Apartment Investment and Management (AIV) 10-Q 9 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 08, 2021
Document Information [Line Items]
Entity Registrant Name	Apartment Investment and Management Company
Entity Central Index Key	0000922864
Document Type	10-Q
Document Period End Date	Sep. 30, 2021
Amendment Flag	false
Document Fiscal Year Focus	2021
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 1450
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80237
City Area Code	303
Local Phone Number	224-7900
Entity Common Stock, Shares Outstanding		152,237,788
Title of 12(b) Security	Class A Common Stock (Apartment Investment and Management Company)
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false
Aimco OP L.P. [Member]
Document Information [Line Items]
Entity Registrant Name	Aimco OP L.P.
Entity Central Index Key	0000926660
Document Type	10-Q
Document Period End Date	Sep. 30, 2021
Amendment Flag	false
Document Fiscal Year Focus	2021
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	true
Entity Small Business	false
Entity Shell Company	false
Entity File Number	0-56223
Entity Tax Identification Number	85-2460835
Entity Address, State or Province	DE
Entity Address, Address Line One	4582 South Ulster Street
Entity Address, Address Line Two	Suite 1450
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80237
City Area Code	303
Local Phone Number	224-7900

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
ASSETS
Buildings and improvements	$ 1,202,279	$ 995,116
Land	534,092	505,153
Total real estate	1,736,371	1,500,269
Accumulated depreciation	(545,499)	(495,010)
Net real estate	1,190,872	1,005,259
Cash and cash equivalents	253,138	289,582
Restricted cash	9,623	9,153
Mezzanine investment	330,016	307,362
Right-of-use lease assets	439,229	98,280
Other assets, net	171,317	130,856
Total assets	2,394,195	1,840,492
LIABILITIES AND EQUITY
Non-recourse property debt,net	623,555	447,967
Construction loans, net	138,439	0
Notes payable to AIR	534,127	534,127
Total indebtedness	1,157,682	982,094
Deferred tax liabilities	126,851	131,560
Lease liabilities	448,886	100,496
Accrued liabilities and other	95,943	62,988
Total liabilities	1,829,362	1,277,138
Redeemable noncontrolling interest in consolidated real estate partnership	4,304	4,263
Commitments and contingencies (Note 4)	0	0
Equity:
Common Stock, $0.01 par value, 510,587,500 shares authorized, 149,803,000 and 149,036,263 shares issued/outstanding at September 30, 2021 and December 31, 2020, respectively	1,498	1,490
Additional paid-in capital	518,913	515,127
Accumulated deficit	(21,377)	(16,839)
Total Aimco equity	499,034	499,778
Noncontrolling interests in consolidated real estate partnerships	35,014	31,877
Common noncontrolling interests in Aimco Operating Partnership	26,481	27,436
Total equity	560,529	559,091
Total liabilities and equity	2,394,195	1,840,492
Aimco OP L.P. [Member]
ASSETS
Buildings and improvements	1,202,279	995,116
Land	534,092	505,153
Total real estate	1,736,371	1,500,269
Accumulated depreciation	(545,499)	(495,010)
Net real estate	1,190,872	1,005,259
Cash and cash equivalents	253,138	289,582
Restricted cash	9,623	9,153
Right-of-use lease assets	439,229	98,280
Other assets, net	171,317	130,856
Total assets	2,394,195	1,840,492
Mezzanine investment	330,016	307,362
LIABILITIES AND EQUITY
Non-recourse property debt,net	485,116	447,967
Notes payable to AIR	534,127	534,127
Total indebtedness	1,157,682	982,094
Deferred tax liabilities	126,851	131,560
Lease liabilities	448,886	100,496
Accrued liabilities and other	95,943	62,988
Total liabilities	1,829,362	1,277,138
Redeemable noncontrolling interest in consolidated real estate partnership	4,304	4,263
Commitments and contingencies (Note 4)
Equity:
General Partner and Special Limited Partner	499,034	499,778
Limited Partners	26,481	27,436
Partners’ capital attributable to Aimco Operating Partnership	525,515	527,214
Noncontrolling interests in consolidated real estate partnerships	35,014	31,877
Total partners’ capital	560,529	559,091
Total liabilities and equity	2,394,195	1,840,492
Construction loans, net	138,439
Operating Segments | Operating Portfolio And Other Segment
LIABILITIES AND EQUITY
Non-recourse property debt,net	$ 485,116	$ 447,967

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	510,587,500	510,587,500
Common Stock, shares issued (in shares)	149,803,000	149,803,000
Common Stock, shares outstanding (in shares)	149,036,263	149,036,263

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
REVENUES
Rental and other property revenues	$ 42,893	$ 37,328	$ 123,115	$ 112,802
OPERATING EXPENSES
Property operating expenses	18,155	15,151	51,500	45,822
Depreciation and amortization	21,709	19,296	63,065	57,673
General and administrative expenses	8,868	1,552	22,562	4,939
Total operating expenses	48,732	35,999	137,127	108,434
Interest expense	(12,680)	(7,103)	(37,995)	(18,563)
Mezzanine investment income, net	7,636	6,870	22,654	20,553
Unrealized gains (losses) on interest rate options	2,231	(998)	10,608	(2,078)
Other income (expense), net	1,785	(775)	5,066	(1,344)
(Loss) income before income tax benefit	(6,867)	(677)	(13,679)	2,936
Income tax benefit	2,021	2,673	9,881	6,728
Net (loss) income	(4,846)	1,996	(3,798)	9,664
Noncontrolling interests:
Net (income) loss attributable to redeemable noncontrolling interest in consolidated real estate partnership	(127)	121	(41)	349
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships	(296)	1	(862)	(4)
Net (income) loss attributable to common noncontrolling interests in Aimco Operating Partnership	253	(107)	209	(507)
Net (loss) income attributable to Aimco	$ (5,016)	$ 2,011	$ (4,492)	$ 9,502
Net (loss) income attributable to Aimco per common share – basic (Note 6)	$ (0.03)	$ 0.01	$ (0.03)	$ 0.06
Net (loss) income attributable to Aimco per common share – diluted (Note 6)	$ (0.03)	$ 0.01	$ (0.03)	$ 0.06
Weighted average common shares/units outstanding - basic	149,762	148,549	149,517	148,549
Weighted average common shares/units outstanding - diluted	149,762	148,569	149,517	148,569
Net (loss) income attributable to Aimco	$ (5,016)	$ 2,011	$ (4,492)	$ 9,502
Aimco OP L.P. [Member]
REVENUES
Rental and other property revenues	42,893	37,328	123,115	112,802
OPERATING EXPENSES
Property operating expenses	18,155	15,151	51,500	45,822
Depreciation and amortization	21,709	19,296	63,065	57,673
General and administrative expenses	8,868	1,552	22,562	4,939
Total operating expenses	48,732	35,999	137,127	108,434
Interest expense	(12,680)	(7,103)	(37,995)	(18,563)
Mezzanine investment income, net	7,636	6,870	22,654	20,553
Unrealized gains (losses) on interest rate options	2,231	(998)	10,608	(2,078)
Other income (expense), net	1,785	(775)	5,066	(1,344)
(Loss) income before income tax benefit	(6,867)	(677)	(13,679)	2,936
Income tax benefit	2,021	2,673	9,881	6,728
Net (loss) income	(4,846)	1,996	(3,798)	9,664
Noncontrolling interests:
Net (income) loss attributable to redeemable noncontrolling interest in consolidated real estate partnership	(127)	121	(41)	349
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships	(296)	1	(862)	(4)
Net (loss) income attributable to Aimco	$ (5,269)	$ 2,118	$ (4,701)	$ 10,009
Net (loss) income attributable to Aimco per common share – basic (Note 6)	$ (0.03)	$ 0.01	$ (0.03)	$ 0.06
Net (loss) income attributable to Aimco per common share – diluted (Note 6)	$ (0.03)	$ 0.01	$ (0.03)	$ 0.06
Weighted average common shares/units outstanding - basic	157,806	156,480	157,873	156,480
Weighted average common shares/units outstanding - diluted	157,806	156,500	157,873	156,500
Net (loss) income attributable to Aimco	$ (5,269)	$ 2,118	$ (4,701)	$ 10,009

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Aimco Predecessor Equity	Total Aimco Equity	Noncontrolling Interests in Consolidated Real Estate Partnerships	Common Noncontrolling Interests in Aimco Operating Partnership
Balances at Dec. 31, 2019	$ 513,560				$ 513,264	$ 513,264	$ 108	$ 188
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to Aimco	9,502
Net income attributable to Aimco Predecessor	9,502				9,502	9,502
Net loss attributable to noncontrolling interests in consolidated partnerships	4						4
Net income (loss) attributable to common noncontrolling interests in Aimco Operating Partnership	507							507
Contributions from Aimco Predecessor, net	123,158				123,157	123,157		1
Net loss attributable to Aimco	9,502
Balances at Sep. 30, 2020	646,731				645,923	645,923	112	696
Balances at Jun. 30, 2020	521,464				520,762	520,762	113	589
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to Aimco	2,011
Net income attributable to Aimco Predecessor	2,011				2,011	2,011
Net loss attributable to noncontrolling interests in consolidated partnerships	(1)						(1)
Net income (loss) attributable to common noncontrolling interests in Aimco Operating Partnership	107							107
Contributions from Aimco Predecessor, net	123,150				123,150	123,150
Net loss attributable to Aimco	2,011
Balances at Sep. 30, 2020	646,731				$ 645,923	645,923	112	696
Balances at Dec. 31, 2020	559,091	$ 1,490	$ 515,127	$ (16,839)		499,778	31,877	27,436
Balances (in shares) at Dec. 31, 2020		149,036,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of Aimco Operating Partnership units		$ 6	1,252			1,258		(1,258)
Redemption of Aimco Operating Partnership units (in shares)		580,000
Cash paid on redemption of Aimco Operating Partnership units	(47)							(47)
Issuance of common stock in connection with share-base arrangements	1,071	$ 2	1,069			1,071
Issuance of common stock in connection with share-based compensation arrangements (in shares)		232,000
Share-based compensation expense	2,329		1,770			1,770		559
Distribution to noncontrolling interest in consolidated real estate partnerships	(869)						(869)
Net loss attributable to Aimco	(4,492)			(4,492)		(4,492)
Net loss attributable to noncontrolling interests in consolidated partnerships	862						862
Net income (loss) attributable to common noncontrolling interests in Aimco Operating Partnership	(209)							(209)
Net loss attributable to Aimco	(4,492)			(4,492)		(4,492)
Other, net	(365)		(305)	(46)		(351)	(14)
Other, net (in shares)		(45,000)
Balances at Sep. 30, 2021	560,529	$ 1,498	518,913	(21,377)		499,034	35,014	26,481
Balances (in shares) at Sep. 30, 2021		149,803,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions from noncontrolling interests in consolidated real estate partnerships	3,158						3,158
Balances at Jun. 30, 2021	561,222	$ 1,496	517,540	(16,315)		502,721	31,847	26,654
Balances (in shares) at Jun. 30, 2021		149,663,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of Aimco Operating Partnership units		$ 1	354			355		(355)
Redemption of Aimco Operating Partnership units (in shares)		140,000
Cash paid on redemption of Aimco Operating Partnership units	(6)							(6)
Share-based compensation expense	1,460		1,019			1,019		441
Distribution to noncontrolling interest in consolidated real estate partnerships	(287)						(287)
Contributions from noncontrolling interests in consolidated real estate partnerships	3,158						3,158
Net loss attributable to Aimco	(5,016)			(5,016)		(5,016)
Net loss attributable to noncontrolling interests in consolidated partnerships	296						296
Net income (loss) attributable to common noncontrolling interests in Aimco Operating Partnership	(253)							(253)
Net loss attributable to Aimco	(5,016)			(5,016)		(5,016)
Other, net	(45)	$ 1		(46)		(45)
Balances at Sep. 30, 2021	$ 560,529	$ 1,498	$ 518,913	$ (21,377)		$ 499,034	$ 35,014	$ 26,481
Balances (in shares) at Sep. 30, 2021		149,803,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income		$ (4,846)	$ 1,996	$ (3,798)	$ 9,664
Adjustments to reconcile net (loss) to net cash provided by operating activities:
Depreciation and amortization		21,709	19,296	63,065	57,673
Income from unconsolidated real estate partnerships		(7,636)	(6,870)	(22,654)	(20,553)
Unrealized (gains) losses on interest rate options		(2,231)	998	(10,608)	2,078
Income tax benefit		(2,021)	(2,673)	(9,881)	(6,728)
Mezzanine investment income, net				(22,654)	(20,553)
Share based compensation				3,750
Amortization of debt issuance costs and other				801	335
Changes in operating assets and operating liabilities:
Other assets, net				(10,930)	(1,717)
Accounts payable, accrued liabilities and other				13,083	1,209
Net cash provided by operating activities				22,085	41,332
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate				(69,601)	(92,286)
Capital expenditures	[1]			(134,855)	(15,317)
Other investing activities	[2]			(12,187)	(38)
Net cash used in investing activities				(216,643)	(107,641)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from construction loans				142,305
Proceeds from non-recourse debt				59,757
Payments of deferred loan costs				(6,634)
Principal repayments on non-recourse property debt				(22,307)	(42,816)
Principal payments on finance leases				(7,773)
Purchase of interest rate option				(5,905)	(12,245)
Change in Aimco Predecessor investment, net					122,265
Other financing activities				(859)	(1,849)
Net cash provided by financing activities				158,584	65,355
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH				(35,974)	(954)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD				298,735	10,120
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD		262,761	9,166	262,761	9,166
Aimco OP L.P. [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income		(4,846)	1,996	(3,798)	9,664
Adjustments to reconcile net (loss) to net cash provided by operating activities:
Depreciation and amortization		21,709	19,296	63,065	57,673
Income from unconsolidated real estate partnerships		(7,636)	(6,870)	(22,654)	(20,553)
Unrealized (gains) losses on interest rate options		(2,231)	998	(10,608)	2,078
Income tax benefit		(2,021)	(2,673)	(9,881)	(6,728)
Mezzanine investment income, net				(22,654)	(20,553)
Share based compensation				3,750
Amortization of debt issuance costs and other				801	335
Changes in operating assets and operating liabilities:
Accounts payable, accrued liabilities and other				13,083	1,209
Other assets, net				(10,930)	(1,717)
Net cash provided by operating activities				22,085	41,332
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate				(69,601)	(92,286)
Capital expenditures	[1]			(134,855)	(15,317)
Other investing activities	[2]			(12,187)	(38)
Net cash used in investing activities				(216,643)	(107,641)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from construction loans				142,305
Proceeds from non-recourse debt				59,757
Principal repayments on non-recourse property debt				(22,307)	(42,816)
Purchase of interest rate option				(5,905)	(12,245)
Change in Aimco Predecessor investment, net					122,265
Other financing activities				(859)	(1,849)
Net cash provided by financing activities				158,584	65,355
Payments of deferred loan costs				(6,634)
Principal payments on finance leases				(7,773)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH				(35,974)	(954)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD				298,735	10,120
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD		$ 262,761	$ 9,166	262,761	9,166
Unconsolidated Real Estate Partnerships [Member]
Adjustments to reconcile net (loss) to net cash provided by operating activities:
Income from unconsolidated real estate partnerships				(743)	(629)
Unconsolidated Real Estate Partnerships [Member] | Aimco OP L.P. [Member]
Adjustments to reconcile net (loss) to net cash provided by operating activities:
Income from unconsolidated real estate partnerships				$ (743)	$ (629)
[1]	Capital expenditures net of accrued capital costs of $17.7 million and $0.6 million for the nine months ended September 30, 2021 and 2020, respectively.
[2]	Includes the acquisition of additional IQHQ shares.

