Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | 1-May-14 | |
Entity Registrant Name | 'APARTMENT INVESTMENT & MANAGEMENT CO | ' | ' |
Entity Central Index Key | '0000922864 | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | ' | 'Q1 | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 146,099,689 |
AIMCO PROPERTIES, L.P | ' | ' | ' |
Entity Registrant Name | 'AIMCO PROPERTIES LP | ' | ' |
Entity Central Index Key | '0000926660 | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | ' | 'Q1 | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Buildings and improvements | $6,342,221 | $6,332,723 |
Land | 1,867,270 | 1,881,358 |
Total real estate | 8,209,491 | 8,214,081 |
Less accumulated depreciation | -2,840,071 | -2,822,872 |
Net real estate ($385,853 and $392,245 related to VIEs) | 5,369,420 | 5,391,209 |
Cash and cash equivalents ($22,943 and $24,094 related to VIEs) | 38,402 | 55,751 |
Restricted cash ($38,135 and $36,369 related to VIEs) | 160,816 | 127,037 |
Other assets ($210,762 and $211,286 related to VIEs) | 514,514 | 505,416 |
Total assets | 6,083,152 | 6,079,413 |
LIABILITIES AND EQUITY | ' | ' |
Non-recourse property debt ($354,084 and $355,372 related to VIEs) | 4,284,763 | 4,337,785 |
Revolving credit facility borrowings | 110,060 | 50,400 |
Total indebtedness | 4,394,823 | 4,388,185 |
Accounts payable | 35,795 | 43,161 |
Accrued liabilities and other ($142,014 and $140,910 related to VIEs) | 289,615 | 287,595 |
Deferred income | 102,347 | 107,775 |
Total liabilities | 4,822,580 | 4,826,716 |
Preferred noncontrolling interests in Aimco Operating Partnership | 79,121 | 79,953 |
Commitments and contingencies (Note 6) | 0 | 0 |
Equity: | ' | ' |
Perpetual Preferred Stock | 58,114 | 68,114 |
Common Stock, $0.01 par value, 505,787,260 shares authorized, 146,099,689 and 145,917,387 shares issued/outstanding at March 31, 2014 and December 31, 2013, respectively | 1,461 | 1,459 |
Additional paid-in capital | 3,700,369 | 3,701,339 |
Accumulated other comprehensive loss | -4,503 | -4,602 |
Distributions in excess of earnings | -2,772,345 | -2,798,853 |
Total Aimco equity | 983,096 | 967,457 |
Noncontrolling interests in consolidated real estate partnerships | 223,806 | 233,008 |
Common noncontrolling interests in Aimco Operating Partnership | -25,451 | -27,721 |
Total equity | 1,181,451 | 1,172,744 |
Total liabilities and equity | 6,083,152 | 6,079,413 |
AIMCO PROPERTIES, L.P | ' | ' |
ASSETS | ' | ' |
Buildings and improvements | 6,342,221 | 6,332,723 |
Land | 1,867,270 | 1,881,358 |
Total real estate | 8,209,491 | 8,214,081 |
Less accumulated depreciation | -2,840,071 | -2,822,872 |
Net real estate ($385,853 and $392,245 related to VIEs) | 5,369,420 | 5,391,209 |
Cash and cash equivalents ($22,943 and $24,094 related to VIEs) | 38,402 | 55,751 |
Restricted cash ($38,135 and $36,369 related to VIEs) | 160,816 | 127,037 |
Other assets ($210,762 and $211,286 related to VIEs) | 514,514 | 505,416 |
Total assets | 6,083,152 | 6,079,413 |
LIABILITIES AND EQUITY | ' | ' |
Non-recourse property debt ($354,084 and $355,372 related to VIEs) | 4,284,763 | 4,337,785 |
Revolving credit facility borrowings | 110,060 | 50,400 |
Total indebtedness | 4,394,823 | 4,388,185 |
Accounts payable | 35,795 | 43,161 |
Accrued liabilities and other ($142,014 and $140,910 related to VIEs) | 289,615 | 287,595 |
Deferred income | 102,347 | 107,775 |
Total liabilities | 4,822,580 | 4,826,716 |
Redeemable preferred units | 79,121 | 79,953 |
Commitments and contingencies (Note 6) | 0 | 0 |
Equity: | ' | ' |
Preferred units | 58,114 | 68,114 |
General Partner and Special Limited Partner | 924,982 | 899,343 |
Limited Partners | -25,451 | -27,721 |
Partners’ capital attributable to the Aimco Operating Partnership | 957,645 | 939,736 |
Noncontrolling interests in consolidated real estate partnerships | 223,806 | 233,008 |
Total partners’ capital | 1,181,451 | 1,172,744 |
Total liabilities and equity | $6,083,152 | $6,079,413 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Net real estate related to VIEs | $5,369,420 | $5,391,209 |
Cash and cash equivalents related to VIEs | 38,402 | 55,751 |
Restricted cash related to VIEs | 160,816 | 127,037 |
Other assets related to VIEs | 514,514 | 505,416 |
Non-recourse property debt related to VIEs | 4,284,763 | 4,337,785 |
Accrued liabilities and other related to VIEs | 289,615 | 287,595 |
Common Stock, par value (in dollars per share) | $0.01 | $0.01 |
Common Stock, shares authorized | 505,787,260 | 505,787,260 |
Common Stock, shares issued | 146,099,689 | 145,917,387 |
Common Stock, shares outstanding | 146,099,689 | 145,917,387 |
AIMCO PROPERTIES, L.P | ' | ' |
Net real estate related to VIEs | 5,369,420 | 5,391,209 |
Cash and cash equivalents related to VIEs | 38,402 | 55,751 |
Restricted cash related to VIEs | 160,816 | 127,037 |
Other assets related to VIEs | 514,514 | 505,416 |
Non-recourse property debt related to VIEs | 4,284,763 | 4,337,785 |
Accrued liabilities and other related to VIEs | 289,615 | 287,595 |
Common Stock, shares outstanding | 153,911,534 | ' |
Variable Interest Entity, Primary Beneficiary [Member] | ' | ' |
Net real estate related to VIEs | 385,853 | 392,245 |
Cash and cash equivalents related to VIEs | 22,943 | 24,094 |
Restricted cash related to VIEs | 38,135 | 36,369 |
Other assets related to VIEs | 210,762 | 211,286 |
Non-recourse property debt related to VIEs | 354,084 | 355,372 |
Accrued liabilities and other related to VIEs | 142,014 | 140,910 |
Variable Interest Entity, Primary Beneficiary [Member] | AIMCO PROPERTIES, L.P | ' | ' |
Net real estate related to VIEs | 385,853 | 392,245 |
Cash and cash equivalents related to VIEs | 22,943 | 24,094 |
Restricted cash related to VIEs | 38,135 | 36,369 |
Other assets related to VIEs | 210,762 | 211,286 |
Non-recourse property debt related to VIEs | 354,084 | 355,372 |
Accrued liabilities and other related to VIEs | $142,014 | $140,910 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
REVENUES | ' | ' |
Rental and other property revenues | $240,136 | $230,252 |
Tax credit and asset management revenues | 8,788 | 7,252 |
Total revenues | 248,924 | 237,504 |
OPERATING EXPENSES | ' | ' |
Property operating expenses | 99,270 | 93,868 |
Investment management expenses | 1,252 | 1,433 |
Depreciation and amortization | 70,307 | 75,716 |
General and administrative expenses | 10,532 | 11,779 |
Other expense, net | 2,390 | 2,069 |
Total operating expenses | 183,751 | 184,865 |
Operating income | 65,173 | 52,639 |
Interest income, net | 1,729 | 6,414 |
Interest expense | -55,641 | -58,345 |
Other, net | -1,979 | -2,266 |
Income (loss) before income taxes, discontinued operations and gain on dispositions | 9,282 | -1,558 |
Income tax benefit (expense) | 2,758 | -105 |
Income (loss) from continuing operations | 12,040 | -1,663 |
Income from discontinued operations, net | 0 | 4,496 |
Gain on dispositions of real estate, net of tax | 69,492 | 0 |
Net income | 81,532 | 2,833 |
Noncontrolling interests: | ' | ' |
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships | -11,389 | 4,962 |
Net income attributable to preferred noncontrolling interests in Aimco Operating Partnership | -1,605 | -1,606 |
Net income attributable to common noncontrolling interests in Aimco Operating Partnership | -3,611 | -297 |
Net (income) loss attributable to noncontrolling interests | -16,605 | 3,059 |
Net income attributable to the company | 64,927 | 5,892 |
Net income attributable to the company's preferred equityholders | -454 | -702 |
Net income attributable to participating securities | -239 | -140 |
Net income attributable to the company's common equityholders | 64,234 | 5,050 |
Earnings (loss) attributable to the company per common share/unit – basic and diluted (Note 7): | ' | ' |
Income (loss) from continuing operations attributable to the company's common equityholders (In dollars per share/unit) | $0.44 | ($0.01) |
Income from discontinued operations attributable to the company's common equityholders (In dollars per share/unit) | $0 | $0.04 |
Net income attributable to the company's common equityholders (In dollars per share/unit) | $0.44 | $0.03 |
Weighted average common shares/units outstanding - basic | 145,473 | 145,169 |
Weighted average common shares/units outstanding - diluted | 145,681 | 145,169 |
Dividends declared per common share/unit (In dollars per share/unit) | $0.26 | $0.24 |
AIMCO PROPERTIES, L.P | ' | ' |
REVENUES | ' | ' |
Rental and other property revenues | 240,136 | 230,252 |
Tax credit and asset management revenues | 8,788 | 7,252 |
Total revenues | 248,924 | 237,504 |
OPERATING EXPENSES | ' | ' |
Property operating expenses | 99,270 | 93,868 |
Investment management expenses | 1,252 | 1,433 |
Depreciation and amortization | 70,307 | 75,716 |
General and administrative expenses | 10,532 | 11,779 |
Other expense, net | 2,390 | 2,069 |
Total operating expenses | 183,751 | 184,865 |
Operating income | 65,173 | 52,639 |
Interest income, net | 1,729 | 6,414 |
Interest expense | -55,641 | -58,345 |
Other, net | -1,979 | -2,266 |
Income (loss) before income taxes, discontinued operations and gain on dispositions | 9,282 | -1,558 |
Income tax benefit (expense) | 2,758 | -105 |
Income (loss) from continuing operations | 12,040 | -1,663 |
Income from discontinued operations, net | 0 | 4,496 |
Gain on dispositions of real estate, net of tax | 69,492 | 0 |
Net income | 81,532 | 2,833 |
Noncontrolling interests: | ' | ' |
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships | -11,389 | 4,962 |
Net (income) loss attributable to noncontrolling interests | -11,389 | 4,962 |
Net income attributable to the company | 70,143 | 7,795 |
Net income attributable to the company's preferred equityholders | -2,059 | -2,308 |
Net income attributable to participating securities | -239 | -140 |
Net income attributable to the company's common equityholders | $67,845 | $5,347 |
Earnings (loss) attributable to the company per common share/unit – basic and diluted (Note 7): | ' | ' |
Income (loss) from continuing operations attributable to the company's common equityholders (In dollars per share/unit) | $0.44 | ($0.01) |
Income from discontinued operations attributable to the company's common equityholders (In dollars per share/unit) | $0 | $0.04 |
Net income attributable to the company's common equityholders (In dollars per share/unit) | $0.44 | $0.03 |
Weighted average common shares/units outstanding - basic | 153,329 | 153,169 |
Weighted average common shares/units outstanding - diluted | 153,537 | 153,169 |
Dividends declared per common share/unit (In dollars per share/unit) | $0.26 | $0.24 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net income | $81,532 | $2,833 |
Other comprehensive income (loss): | ' | ' |
Unrealized (losses) gains on interest rate swaps | -761 | 176 |
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss | 426 | 420 |
Unrealized gains (losses) on debt securities classified as available-for-sale | 467 | -1,708 |
Other comprehensive income (loss) | 132 | -1,112 |
Comprehensive income | 81,664 | 1,721 |
Comprehensive (income) loss attributable to noncontrolling interests | -16,636 | 3,049 |
Comprehensive income attributable to the company | 65,028 | 4,770 |
AIMCO PROPERTIES, L.P | ' | ' |
Net income | 81,532 | 2,833 |
Other comprehensive income (loss): | ' | ' |
Unrealized (losses) gains on interest rate swaps | -761 | 176 |
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss | 426 | 420 |
Unrealized gains (losses) on debt securities classified as available-for-sale | 467 | -1,708 |
Other comprehensive income (loss) | 132 | -1,112 |
Comprehensive income | 81,664 | 1,721 |
Comprehensive (income) loss attributable to noncontrolling interests | -11,415 | 4,890 |
Comprehensive income attributable to the company | $70,249 | $6,611 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net income | $81,532 | $2,833 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 70,307 | 75,716 |
Gain on dispositions of real estate, net of tax | -69,492 | 0 |
Discontinued operations | 0 | 1,448 |
Other adjustments | 3,425 | 277 |
Net changes in operating assets and operating liabilities | -30,971 | -31,382 |
Net cash provided by operating activities | 54,801 | 48,892 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Purchases of real estate | -12,870 | -896 |
Capital expenditures | -94,242 | -66,064 |
Proceeds from dispositions of real estate | 100,082 | 2,898 |
Purchases of corporate assets | -1,799 | -2,029 |
Change in restricted cash | -28,511 | -8,993 |
Other investing activities | -8,749 | 1,515 |
Net cash used in investing activities | -46,089 | -73,569 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Proceeds from non-recourse property debt | 39,530 | 81,658 |
Principal repayments on non-recourse property debt | -62,381 | -104,183 |
Net borrowings on revolving credit facility | 59,660 | 49,200 |
Repurchase of preferred stock or units | -9,500 | 0 |
Proceeds from Common Stock option exercises | 21 | 983 |
Payment of dividends to holders of preferred stock or units | -696 | -702 |
Payment of dividends to holders of Common Stock | -37,970 | -34,996 |
Payment of distributions to noncontrolling interests | -24,636 | -15,702 |
Other financing activities | 9,911 | 13,564 |
Net cash used in financing activities | -26,061 | -10,178 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -17,349 | -34,855 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 55,751 | 84,413 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 38,402 | 49,558 |
