,827	234,048	684,262	690,571
Property operating expenses	77,430	78,254	232,453	232,572
Segment Reconciling Items [Member]
Summary information for the reportable segments
Total revenues	8,832	8,335	25,715	24,103
Total operating expenses	8,234	7,826	24,025	22,551
Proportionate property net operating income	598	509	1,690	1,552
Income before income tax benefit (expense)	598	509	1,690	1,552
Segment Reconciling Items [Member] | Real Estate [Member]
Summary information for the reportable segments
Property operating expenses	8,234	7,826	24,025	22,551
Corporate Non-Segment [Member]
Summary information for the reportable segments
Total revenues	3	21,739	8,573	103,761
Other operating expenses not allocated to segments	113,770	117,273	331,664	358,124
Total operating expenses	118,811	127,230	354,098	391,647
Proportionate property net operating income	(118,808)	(105,491)	(345,525)	(287,886)
Other items included in income before income tax benefit (expense)	(37,753)	583,169	243,174	544,454
Income before income tax benefit (expense)	(156,561)	477,678	(102,351)	256,568
Corporate Non-Segment [Member] | Real Estate [Member]
Summary information for the reportable segments
Property operating expenses	5,041	9,957	22,434	33,523
Same Store [Member] | Operating Segments [Member]
Summary information for the reportable segments
Total revenues	179,056	172,426	529,550	509,357
Total operating expenses	48,220	46,751	142,124	139,417
Proportionate property net operating income	130,836	125,675	387,426	369,940
Income before income tax benefit (expense)	130,836	125,675	387,426	369,940
Same Store [Member] | Operating Segments [Member] | Real Estate [Member]
Summary information for the reportable segments
Property operating expenses	48,220	46,751	142,124	139,417
Redevelopment and Development [Member] | Operating Segments [Member]
Summary information for the reportable segments
Total revenues	17,891	19,876	57,408	56,436
Total operating expenses	7,469	7,242	21,786	20,678
Proportionate property net operating income	10,422	12,634	35,622	35,758
Income before income tax benefit (expense)	10,422	12,634	35,622	35,758
Redevelopment and Development [Member] | Operating Segments [Member] | Real Estate [Member]
Summary information for the reportable segments
Property operating expenses	7,469	7,242	21,786	20,678
Acquisition [Member] | Operating Segments [Member]
Summary information for the reportable segments
Total revenues	10,656	10,630	30,886	18,567
Total operating expenses	3,317	2,826	9,144	5,224
Proportionate property net operating income	7,339	7,804	21,742	13,343
Income before income tax benefit (expense)	7,339	7,804	21,742	13,343
Acquisition [Member] | Operating Segments [Member] | Real Estate [Member]
Summary information for the reportable segments
Property operating expenses	3,317	2,826	9,144	5,224
Other Real Estate [Member] | Operating Segments [Member]
Summary information for the reportable segments
Total revenues	13,389	9,475	32,130	28,164
Total operating expenses	5,149	3,652	12,940	11,179
Proportionate property net operating income	8,240	5,823	19,190	16,985
Income before income tax benefit (expense)	8,240	5,823	19,190	16,985
Other Real Estate [Member] | Operating Segments [Member] | Real Estate [Member]
Summary information for the reportable segments
Property operating expenses	$ 5,149	$ 3,652	$ 12,940	$ 11,179

Business Segments (Details 1)

Business Segments (Details 1) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total assets	$ 6,539,178	$ 6,190,004
Corporate Non-Segment [Member]
Segment Reporting Information [Line Items]
Total assets	279,054	432,095
Same Store [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total assets	4,083,389	4,131,494
Redevelopment and Development [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total assets	899,628	792,126
Acquisition [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total assets	633,462	507,190
Other Real Estate [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total assets	$ 643,645	$ 327,099

Business Segments (Details 2)

Business Segments (Details 2) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Capital additions	$ 303,741	$ 238,256
Same Store [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Capital additions	121,069	126,140
Redevelopment and Development [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Capital additions	147,582	98,191
Acquisition [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Capital additions	22,398	9,731
Other Real Estate [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Capital additions	$ 12,692	$ 4,194

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	Sep. 30, 2019USD ($)PropertyEntityUnit	Dec. 31, 2018USD ($)PropertyEntityUnit
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Net real estate	$ 6,050,892	$ 5,723,475
Cash and cash equivalents	58,724	36,858
Restricted cash	34,501	35,737
Other Assets	395,061	351,541
Non-recourse property debt secured by Aimco communities, net	4,254,710	3,915,305
Accrued liabilities and other	$ 397,216	$ 226,230
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Number of consolidated variable interest entities | Entity	6	9
Number of apartment communities | Property	6	9
Number of apartment homes in apartment communities | Unit	2,056	3,592
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Net real estate	$ 203,443	$ 488,127
Cash and cash equivalents	5,604	15,416
Restricted cash	1,884	4,461
Other Assets	26,433	3,973
Non-recourse property debt secured by Aimco communities, net	176,840	322,685
Accrued liabilities and other	$ 32,378	$ 13,576