Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 28, 2016 | |
Entity Registrant Name | APARTMENT INVESTMENT & MANAGEMENT CO | |
Entity Central Index Key | 922,864 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 156,605,152 | |
AIMCO PROPERTIES, L.P [Member] | ||
Entity Registrant Name | AIMCO PROPERTIES LP | |
Entity Central Index Key | 926,660 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 164,407,158 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Buildings and improvements | $ 6,525,006 | $ 6,446,326 |
Land | 1,861,157 | 1,861,157 |
Total real estate | 8,386,163 | 8,307,483 |
Accumulated depreciation | (2,858,642) | (2,778,022) |
Net real estate | 5,527,521 | 5,529,461 |
Cash and cash equivalents | 64,454 | 50,789 |
Restricted cash | 90,158 | 86,956 |
Other assets | 460,080 | 448,405 |
Assets held for sale | 0 | 3,070 |
Total assets | 6,142,213 | 6,118,681 |
LIABILITIES AND EQUITY | ||
Non-recourse property debt, net | 3,811,510 | 3,822,141 |
Revolving credit facility borrowings | 106,080 | 27,000 |
Total indebtedness | 3,917,590 | 3,849,141 |
Accounts payable | 37,792 | 36,123 |
Accrued liabilities and other | 305,604 | 317,481 |
Deferred income | 59,961 | 64,052 |
Liabilities related to assets held for sale | 0 | 53 |
Total liabilities | 4,320,947 | 4,266,850 |
Preferred noncontrolling interests/Redeemable Preferred Units | $ 86,201 | $ 87,926 |
Commitments and contingencies (Note 5) | ||
Equity/Partners' Capital: | ||
Perpetual Preferred Stock | $ 159,126 | $ 159,126 |
Common Stock, $0.01 par value, 500,787,260 shares authorized, 156,605,152 and 156,326,416 shares issued/outstanding at March 31, 2016 and December 31, 2015, respectively | 1,566 | 1,563 |
Additional paid-in capital | 4,068,196 | 4,064,659 |
Accumulated other comprehensive loss | (431) | (6,040) |
Distributions in excess of earnings | (2,625,295) | (2,596,917) |
Total Aimco equity | 1,603,162 | 1,622,391 |
Noncontrolling interests in consolidated real estate partnerships | 142,742 | 151,365 |
Common noncontrolling interests in Aimco Operating Partnership | (10,839) | (9,851) |
Total equity | 1,735,065 | 1,763,905 |
Total liabilities and equity/partners' capital | 6,142,213 | 6,118,681 |
AIMCO PROPERTIES, L.P [Member] | ||
ASSETS | ||
Buildings and improvements | 6,525,006 | 6,446,326 |
Land | 1,861,157 | 1,861,157 |
Total real estate | 8,386,163 | 8,307,483 |
Accumulated depreciation | (2,858,642) | (2,778,022) |
Net real estate | 5,527,521 | 5,529,461 |
Cash and cash equivalents | 64,454 | 50,789 |
Restricted cash | 90,158 | 86,956 |
Other assets | 460,080 | 448,405 |
Assets held for sale | 0 | 3,070 |
Total assets | 6,142,213 | 6,118,681 |
LIABILITIES AND EQUITY | ||
Non-recourse property debt, net | 3,811,510 | 3,822,141 |
Revolving credit facility borrowings | 106,080 | 27,000 |
Total indebtedness | 3,917,590 | 3,849,141 |
Accounts payable | 37,792 | 36,123 |
Accrued liabilities and other | 305,604 | 317,481 |
Deferred income | 59,961 | 64,052 |
Liabilities related to assets held for sale | 0 | 53 |
Total liabilities | 4,320,947 | 4,266,850 |
Preferred noncontrolling interests/Redeemable Preferred Units | $ 86,201 | $ 87,926 |
Commitments and contingencies (Note 5) | ||
Equity/Partners' Capital: | ||
Preferred units | $ 159,126 | $ 159,126 |
General Partner and Special Limited Partner | 1,444,036 | 1,463,265 |
Limited Partners | (10,839) | (9,851) |
Partners’ capital attributable to the Aimco Operating Partnership | 1,592,323 | 1,612,540 |
Noncontrolling interests in consolidated real estate partnerships | 142,742 | 151,365 |
Total partners’ capital | 1,735,065 | 1,763,905 |
Total liabilities and equity/partners' capital | $ 6,142,213 | $ 6,118,681 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, shares authorized (in shares) | 500,787,260 | 500,787,260 |
Common Stock, shares issued (in shares) | 156,605,152 | 156,326,416 |
Common Stock, shares outstanding (in shares) | 156,605,152 | 156,326,416 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
REVENUES | ||
Rental and other property revenues | $ 241,481 | $ 238,289 |
Tax credit and asset management revenues | 4,758 | 5,976 |
Total revenues | 246,239 | 244,265 |
OPERATING EXPENSES | ||
Property operating expenses | 88,397 | 95,492 |
Investment management expenses | 975 | 1,603 |
Depreciation and amortization | 79,828 | 74,432 |
General and administrative expenses | 11,935 | 10,652 |
Other expenses, net | 1,570 | 1,019 |
Total operating expenses | 182,705 | 183,198 |
Operating income | 63,534 | 61,067 |
Interest income | 1,835 | 1,725 |
Interest expense | (47,634) | (53,520) |
Other, net | 77 | 2,264 |
Income before income taxes and gain on dispositions | 17,812 | 11,536 |
Income tax benefit | 5,886 | 6,921 |
Income before gain on dispositions | 23,698 | 18,457 |
Gain on dispositions of real estate, net of tax | 6,187 | 85,693 |
Net income | 29,885 | 104,150 |
Noncontrolling interests: | ||
Net income attributable to noncontrolling interests in consolidated real estate partnerships | (930) | (4,756) |
Net income attributable to preferred noncontrolling interests in Aimco Operating Partnership | (1,726) | (1,736) |
Net income attributable to common noncontrolling interests in Aimco Operating Partnership | (1,172) | (4,398) |
Net income attributable to noncontrolling interests | (3,828) | (10,890) |
Net income attributable to the company | 26,057 | 93,260 |
Net income attributable to the company's preferred equity holders | (2,757) | (3,522) |
Net income attributable to participating securities | (77) | (394) |
Net income attributable to the company's common equity holders | $ 23,223 | $ 89,344 |
Earnings attributable to the company per common share/unit – basic and diluted (Note 7): | ||
Net income (in dollars per share/unit) | $ 0.15 | $ 0.58 |
Dividends declared per common share/unit | $ 0.33 | $ 0.28 |
Weighted average number of shares outstanding - basic | 155,791 | 153,821 |
Weighted average number of shares outstanding - diluted | 156,117 | 154,277 |
AIMCO PROPERTIES, L.P [Member] | ||
REVENUES | ||
Rental and other property revenues | $ 241,481 | $ 238,289 |
Tax credit and asset management revenues | 4,758 | 5,976 |
Total revenues | 246,239 | 244,265 |
OPERATING EXPENSES | ||
Property operating expenses | 88,397 | 95,492 |
Investment management expenses | 975 | 1,603 |
Depreciation and amortization | 79,828 | 74,432 |
General and administrative expenses | 11,935 | 10,652 |
Other expenses, net | 1,570 | 1,019 |
Total operating expenses | 182,705 | 183,198 |
Operating income | 63,534 | 61,067 |
Interest income | 1,835 | 1,725 |
Interest expense | (47,634) | (53,520) |
Other, net | 77 | 2,264 |
Income before income taxes and gain on dispositions | 17,812 | 11,536 |
Income tax benefit | 5,886 | 6,921 |
Income before gain on dispositions | 23,698 | 18,457 |
Gain on dispositions of real estate, net of tax | 6,187 | 85,693 |
Net income | 29,885 | 104,150 |
Noncontrolling interests: | ||
Net income attributable to noncontrolling interests in consolidated real estate partnerships | (930) | (4,756) |
Net income attributable to the company | 28,955 | 99,394 |
Net income attributable to the company's preferred equity holders | (4,483) | (5,258) |
Net income attributable to participating securities | (77) | (394) |
Net income attributable to the company's common equity holders | $ 24,395 | $ 93,742 |
Earnings attributable to the company per common share/unit – basic and diluted (Note 7): | ||