AIMCO PROPERTIES, L.P | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net income | 81,532 | 2,833 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 70,307 | 75,716 |
Gain on dispositions of real estate, net of tax | -69,492 | 0 |
Discontinued operations | 0 | 1,448 |
Other adjustments | 3,425 | 277 |
Net changes in operating assets and operating liabilities | -30,971 | -31,382 |
Net cash provided by operating activities | 54,801 | 48,892 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Purchases of real estate | -12,870 | -896 |
Capital expenditures | -94,242 | -66,064 |
Proceeds from dispositions of real estate | 100,082 | 2,898 |
Purchases of corporate assets | -1,799 | -2,029 |
Change in restricted cash | -28,511 | -8,993 |
Other investing activities | -8,749 | 1,515 |
Net cash used in investing activities | -46,089 | -73,569 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Proceeds from non-recourse property debt | 39,530 | 81,658 |
Principal repayments on non-recourse property debt | -62,381 | -104,183 |
Net borrowings on revolving credit facility | 59,660 | 49,200 |
Repurchase of preferred stock or units | -9,500 | 0 |
Proceeds from Common Stock option exercises | 21 | 983 |
Payment of dividends to holders of preferred stock or units | -2,301 | -2,308 |
Payment of distributions to General Partner and Special Limited Partner | -37,970 | -34,996 |
Payment of distributions to Limited Partners | -2,032 | -1,921 |
Payment of distributions to noncontrolling interests | -20,999 | -12,175 |
Other financing activities | 9,911 | 13,564 |
Net cash used in financing activities | -26,061 | -10,178 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -17,349 | -34,855 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 55,751 | 84,413 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $38,402 | $49,558 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization | ' |
Organization | |
Apartment Investment and Management Company, or Aimco, is a Maryland corporation incorporated on January 10, 1994. Aimco is a self-administered and self-managed real estate investment trust, or REIT. AIMCO Properties, L.P., or the Aimco Operating Partnership, is a Delaware limited partnership formed on May 16, 1994, to conduct our business, which is focused on the ownership, management and redevelopment of quality apartment communities located in the largest coastal and job growth markets of the United States. | |
Aimco, and through its wholly-owned subsidiaries, AIMCO-GP, Inc. and AIMCO-LP Trust, owns a majority of the ownership interests in the Aimco Operating Partnership. Aimco conducts all of its business and owns all of its assets through the Aimco Operating Partnership. Interests in the Aimco Operating Partnership that are held by limited partners other than Aimco are referred to as “OP Units.” OP Units include common partnership units, high performance partnership units and partnership preferred units, which we refer to as common OP Units, HPUs and preferred OP Units, respectively. We also refer to HPUs as common OP Unit equivalents. At March 31, 2014, after eliminations for units held by consolidated entities, the Aimco Operating Partnership had 153,911,534 common partnership units and equivalents outstanding. At March 31, 2014, Aimco owned 146,099,689 of the common partnership units (94.9% of the common partnership units and equivalents) of the Aimco Operating Partnership and Aimco had outstanding an equal number of shares of its Class A Common Stock, which we refer to as Common Stock. | |
Except as the context otherwise requires, “we,” “our” and “us” refer to Aimco, the Aimco Operating Partnership and their consolidated subsidiaries, collectively. | |
As of March 31, 2014, we owned an equity interest in 161 conventional apartment communities with 49,314 apartment homes and 72 affordable apartment communities with 9,680 apartment homes. Of these, we consolidated 157 conventional apartment communities with 49,172 apartment homes and 56 affordable apartment communities with 8,566 apartment homes. These conventional and affordable apartment communities generated 91% and 9%, respectively, of our proportionate property net operating income (as defined in Note 8) during the three months ended March 31, 2014. |
Basis_of_Presentation_and_Summ
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||
Basis of Presentation and Summary of Significant Accounting Policies | ' | |||||||||||||||
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 accounting principles generally accepted in the United States of America, or GAAP, have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2014, are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. | ||||||||||||||||
The balance sheets of Aimco and the Aimco Operating Partnership at December 31, 2013, have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in Aimco’s and the Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2013. Certain 2013 financial statement amounts have been reclassified to conform to the 2014 and full year 2013 presentation, including adjustments for discontinued operations reported through December 31, 2013. Except where indicated, the footnotes refer to both Aimco and the Aimco Operating Partnership. | ||||||||||||||||
Principles of Consolidation | ||||||||||||||||
Aimco’s accompanying condensed consolidated financial statements include the accounts of Aimco, the Aimco Operating Partnership, and their consolidated subsidiaries. The Aimco Operating Partnership’s condensed consolidated financial statements include the accounts of the Aimco Operating Partnership and its consolidated entities. | ||||||||||||||||
We consolidate all variable interest entities for which we are the primary beneficiary. Generally, a variable interest entity, or VIE, is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of our investment; the obligation or likelihood for us or other investors to provide financial support; and the similarity with and significance to our business activities and the business activities of the other investors. Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions. | ||||||||||||||||
As of March 31, 2014, we were the primary beneficiary of, and therefore consolidated, 63 VIEs, which owned 49 apartment communities with 7,656 apartment homes. Substantially all these VIEs are partnerships that operate qualifying affordable housing apartment communities and which are structured to provide for the pass-through of low-income housing tax credits and deductions to their partners. Real estate with a carrying value of $385.9 million collateralized $354.1 million of debt of those VIEs. Any significant amounts of assets and liabilities related to our consolidated VIEs are identified parenthetically on our accompanying condensed consolidated balance sheets. The creditors of the consolidated VIEs do not have recourse to our general credit. | ||||||||||||||||
In addition to the consolidated VIEs discussed above, at March 31, 2014, our consolidated financial statements included certain consolidated and unconsolidated VIEs that are part of the legacy asset management business we sold during 2012, which is discussed in Note 4. The assets and liabilities related to these consolidated and unconsolidated VIEs are each condensed into single line items within other assets and accrued liabilities and other, respectively, in our condensed consolidated balance sheets. | ||||||||||||||||
Generally, we consolidate real estate partnerships and other entities that are not variable interest entities when we own, directly or indirectly, a majority voting interest in the entity or are otherwise able to control the entity. All significant intercompany balances and transactions have been eliminated in consolidation. | ||||||||||||||||
Interests in the Aimco Operating Partnership that are held by limited partners other than Aimco are reflected in Aimco’s accompanying balance sheets as noncontrolling interests in Aimco Operating Partnership. Interests in partnerships consolidated into the Aimco Operating Partnership that are held by third parties are reflected in our accompanying balance sheets as noncontrolling interests in consolidated real estate partnerships. The assets of consolidated real estate partnerships owned or controlled by the Aimco Operating Partnership generally are not available to pay creditors of Aimco or the Aimco Operating Partnership. | ||||||||||||||||
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. | ||||||||||||||||
Temporary Equity and Partners’ Capital | ||||||||||||||||
The following table presents a reconciliation of the Aimco Operating Partnership’s Preferred OP Units from December 31, 2013 to March 31, 2014 (in thousands). These amounts are presented within temporary equity in Aimco’s condensed consolidated balance sheets as preferred noncontrolling interests in the Aimco Operating Partnership, and within temporary capital in the Aimco Operating Partnership’s condensed consolidated balance sheets as redeemable preferred units. | ||||||||||||||||
Balance, December 31, 2013 | $ | 79,953 | ||||||||||||||
Distributions to preferred unitholders | (1,605 | ) | ||||||||||||||
Redemption of preferred units and other | (832 | ) | ||||||||||||||
Net income | 1,605 | |||||||||||||||
Balance, March 31, 2014 | $ | 79,121 | ||||||||||||||
Aimco Equity (including Noncontrolling Interests) | ||||||||||||||||
The following table presents a reconciliation of Aimco’s consolidated permanent equity accounts from December 31, 2013 to March 31, 2014 (in thousands): | ||||||||||||||||
Aimco | Noncontrolling | Common | Total | |||||||||||||
Equity | interests in | noncontrolling | Equity | |||||||||||||
consolidated real estate | interests in | |||||||||||||||
partnerships | Aimco Operating | |||||||||||||||
Partnership | ||||||||||||||||
Balance, December 31, 2013 | $ | 967,457 | $ | 233,008 | $ | (27,721 | ) | $ | 1,172,744 | |||||||
Contributions | — | 458 | — | 458 | ||||||||||||
Repurchase of preferred stock | (9,500 | ) | — | — | (9,500 | ) | ||||||||||
Preferred stock dividends | (696 | ) | — | — | (696 | ) | ||||||||||
Common dividends and distributions | (37,970 | ) | (20,999 | ) | (2,032 | ) | (61,001 | ) | ||||||||
Redemptions of common OP Units | — | — | (2,921 | ) | (2,921 | ) | ||||||||||
Amortization of stock-based compensation cost | 1,753 | — | — | 1,753 | ||||||||||||
Stock option exercises | 21 | — | — | 21 | ||||||||||||
Effect of changes in ownership for consolidated entities | (3,575 | ) | (76 | ) | 3,607 | (44 | ) | |||||||||
Change in accumulated other comprehensive loss | 101 | 26 | 5 | 132 | ||||||||||||
Other | 578 | — | — | 578 | ||||||||||||
Net income | 64,927 | 11,389 | 3,611 | 79,927 | ||||||||||||
Balance, March 31, 2014 | $ | 983,096 | $ | 223,806 | $ | (25,451 | ) | $ | 1,181,451 | |||||||
Partners’ Capital attributable to the Aimco Operating Partnership | ||||||||||||||||
The following table presents a reconciliation of the consolidated partners’ capital balances in permanent capital that are attributable to the Aimco Operating Partnership from December 31, 2013 to March 31, 2014 (in thousands): | ||||||||||||||||
Partners’ capital | ||||||||||||||||
attributable to | ||||||||||||||||
the Partnership | ||||||||||||||||
Balance, December 31, 2013 | $ | 939,736 | ||||||||||||||
Repurchase of Preferred Units from Aimco | (9,500 | ) | ||||||||||||||
Distributions to preferred units held by Aimco | (696 | ) | ||||||||||||||
Distributions to common units held by Aimco | (37,970 | ) | ||||||||||||||
Distributions to common units held by Limited Partners | (2,032 | ) | ||||||||||||||
Redemption of common OP Units | (2,921 | ) | ||||||||||||||
Amortization of Aimco stock-based compensation cost | 1,753 | |||||||||||||||
Common OP Units issued to Aimco in connection with Aimco stock option exercises | 21 | |||||||||||||||
Effect of changes in ownership for consolidated entities | 32 | |||||||||||||||
Change in accumulated other comprehensive loss | 106 | |||||||||||||||
Other | 578 | |||||||||||||||
Net income | 68,538 | |||||||||||||||
Balance, March 31, 2014 | $ | 957,645 | ||||||||||||||
A separate reconciliation of noncontrolling interests in consolidated real estate partnerships and total partners’ capital for the Aimco Operating Partnership is not presented as these amounts are identical to the corresponding noncontrolling interests in consolidated real estate partnerships and total equity for Aimco, which are presented above. | ||||||||||||||||
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. |
Disposals_and_Discontinued_Ope
Disposals and Discontinued Operations | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||
Assets Held for Sale and Discontinued Operations | ' | |||
Disposals and Discontinued Operations | ||||
In April 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, or ASU 2014-08. ASU 2014-08 revised the definition of, and the requirements for reporting, a "discontinued operation." Specifically, ASU 2014-08 revised the reporting requirements to only allow a component of an entity, or group of components of an entity, to be reported in discontinued operations if their disposal represents a “strategic shift that has (or will have) a major effect on an entity’s operations and financial results.” | ||||
For public companies, ASU 2014-08 is generally required to be applied prospectively to disposals of components of an entity or classifications as held for sale of components of an entity that occur in annual periods commencing after December 15, 2014; however, we elected to adopt ASU 2014-08 effective January 1, 2014, as permitted by the transition provisions, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued. | ||||