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Capital expenditures net of accrued capital costs	$ 17.7	$ 0.6
Aimco OP L.P. [Member]
Capital expenditures net of accrued capital costs	$ 17.7	$ 0.6

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Partners' Capital - USD ($) $ in Thousands	Total	Aimco OP L.P. [Member]	General Partner and Special Limited Partner [Member]Aimco OP L.P. [Member]	Limited Partners [Member]Aimco OP L.P. [Member]	Partners Capital Attributable To The Partnership [Member]Aimco OP L.P. [Member]	Noncontrolling Interests in Consolidated Real Estate PartnershipsAimco OP L.P. [Member]	Aimco Predecessor Capital [Member]Aimco OP L.P. [Member]
Balances at Dec. 31, 2019		$ 513,560		$ 188	$ 188	$ 108	$ 513,264
Net loss attributable to Aimco	$ 9,502	10,009		507	507		9,502
Net loss attributable to noncontrolling interests in consolidated real estate partnerships		4				4
Contributions from Aimco Predecessor, net		123,158		1	1		123,157
Balances at Sep. 30, 2020		646,731		696	696	112	645,923
Balances at Jun. 30, 2020		521,464		589	589	113	520,762
Net loss attributable to Aimco	2,011	2,118		107	107		2,011
Net loss attributable to noncontrolling interests in consolidated real estate partnerships		(1)				(1)
Contributions from Aimco Predecessor, net		123,150					123,150
Balances at Sep. 30, 2020		646,731		696	696	112	$ 645,923
Balances at Dec. 31, 2020		559,091	$ 499,778	27,436	527,214	31,877
Net loss attributable to Aimco	(4,492)	(4,701)
Redemption of Aimco Operating Partnership units			1,258	(1,258)
Cash paid on redemption of Aimco Operating Partnership units		(47)		(47)	(47)
Issuance of common stock in connection with share-base arrangements	1,071	1,071	1,071		1,071
Share-based compensation expense	2,329	2,329	1,770	559	2,329
Distribution to noncontrolling interests in consolidated real estate partnerships		(869)				(869)
Contributions from noncontrolling interests in consolidated real estate partnerships	3,158	3,158				3,158
Net loss attributable to noncontrolling interests in consolidated real estate partnerships		862				862
Net loss attributable to the Aimco Operating Partnership		(4,701)	(4,492)	(209)	(4,701)
Distribution to noncontrolling interest in consolidated real estate partnerships	(869)
Other, net		(365)	(351)		(351)	(14)
Balances at Sep. 30, 2021		560,529	499,034	26,481	525,515	35,014
Balances at Jun. 30, 2021		561,222	502,721	26,654	529,375	31,847
Net loss attributable to Aimco	(5,016)	(5,269)
Redemption of Aimco Operating Partnership units			355	(355)
Cash paid on redemption of Aimco Operating Partnership units		(6)		(6)	(6)
Share-based compensation expense	1,460	1,460	1,019	441	1,460
Distribution to noncontrolling interests in consolidated real estate partnerships		(287)				(287)
Contributions from noncontrolling interests in consolidated real estate partnerships		3,158				3,158
Net loss attributable to noncontrolling interests in consolidated real estate partnerships		296				296
Net loss attributable to the Aimco Operating Partnership		(5,269)	(5,016)	(253)	(5,269)
Distribution to noncontrolling interest in consolidated real estate partnerships	$ (287)
Other, net		(45)	(45)		(45)
Balances at Sep. 30, 2021		$ 560,529	$ 499,034	$ 26,481	$ 525,515	$ 35,014

Organization

Organization	9 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	Note 1 — Organization Apartment Investment and Management Company (“Aimco”), a Maryland corporation incorporated on January 10, 1994, is a self-administered and self-managed real estate investment trust (“REIT”). Aimco, through a wholly-owned subsidiary, is the general and special limited partner of Aimco OP L.P. (“Aimco Operating Partnership”). Except as the context otherwise requires, “we,” “our,” and “us” refer to Aimco, Aimco Operating Partnership, and their consolidated subsidiaries, collectively. The Separation On December 15, 2020, Aimco completed the separation of its businesses (the “Separation”), creating two, separate and distinct, publicly traded companies, Aimco and Apartment Income REIT Corp. (“AIR”) (Aimco and AIR together, as they existed prior to the Separation, “Aimco Predecessor”). P rior to the Separation, the condensed consolidated financial statements were prepared on a carve-out basis and reflect significant assumptions and allocations. The condensed consolidated financial statements reflect our historical consolidated financial position, results of operations, and cash flows in conformity with generally accepted accounting principles in the United States (“GAAP”). The historical financial statements of Aimco do not represent the financial position and results of operations of one legal entity, but r All separation related transactions between Aimco and Aimco Predecessor are considered effectively settled through partners’ capital in our condensed consolidated financial statements, other than the notes payable to AIR as discussed in Note 3. The settlement of these transactions is reflected as contributions from Aimco Predecessor, net in our condensed consolidated statements of equity and partners’ capital and as a net change in Aimco Predecessor investment in financing activity in our condensed consolidated statements of cash flows. Business As of September 30, 2021, Aimco owned 93.1% of the legal interest in the common partnership units of Aimco Operating Partnership and 95.0% of the economic interest in Aimco Operating Partnership. The remaining 6.9% legal interest is owned by limited partners. As the sole general partner of Aimco Operating Partnership, Aimco has exclusive control of Aimco Operating Partnership’s day-to-day management. We own or lease a portfolio of real estate investments focused primarily on the U.S. multifamily sector. These real estate investments include a portfolio of 24 operating apartment communities with 6,067 apartment homes, diversified by both geography and price point, in 12 states; one commercial office building owned as part of a land assemblage; a recently acquired operating community with 58 townhomes; three residential apartment communities, with 1,331 planned apartment homes, a single family rental community, with 16 planned homes plus eight accessory dwelling units, and one hotel, with 106 planned rooms, that we are actively developing or redeveloping; land parcels held for development; and three residential apartment communities, with 499 apartment homes, for which we have completed the redevelopment and are in lease-up, but have not achieved stabilization. In addition, we own an interest in four unconsolidated operating apartment communities.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
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, 2021 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2021 . The condensed consolidated balance sheets of Aimco and Aimco Operating Partnership as of December 31, 2020, have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in Aimco’s and Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2020. Except where indicated, the footnotes refer to both Aimco and Aimco Operating Partnership. Principles of Consolidation Aimco’s accompanying condensed consolidated financial statements include the accounts of Aimco, Aimco Operating Partnership, and their consolidated subsidiaries. Aimco Operating Partnership’s condensed consolidated financial statements include the accounts of Aimco Operating Partnership and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. We consolidate a variable interest entity (“VIE”) in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company. Certain reclassifications have been made to prior period amounts to conform to the current period condensed consolidated financial statement presentation with no effect on the Company’s previously reported results of operations, financial position, or cash flows. Allocations The 2020 condensed consolidated statements of operations include allocations of general and administrative expenses from Aimco Predecessor. We consider the basis on which expenses have been allocated to be a reasonable reflection of the utilization of services provided to or the benefit received by us during the periods presented. However, the allocations may not include all of the actual expenses that we would have incurred and may not reflect our consolidated results of operations, financial position, and cash flows had it been a stand-alone company during the periods presented. Actual costs that might have been incurred had we been a stand-alone company would depend on a number of factors, including the chosen organizational structure, what functions we might have performed ourselves or outsourced, and strategic decisions we might have made in areas such as information technology and infrastructure. Following the Separation, AIR, through its subsidiaries, provides Aimco with certain property management and other services, and we perform certain functions using our own resources or purchase services from third parties. Common Noncontrolling Interests in Aimco Operating Partnership Common noncontrolling interests in Aimco Operating Partnership consist of common Aimco Operating Partnership Units (“OP Units”) and are reflected in Aimco’s accompanying condensed consolidated balance sheets as common noncontrolling interests in Aimco Operating Partnership. Aimco Operating Partnership’s income or loss is allocated to the holders of common OP Units, other than Aimco, based on the weighted-average number of common OP Units (including Aimco) outstanding during the period. For all periods presented, the holders of common OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 5.0%. Substantially all of the assets and liabilities of Aimco are held by Aimco Operating Partnership. Redeemable Noncontrolling Interest in Consolidated Real Estate Partnership Redeemable noncontrolling interest consists of equity interests held by a limited partner in a consolidated real estate partnership that has a finite life. We generally attribute to noncontrolling interests their share of income or loss of consolidated partnerships based on their proportionate interest in the results of operations of the partnerships, including their share of losses even if such attribution results in a deficit noncontrolling interest balance within our equity accounts. If a consolidated real estate partnership includes redemption rights that are not within our control, the noncontrolling interest is included as temporary equity. If the redemption right is not currently redeemable but probable of being redeemable in the future, changes in redemption value are recognized each quarter with the change in value being reflected in additional paid-in-capital. The assets of our consolidated real estate partnerships must first be used to settle the liabilities of the consolidated real estate partnerships. The consolidated real estate partnerships’ creditors do not have recourse to the general credit of Aimco Operating Partnership. The following table presents a reconciliation of our redeemable noncontrolling interest in consolidated real estate partnership from December 31, 2020, to September 30, 2021 (in thousands): Balance at December 31, 2020 $ 4,263 Net income 41 Balance at September 30, 2021 $ 4,304 Revenue from Leases The majority of lease payments we receive from our residents and tenants are fixed. We receive variable payments from our residents and commercial tenants primarily for utility reimbursements and other services. For the three and nine months ended September 30, 2021 and 2020, our total lease income was comprised of the following amounts for all operating leases (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Fixed lease income $ 39,382 $ 34,744 $ 113,726 $ 104,737 Variable lease income 3,046 2,572 8,760 7,803 Total lease income $ 42,428 $ 37,316 $ 122,486 $ 112,540 Lessee Arrangements We, as lessee, and AIR, as lessor, have entered into finance leases on five properties currently under construction or in lease-up. Four leases commenced January 1, 2021, two of which have rent escalations that start at the point the property reaches stabilization. Three of the leases have a term of 25 years and one has a term of 10 years. During the nine months ended September 30, 2021, we, as lessee, and AIR, as lessor, entered into a finance lease for a 15-acre plot of land in the San Francisco Bay Area on which we began construction of 16 single family rental homes and 8 accessory dwelling units in June 2021. The lease commenced on June 1, 2021 and has a term of 25 years. We have provided AIR with residual value guarantees aggregating to $250.8 million, which provide that if the residual value of the leased assets are less than the specified residual value guarantees at the earlier of lease expiration or termination, we are required to pay the difference. See Note 3 for further details. As of September 30, 2021, operating and financing right-of-use lease assets of $5.2 million and $434.0 million, respectively, are included in the condensed consolidated balance sheets. For the three months and nine months ended September 30, 2021, amortization related to our finance leases was $2.1 million and $5.5 million, respectively, net of amounts capitalized. For the three months and nine months ended September 30, 2021, interest expense related to our finance leases was $2.2 million and $6.1 million, respectively, net of amounts capitalized. As of September 30, 2021, Aimco’s operating leases and finance leases have weighted-average remaining terms of 7.6 years, and 38.6 years, respectively, and weighted-average discount rates of 3.1% and 5.4%, respectively. Combined minimum annual lease payments, under operating and financing leases, reconciled to the lease liabilities in our condensed consolidated balance sheets, are as follows (in thousands): Sublease Income Operating Lease Future Minimum Rent Financing Leases Future Minimum Payments Remainder of 2021 $ 347 $ 420 $ 6,699 2022 1,393 1,891 27,197 2023 1,403 1,922 27,597 2024 1,413 1,935 28,597 2025 1,423 1,930 29,208 Thereafter 4,959 6,575 1,644,138 Total $ 10,938 14,673 1,763,436 Less: Discount (1,702 ) (1,327,521 ) Total lease liabilities $ 12,971 $ 435,915 For the three and nine months ended September 30, 2021 No Mezzanine Investment On November 26, 2019, Aimco made a five-year The Separation Agreement provides for AIR to transfer ownership of the subsidiaries that originated and hold the mezzanine loan, a related equity option to acquire a 30% interest in the partnership owning Parkmerced Apartments the date of this filing We have the risks and rewards of ownership of the Mezzanine Investment and have recognized an asset related to our right to receive the Mezzanine Investment from AIR. We recognize as income the net amounts recognized by AIR on its equity investment that are due to be paid to us when collected, which primarily represent the interest accrued under the terms of the underlying mezzanine loan. The loan is subject to certain risks, including, but not limited to, those resulting from the ongoing disruption due to the COVID-19 pandemic and associated response, and any similar events that might occur in the future, which may result in all or a portion of the loan not being repaid. In the event we determine that a portion of the Mezzanine Investment is not recoverable, we will recognize an impairment. Income Tax Benefit Certain of our operations, including our Development and Redevelopment activities, are conducted through taxable REIT subsidiaries, or TRS entities. Additionally, our TRS entities hold investments in one of our apartment communities and 1001 Brickell Bay Drive. Our income tax benefit calculated in accordance with GAAP includes income taxes associated with the income or loss of our TRS entities. Income taxes, as well as changes in valuation allowance and incremental deferred tax items in conjunction with intercompany asset transfers and internal restructurings (if applicable), are included in income tax benefit in our condensed consolidated statements of operations. Consolidated GAAP subject to tax consists of pretax of our taxable entities and gains retained by the REIT. For the three and nine months ended September 30, 2021 , we had consolidated subject to tax of respectively. For the three and nine months ended September 30, 2020 , we had consolidated subject to respectively. For the three months ended September 30, 2021, we recognized income tax benefit of $2.0 million compared to $2.7 million, during the same period ended 2020. The change is due primarily to lower losses at our TRS entities. For the nine months ended September 30, 2021, we recorded income tax benefit of $9.9 million, compared to $6.7 million during the same period ended 2020. The change is due primarily to income tax benefit associated with internal restructuring, changes to our effective state rate expected to apply to the reversal of our existing deferred items, and higher losses at our TRS entities. Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates. Cash Equivalents We classify highly liquid investments with an original maturity of three months or less as cash equivalents. We maintain cash equivalents in financial institutions in excess of insured limits. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions. Restricted Cash Restricted cash consists of tenant security deposits, capital replacement reserves, insurance reserves, and cash restricted as required by our debt agreements. Other Assets, net Other assets were comprised of the following amounts (in thousands): September 30, 2021 December 31, 2020 Notes receivable $ 37,893 $ 37,045 Deferred costs, deposits, and other 25,585 17,557 Interest rate options 29,778 13,315 Corporate fixed assets 10,536 12,860 Unconsolidated real estate partnerships 12,974 12,829 Investment in IQHQ 24,591 12,500 Prepaid expenses and other 17,974 10,493 Intangible lease assets, net 4,756 7,264 Due from affiliates 3,155 4,333 Accounts receivable, net of allowances of $1,378 and $1,467 respectively 4,075 2,660 Total other assets, net $ 171,317 $ 130,856