Net income (in dollars per share/unit) | $ 0.15 | $ 0.58 |
Dividends declared per common share/unit | $ 0.33 | $ 0.28 |
Weighted average number of shares outstanding - basic | 163,639 | 161,461 |
Weighted average number of shares outstanding - diluted | 163,965 | 161,917 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net income | $ 29,885 | $ 104,150 |
Other comprehensive income (loss): | ||
Unrealized losses on interest rate swaps | (674) | (786) |
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss | 420 | 423 |
Unrealized gains (losses) on debt securities classified as available-for-sale | 6,183 | (217) |
Other comprehensive income (loss) | 5,929 | (580) |
Comprehensive income | 35,814 | 103,570 |
Comprehensive income attributable to noncontrolling interests | (4,148) | (10,863) |
Comprehensive income attributable to Aimco/Operating Partnership | 31,666 | 92,707 |
AIMCO PROPERTIES, L.P [Member] | ||
Net income | 29,885 | 104,150 |
Other comprehensive income (loss): | ||
Unrealized losses on interest rate swaps | (674) | (786) |
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss | 420 | 423 |
Unrealized gains (losses) on debt securities classified as available-for-sale | 6,183 | (217) |
Other comprehensive income (loss) | 5,929 | (580) |
Comprehensive income | 35,814 | 103,570 |
Comprehensive income attributable to noncontrolling interests | (969) | (4,756) |
Comprehensive income attributable to Aimco/Operating Partnership | $ 34,845 | $ 98,814 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 29,885 | $ 104,150 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 79,828 | 74,432 |
Gain on dispositions of real estate, net of tax | (6,187) | (85,693) |
Other adjustments | (8,749) | (8,495) |
Net changes in operating assets and operating liabilities | (20,824) | (19,743) |
Net cash provided by operating activities | 73,953 | 64,651 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of real estate | (2,275) | (40,800) |
Capital expenditures | (79,576) | (71,742) |
Proceeds from dispositions of real estate | 9,601 | 133,305 |
Purchases of corporate assets | (1,764) | (2,167) |
Change in restricted cash | 3,234 | 2,546 |
Other investing activities | 5,209 | (699) |
Net cash (used in) provided by investing activities | (65,571) | 20,443 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from non-recourse property debt | 7,766 | 18,473 |
Principal repayments on non-recourse property debt | (19,179) | (140,858) |
Net borrowings (repayments) on revolving credit facility | 79,080 | (112,330) |
Proceeds from issuance of common securities | 0 | 366,585 |
Redemption and repurchase of preferred securities | 0 | (27,000) |
Payment of dividends to holders of preferred securities | (2,757) | (2,827) |
Payment of dividends to holders of Common Stock | (51,523) | (43,758) |
Payment of distributions to noncontrolling interests | (6,423) | (6,203) |
Other financing activities | (1,681) | (1,657) |
Net cash provided by financing activities | 5,283 | 50,425 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 13,665 | 135,519 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 50,789 | 28,971 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 64,454 | 164,490 |
AIMCO PROPERTIES, L.P [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | 29,885 | 104,150 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 79,828 | 74,432 |
Gain on dispositions of real estate, net of tax | (6,187) | (85,693) |
Other adjustments | (8,749) | (8,495) |
Net changes in operating assets and operating liabilities | (20,824) | (19,743) |
Net cash provided by operating activities | 73,953 | 64,651 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of real estate | (2,275) | (40,800) |
Capital expenditures | (79,576) | (71,742) |
Proceeds from dispositions of real estate | 9,601 | 133,305 |
Purchases of corporate assets | (1,764) | (2,167) |
Change in restricted cash | 3,234 | 2,546 |
Other investing activities | 5,209 | (699) |
Net cash (used in) provided by investing activities | (65,571) | 20,443 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from non-recourse property debt | 7,766 | 18,473 |
Principal repayments on non-recourse property debt | (19,179) | (140,858) |
Net borrowings (repayments) on revolving credit facility | 79,080 | (112,330) |
Proceeds from issuance of common securities | 0 | 366,585 |
Redemption and repurchase of preferred securities | 0 | (27,000) |
Payment of dividends to holders of preferred securities | (4,483) | (4,563) |
Payment of distributions to General Partner and Special Limited Partner | (51,523) | (43,758) |
Payment of distributions to Limited Partners | (2,592) | (2,139) |
Payment of distributions to noncontrolling interests | (2,105) | (2,328) |
Other financing activities | (1,681) | (1,657) |
Net cash provided by financing activities | 5,283 | 50,425 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 13,665 | 135,519 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 50,789 | 28,971 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 64,454 | $ 164,490 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2016 | |
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 and management of quality apartment communities located in large coastal and job growth markets in 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, 2016 , after eliminations for units held by consolidated entities, the Aimco Operating Partnership had 164,450,933 common partnership units and equivalents outstanding. At March 31, 2016 , Aimco owned 156,605,152 of the common partnership units ( 95.2% 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, 2016 , we owned an equity interest in 139 conventional apartment communiti es with 40,376 apartment homes and 56 affordable apartment communities with 8,685 apartment homes. Of these, we consolidated 135 conventional apartment communities with 40,234 apartment homes and 49 affordable apartment communities with 7,998 apartment homes. Conventional and affordable apartment communities generated 90% and 10% , respectively, of the proportionate property net operating income (as defined in Note 8 and excluding amounts related to apartment communities sold or classified as held for sale) during the three months ended March 31, 2016 . |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 . The balance sheets of Aimco and the Aimco Operating Partnership at December 31, 2015 , 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, 2015 . Except where indicated, the footnotes refer to both Aimco and the Aimco Operating Partnership. Principles of Consolidation Aimco’s accompanying condensed consolidated financial statements include the accounts of Aimco, the Aimco Operating Partnership, and their consolidated subsidiaries. The Aimco Operating Partnership’s condensed consolidated financial statements include the accounts of the Aimco Operating Partnership and its consolidated subsidiaries. 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 real estate partnerships consolidated by the Aimco Operating Partnership must first be used to settle the liabilities of such consolidated real estate partnerships. These consolidated real estate partnerships’ creditors do not have recourse to the general credit of the Aimco Operating Partnership. Temporary Equity and Partners’ Capital The following table presents a reconciliation of the Aimco Operating Partnership’s Preferred OP Units from December 31, 2015 to March 31, 2016 . 