Under ASU 2014-08, we believe routine sales of apartment communities and certain groups of apartment communities generally do not meet the requirements for reporting within discontinued operations. During the three months ended March 31, 2014, we sold five apartment communities with an aggregate of 1,606 apartment homes. Based on our prospective application of the revised discontinued operation definition, the results of operations for the three months ended March 31, 2014 and 2013, for these apartment communities is reflected within income from continuing operations in our condensed consolidated statements of operations. These apartment communities did not generate a significant amount of income (before gain on dispositions) prior to their sale during the three months ended March 31, 2014. The sale of these apartment communities resulted in a gain on disposition of real estate, net of tax, of $69.5 million for the three months ended March 31, 2014, which is reflected below income from discontinued operations within our condensed consolidated statements of operations. We report gains on disposition net of incremental direct costs incurred in connection with the transactions, including any prepayment penalties incurred upon repayment of property debt collateralized by the apartment communities being sold. Such prepayment penalties totaled $5.8 million for dispositions during the three months ended March 31, 2014. | ||||
In accordance with GAAP prior to our adoption of ASU 2014-08, we reported as discontinued operations apartment communities that met the definition of a component of an entity and had been sold or met the criteria to be classified as held for sale. For years ended December 31, 2013 or earlier, and interim periods within those years, we included the results of such apartment communities, including any gain or loss on their disposition, less applicable income taxes, in income from discontinued operations within the consolidated statements of operations. During the three months ended March 31, 2013, we sold three apartment communities with an aggregate of 66 apartment homes, and during the year ended December 31, 2013, we sold 29 consolidated apartment communities with an aggregate of 6,953 apartment homes. The results of operations for the three months ended March 31, 2013, for those apartment communities sold as of December 31, 2013, and gains related to apartment communities sold during the three months ended March 31, 2013, are included in discontinued operations and are summarized below, along with the related amounts of income from discontinued operations attributable to Aimco, the Aimco Operating Partnership and noncontrolling interests (in thousands). | ||||
Three Months Ended March 31, 2013 | ||||
Rental and other property revenues | $ | 18,620 | ||
Property operating expenses | (8,553 | ) | ||
Depreciation and amortization | (4,880 | ) | ||
Recovery of real estate impairment losses | 227 | |||
Operating income | 5,414 | |||
Interest income | 78 | |||
Interest expense | (4,201 | ) | ||
Income before gain on dispositions of real estate and income tax | 1,291 | |||
Gain on dispositions of real estate | 3,329 | |||
Income tax expense | (124 | ) | ||
Income from discontinued operations, net | $ | 4,496 | ||
Loss from discontinued operations attributable to noncontrolling interests in consolidated real estate partnerships | 2,217 | |||
Income from discontinued operations attributable to the Aimco Operating Partnership | 6,713 | |||
Income from discontinued operations attributable to noncontrolling interests in Aimco Operating Partnership | (316 | ) | ||
Income from discontinued operations attributable to Aimco | $ | 6,397 | ||
The gain on dispositions for the three months ended March 31, 2013, is net of incremental direct costs incurred in connection with the transactions, including $0.3 million of prepayment penalties incurred upon repayment of property debt collateralized by the apartment communities sold. For periods prior to our adoption of ASU 2014-08, we classified interest expense related to property debt within discontinued operations when the related apartment community was sold or classified as held for sale. | ||||
In connection with sales of apartment communities during the three months ended March 31, 2014 and 2013, the purchasers assumed approximately $29.8 million and $2.1 million, respectively, of non-recourse property debt. |
Other_Significant_Transactions
Other Significant Transactions | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Other Significant Transactions [Abstract] | ' | |||||||
Other Significant Transactions | ' | |||||||
Other Significant Transactions | ||||||||
Asset Management Business Disposition | ||||||||
In December 2012, we sold the Napico portfolio, our legacy asset management business. The transaction was primarily seller-financed, and the associated notes are scheduled to be repaid over several years. The notes will be repaid from the operation and liquidation of the portfolio and are collateralized by the buyer’s interests in the portfolio. | ||||||||
In accordance with the provisions of GAAP applicable to sales of real estate or interests therein, for accounting purposes, we have not recognized the sale and are accounting for the transaction under the profit sharing method. Until full payment has been received for the seller-financed notes, we will continue to recognize the portfolio’s assets and liabilities, each condensed into single line items within other assets and accrued liabilities and other, respectively, in our consolidated balance sheets, for all dates following the transaction. Similarly, we will continue to recognize the portfolio’s results of operations, also condensed into a single line item within our consolidated statements of operations, for periods subsequent to the transaction. To date we have received all required payments under the seller-financed notes. | ||||||||
At March 31, 2014, the Napico portfolio consisted of 17 partnerships that held investments in 14 apartment communities that were consolidated and 60 apartment communities that were accounted for under the equity or cost method of accounting. The portfolio’s assets and liabilities included in our condensed consolidated balance sheets are summarized below (in thousands): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Real estate, net | $ | 118,583 | $ | 120,175 | ||||
Cash and cash equivalents and restricted cash | 30,334 | 29,046 | ||||||
Investment in unconsolidated real estate partnerships | 10,335 | 10,817 | ||||||
Other assets | 3,700 | 3,811 | ||||||
Total assets | $ | 162,952 | $ | 163,849 | ||||
Total indebtedness | $ | 106,971 | $ | 106,032 | ||||
Accrued and other liabilities | 18,833 | 19,263 | ||||||
Total liabilities | $ | 125,804 | $ | 125,295 | ||||
Noncontrolling interests in consolidated real estate partnerships | 34,945 | 35,818 | ||||||
Equity attributable to Aimco and the Aimco Operating Partnership | 2,203 | 2,736 | ||||||
Total liabilities and equity | $ | 162,952 | $ | 163,849 | ||||
Summarized information regarding the Napico portfolio’s results of operations, including any expense we recognize under the profit sharing method, is shown below in thousands. The net loss related to Napico (before noncontrolling interests) is included in other, net in our condensed consolidated statements of operations. | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Revenues | $ | 5,675 | $ | 5,447 | ||||
Expenses | (5,201 | ) | (5,664 | ) | ||||
Equity loss of unconsolidated entities, gains or losses on dispositions and other, net | (1,994 | ) | (2,489 | ) | ||||
Net loss related to legacy asset management business | (1,520 | ) | (2,706 | ) | ||||
Income tax benefit (expense) associated with legacy asset management business | 70 | (26 | ) | |||||
Loss allocated to noncontrolling interests in consolidated real estate partnerships | 899 | 2,682 | ||||||
Net losses of legacy asset management business attributable to Aimco and the Aimco Operating Partnership | $ | (551 | ) | $ | (50 | ) | ||
The results of operations for the consolidated apartment communities sold by the owner of this portfolio through December 31, 2013, are presented within income from discontinued operations in our consolidated statement of operations for the three months ended March 31, 2013, and are excluded from the summary above. | ||||||||
Based on our limited economic ownership in this portfolio, most of the assets and liabilities are allocated to noncontrolling interests and do not significantly affect our consolidated equity and partners’ capital. Additionally, the operating results of this portfolio generally have an insignificant effect on the amounts of income or loss attributable to us. Income or loss attributable to these noncontrolling interests will continue to be recognized commensurate with the recognition of the results of operations of the portfolio. If full payment is received on the notes and we meet the requirements to recognize the sale for accounting purposes, we expect to recognize a gain attributable to Aimco and the Aimco Operating Partnership. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||
Fair Value Measurements | ' | |||||||||||
Fair Value Measurements | ||||||||||||
Recurring Fair Value Measurements | ||||||||||||
We measure at fair value on a recurring basis our investment in the securitization trust that holds certain of our property debt, which we classify as available for sale (AFS) securities, and our interest rate swaps. Information regarding these items measured at fair value, both of which are classified within Level 2 of the GAAP fair value hierarchy, is presented below (in thousands): | ||||||||||||
AFS Investments | Interest Rate Swaps | Total | ||||||||||
Fair value at December 31, 2012 | $ | 59,145 | $ | (7,968 | ) | $ | 51,177 | |||||
Investment accretion included in interest income | 830 | — | 830 | |||||||||
Unrealized losses included in interest expense | — | (12 | ) | (12 | ) | |||||||
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss | — | 420 | 420 | |||||||||
Unrealized (losses) gains included in equity and partners’ capital | (1,708 | ) | 176 | (1,532 | ) | |||||||
Fair value at March 31, 2013 | $ | 58,267 | $ | (7,384 | ) | $ | 50,883 | |||||
Fair value at December 31, 2013 | 58,408 | (4,604 | ) | 53,804 | ||||||||
Investment accretion included in interest income | 920 | — | 920 | |||||||||
Unrealized losses included in interest expense | — | (12 | ) | (12 | ) | |||||||
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss | — | 426 | 426 | |||||||||
Unrealized gains (losses) included in equity and partners’ capital | 467 | (761 | ) | (294 | ) | |||||||
Fair value at March 31, 2014 | $ | 59,795 | $ | (4,951 | ) | $ | 54,844 | |||||
Our investments classified as AFS are presented within other assets in the accompanying consolidated balance sheets. We hold the most subordinate position in the securitization, along with several mezzanine positions. We estimate the fair value of these investments using an income and market approach with primarily observable inputs, including yields and other information regarding similar types of investments, and adjusted for certain unobservable inputs specific to these investments. We are accreting the discount to the $100.9 million face value of the investments into interest income using the effective interest method over the remaining expected term of the investments, which, as of March 31, 2014, was approximately 7.2 years. Our amortized cost basis for these investments, which represents the original cost adjusted for interest accretion less interest payments received, was $60.7 million and $59.8 million at March 31, 2014 and December 31, 2013, respectively. The amortized cost exceeded the fair value of the most subordinate position at March 31, 2014, primarily due to increases in market interest rates and a decrease in demand for similar investments as compared to when we purchased the investments. We currently expect to hold each of the investments to their maturity dates and we believe we will fully recover our basis in the investments. Accordingly, we believe the current impairment in the fair value, as compared to the amortized cost basis, of the most subordinate position is temporary and we have not recognized any of the loss in value in earnings. | ||||||||||||
For our variable rate debt, we are sometimes required by limited partners in our consolidated real estate partnerships to limit our exposure to interest rate fluctuations by entering into interest rate swap agreements, which moderate our exposure to interest rate risk by effectively converting the interest on variable rate debt to a fixed rate. We estimate the fair value of interest rate swaps using an income approach with primarily observable inputs including information regarding the hedged variable cash flows and forward yield curves relating to the variable interest rates on which the hedged cash flows are based. | ||||||||||||
As of March 31, 2014 and December 31, 2013, we had interest rate swaps with aggregate notional amounts of $50.6 million and $50.7 million, respectively. As of March 31, 2014, these swaps had a weighted average remaining term of 6.8 years. We have designated these interest rate swaps as cash flow hedges. The fair value of these swaps is presented within accrued liabilities and other in our consolidated balance sheets, and we recognize any changes in the fair value as an adjustment of accumulated other comprehensive loss within equity and partners’ capital to the extent of their effectiveness. | ||||||||||||