Significant Transactions

Significant Transactions	9 Months Ended
	Sep. 30, 2021
Significant Transactions [Abstract]
Significant Transactions	Note 3 —Significant Transactions Transactions with AIR In conjunction with the Separation, we entered into various separation and transition services agreements with AIR that provide for a framework of our relationship with AIR after the Separation, including: (i) a separation agreement setting forth the mechanics of the Separation, the key provisions relating to the separation of our assets and liabilities from those of AIR, and certain organizational matters and conditions; (ii) an employee matters agreement to allocate liabilities and responsibilities relating to employment matters, employee compensation, benefits plans and programs, and other related matters (the “Employee Matters Agreement”); (iii) agreements pursuant to which AIR will provide property management and related services to us (collectively, the “Property Management Agreements”); (iv) an agreement pursuant to which AIR will provide us with customary administrative and support services on an ongoing basis (the “Master Services Agreement”); and (v) a master leasing agreement where we may enter into leases with AIR with the option to develop, redevelop, or lease-up the subject leased properties, and under which we will have certain lease termination rights (the “Master Leasing Agreement”). Master Services Agreement We and AIR entered into a Master Services Agreement, in which AIR will provide us with customary administrative and support services. We are obligated to pay AIR the fully burdened costs in performing the services. We may terminate any or all services on 60 days’ prior written notice, and AIR may terminate individual services, at any time after December 31, 2023. During the three and nine months ended September 30, 2021, we incurred administrative and support fees of $0.7 million and $1.8 million, respectively, which are included in general and administrative expenses in our condensed consolidated statements of operations. We did not incur any fees for the three and nine months ended September 30, 2020. Property Management Agreements We entered into several Property Management Agreements with AIR, pursuant to which AIR will provide us with certain property management, property accounting and related services for the majority of our operating properties, and we will pay AIR a property management fee equal to 3% of each respective property’s revenue collected and such other fees as may be mutually agreed upon for various other services. The initial term of each Property Management Agreement is one-year, with automatic one-year renewal periods, unless either party elects to terminate upon delivery of 60 days’ prior written notice to the other party before the end of the term. Neither party is obligated to pay to the other party a termination fee or other penalty upon such termination. During the three and nine months ended September 30, 2021, we recorded property management and property accounting fees of $1.3 million and $3.8 million, respectively, which we included in property operating expenses in our condensed consolidated statements of operations. We did not incur any fees for the three and nine months ended September 30, 2020. Notes Payable to AIR On December 14, 2020, we entered into $534.1 million of notes payable to AIR that are secured by a pledge of the equity interest in the entity that holds a portfolio of assets, however, the assets secure existing senior loans of $243.4 million as of September 30, 2021. The notes mature on January 31, 2024 and bear interest at 5.2%, with accrued interest payable quarterly on January 1, April 1, July 1 and October 1, commencing on April 1, 2021. For the three and nine months ended September 30, 2021, we recognized interest expense of $6.9 million and $20.8 million, respectively associated with the notes payable to AIR. We made interest payments of $6.9 million in the quarter which are included in interest payments on notes payable to AIR in operating activities in the condensed consolidated statement of cash flows for the nine months ended September 30, 2021 Master Leasing Agreement The Master Leasing Agreement governs the current and any future leasing arrangements between us, as lessee, and AIR, as lessor. The initial term of the Master Leasing Agreement is 18 months (expiring on or about June 14, 2022), with automatic annual extensions (subject to each party’s right to terminate upon notice prior to the end of any such extension term). The Master Leasing Agreement provides that each time the parties thereto wish to execute a lease for a particular property, such parties will cause their applicable affiliates to execute a stand-alone lease. The initial annual rent for any leased property is based on the then-current fair market value of the subject property and market NOI cap rates, subject to certain adjustments, and is further subject to periodic escalation as set forth in the applicable lease, and the other terms thereof, including the initial term and extensions. We have the right to terminate any such lease prior to the end of its term once the leased property is stabilized. In connection with such an early termination, AIR will generally have an option (and not an obligation) to pay us an amount equal to the difference between the property’s fair value at stabilization and the initial value of the leasehold interest, at a five percent discount thereto; if AIR does not exercise such option, we will have the right to cause such property to be sold to a third party, with AIR guaranteed to receive an amount equal to the difference between the property’s fair market value at stabilization and the initial value of the leasehold interest and we will retain any excess proceeds. In the event of such sale of the property, we may also elect to purchase the property at a purchase price equal to the fair market value as agreed upon at the time of lease inception (and may subsequently sell the property to a third party, subject to AIR’s right of first refusal during the first year following our acquisition). If AIR elects not to pay the fee for the development or redevelopment-related improvements, and we decline to purchase the property or cause its sale to a third party, we may elect to rescind our termination of the applicable lease and instead continue such lease in effect in accordance with its terms. We, as lessee, and AIR, as lessor, have entered into leases of five properties currently under construction or in lease-up. Four of the property leases commenced on January 1, 2021: (i) North Tower at Flamingo Point in Miami Beach, Florida; (ii) The Fremont Residences on the Anschutz Medical Campus in Aurora, Colorado; (iii) Prism in Cambridge, Massachusetts; and (iv) 707 Leahy Apartments in Redwood City, California. According to the terms of the respective lease agreements, we had the option to complete the on-going development and redevelopment of such properties and their lease-ups, which we elected on January 1, 2021. The term of each lease is 25 years except for Prism, which has a lease term of 10 years. During the nine months ended September 30, 2021, we, as lessee, and AIR, as lessor, entered into a 25 year finance lease for a 15-acre plot of land in the San Francisco Bay Area on which we began construction of 16 single family rental homes and eight accessory dwelling units in June 2021. The initial fair market values of the leased assets at the time of lease inception was determined to be $475.1 million in the aggregate. In connection with the commencement of the leases, we assumed $70.8 million of estimated obligations pursuant to certain construction contracts. As of September 30, 2021, the estimated obligations pursuant to the construction contracts assumed with these leases was $16.4 million. Due to and from AIR As of September 30, 2021, we have amounts due to and from AIR of $14.2 million and $3.2 million, respectively. The amounts due to AIR primarily consist of invoices paid on our behalf and accrued interest on the notes payable to AIR. The amounts due from AIR primarily consist of net cash flows generated by our operating properties. Terry Considine Service Agreement/AIR Reimbursement In conjunction with the Separation, we entered into an arrangement with AIR with respect to the services of Terry Considine, an Aimco board member and our former Chief Executive Officer, for services to be rendered by Mr. Considine separate from his services as a board member, including, but not limited to: (i) short and long term strategic direction and advice; (ii) transition and executive support to officers; and (iii) advice and consultation with respect to strategic growth and acquisition activities. We are obligated for all base salary, short-term incentive amounts and long-term incentive amounts payable to Mr. Considine for the calendar year 2021 under the terms of his employment agreement with AIR that are in excess of $1 million, collectively. During the three months ended September 30, 2021, the Independent Directors set Mr. Considine’s target total compensation for 2021 (including base compensation, short-term incentive, and long-term incentive) at $1.8 million, to be paid out in cash and equity. In addition, we estimate the total 2021 reimbursement to AIR to be $4.0 million for a combined total of $5.8 million. For the three and nine months ended September 30, 2021, we recorded $1.2 million and $4.1 million of expense related to the arrangements and included in general and administrative expense in our condensed consolidated statements of operations. As of September 30, 2021, $3.0 million is included in the amount due to AIR. Guarantee Liability Legal liabilities that relate to occurrences prior to the Separation, including environmental liabilities related to properties that were no longer owned by Aimco or AIR at the time of the Separation, pursuant to the terms of the Separation Agreement, are borne by Aimco Operating Partnership up to the first $17.5 million of such liabilities, in the aggregate, and borne by AIR Operating Partnership for any such liabilities in excess of $17.5 million. On the date of Separation, we recognized a guarantee liability of $16.4 million based on an estimate of the expected future cash flows required to settle the legal liabilities, including, but not limited to, remediation, settlement and legal costs, discounted by an estimated market discount rate of 4.25%. The guarantee liability is systematically reduced as costs related to the legal liabilities are incurred, which we estimate will occur through 2023. For the nine months ended September 30, 2021, the guarantee liability was reduced by $3.4 million. As of September 30, 2021, the guarantee liability of $13.0 million is included in accrued liabilities and other in our condensed consolidated balance sheets. Acquisitions from AIR In February 2021, we acquired from AIR the Benson Hotel and Faculty Club. In August 2021, we acquired from AIR the Eldridge Townhomes. Refer to Note 5 for further details regarding these acquisitions. Other Significant Transactions Non-recourse Property Debt On July 2, 2021, we entered into a $13.1 million ten-year non-recourse property note at a fixed interest rate of 4.20% with a maturity date of August 1, 2031 that is secured by one of our operating properties. We recorded deferred financing cost of $0.2 million, which will be amortized over the ten-year note. On August 20, 2021, we entered into a $46.7 million ten-year non-recourse property note at a fixed interest rate of 2.78% with a maturity date of September 1, 2031 that is secured by one of our operating properties. We recorded deferred financing cost of $0.5 million, which will be amortized over the ten-year note. Proceeds from the two non-recourse loans were used to fund the purchase of Eldridge Townhomes for $ 40.0 million and other investment opportunities. Construction Loans On April 15, 2021, we entered into a $150 million variable-rate non-recourse construction loan collateralized by our leasehold interest and AIR’s fee ownership interest in Flamingo North Tower. The initial term of the loan is three years and bears interest at one month LIBOR plus 360 basis points subject to a minimum all-in per annum interest rate of 3.85%. As of September 30, 2021, we had $118.8 million of principal outstanding. Certain consolidated subsidiaries have indemnified AIR for any losses it incurs as a result of a default on the loan by Aimco. We recorded $3.8 million of deferred financing costs which will be amortized over the three year term of the loan. On June 21, 2021, we entered into a $100.7 million variable-rate non-recourse construction loan collateralized by our fee ownership interest in Hamilton on the Bay. The initial term of the loan is three years and bears interest at one month LIBOR plus 320 basis points subject to a minimum all-in per annum interest rate of 3.45%. As of September 30, 2021, we had $25.0 million of principal outstanding. We recorded $2.3 million of deferred financing costs which will be amortized over the three year term of the loan. If LIBOR ceases to exist during the term of these agreements, the documents associated with these agreements contain language to address a transition to another bench mark rate. It is anticipated LIBOR will be replaced with SOFR, however, if SOFR were to not be available the agreements contain alternate provisions. Fort Lauderdale Consolidated Joint Venture In July 2021, Aimco entered into a joint venture with Kushner Companies to purchase January 2022 We have paid $2.4 million of the $25 million commitment, related to our share of the contract price.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 4 — Commitments and Contingencies Commitments In connection with our development, redevelopment, and other capital additions activities, we have entered into various construction-related contracts and we have made commitments to complete development and redevelopment of certain real estate, pursuant to financing or other arrangements. As of September 30, 2021, our commitments related to these capital activities totaled approximately $294.2 million, most of which we expect to incur during the next 24 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. We have a commitment to fund an additional $25.4 million to IQHQ and currently expect to contribute this investment through the end of 2022. During the nine months ended September 30, 2021, we contributed a total of $12.1 million. We also have unfunded commitments related to three investments in privately held entities that develop technology related to the real estate industry (“RETV”). During the nine months ended September 30, 2021, we contributed a total of $0.1 million to RETV, leaving an additional funding commitment in the amount of $1.0 million, the timing of which is uncertain. Legal Matters From time to time, the Company may be a party to certain legal proceedings, incidental to the normal course of business. While the outcome of the legal proceedings cannot be predicted with certainty, the Company believes there are no legal proceedings pending that would have a material effect upon our financial condition or results of operations.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Acquisitions	Note 5 — Acquisitions During the three months ended September 30, 2021, we acquired from AIR the Eldridge Townhomes for $40 million based on an independent opinion of its value. The Eldridge Townhomes are a 58-unit townhome community located on 3.6 acres of land contiguous to our Elm Creek community in Elmhurst, Illinois, a western suburb of Chicago. To fund the acquisition of Eldridge Townhomes, we used proceeds from debt placement on the unencumbered Evanston Place asset in Evanston, Illinois. Number of townhomes 58 Purchase price $ 40,000 Consideration allocated to land $ 3,483 Consideration allocated to building and improvements 35,630 Consideration allocated to intangible assets (1) 913 Consideration allocated to below-market lease liabilities (2) (26 ) Total consideration $ 40,000 (1) Intangible assets include in-place leases and leasing costs with a weighted-average term of six months. (2) Below-market leases have a weighted average term of six months. During the nine months ended September 30, 2021, we acquired eight land parcels adjacent to our Hamilton on the Bay apartment community, located in Miami’s Edgewater neighborhood, for $19.3 million and we began major redevelopment of the existing apartment building at Hamilton on the Bay. The scope of our investment will completely renew the waterfront high-rise, which benefits from spacious apartment homes (averaging 1,411 square feet) and an abundance of outdoor and amenity space that was previously underutilized. In February 2021, we acquired The Benson Hotel and Faculty Club development property for $6.2 million, net of outstanding construction liabilities of $0.9 million. The development property consists of land and initial construction costs. The project is expected to be completed in the first quarter of 2023.