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 (in thousands). Balance, December 31, 2015 $ 87,926 Distributions to preferred unitholders (1,726 ) Redemption of preferred units and other (1,725 ) Net income 1,726 Balance, March 31, 2016 $ 86,201 Aimco Equity (including Noncontrolling Interests) The following table presents a reconciliation of Aimco’s consolidated permanent equity accounts from December 31, 2015 to March 31, 2016 (in thousands): Aimco Equity Noncontrolling interests in consolidated real estate partnerships Common noncontrolling interests in Aimco Operating Partnership Total Equity Balance, December 31, 2015 $ 1,622,391 $ 151,365 $ (9,851 ) $ 1,763,905 Preferred stock dividends (2,757 ) — — (2,757 ) Common dividends and distributions (51,678 ) (9,592 ) (2,592 ) (63,862 ) Redemptions of common OP Units — — (142 ) (142 ) Amortization of stock-based compensation cost 2,879 — — 2,879 Stock option exercises 174 — — 174 Effect of changes in ownership for consolidated entities (293 ) — 293 — Change in accumulated other comprehensive loss 5,609 39 281 5,929 Other 780 — — 780 Net income 26,057 930 1,172 28,159 Balance, March 31, 2016 $ 1,603,162 $ 142,742 $ (10,839 ) $ 1,735,065 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, 2015 to March 31, 2016 (in thousands): Partners’ capital attributable to the Aimco Operating Partnership Balance, December 31, 2015 $ 1,612,540 Distributions to preferred units held by Aimco (2,757 ) Distributions to common units held by Aimco (51,678 ) Distributions to common units held by Limited Partners (2,592 ) Redemption of common OP Units (142 ) Amortization of Aimco stock-based compensation cost 2,879 Common OP Units issued to Aimco in connection with Aimco stock option exercises 174 Change in accumulated other comprehensive loss 5,890 Other 780 Net income 27,229 Balance, March 31, 2016 $ 1,592,323 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. Accounting Pronouncements Adopted in the Current Period During 2015, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Updates 2015-03 and 2015-15, which revised the presentation of debt issuance costs on the balance sheet. Under ASUs 2015-03 and 2015-15, entities generally present debt issuance costs associated with long term debt in their balance sheet as a direct deduction from the related debt liability, and debt issuance costs related to line-of-credit arrangements may continue to be deferred and presented as assets. Amortization of the deferred costs will continue to be included in interest expense. We have adopted the guidance in ASUs 2015-03 and 2015-15 effective as of January 1, 2016. We have elected to continue to reflect deferred issuance costs associated with our revolving credit facility as an asset, which is included in other assets on our condensed consolidated balance sheets. We have retrospectively applied the guidance to debt issuance costs associated with our non-recourse property debt to all prior periods, which resulted in the reclassification of $24.0 million from other assets to non-recourse property debt on our condensed consolidated balance sheet at December 31, 2015. In February 2015, the FASB issued Accounting Standards Update 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , or ASU 2015-02, which significantly changed the consolidation analysis required under GAAP for variable interest entities, or VIEs. Under this revised guidance, limited partnerships are no longer VIEs when the limited partners hold certain rights over the general partner. Alternatively, limited partnerships not previously viewed as VIEs are now considered VIEs in the absence of such rights. We adopted the guidance in ASU 2015-02 as of March 31, 2016, as more fully described in Note 6 . Recent Accounting Pronouncements In March 2016, the FASB issued Accounting Standards Updated 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718) , or ASU 2016-09, which is intended to simplify the accounting for share-based compensation. Under current practice, tax benefits in excess of compensation cost, or windfalls, are recorded in equity and tax deficiencies, are recorded in equity up to the amount of previous windfalls and then recognized in earnings. Under ASU 2016-09 all of the tax effects related to share-based compensation will be recognized through earnings. This change is required to be applied prospectively to all windfalls and tax deficiencies resulting from settlements that occur after the date of adoption. ASU 2016-09 also removes the requirement to delay recognition of a windfall until it reduces current taxes payable. Under the new standard, the windfall will be recorded when it arises. This change is required to be applied on a modified retrospective basis, with a cumulative effect adjustment to opening retained earnings. ASU 2016-09 is effective for public entities for reporting periods beginning after December 15, 2016, and interim periods within that reporting period. We have not yet determined the effect that ASU 2016-09 will have on our consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (Topic 842) , or ASU 2016-02, its final standard on lease accounting. Under ASU 2016-02, lessor accounting will be substantially similar to the current model, but aligned with certain changes to the lessee model and Accounting Standards Update 2014-09, Revenue from Contracts with Customers . Lessors will continue to classify leases as operating, direct financing, or sales-type. Lessees will be required to recognize a right-of-use asset and a lease liability for virtually all leases, with such leases classified as either operating or finance. Operating leases will result in straight-line expense (similar to current operating leases) and finance leases will result in a front-loaded expense pattern (similar to current capital leases). Classification will be based on criteria that are largely similar to those applied in current lease accounting. ASU 2016-02 is effective for public entities for reporting periods beginning after December 15, 2018, and interim periods within those reporting periods, with early adoption permitted. The new standard must be adopted using a modified retrospective transition, requiring application of the new guidance at the beginning of the earliest comparative period presented and provides for certain practical expedients. We have not yet determined the effect ASU 2016-02 will have on our consolidated financial statements. |
Disposals and Other Significant
Disposals and Other Significant Transactions | 3 Months Ended |