If the forward rates at March 31, 2014, remain constant, we estimate that during the next 12 months, we would reclassify into earnings approximately $1.7 million of the unrealized losses in accumulated other comprehensive loss. If market interest rates increase above the 3.43% weighted average fixed rate under these interest rate swaps we will benefit from net cash payments due to us from our counterparty to the interest rate swaps. | ||||||||||||
Fair Value Disclosures | ||||||||||||
We believe that the aggregate fair value of our cash and cash equivalents, receivables and payables approximates their aggregate carrying amounts at March 31, 2014 and December 31, 2013, due to their relatively short-term nature and high probability of realization. The estimated aggregate fair value of our consolidated debt (including outstanding borrowings under our revolving credit facility) was approximately $4.6 billion and $4.5 billion at March 31, 2014 and December 31, 2013, respectively, as compared to aggregate carrying amounts of $4.4 billion and $4.4 billion, respectively. We estimate the fair value of our consolidated debt using an income and market approach, including comparison of the contractual terms to observable and unobservable inputs such as market interest rate risk spreads, contractual interest rates, remaining periods to maturity, collateral quality and loan to value ratios on similarly encumbered assets within our portfolio. We classify the fair value of our consolidated debt within Level 3 of the valuation hierarchy based on the significance of certain of the unobservable inputs used to estimate their fair values. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Commitments | |
In connection with our redevelopment and capital improvement activities, we have entered into various construction related contracts. Additionally, pursuant to financing and/or other arrangements on our One Canal Street, Lincoln Place, Pacific Bay Vistas and The Preserve at Marin projects we are contractually obligated to complete the planned activities. As of March 31, 2014, our commitments related to these capital activities totaled approximately $302.1 million, over half of which we expect to incur during the next 12 months. We also enter into certain commitments for future purchases of goods and services in connection with the operations of our apartment communities. Those commitments generally have terms of one year or less and reflect expenditure levels comparable to our historical expenditures. | |
Tax Credit Arrangements | |
We are required to manage certain consolidated real estate partnerships in compliance with various laws, regulations and contractual provisions that apply to our historic and low-income housing tax credit syndication arrangements. In some instances, noncompliance with applicable requirements could result in projected tax benefits not being realized and require a refund or reduction of investor capital contributions, which are reported as deferred income in our condensed consolidated balance sheet, until such time as our obligation to deliver tax benefits is relieved. The remaining compliance periods for our tax credit syndication arrangements range from less than one year to 12 years. We do not anticipate that any material refunds or reductions of investor capital contributions will be required in connection with these arrangements. | |
Income Taxes | |
On October 25, 2012, the Internal Revenue Service issued Final Partnership Administrative Adjustments with respect to the Aimco Operating Partnership’s 2006 and 2007 tax years. On January 18, 2013, AIMCO-GP, Inc., in its capacity as tax matters partner of the Aimco Operating Partnership, filed a petition challenging those adjustments in the United States Tax Court in Washington, D.C. On December 20, 2013, the parties agreed on the terms of a settlement of that litigation. The parties are in the process of documenting that settlement. The settlement regarding the 2006 or 2007 proposed adjustments will not have any material effect on our unrecognized tax benefits, financial condition or results of operations. | |
On March 19, 2014, the Internal Revenue Service notified the Aimco Operating Partnership of its intent to audit the 2011 and 2012 tax years. We do not believe the audit will have any material effect on our unrecognized tax benefits, financial condition or results of operations. | |
Legal Matters | |
In addition to the matters described below, we are a party to various legal actions and administrative proceedings arising in the ordinary course of business, some of which are covered by our general liability insurance program, and none of which we expect to have a material adverse effect on our consolidated financial condition, results of operations or cash flows. | |
Limited Partnerships | |
In connection with our acquisitions of interests in real estate partnerships, we are sometimes subject to legal actions, including allegations that such activities may involve breaches of fiduciary duties to the partners of such real estate partnerships or violations of the relevant partnership agreements. We may incur costs in connection with the defense or settlement of such litigation. We believe that we comply with our fiduciary obligations and relevant partnership agreements. Although the outcome of any litigation is uncertain, we do not expect any such legal actions to have a material adverse effect on our consolidated financial condition, results of operations or cash flows. | |
Environmental | |
Various federal, state and local laws subject apartment community owners or operators to liability for management, and the costs of removal or remediation, of certain potentially hazardous materials present on an apartment community, including lead-based paint, asbestos, polychlorinated biphenyls, petroleum-based fuels, and other miscellaneous materials. Such laws often impose liability without regard to whether the owner or operator knew of, or was responsible for, the release or presence of such materials. The presence of, or the failure to manage or remedy properly, these materials may adversely affect occupancy at affected apartment communities and the ability to sell or finance affected apartment communities. In addition to the costs associated with investigation and remediation actions brought by government agencies, and potential fines or penalties imposed by such agencies in connection therewith, the improper management of these materials on an apartment community could result in claims by private plaintiffs for personal injury, disease, disability or other infirmities. Various laws also impose liability for the cost of removal, remediation or disposal of these materials through a licensed disposal or treatment facility. Anyone who arranges for the disposal or treatment of these materials is potentially liable under such laws for the proper operation of the disposal facility. These laws often impose liability whether or not the person arranging for the disposal ever owned or operated the disposal facility. In connection with the ownership, operation and management of apartment communities, we could potentially be responsible for environmental liabilities or costs associated with our apartment communities or communities we acquire or manage in the future. | |
We have determined that our legal obligations to remove or remediate certain potentially hazardous materials may be conditional asset retirement obligations, as defined in GAAP. Except in limited circumstances where the asset retirement activities are expected to be performed in connection with a planned construction project or apartment community casualty, we believe that the fair value of our asset retirement obligations cannot be reasonably estimated due to significant uncertainties in the timing and manner of settlement of those obligations. Asset retirement obligations that are reasonably estimable as of March 31, 2014, are immaterial to our consolidated financial condition, results of operations and cash flows. |
Earnings_Loss_per_ShareUnit
Earnings (Loss) per Share/Unit | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings (Loss) per Share/Unit | ' | |||||||
Earnings (Loss) per Share/Unit | ||||||||
Aimco | ||||||||
Aimco calculates earnings (loss) per share based on the weighted average number of shares of Common Stock, participating securities, common stock equivalents and dilutive convertible securities outstanding during the period. The following table illustrates Aimco’s calculation of basic and diluted earnings (loss) per share for the three months ended March 31, 2014 and 2013 (in thousands, except per share data): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Income (loss) from continuing operations | $ | 12,040 | $ | (1,663 | ) | |||
Gain on dispositions of real estate, net of tax | 69,492 | — | ||||||
(Income) loss from continuing operations and gain on dispositions attributable to noncontrolling interests | (16,605 | ) | 1,158 | |||||
Income attributable to preferred stockholders | (454 | ) | (702 | ) | ||||
Income attributable to participating securities | (239 | ) | (140 | ) | ||||
Income (loss) from continuing operations attributable to Aimco common stockholders | $ | 64,234 | $ | (1,347 | ) | |||
Income from discontinued operations | $ | — | $ | 4,496 | ||||
Loss from discontinued operations attributable to noncontrolling interests | — | 1,901 | ||||||
Income from discontinued operations attributable to Aimco common stockholders | $ | — | $ | 6,397 | ||||
Net income | $ | 81,532 | $ | 2,833 | ||||
Net (income) loss attributable to noncontrolling interests | (16,605 | ) | 3,059 | |||||
Net income attributable to preferred stockholders | (454 | ) | (702 | ) | ||||
Net income attributable to participating securities | (239 | ) | (140 | ) | ||||
Net income attributable to Aimco common stockholders | $ | 64,234 | $ | 5,050 | ||||
Denominator: | ||||||||
Weighted average common shares outstanding – basic | 145,473 | 145,169 | ||||||
Dilutive potential common shares | 208 | — | ||||||
Weighted average common shares outstanding – diluted | 145,681 | 145,169 | ||||||
Earnings (loss) per common share – basic and diluted: | ||||||||
Income (loss) from continuing operations attributable to Aimco common stockholders | $ | 0.44 | $ | (0.01 | ) | |||
Income from discontinued operations attributable to Aimco common stockholders | — | 0.04 | ||||||
Net income attributable to Aimco common stockholders | $ | 0.44 | $ | 0.03 | ||||
The Aimco Operating Partnership | ||||||||
The Aimco Operating Partnership calculates earnings (loss) per unit based on the weighted average number of common partnership units and equivalents, participating securities and dilutive convertible securities outstanding during the period. The Aimco Operating Partnership considers both common OP Units and HPUs, which have identical rights to distributions and undistributed earnings, to be common units for purposes of the earnings per unit data presented below. The following table illustrates the Aimco Operating Partnership’s calculation of basic and diluted earnings (loss) per unit for the three months ended March 31, 2014 and 2013 (in thousands, except per unit data): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Income (loss) from continuing operations | $ | 12,040 | $ | (1,663 | ) | |||
Gain on dispositions of real estate, net of tax | 69,492 | — | ||||||
(Income) loss from continuing operations and gain on dispositions attributable to noncontrolling interests | (11,389 | ) | 2,745 | |||||
Income attributable to the Aimco Operating Partnership’s preferred unitholders | (2,059 | ) | (2,308 | ) | ||||
Income attributable to participating securities | (239 | ) | (140 | ) | ||||
Income (loss) from continuing operations attributable to the Aimco Operating Partnership’s common unitholders | $ | 67,845 | $ | (1,366 | ) | |||
Income from discontinued operations | $ | — | $ | 4,496 | ||||
Loss from discontinued operations attributable to noncontrolling interests | — | 2,217 | ||||||
Income from discontinued operations attributable to the Aimco Operating Partnership’s common unitholders | $ | — | $ | 6,713 | ||||
Net income | $ | 81,532 | $ | 2,833 | ||||
Net (income) loss attributable to noncontrolling interests | (11,389 | ) | 4,962 | |||||
Net income attributable to the Aimco Operating Partnership’s preferred unitholders | (2,059 | ) | (2,308 | ) | ||||
Net income attributable to participating securities | (239 | ) | (140 | ) | ||||
Net income attributable to the Aimco Operating Partnership’s common unitholders | $ | 67,845 | $ | 5,347 | ||||
Denominator: | ||||||||
Weighted average common units outstanding – basic | 153,329 | 153,169 | ||||||
Dilutive potential common units | 208 | — | ||||||
Weighted average common units outstanding – diluted | 153,537 | 153,169 | ||||||
Earnings (loss) per common unit – basic and diluted: | ||||||||
Income (loss) from continuing operations attributable to the Aimco Operating Partnership’s common unitholders | $ | 0.44 | $ | (0.01 | ) | |||
Income from discontinued operations attributable to the Aimco Operating Partnership’s common unitholders | — | 0.04 | ||||||
Net income attributable to the Aimco Operating Partnership’s common unitholders | $ | 0.44 | $ | 0.03 | ||||
Aimco and the Aimco Operating Partnership | ||||||||