Earnings and Dividends per Shar

Earnings and Dividends per Share and Unit	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings and Dividends per Share and Unit	Note 6 — Earnings and Dividends per Share and Unit Aimco and Aimco Operating Partnership calculate basic earnings per share of common stock and basic earnings per common unit based on the weighted-average number of shares of common stock and common partnership units outstanding. We calculate diluted earnings per share of common stock and diluted earnings per unit taking into consideration dilutive shares of common stock and common partnership unit equivalents and dilutive convertible securities outstanding during the period. The shares of common stock and common partnership units outstanding at the Separation date are reflected as outstanding for all periods prior to the Separation for purposes of determining earnings per share and per unit. Each of our executives and AIR’s executives received one share of AIV stock and one share of AIR stock at the Separation date for unvested shares. We include AIR’s executives’ rights to receive AIV shares upon vesting in our dilutive calculations. Our common stock and common partnership unit equivalents include options to purchase shares of common stock, which, if exercised, would result in Aimco’s issuance of additional shares of common stock and Aimco Operating Partnership’s issuance to Aimco of additional common partnership units equal to the number of shares of common stock purchased under the options. These equivalents also include unvested 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 the shares that vest. Common partnership unit equivalents also include unvested long-term incentive partnership units. We include in the denominator securities with dilutive effect in calculating diluted earnings per share and per unit during these periods. Our time-based restricted stock awards receive non-forfeitable dividends similar to shares of common stock and common partnership units prior to vesting, and our TSR LTIP I units and TSR LTIP II units receive non-forfeitable distributions based on specified percentages of the distributions paid to common partnership units prior to vesting and conversion. The unvested restricted shares and units related to these awards are participating securities. We include the effect of participating securities in basic and diluted earnings per share and unit computations using the two-class method of allocating distributed and undistributed earnings when the two-class method is more dilutive than the treasury stock method. No such items were included in the computation of diluted loss per share for the three or nine months ended because the effect of inclusion would be anti-dilutive. Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the three and nine months ended September 30, 2021 and 2020, are as follows (in thousands, except per share and per unit data): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Earnings per share Numerator: Net (loss) income attributable to Aimco $ (5,016 ) $ 2,011 $ (4,492 ) $ 9,502 Net (loss) income attributable to participating securities — (1 ) — (6 ) Net (loss) income attributable to Aimco common stockholders $ (5,016 ) $ 2,010 $ (4,492 ) $ 9,496 Denominator – shares: Basic weighted-average common stock outstanding 149,762 148,549 149,517 148,549 Diluted share equivalents outstanding — 20 — 20 Diluted weighted-average common stock outstanding 149,762 148,569 149,517 148,569 Earnings per share – basic $ (0.03 ) $ 0.01 $ (0.03 ) $ 0.06 Earnings per share – diluted $ (0.03 ) $ 0.01 $ (0.03 ) $ 0.06 Earnings per unit Numerator: Net (loss) income attributable to Aimco Operating Partnership $ (5,269 ) $ 2,118 $ (4,701 ) $ 10,009 Net (loss) income attributable to participating securities — (4 ) — (17 ) Net (loss) income attributable to Aimco Operating Partnership's Common unit holders $ (5,269 ) $ 2,114 $ (4,701 ) $ 9,992 Denominator – units Basic weighted-average common partnership units outstanding 157,806 156,480 157,873 156,480 Diluted partnership unit equivalents outstanding — 20 — 20 Diluted weighted-average common partnership units outstanding 157,806 156,500 157,873 156,500 Earnings per unit – basic $ (0.03 ) $ 0.01 $ (0.03 ) $ 0.06 Earnings per unit – diluted $ (0.03 ) $ 0.01 $ (0.03 ) $ 0.06

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 7 — Fair Value Measurements Recurring Fair Value Measurements In 2020, we paid an upfront premium of $12.1 million for the option to enter into a $1.5 billion notional amount interest rate swap at a future date. This interest rate option, or swaption, provides partial protection against exposure to rising interest rates between now and October 2024. We receive a cash settlement in the future if the prevailing interest rate is higher than the 1.68% five year swap strike price. The amount of future cash settlement is capped if the prevailing interest rate exceeds 2.78%. Alternatively, if interest rates were to decrease below the specified strike price we would not receive a cash settlement, nor would we have any requirement to make a payment. During the nine months ended September 30, 2021, we paid an upfront premium of $5.6 million (including transaction costs) for the option to enter into a $500 million notional amount interest rate swap at a future date. This interest rate option, or swaption, provides partial protection against our refinancing interest rate risk relative to our notes payable to AIR and is intended to mitigate interest rate increases between now and January 2024. We receive a cash settlement in the future if the prevailing interest rate is higher than the 3% strike price on the five year swap rate. Alternatively, if interest rates were to decrease below the specified strike price we would not receive a cash settlement, nor would we have any requirement to make a payment. From time to time we purchase interest rate caps to provide protection against increases in interest rates on our floating rate debt. The fair value of these interest rate caps are included in the fair value table below. We measure at fair value on a recurring basis our interest rate options, which are presented in other assets in our condensed consolidated balance sheets. Our interest rate options are classified within Level 2 of the GAAP fair value hierarchy, and we estimate their fair value using pricing models that rely on observable market information, including contractual terms, market prices, and interest rate yield curves. The fair value adjustment is included in earnings in Unrealized gains on interest rate options in our condensed consolidated statements of operations. Changes in fair value are reflected as a non-cash transaction in adjustments to arrive at cash flows from operations, and the upfront premium is reflected in purchase of interest rate option in our condensed consolidated statements of cash flows. We have investments of $4.5 The following table summarizes fair value for our interest rate options and our investment in RETV (in thousands): As of September 30, 2021 As of December 31, 2020 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Interest rate options $ 29,547 $ — $ 29,547 $ — $ 13,315 $ — $ 13,315 $ — Investment in RETV (1) 4,497 — — — 2,293 — — — (1) Investments measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy. Fair Value Disclosures We believe that the carrying value of the consolidated amounts of cash and cash equivalents, restricted cash, accounts receivable and payables approximated their fair value as of September 30, 2021, and December 31, 2020, due to their relatively short-term nature and high probability of realization. We estimate the fair value of our non-recourse property debt, construction loans, and notes payable to AIR using an income and market approach, including comparison of the contractual terms to observable and unobservable inputs such as market interest rate risk spreads, contractual interest rates, remaining periods to maturity, debt service coverage ratios, and loan to value ratios. We classify the fair value of our non-recourse property debt and construction loans debt within Level 2 of the GAAP fair value hierarchy based on the significance of certain of the unobservable inputs used to estimate its fair value. The carrying amount of the notes payable to AIR approximated their fair value at both September 30, 2021 and December 31, 2020. The following table summarizes carrying value and fair value for our non-recourse property debt and construction loans debt (in thousands): As of September 30, 2021 As of December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 488,576 $ 505,215 $ 449,510 $ 467,010 Construction loans debt 143,742 143,742 — —

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Variable Interest Entities	Note 8 — Variable Interest Entities Aimco consolidates Aimco Operating Partnership, a VIE of which Aimco is the primary beneficiary. Aimco, through Aimco Operating Partnership, consolidates all VIEs for which it is the primary beneficiary. Substantially all of the assets and liabilities of Aimco are that of Aimco Operating Partnership. The VIEs that Aimco Operating Partnership consolidates own interests in real estate or commitments to acquire real estate. We are the primary beneficiary of the VIEs because we have the power to direct the activities that most significantly impact the entities’ economic performance and have a substantial economic interest. We have six unconsolidated VIEs for which we are not the primary beneficiary because we are not the decision maker. The six unconsolidated VIE’s include four unconsolidated real estate partnerships that hold four apartment communities in San Diego, California, the Mezzanine Investment, and one other that is insignificant to our condensed consolidated balance sheets for both periods presented. The details of our consolidated and unconsolidated VIEs, excluding those of Aimco Operating Partnership, are summarized in the table below as of September 30, 2021 and December 31, 2020 (in thousands, except for VIE count): September 30, 2021 December 31, 2020 Consolidated Unconsolidated Consolidated Unconsolidated Count of VIEs 9 6 2 6 Assets Real estate, net $ 527,065 $ — $ 310,552 $ — Mezzanine investment — 330,016 — 307,362 Right-of-use lease assets 433,983 — 92,709 — Other assets, net 29,615 37,565 16,949 25,329 Liabilities Deferred tax liabilities 126,851 — 133,842 — Accrued liabilities and other 24,789 — 7,106 — Construction loans, net 143,742 — — — Lease liabilities 435,916 — 86,781 — As of September 30, 2021, two of our consolidated VIEs closed construction loans. In conjunction with these loans, we made customary guarantees. In certain situations, the lenders may have recourse to our general credit. As of September 30, 2021, we estimate the maximum exposure equals the $143.7 million outstanding loan balances. Other consolidated VIE’s creditors do not have recourse to our general credit. Unconsolidated Real Estate Partnerships We own an interest in four apartment communities in San Diego, California, of which we are not the primary beneficiary. Our investment balance of $13.0 million as of September 30, 2021, represents our maximum exposure to loss in these VIE’s. Mezzanine Investment Our investment balance of $330 million as of September 30, 2021, reflected in Mezzanine investment in our consolidated balance sheets, represents our maximum exposure to loss in this VIE.