Mar. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposals and Other Significant Transactions | Disposals and Other Significant Transactions Summarized information regarding apartment communities sold during the three months ended March 31, 2016 and 2015 , is set forth in the table below (dollars in thousands): Three Months Ended March 31, 2016 2015 Apartment communities sold 1 6 Apartment homes sold 96 1,100 (Loss) income before income taxes and gain on disposition $ (36 ) $ 278 Gain on disposition of real estate, net of tax (1) 6,187 85,693 Income tax related to gain on disposition of real estate 195 — Prepayment penalties incurred upon repayment of debt collateralized by apartment communities sold — 12,135 Mark-to-market adjustment included in prepayment penalties — 7,705 (1) 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. During the year ended December 31, 2015 , we sold 11 apartment communities with 3,855 apartment homes, inclusive of the communities sold during the three months ended March 31, 2015 detailed in the table above. For the three months ended March 31, 2015 these communities generated $4.1 million of income before income taxes and gain on disposition. In addition to the apartment communities we sold, we are currently marketing for sale certain apartment communities that are inconsistent with our long-term investment strategy. At the end of each reporting period, we evaluate whether such apartment communities meet the criteria to be classified as held for sale. As of March 31, 2016 , we had no apartment communities classified as held for sale. Asset Management Business Disposition In 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 from the operation and liquidation of the Napico 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, 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 or we otherwise meet the requirements to recognize a sale or partial sale for accounting purposes, 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. In January 2016, we received final payment on the first of the two seller-financed notes and as of March 31, 2016 , the buyer is in compliance with the terms of the second seller-financed note. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
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, or AFS, securities, and our interest rate swaps, both of which are classified within Level 2 of the GAAP fair value hierarchy. Our investments classified as AFS are presented within other assets in the accompanying consolidated balance sheets. We hold several positions in the securitization trust that pay interest currently, and we also hold the first loss position in the securitization trust, which accrues interest over the term of the investment. 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, 2016 , was approximately 5.2 years. Our amortized cost basis for these investments, which represents the original cost adjusted for interest accretion less interest payments received, was $69.0 million and $67.8 million at March 31, 2016 and December 31, 2015 , respectively. We estimated the fair value of these investments to be $72.8 million and $65.5 million at March 31, 2016 and December 31, 2015 , respectively. We estimate the fair value of these investments in accordance with GAAP using an income and market approach primarily with observable inputs, including yields and other information regarding similar types of investments, and adjusted for certain unobservable inputs specific to these investments. The fair value of the positions that pay interest currently typically moves in an inverse relationship with movements in interest rates. The fair value of the first loss position is primarily correlated to collateral quality and demand for similar subordinate commercial mortgage-backed securities. 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. The following table sets forth a summary of the changes in fair value in our interest rate swaps (in thousands): Three Months Ended March 31, 2016 2015 Beginning balance $ (4,938 ) $ (5,273 ) Unrealized losses included in interest expense (11 ) (12 ) Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss 420 423 Unrealized losses included in equity and partners’ capital (674 ) (786 ) Ending balance $ (5,203 ) $ (5,648 ) As of March 31, 2016 and December 31, 2015 , our interest rate swaps had aggregate notional amounts of $49.8 million and $49.9 million , respectively. As of March 31, 2016 , these swaps had a weighted average remaining term of 4.8 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 condensed 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, 2016 remain constant, we estimate that during the next 12 months , we would reclassify approximately $1.5 million of the unrealized losses in accumulated other comprehensive loss into earnings. 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, 2016 and December 31, 2015 , due to their relatively short-term nature and high probability of realization. The estimated aggregate fair value of our consolidated total indebtedness was approximately $4.1 billion and $4.0 billion at March 31, 2016 and December 31, 2015 , respectively, as compared to aggregate carrying amounts of $3.9 billion and $3.8 billion , respectively. Substantially all of the difference between the fair value and the carrying value of our consolidated indebtedness relates to loans secured by apartment communities that we wholly own. 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 GAAP 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, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments In connection with our redevelopment, development and capital improvement activities, we have entered into various construction-related contracts and we have made commitments to complete certain projects, pursuant to financing or other arrangements. As of March 31, 2016 , our commitments related to these capital activities totaled approximately $85.0 million , most of which we expect to incur during the next 12 months . In addition, for our approved redevelopment projects, we have estimated capital spending of approximately $7.0 million that was not committed pursuant to construction-related contracts or financing or other arrangements discussed above, but which we expect to incur. Our remaining commitments related to our One Canal development project will be funded in part by a non-recourse property loan, of which $20.1 million was available to draw at March 31, 2016 . We have agreed to acquire a 463-home apartment community currently under construction in Northern California for $320.0 million , for which we have provided a nonrefundable deposit of $25.0 million . The acquisition is expected to close upon completion of construction in the summer of 2016. 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 10 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 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 that may be present in the land or buildings of an apartment community. Potentially hazardous materials may include, among other items, polychlorinated biphenyls, petroleum-based fuels, lead-based paint, or asbestos. Such laws often impose liability without regard to fault or whether the owner or operator knew of, or was responsible for, the presence of such materials. The presence of, or the failure to manage or remediate properly, these materials may adversely affect occupancy at such apartment communities as well as the ability to sell or finance such apartment communities. In addition, governmental agencies may bring claims for costs associated with investigation and remediation actions, damages to natural resources and for potential fines or penalties in connection with such damage or with respect to the improper management of hazardous materials. Moreover, private plaintiffs may potentially make claims for investigation and remediation costs they incur or for personal injury, disease, disability or other infirmities related to the alleged presence of hazardous materials at an apartment community. In addition to potential environmental liabilities or costs associated with our current apartment communities, we may also be responsible for such liabilities or costs associated with communities we acquire or manage in the future, or apartment communities we no longer own or operate. We