As of March 31, 2014, the common share equivalents or common partnership unit equivalents that could potentially dilute basic earnings per share or unit in future periods totaled 3.0 million. These securities represent options to purchase shares of Common Stock, which, if exercised, would result in Aimco’s issuance of additional shares and the Aimco Operating Partnership’s issuance to Aimco of additional common partnership units equal to the number of shares purchased under the options. The effect of these securities was dilutive for the three months ended March 31, 2014, and accordingly has been included in the denominator for calculating diluted earnings per share and unit during these periods. These securities have been excluded from the earnings (loss) per share or unit computations for the three months ended March 31, 2013, because their effect would have been anti-dilutive. Participating securities, consisting of unvested restricted shares of Common Stock, receive dividends similar to shares of Common Stock and common partnership units and totaled 0.5 million and 0.6 million at March 31, 2014 and 2013, respectively. The effect of participating securities is included in basic and diluted earnings (loss) per share and unit computations for the periods presented above using the two-class method of allocating distributed and undistributed earnings. | ||||||||
Various classes of preferred OP Units of the Aimco Operating Partnership are outstanding. Depending on the terms of each class, these preferred OP Units are convertible into common OP Units or redeemable for cash or, at the Aimco Operating Partnership’s option, Common Stock, and are paid distributions varying from 1.8% to 8.8% per annum per unit. As of March 31, 2014, a total of 2.9 million preferred OP Units were outstanding with an aggregate redemption value of $79.1 million and were potentially redeemable for approximately 2.6 million shares of Common Stock (based on the period end market price), or cash at the Aimco Operating Partnership’s option. The Aimco Operating Partnership has a redemption policy that requires cash settlement of redemption requests for the preferred OP Units, subject to limited exceptions. Accordingly, we have excluded these securities from earnings (loss) per share and unit computations for the periods presented above, and we expect to exclude them in future periods. |
Business_Segments
Business Segments | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Business Segments | ' | |||||||||||||||||||
Business Segments | ||||||||||||||||||||
We have two reportable segments: conventional real estate operations and affordable real estate operations. Our conventional real estate operations consist of market-rate apartment communities with rents paid by the residents and included 161 apartment communities with 49,314 apartment homes at March 31, 2014. Our affordable real estate operations consisted of 72 apartment communities with 9,680 apartment homes at March 31, 2014, with rents that are generally paid, in whole or part, by a government agency. | ||||||||||||||||||||
Due to the diversity of our economic ownership interests in our apartment communities, our chief executive officer, who is our operating decision maker, uses proportionate property net operating income to asses the operating performance of our apartment communities. Proportionate property net operating income reflects our share of rental and other property revenues less direct property operating expenses, including real estate taxes, for the consolidated and unconsolidated apartment communities that we manage. | ||||||||||||||||||||
The following tables present the revenues, net operating income (loss) and income (loss) from continuing operations of our conventional and affordable real estate operations segments on a proportionate basis for the three months ended March 31, 2014 and 2013 (in thousands): | ||||||||||||||||||||
Conventional | Affordable | Proportionate | Corporate and | Consolidated | ||||||||||||||||
Real Estate | Real Estate | Adjustments (1) | Amounts Not | |||||||||||||||||
Operations | Operations | Allocated to | ||||||||||||||||||
Segments (2) | ||||||||||||||||||||
Three Months Ended March 31, 2014: | ||||||||||||||||||||
Rental and other property revenues (3) | $ | 204,314 | $ | 24,243 | $ | 8,865 | $ | 2,714 | $ | 240,136 | ||||||||||
Tax credit and asset management revenues | — | — | — | 8,788 | 8,788 | |||||||||||||||
Total revenues | 204,314 | 24,243 | 8,865 | 11,502 | 248,924 | |||||||||||||||
Property operating expenses (3) | 73,751 | 10,576 | 3,242 | 11,701 | 99,270 | |||||||||||||||
Investment management expenses | — | — | — | 1,252 | 1,252 | |||||||||||||||
Depreciation and amortization (3) | — | — | — | 70,307 | 70,307 | |||||||||||||||
General and administrative expenses | — | — | — | 10,532 | 10,532 | |||||||||||||||
Other expense, net | — | — | — | 2,390 | 2,390 | |||||||||||||||
Total operating expenses | 73,751 | 10,576 | 3,242 | 96,182 | 183,751 | |||||||||||||||
Net operating income (loss) | 130,563 | 13,667 | 5,623 | (84,680 | ) | 65,173 | ||||||||||||||
Other items included in continuing operations | — | — | — | (53,133 | ) | (53,133 | ) | |||||||||||||
Income (loss) from continuing operations | $ | 130,563 | $ | 13,667 | $ | 5,623 | $ | (137,813 | ) | $ | 12,040 | |||||||||
Conventional | Affordable | Proportionate | Corporate and | Consolidated | ||||||||||||||||
Real Estate | Real Estate | Adjustments (1) | Amounts Not | |||||||||||||||||
Operations | Operations | Allocated to | ||||||||||||||||||
Segments (2) | ||||||||||||||||||||
Three Months Ended March 31, 2013: | ||||||||||||||||||||
Rental and other property revenues (3) | $ | 193,441 | $ | 23,994 | $ | 8,476 | $ | 4,341 | $ | 230,252 | ||||||||||
Tax credit and asset management revenues | — | — | — | 7,252 | 7,252 | |||||||||||||||
Total revenues | 193,441 | 23,994 | 8,476 | 11,593 | 237,504 | |||||||||||||||
Property operating expenses (3) | 70,099 | 9,952 | 3,020 | 10,797 | 93,868 | |||||||||||||||
Investment management expenses | — | — | — | 1,433 | 1,433 | |||||||||||||||
Depreciation and amortization (3) | — | — | — | 75,716 | 75,716 | |||||||||||||||
General and administrative expenses | — | — | — | 11,779 | 11,779 | |||||||||||||||
Other expense, net | — | — | — | 2,069 | 2,069 | |||||||||||||||
Total operating expenses | 70,099 | 9,952 | 3,020 | 101,794 | 184,865 | |||||||||||||||
Net operating income (loss) | 123,342 | 14,042 | 5,456 | (90,201 | ) | 52,639 | ||||||||||||||
Other items included in continuing operations | — | — | — | (54,302 | ) | (54,302 | ) | |||||||||||||
Income (loss) from continuing operations | $ | 123,342 | $ | 14,042 | $ | 5,456 | $ | (144,503 | ) | $ | (1,663 | ) | ||||||||
-1 | Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the results of our consolidated properties and the results of consolidated properties that we do not manage, which are excluded from our measurement of segment performance but included in the related consolidated amounts, and our share of the results of operations of our unconsolidated real estate partnerships that we manage, which are included in our measurement of segment performance but excluded from the related consolidated amounts. | |||||||||||||||||||
-2 | Our basis for assessing segment performance excludes the results of apartment communities sold or classified as held for sale. As discussed in Note 3, effective January 1, 2014, we adopted ASU 2014-08, which revised the definition of a discontinued operation. In the segment presentation above, the current year and prior year operating results for apartment communities sold during 2014 are presented within the Corporate and Amounts Not Allocated to Segments column. The operating results for the three months ended March 31, 2013, for apartment communities sold through December 31, 2013, are presented within discontinued operations and are accordingly excluded from the segment presentation above. | |||||||||||||||||||
-3 | Proportionate property net operating income, our key measurement of segment profit or loss excludes property management revenues (which are included in rental and other property revenues), property management expenses and casualty gains and losses (which are included in property operating expenses) and depreciation and amortization and provision for real estate impairment losses. Accordingly, we do not allocate these amounts to our segments. | |||||||||||||||||||
For the three months ended March 31, 2014 and 2013, capital additions related to our conventional segment totaled $86.6 million and $64.6 million, respectively, and capital additions related to our affordable segment totaled $1.7 million and $2.0 million, respectively. |
Basis_of_Presentation_and_Summ1
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
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 accounting principles generally accepted in the United States of America, or GAAP, have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2014, are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. | |
The balance sheets of Aimco and the Aimco Operating Partnership at December 31, 2013, have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in Aimco’s and the Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2013. Certain 2013 financial statement amounts have been reclassified to conform to the 2014 and full year 2013 presentation, including adjustments for discontinued operations reported through December 31, 2013. Except where indicated, the footnotes refer to both Aimco and the Aimco Operating Partnership. | |
Principles of Consolidation | ' |
Principles of Consolidation | |
Aimco’s accompanying condensed consolidated financial statements include the accounts of Aimco, the Aimco Operating Partnership, and their consolidated subsidiaries. The Aimco Operating Partnership’s condensed consolidated financial statements include the accounts of the Aimco Operating Partnership and its consolidated entities. | |
We consolidate all variable interest entities for which we are the primary beneficiary. Generally, a variable interest entity, or VIE, is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of our investment; the obligation or likelihood for us or other investors to provide financial support; and the similarity with and significance to our business activities and the business activities of the other investors. Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions. | |
As of March 31, 2014, we were the primary beneficiary of, and therefore consolidated, 63 VIEs, which owned 49 apartment communities with 7,656 apartment homes. Substantially all these VIEs are partnerships that operate qualifying affordable housing apartment communities and which are structured to provide for the pass-through of low-income housing tax credits and deductions to their partners. Real estate with a carrying value of $385.9 million collateralized $354.1 million of debt of those VIEs. Any significant amounts of assets and liabilities related to our consolidated VIEs are identified parenthetically on our accompanying condensed consolidated balance sheets. The creditors of the consolidated VIEs do not have recourse to our general credit. | |
In addition to the consolidated VIEs discussed above, at March 31, 2014, our consolidated financial statements included certain consolidated and unconsolidated VIEs that are part of the legacy asset management business we sold during 2012, which is discussed in Note 4. The assets and liabilities related to these consolidated and unconsolidated VIEs are each condensed into single line items within other assets and accrued liabilities and other, respectively, in our condensed consolidated balance sheets. | |
Generally, we consolidate real estate partnerships and other entities that are not variable interest entities when we own, directly or indirectly, a majority voting interest in the entity or are otherwise able to control the entity. All significant intercompany balances and transactions have been eliminated in consolidation. | |
Interests in the Aimco Operating Partnership that are held by limited partners other than Aimco are reflected in Aimco’s accompanying balance sheets as noncontrolling interests in Aimco Operating Partnership. Interests in partnerships consolidated into the Aimco Operating Partnership that are held by third parties are reflected in our accompanying balance sheets as noncontrolling interests in consolidated real estate partnerships. The assets of consolidated real estate partnerships owned or controlled by the Aimco Operating Partnership generally are not available to pay creditors of Aimco or the Aimco Operating Partnership. | |
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. | |
Temporary Equity and Partners' Capital | ' |
These amounts are presented within temporary equity in Aimco’s condensed consolidated balance sheets as preferred noncontrolling interests in the Aimco Operating Partnership, and within temporary capital in the Aimco Operating Partnership’s condensed consolidated balance sheets as redeemable preferred units. | |
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. |
Basis_of_Presentation_and_Summ2
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Schedule of Equity [Line Items] | ' | |||||||||||||||
Reconciliation of consolidated temporary equity accounts | ' | |||||||||||||||
Balance, December 31, 2013 | $ | 79,953 | ||||||||||||||
Distributions to preferred unitholders | (1,605 | ) | ||||||||||||||
Redemption of preferred units and other | (832 | ) | ||||||||||||||
Net income | 1,605 | |||||||||||||||