Business Segments

Business Segments	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Business Segments	Note 9 — Business Segments We have three segments: (i) Development and Redevelopment; (ii) Operating Portfolio; and (iii) Other. Our Development and Redevelopment segment consists of properties that are under construction or have not achieved stabilization, as well as land assemblages that are being held for development adjacent to our Hamilton on the Bay community and other land purchases. Our Operating Portfolio segment includes 24 majority owned residential communities that have achieved stabilized level of operations as of January 1, 2020 and maintained it throughout the current year and comparable period. We aggregate all our apartment communities that have reached stabilization into our Operating Portfolio. Our Other segment consists of properties that are not included in our Developments and Redevelopment or Operating segment. We realigned our segments during the fourth quarter 2020 and have restated historical periods to conform with current segment presentation. Our chief operating decision maker (“CODM”) uses cash flow, construction timeline to completion and actual versus budgeted results to evaluate our properties in our Development and Redevelopment segment. Our CODM uses proportionate property net operating income to assess the operating performance of our Operating Portfolio. Proportionate property net operating income is defined as our share of rental and other property revenues, excluding reimbursements, less direct property operating expenses, net of utility reimbursements, for consolidated communities. In our condensed consolidated statements of operations, utility reimbursements are included in rental and other property revenues, in accordance with GAAP. As of September 30, 2021, our Development and Redevelopment segment includes five real estate investments: Upton Place, Hamilton on the Bay, The Benson Hotel, land parcels adjacent to our Hamilton on the Bay community and land purchased in Colorado Springs, Colorado. The Development and Redevelopment segment also includes our five leased properties of which, two are under construction and three are in lease-up but have not achieved stabilization. Our Operating Portfolio segment includes 24 consolidated apartment communities with 6,067 apartment homes. Our Other segment includes our recent Eldridge Townhomes acquisition, stabilized but not owned for the comparable reporting period, and 1001 Brickell Bay Drive, our only office building. The following tables present the revenues, proportionate property net operating income, and income before income tax benefit of our segments on a proportionate basis, excluding amounts related to our proportionate share of four apartment communities with apartment homes that we neither manage nor consolidate, for the three and nine months ended September 30, 2021 and 2020 (in thousands): Development and Redevelopment Operating Portfolio Other Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments Consolidated Three months ended September 30, 2021: Rental and other property revenues $ 3,196 $ 34,591 $ 3,360 $ 1,746 $ — $ 42,893 Property operating expenses 2,026 11,257 1,047 1,723 2,102 18,155 Other operating expenses not allocated to segments (2) — — — — 30,577 30,577 Total operating expenses 2,026 11,257 1,047 1,723 32,679 48,732 Proportionate property net operating income (loss) 1,170 23,334 2,313 23 (32,679 ) (5,839 ) Other items included in income before income tax benefit (3) — — — — (1,028 ) (1,028 ) Income (loss) before income tax benefit $ 1,170 $ 23,334 $ 2,313 $ 23 $ (33,707 ) $ (6,867 ) Development and Redevelopment Operating Portfolio Other Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments Consolidated Three months ended September 30, 2020: Rental and other property revenues $ — $ 32,376 $ 3,107 $ 1,845 $ — $ 37,328 Property operating expenses — 10,182 1,077 1,584 2,308 15,151 Other operating expenses not allocated to segments (2) — — — — 20,848 20,848 Total operating expenses — 10,182 1,077 1,584 23,156 35,999 Proportionate property net operating income (loss) — 22,194 2,030 261 (23,156 ) 1,329 Other items included in income before income tax benefit (3) — — — — (2,006 ) (2,006 ) Income (loss) before income tax benefit $ — $ 22,194 $ 2,030 $ 261 $ (25,162 ) $ (677 ) Development and Redevelopment Operating Portfolio Other Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments Consolidated Nine months ended September 30, 2021: Rental and other property revenues $ 7,889 $ 100,609 $ 9,489 $ 5,128 $ — $ 123,115 Property operating expenses 5,956 33,386 3,108 4,930 4,120 51,500 Other operating expenses not allocated to segments (2) — — — — 85,627 85,627 Total operating expenses 5,956 33,386 3,108 4,930 89,747 137,127 Proportionate property net operating income (loss) 1,933 67,223 6,381 198 (89,747 ) (14,012 ) Other items included in income before income tax benefit (3) — — — — 333 333 Income (loss) before income tax benefit $ 1,933 $ 67,223 $ 6,381 $ 198 $ (89,414 ) $ (13,679 ) Development and Redevelopment Operating Portfolio Other Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments Consolidated Nine months ended September 30, 2020: Rental and other property revenues $ — $ 98,336 $ 9,458 $ 5,008 $ — $ 112,802 Property operating expenses — 31,088 3,022 4,505 7,207 45,822 Other operating expenses not allocated to segments (2) — — — — 62,612 62,612 Total operating expenses — 31,088 3,022 4,505 69,819 108,434 Proportionate property net operating income (loss) — 67,248 6,436 503 (69,819 ) 4,368 Other items included in income before income tax benefit (3) — — — — (1,432 ) (1,432 ) Income (loss) before income tax benefit $ — $ 67,248 $ 6,436 $ 503 $ (71,251 ) $ 2,936 (1) Represents adjustments for the redeemable noncontrolling interest in consolidated real estate partnership’s share of the results of consolidated communities in our segments, which are included in the related consolidated amounts, but excluded from proportionate property net operating income for our segment evaluation. Also includes the reclassification of utility reimbursements from revenues to property operating expenses for the purpose of evaluating segment results. Utility reimbursements are included in rental and other property revenues in our condensed consolidated statements of operations prepared in accordance with GAAP. (2) Other operating expenses not allocated to segments consists of depreciation and amortization, general and administrative expense, and miscellaneous other expenses. (3) Other items included in income before income tax benefit consists primarily of interest expense, unrealized gain on our interest rate options and mezzanine investment income, net. Net real estate and non-recourse property debt, net, of our segments were as follows (in thousands): Development and Redevelopment Operating Portfolio Other Total As of September 30, 2021: Buildings and improvements $ 225,043 $ 780,606 $ 196,630 $ 1,202,279 Land 82,132 298,459 153,501 534,092 Total real estate 307,175 1,079,065 350,131 1,736,371 Accumulated depreciation (2,185 ) (506,065 ) (37,249 ) (545,499 ) Net real estate $ 304,990 $ 573,000 $ 312,882 $ 1,190,872 Non-recourse property debt and construction loans, net $ 138,439 $ 485,116 $ — $ 623,555 Development and Redevelopment Operating Portfolio Other Total As of December 31, 2020: Buildings and improvements $ 61,813 $ 772,786 $ 160,517 $ 995,116 Land 56,676 298,459 150,018 505,153 Total real estate 118,489 1,071,245 310,535 1,500,269 Accumulated depreciation (447 ) (469,873 ) (24,690 ) (495,010 ) Net real estate $ 118,042 $ 601,372 $ 285,845 $ 1,005,259 Non-recourse property debt, net $ — $ 447,967 $ — $ 447,967 In addition to the amounts disclosed in the tables above, the Development and Redevelopment segment right-of-use lease assets and lease liabilities as of September 30, 2021 aggregated to $434.0 million and $435.9 million, respectively, related to our investments in Upton Place, North Tower of Flamingo Point, 707 Leahy, The Fremont, Prism, and Oak shore. As of December 31, 2020, the Development and Redevelopment segment right-of-use lease assets and lease liabilities totaled $92.7 million and $86.8 million, respectively, related to our investment in Upton Place.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 10 – Subsequent Events We have evaluated subsequent events through the date of this filing. Based on the evaluation, there were no subsequent events to report.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
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, 2021 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2021 . The condensed consolidated balance sheets of Aimco and Aimco Operating Partnership as of December 31, 2020, have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in Aimco’s and Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2020. Except where indicated, the footnotes refer to both Aimco and Aimco Operating Partnership.
Consolidation	Aimco’s accompanying condensed consolidated financial statements include the accounts of Aimco, Aimco Operating Partnership, and their consolidated subsidiaries. Aimco Operating Partnership’s condensed consolidated financial statements include the accounts of Aimco Operating Partnership and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
Consolidation, Variable Interest Entity	We consolidate a variable interest entity (“VIE”) in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company. Certain reclassifications have been made to prior period amounts to conform to the current period condensed consolidated financial statement presentation with no effect on the Company’s previously reported results of operations, financial position, or cash flows.
Allocations	Allocations The 2020 condensed consolidated statements of operations include allocations of general and administrative expenses from Aimco Predecessor. We consider the basis on which expenses have been allocated to be a reasonable reflection of the utilization of services provided to or the benefit received by us during the periods presented. However, the allocations may not include all of the actual expenses that we would have incurred and may not reflect our consolidated results of operations, financial position, and cash flows had it been a stand-alone company during the periods presented. Actual costs that might have been incurred had we been a stand-alone company would depend on a number of factors, including the chosen organizational structure, what functions we might have performed ourselves or outsourced, and strategic decisions we might have made in areas such as information technology and infrastructure. Following the Separation, AIR, through its subsidiaries, provides Aimco with certain property management and other services, and we perform certain functions using our own resources or purchase services from third parties.
Common Noncontrolling Interests in Aimco Operating Partnership	Common Noncontrolling Interests in Aimco Operating Partnership Common noncontrolling interests in Aimco Operating Partnership consist of common Aimco Operating Partnership Units (“OP Units”) and are reflected in Aimco’s accompanying condensed consolidated balance sheets as common noncontrolling interests in Aimco Operating Partnership. Aimco Operating Partnership’s income or loss is allocated to the holders of common OP Units, other than Aimco, based on the weighted-average number of common OP Units (including Aimco) outstanding during the period. For all periods presented, the holders of common OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 5.0%. Substantially all of the assets and liabilities of Aimco are held by Aimco Operating Partnership. Redeemable Noncontrolling Interest in Consolidated Real Estate Partnership Redeemable noncontrolling interest consists of equity interests held by a limited partner in a consolidated real estate partnership that has a finite life. We generally attribute to noncontrolling interests their share of income or loss of consolidated partnerships based on their proportionate interest in the results of operations of the partnerships, including their share of losses even if such attribution results in a deficit noncontrolling interest balance within our equity accounts. If a consolidated real estate partnership includes redemption rights that are not within our control, the noncontrolling interest is included as temporary equity. If the redemption right is not currently redeemable but probable of being redeemable in the future, changes in redemption value are recognized each quarter with the change in value being reflected in additional paid-in-capital. The assets of our consolidated real estate partnerships must first be used to settle the liabilities of the consolidated real estate partnerships. The consolidated real estate partnerships’ creditors do not have recourse to the general credit of Aimco Operating Partnership. The following table presents a reconciliation of our redeemable noncontrolling interest in consolidated real estate partnership from December 31, 2020, to September 30, 2021 (in thousands): Balance at December 31, 2020 $ 4,263 Net income 41 Balance at September 30, 2021 $ 4,304
Revenue from Leases	Revenue from Leases The majority of lease payments we receive from our residents and tenants are fixed. We receive variable payments from our residents and commercial tenants primarily for utility reimbursements and other services. For the three and nine months ended September 30, 2021 and 2020, our total lease income was comprised of the following amounts for all operating leases (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Fixed lease income $ 39,382 $ 34,744 $ 113,726 $ 104,737 Variable lease income 3,046 2,572 8,760 7,803 Total lease income $ 42,428 $ 37,316 $ 122,486 $ 112,540 Lessee Arrangements We, as lessee, and AIR, as lessor, have entered into finance leases on five properties currently under construction or in lease-up. Four leases commenced January 1, 2021, two of which have rent escalations that start at the point the property reaches stabilization. Three of the leases have a term of 25 years and one has a term of 10 years. During the nine months ended September 30, 2021, we, as lessee, and AIR, as lessor, entered into a finance lease for a 15-acre plot of land in the San Francisco Bay Area on which we began construction of 16 single family rental homes and 8 accessory dwelling units in June 2021. The lease commenced on June 1, 2021 and has a term of 25 years. We have provided AIR with residual value guarantees aggregating to $250.8 million, which provide that if the residual value of the leased assets are less than the specified residual value guarantees at the earlier of lease expiration or termination, we are required to pay the difference. See Note 3 for further details. As of September 30, 2021, operating and financing right-of-use lease assets of $5.2 million and $434.0 million, respectively, are included in the condensed consolidated balance sheets. For the three months and nine months ended September 30, 2021, amortization related to our finance leases was $2.1 million and $5.5 million, respectively, net of amounts capitalized. For the three months and nine months ended September 30, 2021, interest expense related to our finance leases was $2.2 million and $6.1 million, respectively, net of amounts capitalized. As of September 30, 2021, Aimco’s operating leases and finance leases have weighted-average remaining terms of 7.6 years, and 38.6 years, respectively, and weighted-average discount rates of 3.1% and 5.4%, respectively. Combined minimum annual lease payments, under operating and financing leases, reconciled to the lease liabilities in our condensed consolidated balance sheets, are as follows (in thousands): Sublease Income Operating Lease Future Minimum Rent Financing Leases Future Minimum Payments Remainder of 2021 $ 347 $ 420 $ 6,699 2022 1,393 1,891 27,197 2023 1,403 1,922 27,597 2024 1,413 1,935 28,597 2025 1,423 1,930 29,208 Thereafter 4,959 6,575 1,644,138 Total $ 10,938 14,673 1,763,436 Less: Discount (1,702 ) (1,327,521 ) Total lease liabilities $ 12,971 $ 435,915 For the three and nine months ended September 30, 2021 No
Mezzanine Investment	Mezzanine Investment On November 26, 2019, Aimco made a five-year The Separation Agreement provides for AIR to transfer ownership of the subsidiaries that originated and hold the mezzanine loan, a related equity option to acquire a 30% interest in the partnership owning Parkmerced Apartments the date of this filing We have the risks and rewards of ownership of the Mezzanine Investment and have recognized an asset related to our right to receive the Mezzanine Investment from AIR. We recognize as income the net amounts recognized by AIR on its equity investment that are due to be paid to us when collected, which primarily represent the interest accrued under the terms of the underlying mezzanine loan. The loan is subject to certain risks, including, but not limited to, those resulting from the ongoing disruption due to the COVID-19 pandemic and associated response, and any similar events that might occur in the future, which may result in all or a portion of the loan not being repaid. In the event we determine that a portion of the Mezzanine Investment is not recoverable, we will recognize an impairment.
Income Tax Benefit	Income Tax Benefit Certain of our operations, including our Development and Redevelopment activities, are conducted through taxable REIT subsidiaries, or TRS entities. Additionally, our TRS entities hold investments in one of our apartment communities and 1001 Brickell Bay Drive. Our income tax benefit calculated in accordance with GAAP includes income taxes associated with the income or loss of our TRS entities. Income taxes, as well as changes in valuation allowance and incremental deferred tax items in conjunction with intercompany asset transfers and internal restructurings (if applicable), are included in income tax benefit in our condensed consolidated statements of operations. Consolidated GAAP subject to tax consists of pretax of our taxable entities and gains retained by the REIT. For the three and nine months ended September 30, 2021 , we had consolidated subject to tax of respectively. For the three and nine months ended September 30, 2020 , we had consolidated subject to respectively. For the three months ended September 30, 2021, we recognized income tax benefit of $2.0 million compared to $2.7 million, during the same period ended 2020. The change is due primarily to lower losses at our TRS entities. For the nine months ended September 30, 2021, we recorded income tax benefit of $9.9 million, compared to $6.7 million during the same period ended 2020. The change is due primarily to income tax benefit associated with internal restructuring, changes to our effective state rate expected to apply to the reversal of our existing deferred items, and higher losses at our TRS entities.
Use of Estimates	Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates.
Cash Equivalents	Cash Equivalents We classify highly liquid investments with an original maturity of three months or less as cash equivalents. We maintain cash equivalents in financial institutions in excess of insured limits. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions. Restricted Cash Restricted cash consists of tenant security deposits, capital replacement reserves, insurance reserves, and cash restricted as required by our debt agreements.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2021
Lease Income for Operating Leases	The majority of lease payments we receive from our residents and tenants are fixed. We receive variable payments from our residents and commercial tenants primarily for utility reimbursements and other services. For the three and nine months ended September 30, 2021 and 2020, our total lease income was comprised of the following amounts for all operating leases (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Fixed lease income $ 39,382 $ 34,744 $ 113,726 $ 104,737 Variable lease income 3,046 2,572 8,760 7,803 Total lease income $ 42,428 $ 37,316 $ 122,486 $ 112,540
Minimum Annual Rental Payments Under Operating and Financing Leases	Combined minimum annual lease payments, under operating and financing leases, reconciled to the lease liabilities in our condensed consolidated balance sheets, are as follows (in thousands): Sublease Income Operating Lease Future Minimum Rent Financing Leases Future Minimum Payments Remainder of 2021 $ 347 $ 420 $ 6,699 2022 1,393 1,891 27,197 2023 1,403 1,922 27,597 2024 1,413 1,935 28,597 2025 1,423 1,930 29,208 Thereafter 4,959 6,575 1,644,138 Total $ 10,938 14,673 1,763,436 Less: Discount (1,702 ) (1,327,521 ) Total lease liabilities $ 12,971 $ 435,915
Summary of Other Assets	Other Assets, net Other assets were comprised of the following amounts (in thousands): September 30, 2021 December 31, 2020 Notes receivable $ 37,893 $ 37,045 Deferred costs, deposits, and other 25,585 17,557 Interest rate options 29,778 13,315 Corporate fixed assets 10,536 12,860 Unconsolidated real estate partnerships 12,974 12,829 Investment in IQHQ 24,591 12,500 Prepaid expenses and other 17,974 10,493 Intangible lease assets, net 4,756 7,264 Due from affiliates 3,155 4,333 Accounts receivable, net of allowances of $1,378 and $1,467 respectively 4,075 2,660 Total other assets, net $ 171,317 $ 130,856
Real Estate Partnership
Summary of Reconciliation of Redeemable Noncontrolling Interests in Real Estate Partnership	The following table presents a reconciliation of our redeemable noncontrolling interest in consolidated real estate partnership from December 31, 2020, to September 30, 2021 (in thousands): Balance at December 31, 2020 $ 4,263 Net income 41 Balance at September 30, 2021 $ 4,304