are engaged in discussions with the Environmental Protection Agency, or EPA, regarding contaminated groundwater in a residential area in the vicinity of an Indiana apartment community that has not been owned by us since 2008. The EPA alleges that we are liable for addressing the contamination in the residential area because a dry cleaner that operated on our former property, prior to our ownership, discharged hazardous materials into the sanitary sewers and the environment. We have undertaken a voluntary remediation of the dry cleaner contamination at our former property under the oversight of the Indiana Department of Environmental Management, or IDEM. However, IDEM has formally sought to terminate us from the voluntary remediation, and we are presently appealing that termination. Based on our review of the scientific data, we believe that the presence of hazardous materials in the separate residential area under review by the EPA is attributable to neighboring property owners (including an auto parts manufacturer), and not the dry cleaner. The EPA is now proposing to list the area on the National Priorities List (i.e., as a Superfund site), which would make the site eligible for additional Federal funding. We have filed formal comments with the EPA opposing the proposed listing. Were the site to be listed, the EPA could use the funding to further investigate and clean-up the residential area and could then seek to recoup its costs from responsible parties. Although the outcome of this process is uncertain, we do not expect the resolution to have a material adverse effect on our consolidated financial condition, results of operations or cash flows. We also have been contacted by regulators and the current owner of a property in Lake Tahoe regarding environmental issues allegedly stemming from the historic operation of a dry cleaner on the site. An entity owned by us was the former general partner of a now-dissolved company that previously owned the dry cleaner site. That entity and the current property owner have been remediating the dry cleaner site since 2009, under the oversight of the Lahontan Regional Water Quality Control Board, or Lahontan. Lahontan, recently tested domestic wells in the area and found two wells with contaminants linked to dry cleaning. We entered into an agreement with Lahontan and the current owner to pay for an alternative water connection at an insignificant cost and have fulfilled our obligations under that agreement. During September 2015, Lahontan sent us and the current owner a proposed cleanup and abatement order that, if entered, would require us and the current owner to perform additional groundwater investigation and corrective actions with respect to onsite and offsite contamination. We have filed formal comments on the proposed cleanup and abatement order and we are currently assessing potential additional legal and technical grounds for challenging and/or narrowing the scope of the proposed order. Although the outcome of this process is uncertain, we do not expect the resolution to have a material adverse effect on our consolidated financial condition, results of operations or cash flows. We have determined that our legal obligations to remove or remediate certain potentially hazardous materials may be conditional asset retirement obligations, as defined in GAAP. Except in limited circumstances where the asset retirement activities are expected to be performed in connection with a planned construction project or apartment community casualty, we believe that the fair value of our asset retirement obligations cannot be reasonably estimated due to significant uncertainties in the timing and manner of settlement of those obligations. Asset retirement obligations that are reasonably estimable as of March 31, 2016 , are immaterial to our consolidated financial condition, results of operations and cash flows. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities As discussed in Note 2 , effective January 1, 2016, we have adopted the guidance in ASU 2015-02. As a result, the Aimco Operating Partnership and each of our less than wholly-owned real estate partnerships has been deemed to have the characteristics of a VIE. However, we were not required to consolidate any previously unconsolidated entities or deconsolidate any previously consolidated entities as a result of the change in classification. Accordingly, there has been no change to the recognized amounts in our condensed consolidated balance sheets and statements of operations or amounts reported in our condensed consolidated statements of cash flows. We have, however, retrospectively revised the disclosure of significant assets and liabilities of consolidated VIEs as of December 31, 2015 shown below, to include the assets and liabilities of all of the Aimco Operating Partnership’s consolidated real estate partnerships that are now designated as VIEs and did not meet the previous VIE definition. We determined that an additional 14 consolidated partnerships owning 18 apartment communities with 6,186 apartment homes are VIEs under the new standard. These VIEs had assets of $885.9 million and liabilities of $645.3 million as of December 31, 2015 . Because the Aimco Operating Partnership is a VIE, all of our assets and liabilities are held through a VIE. Aimco consolidates the Aimco Operating Partnership, which is a variable interest entity, or VIE, for which Aimco is the primary beneficiary. Aimco, through the Aimco Operating Partnership, consolidates all VIEs for which we are the primary beneficiary. Generally, a VIE, is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A limited partnership is considered a VIE when the majority of the limited partners unrelated to the general partner possess neither the right to remove the general partner without cause, nor certain rights to participate in the decisions that most significantly affect the financial results of the partnership. In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of our investment; the obligation or likelihood for us or other investors to provide financial support; and the similarity with and significance to our business activities and the business activities of the other investors. Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions. The VIEs that own interests in conventional apartment communities typically hold between one and five apartment communities and are structured to generate a return for their partners through the operation and ultimate sale of the apartment communities. Substantially all of the VIEs that own interests in affordable apartment communities are partnerships structured to provide for the pass-through of low-income housing tax credits and deductions to their partners. The table below summarizes information regarding VIEs that are consolidated by the Aimco Operating Partnership: March 31, 2016 December 31, 2015 VIEs with interests in conventional apartment communities 12 13 Conventional apartment communities held by VIEs 16 17 Apartment homes in conventional communities held by VIEs 5,993 6,089 VIEs with interests in affordable apartment communities 62 62 Affordable apartment communities held by VIEs 48 48 Apartment homes in affordable communities held by VIEs 7,556 7,556 Assets of the Aimco Operating Partnership’s consolidated VIEs must first be used to settle the liabilities of such consolidated VIEs. These consolidated VIEs’ creditors do not have recourse to the general credit of the Aimco Operating Partnership. Assets and liabilities of VIEs are summarized in the table below (in thousands): March 31, 2016 December 31, 2015 Assets Net real estate $ 1,190,106 $ 1,201,998 Cash and cash equivalents 34,233 28,118 Restricted cash 42,451 44,813 Liabilities Non-recourse property debt 955,424 959,523 Accrued liabilities and other 27,756 28,846 In addition to the consolidated VIEs discussed above, at March 31, 2016 and December 31, 2015 , our consolidated financial statements include certain interests in consolidated and unconsolidated partnerships that are part of the legacy asset management business, as discussed in Note 3 . Assets and liabilities of $141.6 million and $153.7 million , respectively, related to the legacy asset management business as of March 31, 2016 , are each condensed into single line items within other assets and accrued liabilities and other in our condensed consolidated balance sheets. |