Balance, March 31, 2014 | $ | 79,121 | ||||||||||||||
Reconciliation of consolidated permanent equity accounts | ' | |||||||||||||||
Aimco | Noncontrolling | Common | Total | |||||||||||||
Equity | interests in | noncontrolling | Equity | |||||||||||||
consolidated real estate | interests in | |||||||||||||||
partnerships | Aimco Operating | |||||||||||||||
Partnership | ||||||||||||||||
Balance, December 31, 2013 | $ | 967,457 | $ | 233,008 | $ | (27,721 | ) | $ | 1,172,744 | |||||||
Contributions | — | 458 | — | 458 | ||||||||||||
Repurchase of preferred stock | (9,500 | ) | — | — | (9,500 | ) | ||||||||||
Preferred stock dividends | (696 | ) | — | — | (696 | ) | ||||||||||
Common dividends and distributions | (37,970 | ) | (20,999 | ) | (2,032 | ) | (61,001 | ) | ||||||||
Redemptions of common OP Units | — | — | (2,921 | ) | (2,921 | ) | ||||||||||
Amortization of stock-based compensation cost | 1,753 | — | — | 1,753 | ||||||||||||
Stock option exercises | 21 | — | — | 21 | ||||||||||||
Effect of changes in ownership for consolidated entities | (3,575 | ) | (76 | ) | 3,607 | (44 | ) | |||||||||
Change in accumulated other comprehensive loss | 101 | 26 | 5 | 132 | ||||||||||||
Other | 578 | — | — | 578 | ||||||||||||
Net income | 64,927 | 11,389 | 3,611 | 79,927 | ||||||||||||
Balance, March 31, 2014 | $ | 983,096 | $ | 223,806 | $ | (25,451 | ) | $ | 1,181,451 | |||||||
AIMCO PROPERTIES, L.P | ' | |||||||||||||||
Schedule of Equity [Line Items] | ' | |||||||||||||||
Reconciliation of consolidated permanent equity accounts | ' | |||||||||||||||
Partners’ capital | ||||||||||||||||
attributable to | ||||||||||||||||
the Partnership | ||||||||||||||||
Balance, December 31, 2013 | $ | 939,736 | ||||||||||||||
Repurchase of Preferred Units from Aimco | (9,500 | ) | ||||||||||||||
Distributions to preferred units held by Aimco | (696 | ) | ||||||||||||||
Distributions to common units held by Aimco | (37,970 | ) | ||||||||||||||
Distributions to common units held by Limited Partners | (2,032 | ) | ||||||||||||||
Redemption of common OP Units | (2,921 | ) | ||||||||||||||
Amortization of Aimco stock-based compensation cost | 1,753 | |||||||||||||||
Common OP Units issued to Aimco in connection with Aimco stock option exercises | 21 | |||||||||||||||
Effect of changes in ownership for consolidated entities | 32 | |||||||||||||||
Change in accumulated other comprehensive loss | 106 | |||||||||||||||
Other | 578 | |||||||||||||||
Net income | 68,538 | |||||||||||||||
Balance, March 31, 2014 | $ | 957,645 | ||||||||||||||
Disposals_and_Discontinued_Ope1
Disposals and Discontinued Operations (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||
Components of income from discontinued operations including portions attributable to Aimco and noncontrolling interests | ' | |||
Three Months Ended March 31, 2013 | ||||
Rental and other property revenues | $ | 18,620 | ||
Property operating expenses | (8,553 | ) | ||
Depreciation and amortization | (4,880 | ) | ||
Recovery of real estate impairment losses | 227 | |||
Operating income | 5,414 | |||
Interest income | 78 | |||
Interest expense | (4,201 | ) | ||
Income before gain on dispositions of real estate and income tax | 1,291 | |||
Gain on dispositions of real estate | 3,329 | |||
Income tax expense | (124 | ) | ||
Income from discontinued operations, net | $ | 4,496 | ||
Loss from discontinued operations attributable to noncontrolling interests in consolidated real estate partnerships | 2,217 | |||
Income from discontinued operations attributable to the Aimco Operating Partnership | 6,713 | |||
Income from discontinued operations attributable to noncontrolling interests in Aimco Operating Partnership | (316 | ) | ||
Income from discontinued operations attributable to Aimco | $ | 6,397 | ||
Other_Significant_Transactions1
Other Significant Transactions (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Other Significant Transactions [Abstract] | ' | |||||||
Schedule of Financial Position Related to Legally Sold Portfolio [Table Text Block] | ' | |||||||
March 31, 2014 | December 31, 2013 | |||||||
Real estate, net | $ | 118,583 | $ | 120,175 | ||||
Cash and cash equivalents and restricted cash | 30,334 | 29,046 | ||||||
Investment in unconsolidated real estate partnerships | 10,335 | 10,817 | ||||||
Other assets | 3,700 | 3,811 | ||||||
Total assets | $ | 162,952 | $ | 163,849 | ||||
Total indebtedness | $ | 106,971 | $ | 106,032 | ||||
Accrued and other liabilities | 18,833 | 19,263 | ||||||
Total liabilities | $ | 125,804 | $ | 125,295 | ||||
Noncontrolling interests in consolidated real estate partnerships | 34,945 | 35,818 | ||||||
Equity attributable to Aimco and the Aimco Operating Partnership | 2,203 | 2,736 | ||||||
Total liabilities and equity | $ | 162,952 | $ | 163,849 | ||||
Statement of Income Related to Legally Sold Portfolio [Table Text Block] | ' | |||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Revenues | $ | 5,675 | $ | 5,447 | ||||
Expenses | (5,201 | ) | (5,664 | ) | ||||
Equity loss of unconsolidated entities, gains or losses on dispositions and other, net | (1,994 | ) | (2,489 | ) | ||||
Net loss related to legacy asset management business | (1,520 | ) | (2,706 | ) | ||||
Income tax benefit (expense) associated with legacy asset management business | 70 | (26 | ) | |||||
Loss allocated to noncontrolling interests in consolidated real estate partnerships | 899 | 2,682 | ||||||
Net losses of legacy asset management business attributable to Aimco and the Aimco Operating Partnership | $ | (551 | ) | $ | (50 | ) |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | |||||||||||
AFS Investments | Interest Rate Swaps | Total | ||||||||||
Fair value at December 31, 2012 | $ | 59,145 | $ | (7,968 | ) | $ | 51,177 | |||||
Investment accretion included in interest income | 830 | — | 830 | |||||||||
Unrealized losses included in interest expense | — | (12 | ) | (12 | ) | |||||||
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss | — | 420 | 420 | |||||||||
Unrealized (losses) gains included in equity and partners’ capital | (1,708 | ) | 176 | (1,532 | ) | |||||||
Fair value at March 31, 2013 | $ | 58,267 | $ | (7,384 | ) | $ | 50,883 | |||||
Fair value at December 31, 2013 | 58,408 | (4,604 | ) | 53,804 | ||||||||
Investment accretion included in interest income | 920 | — | 920 | |||||||||
Unrealized losses included in interest expense | — | (12 | ) | (12 | ) | |||||||
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss | — | 426 | 426 | |||||||||
Unrealized gains (losses) included in equity and partners’ capital | 467 | (761 | ) | (294 | ) | |||||||
Fair value at March 31, 2014 | $ | 59,795 | $ | (4,951 | ) | $ | 54,844 | |||||
Earnings_Loss_per_ShareUnit_Ta
Earnings (Loss) per Share/Unit (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | |||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Income (loss) from continuing operations | $ | 12,040 | $ | (1,663 | ) | |||
Gain on dispositions of real estate, net of tax | 69,492 | — | ||||||
(Income) loss from continuing operations and gain on dispositions attributable to noncontrolling interests | (16,605 | ) | 1,158 | |||||
Income attributable to preferred stockholders | (454 | ) | (702 | ) | ||||
Income attributable to participating securities | (239 | ) | (140 | ) | ||||
Income (loss) from continuing operations attributable to Aimco common stockholders | $ | 64,234 | $ | (1,347 | ) | |||
Income from discontinued operations | $ | — | $ | 4,496 | ||||
Loss from discontinued operations attributable to noncontrolling interests | — | 1,901 | ||||||
Income from discontinued operations attributable to Aimco common stockholders | $ | — | $ | 6,397 | ||||
Net income | $ | 81,532 | $ | 2,833 | ||||
Net (income) loss attributable to noncontrolling interests | (16,605 | ) | 3,059 | |||||
Net income attributable to preferred stockholders | (454 | ) | (702 | ) | ||||
Net income attributable to participating securities | (239 | ) | (140 | ) | ||||
Net income attributable to Aimco common stockholders | $ | 64,234 | $ | 5,050 | ||||
Denominator: | ||||||||
Weighted average common shares outstanding – basic | 145,473 | 145,169 | ||||||
Dilutive potential common shares | 208 | — | ||||||
Weighted average common shares outstanding – diluted | 145,681 | 145,169 | ||||||
Earnings (loss) per common share – basic and diluted: | ||||||||
Income (loss) from continuing operations attributable to Aimco common stockholders | $ | 0.44 | $ | (0.01 | ) | |||
Income from discontinued operations attributable to Aimco common stockholders | — | 0.04 | ||||||
Net income attributable to Aimco common stockholders | $ | 0.44 | $ | 0.03 | ||||
AIMCO PROPERTIES, L.P | ' | |||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | |||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Income (loss) from continuing operations | $ | 12,040 | $ | (1,663 | ) | |||
Gain on dispositions of real estate, net of tax | 69,492 | — | ||||||
(Income) loss from continuing operations and gain on dispositions attributable to noncontrolling interests | (11,389 | ) | 2,745 | |||||
Income attributable to the Aimco Operating Partnership’s preferred unitholders | (2,059 | ) | (2,308 | ) | ||||
Income attributable to participating securities | (239 | ) | (140 | ) | ||||
Income (loss) from continuing operations attributable to the Aimco Operating Partnership’s common unitholders | $ | 67,845 | $ | (1,366 | ) | |||
Income from discontinued operations | $ | — | $ | 4,496 | ||||
Loss from discontinued operations attributable to noncontrolling interests | — | 2,217 | ||||||
Income from discontinued operations attributable to the Aimco Operating Partnership’s common unitholders | $ | — | $ | 6,713 | ||||
Net income | $ | 81,532 | $ | 2,833 | ||||
Net (income) loss attributable to noncontrolling interests | (11,389 | ) | 4,962 | |||||
Net income attributable to the Aimco Operating Partnership’s preferred unitholders | (2,059 | ) | (2,308 | ) | ||||
Net income attributable to participating securities | (239 | ) | (140 | ) | ||||
Net income attributable to the Aimco Operating Partnership’s common unitholders | $ | 67,845 | $ | 5,347 | ||||
Denominator: | ||||||||
Weighted average common units outstanding – basic | 153,329 | 153,169 | ||||||
Dilutive potential common units | 208 | — | ||||||
Weighted average common units outstanding – diluted | 153,537 | 153,169 | ||||||
Earnings (loss) per common unit – basic and diluted: | ||||||||
Income (loss) from continuing operations attributable to the Aimco Operating Partnership’s common unitholders | $ | 0.44 | $ | (0.01 | ) | |||
Income from discontinued operations attributable to the Aimco Operating Partnership’s common unitholders | — | 0.04 | ||||||
Net income attributable to the Aimco Operating Partnership’s common unitholders | $ | 0.44 | $ | 0.03 | ||||
Business_Segments_Tables
Business Segments (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Summary information for the reportable segments | ' | |||||||||||||||||||
Conventional | Affordable | Proportionate | Corporate and | Consolidated | ||||||||||||||||
Real Estate | Real Estate | Adjustments (1) | Amounts Not | |||||||||||||||||
Operations | Operations | Allocated to | ||||||||||||||||||
Segments (2) | ||||||||||||||||||||
Three Months Ended March 31, 2014: | ||||||||||||||||||||
Rental and other property revenues (3) | $ | 204,314 | $ | 24,243 | $ | 8,865 | $ | 2,714 | $ | 240,136 | ||||||||||
Tax credit and asset management revenues | — | — | — | 8,788 | 8,788 | |||||||||||||||
Total revenues | 204,314 | 24,243 | 8,865 | 11,502 | 248,924 | |||||||||||||||
Property operating expenses (3) | 73,751 | 10,576 | 3,242 | 11,701 | 99,270 | |||||||||||||||
Investment management expenses | — | — | — | 1,252 | 1,252 | |||||||||||||||
Depreciation and amortization (3) | — | — | — | 70,307 | 70,307 | |||||||||||||||
General and administrative expenses | — | — | — | 10,532 | 10,532 | |||||||||||||||
Other expense, net | — | — | — | 2,390 | 2,390 | |||||||||||||||
Total operating expenses | 73,751 | 10,576 | 3,242 | 96,182 | 183,751 | |||||||||||||||
Net operating income (loss) | 130,563 | 13,667 | 5,623 | (84,680 | ) | 65,173 | ||||||||||||||
Other items included in continuing operations | — | — | — | (53,133 | ) | (53,133 | ) | |||||||||||||
Income (loss) from continuing operations | $ | 130,563 | $ | 13,667 | $ | 5,623 | $ | (137,813 | ) | $ | 12,040 | |||||||||
Conventional | Affordable | Proportionate | Corporate and | Consolidated | ||||||||||||||||
Real Estate | Real Estate | Adjustments (1) | Amounts Not | |||||||||||||||||
Operations | Operations | Allocated to | ||||||||||||||||||
Segments (2) | ||||||||||||||||||||
Three Months Ended March 31, 2013: | ||||||||||||||||||||
Rental and other property revenues (3) | $ | 193,441 | $ | 23,994 | $ | 8,476 | $ | 4,341 | $ | 230,252 | ||||||||||
Tax credit and asset management revenues | — | — | — | 7,252 | 7,252 | |||||||||||||||
Total revenues | 193,441 | 23,994 | 8,476 | 11,593 | 237,504 | |||||||||||||||
Property operating expenses (3) | 70,099 | 9,952 | 3,020 | 10,797 | 93,868 | |||||||||||||||
Investment management expenses | — | — | — | 1,433 | 1,433 | |||||||||||||||
Depreciation and amortization (3) | — | — | — | 75,716 | 75,716 | |||||||||||||||
General and administrative expenses | — | — | — | 11,779 | 11,779 | |||||||||||||||
Other expense, net | — | — | — | 2,069 | 2,069 | |||||||||||||||
Total operating expenses | 70,099 | 9,952 | 3,020 | 101,794 | 184,865 | |||||||||||||||
Net operating income (loss) | 123,342 | 14,042 | 5,456 | (90,201 | ) | 52,639 | ||||||||||||||