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Schedule of Consideration	During the three months ended September 30, 2021, we acquired from AIR the Eldridge Townhomes for $40 million based on an independent opinion of its value. The Eldridge Townhomes are a 58-unit townhome community located on 3.6 acres of land contiguous to our Elm Creek community in Elmhurst, Illinois, a western suburb of Chicago. To fund the acquisition of Eldridge Townhomes, we used proceeds from debt placement on the unencumbered Evanston Place asset in Evanston, Illinois. Number of townhomes 58 Purchase price $ 40,000 Consideration allocated to land $ 3,483 Consideration allocated to building and improvements 35,630 Consideration allocated to intangible assets (1) 913 Consideration allocated to below-market lease liabilities (2) (26 ) Total consideration $ 40,000 (1) Intangible assets include in-place leases and leasing costs with a weighted-average term of six months. (2) Below-market leases have a weighted average term of six months.

Earnings and Dividends per Sh_2

Earnings and Dividends per Share and Unit (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings per Share and per Unit	Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the three and nine months ended September 30, 2021 and 2020, are as follows (in thousands, except per share and per unit data): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Earnings per share Numerator: Net (loss) income attributable to Aimco $ (5,016 ) $ 2,011 $ (4,492 ) $ 9,502 Net (loss) income attributable to participating securities — (1 ) — (6 ) Net (loss) income attributable to Aimco common stockholders $ (5,016 ) $ 2,010 $ (4,492 ) $ 9,496 Denominator – shares: Basic weighted-average common stock outstanding 149,762 148,549 149,517 148,549 Diluted share equivalents outstanding — 20 — 20 Diluted weighted-average common stock outstanding 149,762 148,569 149,517 148,569 Earnings per share – basic $ (0.03 ) $ 0.01 $ (0.03 ) $ 0.06 Earnings per share – diluted $ (0.03 ) $ 0.01 $ (0.03 ) $ 0.06 Earnings per unit Numerator: Net (loss) income attributable to Aimco Operating Partnership $ (5,269 ) $ 2,118 $ (4,701 ) $ 10,009 Net (loss) income attributable to participating securities — (4 ) — (17 ) Net (loss) income attributable to Aimco Operating Partnership's Common unit holders $ (5,269 ) $ 2,114 $ (4,701 ) $ 9,992 Denominator – units Basic weighted-average common partnership units outstanding 157,806 156,480 157,873 156,480 Diluted partnership unit equivalents outstanding — 20 — 20 Diluted weighted-average common partnership units outstanding 157,806 156,500 157,873 156,500 Earnings per unit – basic $ (0.03 ) $ 0.01 $ (0.03 ) $ 0.06 Earnings per unit – diluted $ (0.03 ) $ 0.01 $ (0.03 ) $ 0.06

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Summary of Fair Value for Interest Rate Option and Investment in RETV	The following table summarizes fair value for our interest rate options and our investment in RETV (in thousands): As of September 30, 2021 As of December 31, 2020 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Interest rate options $ 29,547 $ — $ 29,547 $ — $ 13,315 $ — $ 13,315 $ — Investment in RETV (1) 4,497 — — — 2,293 — — — (1) Investments measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.
Summary of Carrying Value and Fair Value of Non-recourse Property Debt	The following table summarizes carrying value and fair value for our non-recourse property debt and construction loans debt (in thousands): As of September 30, 2021 As of December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 488,576 $ 505,215 $ 449,510 $ 467,010 Construction loans debt 143,742 143,742 — —

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The details of our consolidated and unconsolidated VIEs, excluding those of Aimco Operating Partnership, are summarized in the table below as of September 30, 2021 and December 31, 2020 (in thousands, except for VIE count): September 30, 2021 December 31, 2020 Consolidated Unconsolidated Consolidated Unconsolidated Count of VIEs 9 6 2 6 Assets Real estate, net $ 527,065 $ — $ 310,552 $ — Mezzanine investment — 330,016 — 307,362 Right-of-use lease assets 433,983 — 92,709 — Other assets, net 29,615 37,565 16,949 25,329 Liabilities Deferred tax liabilities 126,851 — 133,842 — Accrued liabilities and other 24,789 — 7,106 — Construction loans, net 143,742 — — — Lease liabilities 435,916 — 86,781 —