Earnings per Share_Unit
Earnings per Share/Unit | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per Share/Unit | Earnings per Share/Unit Aimco calculates earnings per common 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 Aimco Operating Partnership calculates earnings per common 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 calculating the earnings per unit data. As of March 31, 2016 , the common share equivalents or common partnership unit equivalents that could potentially dilute basic earnings per share or unit in future periods totaled 2.2 million . These securities include options to purchase shares of Common Stock, which, if exercised, would result in Aimco’s issuance of additional shares and the Aimco Operating Partnership’s issuance to Aimco of additional common partnership units equal to the number of shares purchased under the options. Additionally, unvested restricted stock awards that do not meet the definition of participating securities, would result in the issuance of additional shares and common partnership units equal to the number of shares that vest. The effect of these securities was dilutive for the three months ended March 31, 2016 and 2015 , and accordingly has been included in the denominator for calculating diluted earnings per share and unit during these periods. Certain of our restricted stock awards receive dividends similar to shares of Common Stock and common partnership units. These dividends are not forfeited in the event that the restricted stock does not vest. Therefore, the unvested restricted shares related to these awards are participating securities. The effect of participating securities is included in basic and diluted earnings per share and unit computations using the two-class method of allocating distributed and undistributed earnings. At March 31, 2016 and 2015 , there were 0.2 million shares and 0.8 million shares of unvested participating restricted shares, respectively. 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 1.9% to 8.8% per annum per unit. As of March 31, 2016 , a total of 3.2 million preferred OP Units were outstanding with an aggregate redemption value of $86.2 million and were potentially redeemable for approximately 2.1 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 per share and unit computations and we expect to exclude them in future periods. |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2016 | |
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 139 apartment communities with 40,376 apartment homes at March 31, 2016 . Our affordable real estate operations consisted of 56 apartment communities with 8,685 apartment homes at March 31, 2016 , 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 chief operating decision maker, uses proportionate property net operating income to assess 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 own and manage. The following tables present the revenues, net operating income and income before gain on dispositions of our conventional and affordable real estate operations segments on a proportionate basis (excluding amounts related to apartment communities sold or classified as held for sale) for the three months ended March 31, 2016 and 2015 (in thousands): Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended March 31, 2016: Rental and other property revenues (3) $ 207,729 $ 24,910 $ 8,822 $ 20 $ 241,481 Tax credit and asset management revenues — — — 4,758 4,758 Total revenues 207,729 24,910 8,822 4,778 246,239 Property operating expenses (3) 67,446 10,070 2,907 7,974 88,397 Investment management expenses — — — 975 975 Depreciation and amortization (3) — — — 79,828 79,828 General and administrative expenses — — — 11,935 11,935 Other expenses, net — — — 1,570 1,570 Total operating expenses 67,446 10,070 2,907 102,282 182,705 Net operating income 140,283 14,840 5,915 (97,504 ) 63,534 Other items included in income before gain on dispositions (4) — — — (39,836 ) (39,836 ) Income before gain on dispositions $ 140,283 $ 14,840 $ 5,915 $ (137,340 ) $ 23,698 Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended March 31, 2015: Rental and other property revenues (3) $ 194,204 $ 24,232 $ 8,397 $ 11,456 $ 238,289 Tax credit and asset management revenues — — — 5,976 5,976 Total revenues 194,204 24,232 8,397 17,432 244,265 Property operating expenses (3) 66,283 10,230 3,604 15,375 95,492 Investment management expenses — — — 1,603 1,603 Depreciation and amortization (3) — — — 74,432 74,432 General and administrative expenses — — — 10,652 10,652 Other expenses, net — — — 1,019 1,019 Total operating expenses 66,283 10,230 3,604 103,081 183,198 Net operating income 127,921 14,002 4,793 (85,649 ) 61,067 Other items included in income before gain on dispositions (4) — — — (42,610 ) (42,610 ) Income before gain on dispositions $ 127,921 $ 14,002 $ 4,793 $ (128,259 ) $ 18,457 (1) Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the results of our consolidated apartment communities and the results of consolidated apartment communities 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. In the segment presentation above, the current year and prior year operating results for apartment communities sold or classified as held for sale during 2016 or 2015 are presented within the Corporate and Amounts Not Allocated to Segments column. Proportionate property net operating income, our key measurement of segment profit or loss, also excludes property management expenses and casualty gains and losses (which are included in property operating expenses) and depreciation and amortization. Accordingly, we do not allocate these amounts to our segments and they are presented within the Corporate and Amounts Not Allocated to Segments column. (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. Accordingly, we do not allocate these amounts to our segments. (4) Other items included in income before gain on dispositions primarily consist of interest expense and income tax benefit. For the three months ended March 31, 2016 and 2015 , capital additions related to our conventional segment totaled $70.0 million and $61.3 million , respectively, and capital additions related to our affordable segment totaled $2.1 million and $2.6 million , respectively. |
Basis of Presentation and Sum15
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 . The balance sheets of Aimco and the Aimco Operating Partnership at December 31, 2015 , 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, 2015 . Except where indicated, the footnotes refer to both Aimco and the Aimco Operating Partnership. |