Other items included in continuing operations | — | — | — | (54,302 | ) | (54,302 | ) | |||||||||||||
Income (loss) from continuing operations | $ | 123,342 | $ | 14,042 | $ | 5,456 | $ | (144,503 | ) | $ | (1,663 | ) | ||||||||
-1 | Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the results of our consolidated properties and the results of consolidated properties that we do not manage, which are excluded from our measurement of segment performance but included in the related consolidated amounts, and our share of the results of operations of our unconsolidated real estate partnerships that we manage, which are included in our measurement of segment performance but excluded from the related consolidated amounts. | |||||||||||||||||||
-2 | Our basis for assessing segment performance excludes the results of apartment communities sold or classified as held for sale. As discussed in Note 3, effective January 1, 2014, we adopted ASU 2014-08, which revised the definition of a discontinued operation. In the segment presentation above, the current year and prior year operating results for apartment communities sold during 2014 are presented within the Corporate and Amounts Not Allocated to Segments column. The operating results for the three months ended March 31, 2013, for apartment communities sold through December 31, 2013, are presented within discontinued operations and are accordingly excluded from the segment presentation above. | |||||||||||||||||||
-3 | Proportionate property net operating income, our key measurement of segment profit or loss excludes property management revenues (which are included in rental and other property revenues), property management expenses and casualty gains and losses (which are included in property operating expenses) and depreciation and amortization and provision for real estate impairment losses. Accordingly, we do not allocate these amounts to our segments. |
Organization_Details_Textual
Organization (Details Textual) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Conventional Real Estate Operations [Member] | Affordable Real Estate Operations [Member] | Consolidated Properties [Member] | Consolidated Properties [Member] | AIMCO PROPERTIES, L.P | |||
Units | Units | Conventional Real Estate Operations [Member] | Affordable Real Estate Operations [Member] | ||||
Property | Property | Property | Units | ||||
Units | Property | ||||||
Organization [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of owned apartment communities in segments | ' | ' | 161 | 72 | 157 | 56 | ' |
Number of apartment homes in owned apartment communities in segments | ' | ' | 49,314 | 9,680 | 49,172 | 8,566 | ' |
Percentage of proportionate property net operating income generated by segment | ' | ' | 91.00% | 9.00% | ' | ' | ' |
Shares of common stock/units outstanding | 146,099,689 | 145,917,387 | ' | ' | ' | ' | 153,911,534 |
Organization (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Aimco's ownership interest in AIMCO Properties, L.P. | 94.90% | ' | ' | ' | ' | ' | ' |
Basis_of_Presentation_and_Summ3
Basis of Presentation and Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Increase (Decrease) in Temporary Equity [Roll Forward] | ' |
Balance, December 31, 2013 | $79,953 |
Distributions to preferred unitholders | -1,605 |
Redemption of preferred units and other | -832 |
Net income | 1,605 |
Balance, March 31, 2014 | $79,121 |
Basis_of_Presentation_and_Summ4
Basis of Presentation and Summary of Significant Accounting Policies (Details 1) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule of Capitalization, Equity [Line Items] | ' | ' |
Balance, December 31, 2013 | $1,172,744 | ' |
Contributions | 458 | ' |
Repurchase of preferred stock | -9,500 | ' |
Preferred stock dividends | -696 | ' |
Common dividends and distributions | -61,001 | ' |
Redemptions of common OP Units | -2,921 | ' |
Amortization of stock-based compensation cost | 1,753 | ' |
Stock option exercises | 21 | ' |
Effect of changes in ownership for consolidated entities | -44 | ' |
Change in accumulated other comprehensive loss | 132 | -1,112 |
Other | 578 | ' |
Net income | 79,927 | ' |
Balance, March 31, 2014 | 1,181,451 | ' |
Partners' capital attributable to the Partnership | ' | ' |
Schedule of Capitalization, Equity [Line Items] | ' | ' |
Change in accumulated other comprehensive loss | 132 | -1,112 |
Aimco Equity [Member] | ' | ' |
Schedule of Capitalization, Equity [Line Items] | ' | ' |
Balance, December 31, 2013 | 967,457 | ' |
Contributions | ' | ' |
Repurchase of preferred stock | -9,500 | ' |
Preferred stock dividends | -696 | ' |
Common dividends and distributions | -37,970 | ' |
Redemptions of common OP Units | ' | ' |
Amortization of stock-based compensation cost | 1,753 | ' |
Stock option exercises | 21 | ' |
Effect of changes in ownership for consolidated entities | -3,575 | ' |
Change in accumulated other comprehensive loss | 101 | ' |
Other | 578 | ' |
Net income | 64,927 | ' |
Balance, March 31, 2014 | 983,096 | ' |
Noncontrolling Interests in Consolidated Real Estate Partnerships [Member] | ' | ' |
Schedule of Capitalization, Equity [Line Items] | ' | ' |
Balance, December 31, 2013 | 233,008 | ' |
Contributions | 458 | ' |
Repurchase of preferred stock | ' | ' |
Preferred stock dividends | ' | ' |
Common dividends and distributions | -20,999 | ' |
Redemptions of common OP Units | ' | ' |
Amortization of stock-based compensation cost | ' | ' |
Stock option exercises | ' | ' |
Effect of changes in ownership for consolidated entities | -76 | ' |
Change in accumulated other comprehensive loss | 26 | ' |
Other | ' | ' |
Net income | 11,389 | ' |
Balance, March 31, 2014 | 223,806 | ' |
Common Noncontrolling Interests in Aimco Operating Partnership [Member] | ' | ' |
Schedule of Capitalization, Equity [Line Items] | ' | ' |
Balance, December 31, 2013 | -27,721 | ' |
Contributions | ' | ' |
Repurchase of preferred stock | ' | ' |
Preferred stock dividends | ' | ' |
Common dividends and distributions | -2,032 | ' |
Redemptions of common OP Units | -2,921 | ' |
Amortization of stock-based compensation cost | ' | ' |
Stock option exercises | ' | ' |
Effect of changes in ownership for consolidated entities | 3,607 | ' |
Change in accumulated other comprehensive loss | 5 | ' |
Other | ' | ' |
Net income | 3,611 | ' |
Balance, March 31, 2014 | ($25,451) | ' |
Basis_of_Presentation_and_Summ5
Basis of Presentation and Summary of Significant Accounting Policies (Details 2) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule of Equity [Line Items] | ' | ' |
Repurchase of Preferred Units from Aimco | ($9,500) | ' |
Distributions to preferred units held by Aimco | -696 | ' |
Redemption of common OP Units | -2,921 | ' |
Amortization of Aimco stock-based compensation cost | 1,753 | ' |
Common OP Units issued to Aimco in connection with Aimco stock option exercises | 21 | ' |
Effect of changes in ownership for consolidated entities | -44 | ' |
Change in accumulated other comprehensive loss | 132 | -1,112 |
Other | 578 | ' |
Net income | 79,927 | ' |
AIMCO PROPERTIES, L.P | ' | ' |
Schedule of Equity [Line Items] | ' | ' |
Balance, December 31, 2013 | 939,736 | ' |
Change in accumulated other comprehensive loss | 132 | -1,112 |
Balance, March 31, 2014 | 957,645 | ' |
Partners Capital [Member] | AIMCO PROPERTIES, L.P | ' | ' |
Schedule of Equity [Line Items] | ' | ' |
Balance, December 31, 2013 | 939,736 | ' |
Repurchase of Preferred Units from Aimco | -9,500 | ' |
Distributions to preferred units held by Aimco | -696 | ' |
Distributions to common units held by Aimco | -37,970 | ' |
Distributions to common units held by Limited Partners | -2,032 | ' |
Redemption of common OP Units | -2,921 | ' |
Amortization of Aimco stock-based compensation cost | 1,753 | ' |
Common OP Units issued to Aimco in connection with Aimco stock option exercises | 21 | ' |
Effect of changes in ownership for consolidated entities | 32 | ' |
Change in accumulated other comprehensive loss | 106 | ' |
Other | 578 | ' |
Net income | 68,538 | ' |
Balance, March 31, 2014 | $957,645 | ' |
Basis_of_Presentation_and_Summ6
Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Variable Interest Entity [Line Items] | ' | ' |
Net real estate related to VIEs | $5,369,420 | $5,391,209 |
Non-recourse property debt related to VIEs | 4,284,763 | 4,337,785 |
Variable Interest Entity, Primary Beneficiary [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Number of Variable Interest Entities | 63 | ' |
Number of apartment communities owned by VIEs | 49 | ' |
Number of apartment homes owned by VIEs | 7,656 | ' |
Net real estate related to VIEs | 385,853 | 392,245 |
Non-recourse property debt related to VIEs | $354,084 | $355,372 |
Disposals_and_Discontinued_Ope2
Disposals and Discontinued Operations (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Components of income from discontinued operations including portions attributable to Aimco and noncontrolling interests | ' | ' |
Rental and other property revenues | ' | $18,620 |
Property operating expenses | ' | -8,553 |
Depreciation and amortization | ' | -4,880 |
Recovery of real estate impairment losses | ' | 227 |
Operating income | ' | 5,414 |
Interest income | ' | 78 |
Interest expense | ' | -4,201 |
Income before gain on dispositions of real estate and income tax | ' | 1,291 |
Gain on dispositions of real estate | ' | 3,329 |
Income tax expense | ' | -124 |
Income from discontinued operations, net | 0 | 4,496 |
Loss from discontinued operations attributable to noncontrolling interests in consolidated real estate partnerships | ' | 2,217 |
Income from discontinued operations attributable to the Aimco Operating Partnership | ' | 6,713 |
Income from discontinued operations attributable to noncontrolling interests in Aimco Operating Partnership | ' | -316 |
Income from discontinued operations attributable to Aimco | $0 | $6,397 |
Disposals_and_Discontinued_Ope3
Disposals and Discontinued Operations (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Property | Property | Property | |
Units | Units | Units | |
Disposals and Discontinued Operations (Textual) [Abstract] | ' | ' | ' |
Number of consolidated properties disposed | 5 | 3 | 29 |
Number of apartment homes in consolidated properties disposed | 1,606 | 66 | 6,953 |
Gain on dispositions of real estate, net of tax | $69,492,000 | $0 | ' |
Prepayment penalties treated as reduction of gain upon repayment of property loans collateralized by properties sold | 5,800,000 | 300,000 | ' |
Non-recourse property debt assumed in connection with real estate dispositions | $29,800,000 | $2,100,000 | ' |
Other_Significant_Transactions2
Other Significant Transactions (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Financial Position Related to Legally Sold Portfolio [Line Items] | ' | ' |
Real estate, net | $118,583 | $120,175 |
Cash and cash equivalents and restricted cash | 30,334 | 29,046 |
Investment in unconsolidated real estate partnerships | 10,335 | 10,817 |
Other assets | 3,700 | 3,811 |
Total assets | 162,952 | 163,849 |
Total indebtedness | 106,971 | 106,032 |
Accrued and other liabilities | 18,833 | 19,263 |
Total liabilities | 125,804 | 125,295 |
Noncontrolling interests in consolidated real estate partnerships | 223,806 | 233,008 |
Equity attributable to Aimco and the Aimco Operating Partnership | -25,451 | -27,721 |
Total liabilities and equity | 6,083,152 | 6,079,413 |
Legally Sold Portfolio, Not Derecognized for Accounting Purposes [Member] | ' | ' |
Schedule of Financial Position Related to Legally Sold Portfolio [Line Items] | ' | ' |
Noncontrolling interests in consolidated real estate partnerships | 34,945 | 35,818 |
Equity attributable to Aimco and the Aimco Operating Partnership | 2,203 | 2,736 |
Total liabilities and equity | $162,952 | $163,849 |
Other_Significant_Transactions3
Other Significant Transactions (Details 1) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Income Related to Legally Sold Portfolio [Line Items] | ' | ' |
Revenues | $5,675 | $5,447 |
Expenses | -5,201 | -5,664 |
Equity loss of unconsolidated entities, gains or losses on dispositions and other, net | -1,994 | -2,489 |
Net loss related to legacy asset management business | -1,520 | -2,706 |
Income tax benefit (expense) associated with legacy asset management business | 70 | -26 |
Loss allocated to noncontrolling interests in consolidated real estate partnerships | 899 | 2,682 |
Net losses of legacy asset management business attributable to Aimco and the Aimco Operating Partnership | ($551) | ($50) |
Other_Significant_Transactions4
Other Significant Transactions (Details Textual) | Mar. 31, 2014 |
Property | |
Sale of Asset Managed Portfolio [Abstract] | ' |
Number of partnerships in legally sold portfolio | 17 |
Number of consolidated apartment communities in legally sold portfolio | 14 |
Number of unconsolidated apartment communities in legally sold portfolio | 60 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Fair value of assets and liabilities measured on a recurring basis | ' | ' |
Fair Value, Beginning Balance | $53,804 | $51,177 |
Investment accretion included in interest income | 920 | 830 |
Unrealized losses included in interest expense | -12 | -12 |
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss | 426 | 420 |
Unrealized gains (losses) included in equity and partners’ capital | -294 | -1,532 |
Fair Value, Ending Balance | 54,844 | 50,883 |
Fair Value, Inputs, Level 2 [Member] | Available for sale [Member] | ' | ' |
Fair value of assets and liabilities measured on a recurring basis | ' | ' |