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Summary of Information for Reportable Segments	The following tables present the revenues, proportionate property net operating income, and income before income tax benefit of our segments on a proportionate basis, excluding amounts related to our proportionate share of four apartment communities with apartment homes that we neither manage nor consolidate, for the three and nine months ended September 30, 2021 and 2020 (in thousands): Development and Redevelopment Operating Portfolio Other Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments Consolidated Three months ended September 30, 2021: Rental and other property revenues $ 3,196 $ 34,591 $ 3,360 $ 1,746 $ — $ 42,893 Property operating expenses 2,026 11,257 1,047 1,723 2,102 18,155 Other operating expenses not allocated to segments (2) — — — — 30,577 30,577 Total operating expenses 2,026 11,257 1,047 1,723 32,679 48,732 Proportionate property net operating income (loss) 1,170 23,334 2,313 23 (32,679 ) (5,839 ) Other items included in income before income tax benefit (3) — — — — (1,028 ) (1,028 ) Income (loss) before income tax benefit $ 1,170 $ 23,334 $ 2,313 $ 23 $ (33,707 ) $ (6,867 ) Development and Redevelopment Operating Portfolio Other Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments Consolidated Three months ended September 30, 2020: Rental and other property revenues $ — $ 32,376 $ 3,107 $ 1,845 $ — $ 37,328 Property operating expenses — 10,182 1,077 1,584 2,308 15,151 Other operating expenses not allocated to segments (2) — — — — 20,848 20,848 Total operating expenses — 10,182 1,077 1,584 23,156 35,999 Proportionate property net operating income (loss) — 22,194 2,030 261 (23,156 ) 1,329 Other items included in income before income tax benefit (3) — — — — (2,006 ) (2,006 ) Income (loss) before income tax benefit $ — $ 22,194 $ 2,030 $ 261 $ (25,162 ) $ (677 ) Development and Redevelopment Operating Portfolio Other Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments Consolidated Nine months ended September 30, 2021: Rental and other property revenues $ 7,889 $ 100,609 $ 9,489 $ 5,128 $ — $ 123,115 Property operating expenses 5,956 33,386 3,108 4,930 4,120 51,500 Other operating expenses not allocated to segments (2) — — — — 85,627 85,627 Total operating expenses 5,956 33,386 3,108 4,930 89,747 137,127 Proportionate property net operating income (loss) 1,933 67,223 6,381 198 (89,747 ) (14,012 ) Other items included in income before income tax benefit (3) — — — — 333 333 Income (loss) before income tax benefit $ 1,933 $ 67,223 $ 6,381 $ 198 $ (89,414 ) $ (13,679 ) Development and Redevelopment Operating Portfolio Other Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments Consolidated Nine months ended September 30, 2020: Rental and other property revenues $ — $ 98,336 $ 9,458 $ 5,008 $ — $ 112,802 Property operating expenses — 31,088 3,022 4,505 7,207 45,822 Other operating expenses not allocated to segments (2) — — — — 62,612 62,612 Total operating expenses — 31,088 3,022 4,505 69,819 108,434 Proportionate property net operating income (loss) — 67,248 6,436 503 (69,819 ) 4,368 Other items included in income before income tax benefit (3) — — — — (1,432 ) (1,432 ) Income (loss) before income tax benefit $ — $ 67,248 $ 6,436 $ 503 $ (71,251 ) $ 2,936 (1) Represents adjustments for the redeemable noncontrolling interest in consolidated real estate partnership’s share of the results of consolidated communities in our segments, which are included in the related consolidated amounts, but excluded from proportionate property net operating income for our segment evaluation. Also includes the reclassification of utility reimbursements from revenues to property operating expenses for the purpose of evaluating segment results. Utility reimbursements are included in rental and other property revenues in our condensed consolidated statements of operations prepared in accordance with GAAP. (2) Other operating expenses not allocated to segments consists of depreciation and amortization, general and administrative expense, and miscellaneous other expenses. (3) Other items included in income before income tax benefit consists primarily of interest expense, unrealized gain on our interest rate options and mezzanine investment income, net.

Organization (Details Textual)

Organization (Details Textual)	9 Months Ended
	Sep. 30, 2021Propertyapartment_homeoffice_buildingCommunityHotelRoom
Continuing Operations [Member]
Organization [Line Items]
Number of consolidated real estate properties | Property	24
Number of units in real estate property	6,067
Commercial Office Building [Member] | Continuing Operations [Member]
Organization [Line Items]
Number of consolidated real estate properties | office_building	1
Residential Apartment Communities in Redevelopment [Member] | Continuing Operations [Member]
Organization [Line Items]
Number of consolidated real estate properties | Community	3
Hotel [Member] | Continuing Operations [Member]
Organization [Line Items]
Number of consolidated real estate properties | Hotel	1
Planned Apartment Homes [Member] | Continuing Operations [Member]
Organization [Line Items]
Number of units in real estate property	1,331
Apartment Homes Redevelopment Completed [Member] | Continuing Operations [Member]
Organization [Line Items]
Number of units in real estate property	499
Planned Rooms [Member] | Continuing Operations [Member]
Organization [Line Items]
Number of units in real estate property | Room	106
Aimco Operating Partnership [Member]
Organization [Line Items]
Percentage of the Aimco Operating Partnership common partnership units and equivalents owned by Aimco	93.10%
Percentage of economic interest in Aimco Operating Partnership owned by Aimco	95.00%
Percentage of Aimco Operating Partnership common partnership units and equivalents owned by other limited partners	6.90%

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) $ in Thousands	Nov. 26, 2019USD ($)	Sep. 30, 2021USD ($)aPropertyHomeDwelling	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)aPropertyHomeDwelling	Sep. 30, 2020USD ($)	Jun. 01, 2021
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Weighted average ownership interest		5.00%	5.00%	5.00%	5.00%
Lease term		25 years		25 years		25 years
Lease commencement date		Jun. 1, 2021		Jan. 1, 2021
Area of real estate property | a		15		15
Aggregate residual value of leased assets		$ 250,800		$ 250,800
Operating right-of-use lease assets		5,200		5,200
Financing right-of-use lease assets		434,000		434,000
Finance lease, amortization		2,100		5,500
Finance lease, interest expense		$ 2,200		$ 6,100
Operating leases weighted average remaining term		7 years 7 months 6 days		7 years 7 months 6 days
Financing leases weighted average remaining term		38 years 7 months 6 days		38 years 7 months 6 days
Operating leases, weighted average discount rate, percent		3.10%		3.10%
Financing leases, weighted average discount rate, percent		5.40%		5.40%
Lease cost capitalized		$ 5,800	$ 0	$ 18,500	$ 0
Net loss subject to tax		(7,900)	5,700	(26,400)	14,500
Income tax benefit		2,021	2,673	$ 9,881	6,728
Parkmerced Investment [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Equity method investment aggregate cost	$ 275,000
Equity method investment term	5 years
Equity method investment interest rate	10.00%
Option to acquire equity interest in partnership, percentage				30.00%
Restructuring [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Income tax benefit		$ 2,000	$ 2,700	$ 9,900	$ 6,700
Prism Llc [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Lease term		10 years		10 years
Under Construction or Leased Up [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Number of consolidated real estate properties | Property		5		5
single family rental homes [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Number of consolidated real estate properties | Home		16		16
Accessory dwelling [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Number of consolidated real estate properties | Dwelling		8		8

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Reconciliation of Preferred OP Units (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Redeemable Noncontrolling Interest [Line Items]
Balance at December 31, 2020	$ 4,263
Balance at September 30, 2021	4,304
Real Estate Partnership [Member]
Redeemable Noncontrolling Interest [Line Items]
Balance at December 31, 2020	4,263
Net income	41
Balance at September 30, 2021	$ 4,304

Basis of Presentation and Sum_6

Basis of Presentation and Summary of Significant Accounting Policies - Lease Income for Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Fixed lease income	$ 39,382	$ 34,744	$ 113,726	$ 104,737
Variable lease income	3,046	2,572	8,760	7,803
Total lease income	$ 42,428	$ 37,316	$ 122,486	$ 112,540

Basis of Presentation and Sum_7

Basis of Presentation and Summary of Significant Accounting Policies - Minimum Annual Rental Payments Under Operating and Financing Leases (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Remainder of 2021	$ 347
2022	1,393
2023	1,403
2024	1,413
2025	1,423
Thereafter	4,959
Total	10,938
Remainder of 2021	420
2022	1,891
2023	1,922
2024	1,935
2025	1,930
Thereafter	6,575
Total	14,673
Less: Discount	(1,702)
Total lease liabilities	$ 12,971
Operating Lease Liability Statement Of Financial Position [Extensible List]	Accrued liabilities and other
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Accrued liabilities and other
Remainder of 2021	$ 6,699
2022	27,197
2023	27,597
2024	28,597
2025	29,208
Thereafter	1,644,138
Total	1,763,436
Less: Discount	(1,327,521)
Total lease liabilities	$ 435,915

Basis of Presentation and Sum_8

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Notes receivable	$ 37,893	$ 37,045
Deferred costs, deposits, and other	25,585	17,557
Interest rate options	29,778	13,315
Corporate fixed assets	10,536	12,860
Unconsolidated real estate partnerships	12,974	12,829
Investment in IQHQ	24,591	12,500
Prepaid expenses and other	17,974	10,493
Intangible lease assets, net	4,756	7,264
Due from affiliates	3,155	4,333
Accounts receivable, net of allowances of $1,378 and $1,467 respectively	4,075	2,660
Total other assets, net	$ 171,317	$ 130,856

Basis of Presentation and Sum_9

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Other Assets (Parenthetical) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Accounts receivable, net of allowances	$ 1,378	$ 1,467

Significant Transactions (Detai

Significant Transactions (Details Textual)	Aug. 20, 2021USD ($)	Jul. 02, 2021USD ($)	Jun. 21, 2021USD ($)	Apr. 15, 2021USD ($)	Jan. 01, 2021USD ($)	Jul. 31, 2021USD ($)Land	Sep. 30, 2021USD ($)aHomeUnit	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)aHomeUnit	Sep. 30, 2020USD ($)	Jun. 01, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 15, 2020USD ($)
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Lease term							25 years		25 years		25 years
Lease commencement date							Jun. 1, 2021		Jan. 1, 2021
Lease Inception					$ 475,100,000
Estimated lease obligations related to development and redevelopment spending					$ 70,800,000
Estimated obligations pursuant to construction contracts associated with leases							$ 16,400,000		$ 16,400,000
Land subject to leases | a							15		15
Number of single family rental homes | Home							16		16
Number of dwelling units | Unit							8		8
Due to Affiliates							$ 14,200,000		$ 14,200,000
Due from affiliates							3,155,000		3,155,000			$ 4,333,000
Target compensation expense							1,800,000
Associated Service Fees							1,200,000		4,100,000
Target compensation expense and reimbursement									5,800,000
Guarantee liability							$ 16,400,000		$ 16,400,000
Estimated market discount rate									4.25%
Reduction in guarantee liability									$ 3,400,000
Variable Rate Non Recourse Construction Loan	$ 46,700	$ 13,100							$ 40,000
Debt Instrument Basis Spread On Variable Rate1	2.78%	4.20%
Debt Instrument Basis Spread On Variable Rate1	$ 500,000	$ 200,000	$ 2,300,000	$ 3,800,000
Intial term loan period			3 years	3 years
Deferred finance cost amortization period			3 years	3 years
Area of real estate property | a							15		15
Accrued Liabilities
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Guarantee liability							$ 13,000,000		$ 13,000,000
Prism Llc [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Lease term							10 years		10 years
Fort Lauderdale Consolidated Joint Venture
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Number of land parcels acquired | Land						3
Asset acquisition, price of acquisition, expected						$ 49,000,000
Percentage Ownership in Joint Venture						51.00%
Land purchase closing date						Jan. 31, 2022
Paid for the commitment						$ 2,400,000
Fort Lauderdale Consolidated Joint Venture | Aimco OP L.P. [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Asset acquisition, price of acquisition, expected						$ 25,000,000
AIRC [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Property Management Fee Percent Fee Description									We entered into several Property Management Agreements with AIR, pursuant to which AIR will provide us with certain property management, property accounting and related services for the majority of our operating properties, and we will pay AIR a property management fee equal to 3% of each respective property’s revenue collected and such other fees as may be mutually agreed upon for various other services. The initial term of each Property Management Agreement is one-year, with automatic one-year renewal periods, unless either party elects to terminate upon delivery of 60 days’ prior written notice to the other party before the end of the term. Neither party is obligated to pay to the other party a termination fee or other penalty upon such termination.
Property management fee percent fee									3.00%
Property management fee expenses							$ 1,300,000	$ 0	$ 3,800	$ 0
Notes payable related parties noncurrent													$ 534,100,000
Collateralized by portfolio of assets									$ 243,400,000
Debt instrument, Maturity date									Jan. 31, 2024
Interest rate on related party note payable							5.20%		5.20%
Interest expense related party							$ 6,900,000		$ 20,800,000
Interest payment									6,900,000
Accounts Payable							1,000,000		1,000,000
Reimbursement									4,000,000
Amount due to affiliates for reimbursement of compensation							3,000,000		3,000,000
Variable Rate Non Recourse Construction Loan			$ 100,700,000	$ 150,000,000
Debt Instrument Basis Spread On Variable Rate1				3.85%
Initial term loan, description			The initial term of the loan is three years and bears interest at one month LIBOR plus 320 basis points subject to a minimum all-in per annum interest rate of 3.45%.	The initial term of the loan is three years and bears interest at one month LIBOR plus 360 basis points subject to a minimum all-in per annum interest rate of 3.85%.
Construction loan outstanding amount							118,800,000		118,800,000		$ 25,000,000
AIRC [Member] | Indemnification Guarantee [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Guarantee Obligations Maximum Exposure							17,500,000		17,500,000
General And Administrative Expense [Member] | AIRC [Member] | Master Services Agreement [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Administrative and support fees							$ 700,000	$ 0	$ 1,800,000	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Commitments related to development, redevelopment and capital improvement activities [Member]
Long-term Purchase Commitment [Line Items]
Commitments related to capital spending activities	$ 294.2
Time Period of Long-term Purchase Commitment	24 months
Commitments related to operations [Member]
Long-term Purchase Commitment [Line Items]
Commitment for additional funding to IQHQ	$ 0.1
Commitments related to operations [Member] | IQHQ [Member]
Long-term Purchase Commitment [Line Items]
Commitment for additional funding to IQHQ	25.4
Commitments related to operations [Member] | Fund Contributed To IQHQ [Member]
Long-term Purchase Commitment [Line Items]
Commitment for additional funding to IQHQ	12.1
Commitments related to operations [Member] | RET Ventures [Member]
Long-term Purchase Commitment [Line Items]
Commitment for additional funding to IQHQ	$ 1
Commitments related to operations [Member] | Maximum [Member]
Long-term Purchase Commitment [Line Items]
Time Period of Long-term Purchase Commitment	1 year

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Feb. 28, 2021USD ($)	Sep. 30, 2021USD ($)aft²Number	Sep. 30, 2021USD ($)aft²LandNumber
Business Acquisition [Line Items]
Payments to acquire business		$ 40,000	$ 19.3
Number of town homes | Number		58,000,000	58,000,000
Land Parcels Adjacent | Land			8
Square Feet | ft²		1,411	1,411
The Eldridge Townhomes [Member]
Business Acquisition [Line Items]
Payments to acquire business		$ 40
Number of town homes | Number		58	58
Area of land | a		3.6	3.6
The Benson Hotel and Faculty Club Development [Member]
Business Acquisition [Line Items]
Payments to acquire business	$ 6.2
Construction liabilities outstanding	$ 0.9

Acquisitions - Schedule of Cons

Acquisitions - Schedule of Consideration (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)Number		Sep. 30, 2021USD ($)Number
Business Acquisition [Line Items]
Number of town homes | Number	58,000,000		58,000,000
Payments to acquire business	$ 40,000		$ 19.3
Total consideration	40,000
Land [Member]
Business Acquisition [Line Items]
Total consideration	3,483
Building Improvements [Member]
Business Acquisition [Line Items]
Total consideration	35,630
Intangible Assets
Business Acquisition [Line Items]
Total consideration	913	[1]
Below Market Leases
Business Acquisition [Line Items]
Total consideration	$ (26)	[2]
[1]	Intangible assets include in-place leases and leasing costs with a weighted-average term of six months.
[2]	Below-market leases have a weighted average term of six months.