Principles of Consolidation | Principles of Consolidation Aimco’s accompanying condensed consolidated financial statements include the accounts of Aimco, the Aimco Operating Partnership, and their consolidated subsidiaries. The Aimco Operating Partnership’s condensed consolidated financial statements include the accounts of the Aimco Operating Partnership and its consolidated subsidiaries. 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 real estate partnerships consolidated by the Aimco Operating Partnership must first be used to settle the liabilities of such consolidated real estate partnerships. These consolidated real estate partnerships’ creditors do not have recourse to the general credit of the Aimco Operating Partnership. |
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 (in thousands). |
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. |
Recent Accounting Pronouncements | Accounting Pronouncements Adopted in the Current Period During 2015, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Updates 2015-03 and 2015-15, which revised the presentation of debt issuance costs on the balance sheet. Under ASUs 2015-03 and 2015-15, entities generally present debt issuance costs associated with long term debt in their balance sheet as a direct deduction from the related debt liability, and debt issuance costs related to line-of-credit arrangements may continue to be deferred and presented as assets. Amortization of the deferred costs will continue to be included in interest expense. We have adopted the guidance in ASUs 2015-03 and 2015-15 effective as of January 1, 2016. We have elected to continue to reflect deferred issuance costs associated with our revolving credit facility as an asset, which is included in other assets on our condensed consolidated balance sheets. We have retrospectively applied the guidance to debt issuance costs associated with our non-recourse property debt to all prior periods, which resulted in the reclassification of $24.0 million from other assets to non-recourse property debt on our condensed consolidated balance sheet at December 31, 2015. In February 2015, the FASB issued Accounting Standards Update 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , or ASU 2015-02, which significantly changed the consolidation analysis required under GAAP for variable interest entities, or VIEs. Under this revised guidance, limited partnerships are no longer VIEs when the limited partners hold certain rights over the general partner. Alternatively, limited partnerships not previously viewed as VIEs are now considered VIEs in the absence of such rights. We adopted the guidance in ASU 2015-02 as of March 31, 2016, as more fully described in Note 6 . |
Basis of Presentation and Sum16
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Schedule of Equity [Line Items] | |
Reconciliation of consolidated temporary equity accounts | The following table presents a reconciliation of the Aimco Operating Partnership’s Preferred OP Units from December 31, 2015 to March 31, 2016 . 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 (in thousands). Balance, December 31, 2015 $ 87,926 Distributions to preferred unitholders (1,726 ) Redemption of preferred units and other (1,725 ) Net income 1,726 Balance, March 31, 2016 $ 86,201 |
Reconciliation of consolidated permanent equity accounts | The following table presents a reconciliation of Aimco’s consolidated permanent equity accounts from December 31, 2015 to March 31, 2016 (in thousands): Aimco Equity Noncontrolling interests in consolidated real estate partnerships Common noncontrolling interests in Aimco Operating Partnership Total Equity Balance, December 31, 2015 $ 1,622,391 $ 151,365 $ (9,851 ) $ 1,763,905 Preferred stock dividends (2,757 ) — — (2,757 ) Common dividends and distributions (51,678 ) (9,592 ) (2,592 ) (63,862 ) Redemptions of common OP Units — — (142 ) (142 ) Amortization of stock-based compensation cost 2,879 — — 2,879 Stock option exercises 174 — — 174 Effect of changes in ownership for consolidated entities (293 ) — 293 — Change in accumulated other comprehensive loss 5,609 39 281 5,929 Other 780 — — 780 Net income 26,057 930 1,172 28,159 Balance, March 31, 2016 $ 1,603,162 $ 142,742 $ (10,839 ) $ 1,735,065 |
AIMCO PROPERTIES, L.P [Member] | |
Schedule of Equity [Line Items] | |
Reconciliation of consolidated permanent equity accounts | Partners’ capital attributable to the Aimco Operating Partnership Balance, December 31, 2015 $ 1,612,540 Distributions to preferred units held by Aimco (2,757 ) Distributions to common units held by Aimco (51,678 ) Distributions to common units held by Limited Partners (2,592 ) Redemption of common OP Units (142 ) Amortization of Aimco stock-based compensation cost 2,879 Common OP Units issued to Aimco in connection with Aimco stock option exercises 174 Change in accumulated other comprehensive loss 5,890 Other 780 Net income 27,229 Balance, March 31, 2016 $ 1,592,323 |
Disposals and Other Significa17
Disposals and Other Significant Transactions (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of discontinued operations | Summarized information regarding apartment communities sold during the three months ended March 31, 2016 and 2015 , is set forth in the table below (dollars in thousands): Three Months Ended March 31, 2016 2015 Apartment communities sold 1 6 Apartment homes sold 96 1,100 (Loss) income before income taxes and gain on disposition $ (36 ) $ 278 Gain on disposition of real estate, net of tax (1) 6,187 85,693 Income tax related to gain on disposition of real estate 195 — Prepayment penalties incurred upon repayment of debt collateralized by apartment communities sold — 12,135 Mark-to-market adjustment included in prepayment penalties — 7,705 (1) 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. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | , both of which are classified within Level 2 of the GAAP fair value hierarchy. Our investments classified as AFS are presented within other assets in the accompanying consolidated balance sheets. We hold several positions in the securitization trust that pay interest currently, and we also hold the first loss position in the securitization trust, which accrues interest over the term of the investment. 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, 2016 , was approximately 5.2 years. Our amortized cost basis for these investments, which represents the original cost adjusted for interest accretion less interest payments received, was $69.0 million and $67.8 million at March 31, 2016 and December 31, 2015 , respectively. We estimated the fair value of these investments to be $72.8 million and $65.5 million at March 31, 2016 and December 31, 2015 , respectively. We estimate the fair value of these investments in accordance with GAAP using an income and market approach primarily with observable inputs, including yields and other information regarding similar types of investments, and adjusted for certain unobservable inputs specific to these investments. The fair value of the positions that pay interest currently typically moves in an inverse relationship with movements in interest rates. The fair value of the first loss position is primarily correlated to collateral quality and demand for similar subordinate commercial mortgage-backed securities. 