Fair Value, Beginning Balance | 58,408 | 59,145 |
Investment accretion included in interest income | 920 | 830 |
Unrealized losses included in interest expense | ' | ' |
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss | ' | ' |
Unrealized gains (losses) included in equity and partners’ capital | 467 | -1,708 |
Fair Value, Ending Balance | 59,795 | 58,267 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ' | ' |
Fair value of assets and liabilities measured on a recurring basis | ' | ' |
Fair Value, Beginning Balance | -4,604 | -7,968 |
Investment accretion included in interest income | ' | ' |
Unrealized losses included in interest expense | -12 | -12 |
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss | 426 | 420 |
Unrealized gains (losses) included in equity and partners’ capital | -761 | 176 |
Fair Value, Ending Balance | ($4,951) | ($7,384) |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details Textual) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' |
Face value of available-for-sale securities | $100,900,000 | ' | ' | ' | ' |
Excepted remaining term of available-for-sale debt securities | '7 years 2 months | ' | ' | ' | ' |
Amortized cost of the investment in available-for-sale debt securities | 60,700,000 | 59,800,000 | ' | ' | ' |
Derivative Liability, Notional Amount | ' | ' | 50,600,000 | 50,700,000 | ' |
Derivative, Average Remaining Maturity | ' | ' | ' | ' | '6 years 9 months |
Period for reclassification of earnings | '12 months | ' | ' | ' | ' |
Amount of unrealized losses estimated to be reclassified from accumulated other comprehensive loss to earnings during the next 12 months | ' | ' | ' | ' | -1,700,000 |
Derivative, Average Fixed Interest Rate | ' | ' | ' | ' | 3.43% |
Estimated fair value of consolidated debt | 4,600,000,000 | 4,500,000,000 | ' | ' | ' |
Total indebtedness | $4,394,823,000 | $4,388,185,000 | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details Textual) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Long-term Purchase Commitment [Line Items] | ' |
Long-term Purchase Commitment, Time Period | '12 months |
Term of commitments to purchase goods or services related to the operations of properties | 'one year or less |
Range of remaining compliance periods for tax credit syndication arrangements | 'less than one year to 12 years |
Construction Contracts [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Commitments related to capital spending activities | 302.1 |
Earnings_Loss_per_ShareUnit_De
Earnings (Loss) per Share/Unit (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Numerator: | ' | ' |
Income (loss) from continuing operations | $12,040 | ($1,663) |
Gain on dispositions of real estate, net of tax | 69,492 | 0 |
(Income) loss from continuing operations and gain on dispositions attributable to noncontrolling interests | -16,605 | 1,158 |
Income attributable to the company's preferred equity holders | -454 | -702 |
Income attributable to participating securities | -239 | -140 |
Income (loss) from continuing operations attributable to the company's common equityholders | 64,234 | -1,347 |
Income from discontinued operations | 0 | 4,496 |
Loss from discontinued operations attributable to noncontrolling interests | 0 | 1,901 |
Income from discontinued operations attributable to the company's common equityholders | 0 | 6,397 |
Net income | 81,532 | 2,833 |
Net (income) loss attributable to noncontrolling interests | -16,605 | 3,059 |
Net income attributable to the company's preferred equityholders | -454 | -702 |
Net income attributable to participating securities | -239 | -140 |
Net income attributable to the company's common equityholders | 64,234 | 5,050 |
Denominator: | ' | ' |
Weighted average common shares/units outstanding - basic | 145,473 | 145,169 |
Dilutive potential common shares/units | 208 | 0 |
Weighted average common shares/units outstanding - diluted | 145,681 | 145,169 |
Earnings (loss) per common share/unit - basic and diluted | ' | ' |
Income (loss) from continuing operations attributable to the company's common equityholders | $0.44 | ($0.01) |
Income from discontinued operations attributable to the company's common equityholders | $0 | $0.04 |
Net income attributable to the company's common equityholders (In dollars per share/unit) | $0.44 | $0.03 |
AIMCO PROPERTIES, L.P | ' | ' |
Numerator: | ' | ' |
Income (loss) from continuing operations | 12,040 | -1,663 |
Gain on dispositions of real estate, net of tax | 69,492 | 0 |
(Income) loss from continuing operations and gain on dispositions attributable to noncontrolling interests | -11,389 | 2,745 |
Income attributable to the company's preferred equity holders | -2,059 | -2,308 |
Income attributable to participating securities | -239 | -140 |
Income (loss) from continuing operations attributable to the company's common equityholders | 67,845 | -1,366 |
Income from discontinued operations | 0 | 4,496 |
Loss from discontinued operations attributable to noncontrolling interests | 0 | 2,217 |
Income from discontinued operations attributable to the company's common equityholders | 0 | 6,713 |
Net income | 81,532 | 2,833 |
Net (income) loss attributable to noncontrolling interests | -11,389 | 4,962 |
Net income attributable to the company's preferred equityholders | -2,059 | -2,308 |
Net income attributable to participating securities | -239 | -140 |
Net income attributable to the company's common equityholders | $67,845 | $5,347 |
Denominator: | ' | ' |
Weighted average common shares/units outstanding - basic | 153,329 | 153,169 |
Dilutive potential common shares/units | 208 | 0 |
Weighted average common shares/units outstanding - diluted | 153,537 | 153,169 |
Earnings (loss) per common share/unit - basic and diluted | ' | ' |
Income (loss) from continuing operations attributable to the company's common equityholders | $0.44 | ($0.01) |
Income from discontinued operations attributable to the company's common equityholders | $0 | $0.04 |
Net income attributable to the company's common equityholders (In dollars per share/unit) | $0.44 | $0.03 |
Earnings_Loss_per_ShareUnit_De1
Earnings (Loss) per Share/Unit (Details Textual) (USD $) | 3 Months Ended | ||
In Thousands, except Share data in Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' |
Common share/unit equivalents that may dilute earnings per share/unit in future periods | 3 | ' | ' |
Participating securities outstanding | 0.5 | ' | 0.6 |
Method Used In Calculating Earnings Per Share | 'two-class method | ' | ' |
Preferred OP Units, Distributions, Low Range | 1.80% | ' | ' |
Preferred OP Units, Distributions, High Range | 8.80% | ' | ' |
Preferred OP Units Outstanding | 2.9 | ' | ' |
Preferred noncontrolling interests in Aimco Operating Partnership | $79,121 | $79,953 | ' |
Number of Shares of Common Stock Required to Redeem Preferred OP Units Tendered for Redemption, if Parent Chooses to Redeem in Shares Rather than Cash | 2.6 | ' | ' |
Business_Segments_Details
Business Segments (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Summary information for the reportable segments | ' | ' | ||
Rental and other property revenues (3) | $240,136 | $230,252 | ||
Tax credit and asset management revenues | 8,788 | 7,252 | ||
Total revenues | 248,924 | 237,504 | ||
Property operating expenses (3) | 99,270 | 93,868 | ||
Investment management expenses | 1,252 | 1,433 | ||
Depreciation and amortization (3) | 70,307 | 75,716 | ||
General and administrative expenses | 10,532 | 11,779 | ||
Other expense, net | 2,390 | 2,069 | ||
Total operating expenses | 183,751 | 184,865 | ||
Net operating income (loss) | 65,173 | 52,639 | ||
Other items included in continuing operations | -53,133 | -54,302 | ||
Income (loss) from continuing operations | 12,040 | -1,663 | ||
Conventional Real Estate Operations [Member] | ' | ' | ||
Summary information for the reportable segments | ' | ' | ||
Rental and other property revenues (3) | 204,314 | [1] | 193,441 | [1] |
Tax credit and asset management revenues | ' | ' | ||
Total revenues | 204,314 | 193,441 | ||
Property operating expenses (3) | 73,751 | [1] | 70,099 | [1] |
Investment management expenses | ' | ' | ||
Depreciation and amortization (3) | ' | [1] | ' | [1] |
General and administrative expenses | ' | ' | ||
Other expense, net | ' | ' | ||
Total operating expenses | 73,751 | 70,099 | ||
Net operating income (loss) | 130,563 | 123,342 | ||
Other items included in continuing operations | ' | ' | ||
Income (loss) from continuing operations | 130,563 | 123,342 | ||
Affordable Real Estate Operations [Member] | ' | ' | ||
Summary information for the reportable segments | ' | ' | ||
Rental and other property revenues (3) | 24,243 | [1] | 23,994 | [1] |
Tax credit and asset management revenues | ' | ' | ||
Total revenues | 24,243 | 23,994 | ||
Property operating expenses (3) | 10,576 | [1] | 9,952 | [1] |
Investment management expenses | ' | ' | ||
Depreciation and amortization (3) | ' | [1] | ' | [1] |
General and administrative expenses | ' | ' | ||
Other expense, net | ' | ' | ||
Total operating expenses | 10,576 | 9,952 | ||
Net operating income (loss) | 13,667 | 14,042 | ||
Other items included in continuing operations | ' | ' | ||
Income (loss) from continuing operations | 13,667 | 14,042 | ||
Proportionate Adjustments [Member] | ' | ' | ||
Summary information for the reportable segments | ' | ' | ||
Rental and other property revenues (3) | 8,865 | [1],[2] | 8,476 | [1],[2] |
Tax credit and asset management revenues | ' | [2] | ' | [2] |
Total revenues | 8,865 | [2] | 8,476 | [2] |
Property operating expenses (3) | 3,242 | [1],[2] | 3,020 | [1],[2] |
Investment management expenses | ' | [2] | ' | [2] |
Depreciation and amortization (3) | ' | [1],[2] | ' | [1],[2] |
General and administrative expenses | ' | [2] | ' | [2] |
Other expense, net | ' | [2] | ' | [2] |
Total operating expenses | 3,242 | [2] | 3,020 | [2] |
Net operating income (loss) | 5,623 | [2] | 5,456 | [2] |
Other items included in continuing operations | ' | [2] | ' | [2] |
Income (loss) from continuing operations | 5,623 | [2] | 5,456 | [2] |
Corporate and Amounts Not Allocated to Segments [Member] | ' | ' | ||
Summary information for the reportable segments | ' | ' | ||
Rental and other property revenues (3) | 2,714 | [3] | 4,341 | [3] |
Tax credit and asset management revenues | 8,788 | 7,252 | ||
Total revenues | 11,502 | [3] | 11,593 | [3] |
Property operating expenses (3) | 11,701 | [3] | 10,797 | [3] |
Investment management expenses | 1,252 | 1,433 | ||
Depreciation and amortization (3) | 70,307 | 75,716 | ||
General and administrative expenses | 10,532 | 11,779 | ||
Other expense, net | 2,390 | 2,069 | ||
Total operating expenses | 96,182 | [3] | 101,794 | [3] |
Net operating income (loss) | -84,680 | [3] | -90,201 | [3] |
Other items included in continuing operations | -53,133 | [3] | -54,302 | [3] |
Income (loss) from continuing operations | ($137,813) | [3] | ($144,503) | [3] |
[1] | Proportionate property net operating income, our key measurement of segment profit or loss excludes property management revenues (which are included in rental and other property revenues), property management expenses and casualty gains and losses (which are included in property operating expenses) and depreciation and amortization and provision for real estate impairment losses. Accordingly, we do not allocate these amounts to our segments. | |||
[2] | Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the results of our consolidated properties and the results of consolidated properties that we do not manage, which are excluded from our measurement of segment performance but included in the related consolidated amounts, and our share of the results of operations of our unconsolidated real estate partnerships that we manage, which are included in our measurement of segment performance but excluded from the related consolidated amounts. | |||
[3] | Our basis for assessing segment performance excludes the results of apartment communities sold or classified as held for sale. As discussed in Note 3, effective January 1, 2014, we adopted ASU 2014-08, which revised the definition of a discontinued operation. In the segment presentation above, the current year and prior year operating results for apartment communities sold during 2014 are presented within the Corporate and Amounts Not Allocated to Segments column. The operating results for the three months ended March 31, 2013, for apartment communities sold through December 31, 2013, are presented within discontinued operations and are accordingly excluded from the segment presentation above. |
Business_Segments_Details_Text
Business Segments (Details Textual) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Business Segments (Textual) [Abstract] | ' | ' |
Number of reportable segments | 2 | ' |
Conventional Real Estate Operations [Member] | ' | ' |
Business Segments (Textual) [Abstract] | ' | ' |
Capital additions related to segments | $86.60 | $64.60 |
Affordable Real Estate Operations [Member] | ' | ' |
Business Segments (Textual) [Abstract] | ' | ' |
Capital additions related to segments | $1.70 | $2 |
Conventional Real Estate [Member] | ' | ' |
Business Segments (Textual) [Abstract] | ' | ' |
Number of owned apartment communities in segments | 161 | ' |
Number of apartment homes in owned apartment communities in segments | 49,314 | ' |
Affordable Real Estate [Member] | ' | ' |
Business Segments (Textual) [Abstract] | ' | ' |
Number of owned apartment communities in segments | 72 | ' |
Number of apartment homes in owned apartment communities in segments | 9,680 | ' |