Earnings and Dividends per Sh_3

Earnings and Dividends per Share and Unit - Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings per Share and per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Schedule of Earnings Per Share and Dividends Per Share [Line Items]
Net loss attributable to Aimco	$ (5,016)	$ 2,011	$ (4,492)	$ 9,502
Net (loss) income attributable to participating securities		(1)		(6)
Net (loss) income attributable to Aimco common stockholders	$ (5,016)	$ 2,010	$ (4,492)	$ 9,496
Basic weighted-average common stock outstanding	149,762	148,549	149,517	148,549
Diluted share equivalents outstanding		20		20
Diluted weighted-average common stock outstanding	149,762	148,569	149,517	148,569
Net (loss) income attributable to Aimco per common share – basic (Note 6)	$ (0.03)	$ 0.01	$ (0.03)	$ 0.06
Net (loss) income attributable to Aimco per common share – diluted (Note 6)	$ (0.03)	$ 0.01	$ (0.03)	$ 0.06
Aimco OP L.P. [Member]
Schedule of Earnings Per Share and Dividends Per Share [Line Items]
Net loss attributable to Aimco	$ (5,269)	$ 2,118	$ (4,701)	$ 10,009
Net (loss) income attributable to participating securities		(4)		(17)
Net (loss) income attributable to Aimco common stockholders	$ (5,269)	$ 2,114	$ (4,701)	$ 9,992
Basic weighted-average common stock outstanding	157,806	156,480	157,873	156,480
Diluted share equivalents outstanding		20		20
Diluted weighted-average common stock outstanding	157,806	156,500	157,873	156,500
Net (loss) income attributable to Aimco per common share – basic (Note 6)	$ (0.03)	$ 0.01	$ (0.03)	$ 0.06
Net (loss) income attributable to Aimco per common share – diluted (Note 6)	$ (0.03)	$ 0.01	$ (0.03)	$ 0.06

Fair Value Measurements (Detail

Fair Value Measurements (Details Textual) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative, description of terms		We receive a cash settlement in the future if the prevailing interest rate is higher than the 3% strike price on the five year swap rate.  Alternatively, if interest rates were to decrease below the specified strike price we would not receive a cash settlement, nor would we have any requirement to make a payment.	We receive a cash settlement in the future if the prevailing interest rate is higher than the 1.68% five year swap strike price. The amount of future cash settlement is capped if the prevailing interest rate exceeds 2.78%. Alternatively, if interest rates were to decrease below the specified strike price we would not receive a cash settlement, nor would we have any requirement to make a payment.
Derivative strike rate for limited settlement			2.78%
Investment in IQHQ		$ 24,591	$ 12,500
Fair Value, Recurring | RET Ventures [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investment in IQHQ	[1]	4,497	2,293
Interest Rate Option [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Payments for purchase of swaption		5,600	12,100
Swaption, notional amount		$ 500,000	$ 1,500,000
Derivative strike rate		3.00%	1.68%
Derivative swap rate period		5 years
[1]	(1) Investments measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.

Fair Value Measurements - Summa

Fair Value Measurements - Summary of fair value of interest rate option and investments in RETV ventures (Details) - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments		$ 24,591	$ 12,500
Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate options		29,547	13,315
Fair Value, Recurring | Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate options		0	0
Fair Value, Recurring | Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate options		29,547	13,315
Fair Value, Recurring | Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate options		0	0
Fair Value, Recurring | RET Ventures [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	[1]	4,497	2,293
Fair Value, Recurring | RET Ventures [Member] | Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	[1]	0	0
Fair Value, Recurring | RET Ventures [Member] | Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	[1]	0	0
Fair Value, Recurring | RET Ventures [Member] | Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	[1]	$ 0	$ 0
[1]	(1) Investments measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Carrying Value and Fair Value of Non-recourse Property Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Carrying Value [Member] | Non-recourse property debt [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Non-recourse property debt	$ 488,576	$ 449,510
Carrying Value [Member] | Construction Loan Payable
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Non-recourse property debt	143,742	0
Fair Value [Member] | Non-recourse property debt [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Non-recourse property debt	505,215	467,010
Fair Value [Member] | Construction Loan Payable
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Non-recourse property debt	$ 143,742	$ 0

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	Sep. 30, 2021USD ($)Entity	Dec. 31, 2020USD ($)Entity
Real estate, net	$ 1,190,872	$ 1,005,259
Mezzanine investment	330,016	307,362
Operating right-of-use lease assets	5,200
Other assets, net	171,317	130,856
Accrued liabilities and other	95,943	62,988
Construction loans, net	138,439	$ 0
Total lease liabilities	$ 435,915
Consolidated Entities [Member]
Count of VIEs | Entity	9	2
Real estate, net	$ 527,065	$ 310,552
Mezzanine investment	0	0
Operating right-of-use lease assets	433,983	92,709
Other assets, net	29,615	16,949
Deferred tax liabilities	126,851	133,842
Accrued liabilities and other	24,789	7,106
Construction loans, net	143,742	0
Total lease liabilities	$ 435,916	$ 86,781
Unconsolidated Entities [Member]
Count of VIEs | Entity	6	6
Real estate, net	$ 0	$ 0
Mezzanine investment	330,016	307,362
Operating right-of-use lease assets	0	0
Other assets, net	37,565	25,329
Deferred tax liabilities	0	0
Accrued liabilities and other	0	0
Construction loans, net	0	0
Total lease liabilities	$ 0	$ 0

Variable Interest Entities (D_2

Variable Interest Entities (Details Textual) $ in Thousands	Sep. 30, 2021USD ($)apartment_home	Dec. 31, 2020USD ($)
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Mezzanine investment	$ 330,016	$ 307,362
San Diego Communities [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Number of apartment communities | apartment_home	4
Mezzanine investment	$ 13,000
Financial Guarantee [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Customary guarantees	$ 143,700

Business Segments (Details Text

Business Segments (Details Textual) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)Propertyapartment_homeSegment	Dec. 31, 2020USD ($)
Business Segments (Textual) [Abstract]
Number of reportable segments | Segment	3
Right-of-use lease assets | $	$ 439,229	$ 98,280
Lease liabilities | $	448,886	100,496
Development and Redevelopment [Member]
Business Segments (Textual) [Abstract]
Right-of-use lease assets | $	434,000	92,700
Lease liabilities | $	$ 435,900	$ 86,800
Wholly And Partially Owned Consolidated Properties [Member] | Operating Portfolio Segment [Member]
Business Segments (Textual) [Abstract]
Number of consolidated real estate properties	24
Number of units in real estate property | apartment_home	6,067
Wholly And Partially Owned Consolidated Properties [Member] | Real Estate Partnership [Member] | Development and Redevelopment [Member]
Business Segments (Textual) [Abstract]
Number of consolidated real estate properties	5
Wholly And Partially Owned Consolidated Properties [Member] | Assets Leased from Others [Member] | Development and Redevelopment [Member]
Business Segments (Textual) [Abstract]
Number of consolidated real estate properties	5
Wholly And Partially Owned Consolidated Properties [Member] | Under Construction [Member] | Development and Redevelopment [Member]
Business Segments (Textual) [Abstract]
Number of consolidated real estate properties	2
Wholly And Partially Owned Consolidated Properties [Member] | Leased Up [Member] | Development and Redevelopment [Member]
Business Segments (Textual) [Abstract]
Number of consolidated real estate properties	3

Business Segments - Summary of

Business Segments - Summary of Information for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Summary information for the reportable segments
Rental and other property revenues	$ 42,893	$ 37,328	$ 123,115	$ 112,802
Property operating expenses	18,155	15,151	51,500	45,822
Other operating expenses not allocated to segments	30,577	20,848	85,627	62,612
Total operating expenses	48,732	35,999	137,127	108,434
Proportionate property net operating income (loss)	(5,839)	1,329	(14,012)	4,368
Other items included in income (loss) before income tax benefit	(1,028)	(2,006)	333	(1,432)
(Loss) income before income tax benefit	(6,867)	(677)	(13,679)	2,936
Operating Segments
Summary information for the reportable segments
Rental and other property revenues	34,591	32,376	100,609	98,336
Property operating expenses	11,257	10,182	33,386	31,088
Total operating expenses	11,257	10,182	33,386	31,088
Proportionate property net operating income (loss)	23,334	22,194	67,223	67,248
(Loss) income before income tax benefit	23,334	22,194	67,223	67,248
Segment Reconciling Items [Member]
Summary information for the reportable segments
Rental and other property revenues	1,746	1,845	5,128	5,008
Property operating expenses	1,723	1,584	4,930	4,505
Total operating expenses	1,723	1,584	4,930	4,505
Proportionate property net operating income (loss)	23	261	198	503
(Loss) income before income tax benefit	23	261	198	503
Corporate Non-Segment [Member]
Summary information for the reportable segments
Property operating expenses	2,102	2,308	4,120	7,207
Other operating expenses not allocated to segments	30,577	20,848	85,627	62,612
Total operating expenses	32,679	23,156	89,747	69,819
Proportionate property net operating income (loss)	(32,679)	(23,156)	(89,747)	(69,819)
Other items included in income (loss) before income tax benefit	(1,028)	(2,006)	333	(1,432)
(Loss) income before income tax benefit	(33,707)	(25,162)	(89,414)	(71,251)
Development and Redevelopment [Member] | Operating Segments
Summary information for the reportable segments
Rental and other property revenues	3,196		7,889
Property operating expenses	2,026		5,956
Total operating expenses	2,026		5,956
Proportionate property net operating income (loss)	1,170		1,933
(Loss) income before income tax benefit	1,170		1,933
Other [Member] | Operating Segments
Summary information for the reportable segments
Rental and other property revenues	3,360	3,107	9,489	9,458
Property operating expenses	1,047	1,077	3,108	3,022
Total operating expenses	1,047	1,077	3,108	3,022
Proportionate property net operating income (loss)	2,313	2,030	6,381	6,436
(Loss) income before income tax benefit	$ 2,313	$ 2,030	$ 6,381	$ 6,436

Business Segments - Schedule of

Business Segments - Schedule of Net Real Estate and Non-Recourse Property Debt, Net, by Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Buildings and improvements	$ 1,202,279	$ 995,116
Land	534,092	505,153
Total real estate	1,736,371	1,500,269
Accumulated depreciation	(545,499)	(495,010)
Net real estate	1,190,872	1,005,259
Non-recourse property debt,net	623,555	447,967
Development and Redevelopment [Member] | Operating Segments
Segment Reporting Information [Line Items]
Buildings and improvements	225,043	61,813
Land	82,132	56,676
Total real estate	307,175	118,489
Accumulated depreciation	(2,185)	(447)
Net real estate	304,990	118,042
Non-recourse property debt,net	138,439
Operating Portfolio Segment [Member] | Operating Segments
Segment Reporting Information [Line Items]
Buildings and improvements	780,606	772,786
Land	298,459	298,459
Total real estate	1,079,065	1,071,245
Accumulated depreciation	(506,065)	(469,873)
Net real estate	573,000	601,372
Non-recourse property debt,net	485,116	447,967
Other [Member] | Operating Segments
Segment Reporting Information [Line Items]
Buildings and improvements	196,630	160,517
Land	153,501	150,018
Total real estate	350,131	310,535
Accumulated depreciation	(37,249)	(24,690)
Net real estate	$ 312,882	$ 285,845