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. The following table sets forth a summary of the changes in fair value in our interest rate swaps (in thousands): Three Months Ended March 31, 2016 2015 Beginning balance $ (4,938 ) $ (5,273 ) Unrealized losses included in interest expense (11 ) (12 ) Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss 420 423 Unrealized losses included in equity and partners’ capital (674 ) (786 ) Ending balance $ (5,203 ) $ (5,648 ) |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The table below summarizes information regarding VIEs that are consolidated by the Aimco Operating Partnership: March 31, 2016 December 31, 2015 VIEs with interests in conventional apartment communities 12 13 Conventional apartment communities held by VIEs 16 17 Apartment homes in conventional communities held by VIEs 5,993 6,089 VIEs with interests in affordable apartment communities 62 62 Affordable apartment communities held by VIEs 48 48 Apartment homes in affordable communities held by VIEs 7,556 7,556 Assets of the Aimco Operating Partnership’s consolidated VIEs must first be used to settle the liabilities of such consolidated VIEs. These consolidated VIEs’ creditors do not have recourse to the general credit of the Aimco Operating Partnership. Assets and liabilities of VIEs are summarized in the table below (in thousands): March 31, 2016 December 31, 2015 Assets Net real estate $ 1,190,106 $ 1,201,998 Cash and cash equivalents 34,233 28,118 Restricted cash 42,451 44,813 Liabilities Non-recourse property debt 955,424 959,523 Accrued liabilities and other 27,756 28,846 |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Summary information for the reportable segments | Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended March 31, 2016: Rental and other property revenues (3) $ 207,729 $ 24,910 $ 8,822 $ 20 $ 241,481 Tax credit and asset management revenues — — — 4,758 4,758 Total revenues 207,729 24,910 8,822 4,778 246,239 Property operating expenses (3) 67,446 10,070 2,907 7,974 88,397 Investment management expenses — — — 975 975 Depreciation and amortization (3) — — — 79,828 79,828 General and administrative expenses — — — 11,935 11,935 Other expenses, net — — — 1,570 1,570 Total operating expenses 67,446 10,070 2,907 102,282 182,705 Net operating income 140,283 14,840 5,915 (97,504 ) 63,534 Other items included in income before gain on dispositions (4) — — — (39,836 ) (39,836 ) Income before gain on dispositions $ 140,283 $ 14,840 $ 5,915 $ (137,340 ) $ 23,698 Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended March 31, 2015: Rental and other property revenues (3) $ 194,204 $ 24,232 $ 8,397 $ 11,456 $ 238,289 Tax credit and asset management revenues — — — 5,976 5,976 Total revenues 194,204 24,232 8,397 17,432 244,265 Property operating expenses (3) 66,283 10,230 3,604 15,375 95,492 Investment management expenses — — — 1,603 1,603 Depreciation and amortization (3) — — — 74,432 74,432 General and administrative expenses — — — 10,652 10,652 Other expenses, net — — — 1,019 1,019 Total operating expenses 66,283 10,230 3,604 103,081 183,198 Net operating income 127,921 14,002 4,793 (85,649 ) 61,067 Other items included in income before gain on dispositions (4) — — — (42,610 ) (42,610 ) Income before gain on dispositions $ 127,921 $ 14,002 $ 4,793 $ (128,259 ) $ 18,457 (1) Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the results of our consolidated apartment communities and the results of consolidated apartment communities 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. In the segment presentation above, the current year and prior year operating results for apartment communities sold or classified as held for sale during 2016 or 2015 are presented within the Corporate and Amounts Not Allocated to Segments column. Proportionate property net operating income, our key measurement of segment profit or loss, also excludes property management expenses and casualty gains and losses (which are included in property operating expenses) and depreciation and amortization. Accordingly, we do not allocate these amounts to our segments and they are presented within the Corporate and Amounts Not Allocated to Segments column. (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. Accordingly, we do not allocate these amounts to our segments. (4) Other items included in income before gain on dispositions primarily consist of interest expense and income tax benefit. |
Organization (Details Textual)
Organization (Details Textual) | 3 Months Ended | |
Mar. 31, 2016UnitsPropertyshares | Dec. 31, 2015shares | |
Organization [Line Items] | ||
Common partnership units and equivalents outstanding | shares | 156,605,152 | |
Shares of Common Stock outstanding | shares | 156,605,152 | 156,326,416 |
Percentage of the Aimco Operating Partnership's common partnership units and equivalents owned by Aimco | 95.20% | |
Conventional Real Estate [Member] | ||
Organization [Line Items] | ||
Number of owned apartment communities in segments | Property | 139 | |
Number of apartment homes in apartment communities | Units | 40,376 | |
Percentage of proportionate property net operating income generated by segment | 90.00% | |
Conventional Real Estate [Member] | Wholly And Partially Owned Consolidated Properties [Member] | ||
Organization [Line Items] | ||
Number of owned apartment communities in segments | Property | 135 | |
Number of apartment homes in apartment communities | Units | 40,234 | |
Affordable Real Estate [Member] | ||
Organization [Line Items] | ||
Number of owned apartment communities in segments | Property | 56 | |
Number of apartment homes in apartment communities | Units | 8,685 | |
Percentage of proportionate property net operating income generated by segment | 10.00% | |
Affordable Real Estate [Member] | Wholly And Partially Owned Consolidated Properties [Member] | ||
Organization [Line Items] | ||
Number of owned apartment communities in segments | Property | 49 | |
Number of apartment homes in apartment communities | Units | 7,998 | |
AIMCO PROPERTIES, L.P [Member] | ||
Organization [Line Items] | ||
Common partnership units and equivalents outstanding | shares | 164,450,933 |
Basis of Presentation and Sum22
Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |
Balance, December 31, 2015 | $ 87,926 |
Balance, March 31, 2016 | 86,201 |
AIMCO PROPERTIES, L.P [Member] | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |
Balance, December 31, 2015 | 87,926 |
Distributions to preferred unitholders | (1,726) |
Redemption of preferred units and other | 1,725 |
Net income | (1,726) |
Balance, March 31, 2016 | $ 86,201 |
Basis of Presentation and Sum23
Basis of Presentation and Summary of Significant Accounting Policies (Details 1) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Balance, December 31, 2015 | $ 1,763,905 |
Preferred stock dividends | (2,757) |
Common dividends and distributions | (63,862) |
Redemptions of common OP Units | (142) |
Amortization of stock-based compensation cost | 2,879 |
Stock option exercises | 174 |
Change in accumulated other comprehensive loss | 5,929 |
Other | 780 |
Net income | 28,159 |
Balance, March 31, 2016 | 1,735,065 |
Aimco Equity [Member] | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Balance, December 31, 2015 | 1,622,391 |
Preferred stock dividends | (2,757) |
Common dividends and distributions | (51,678) |
Amortization of stock-based compensation cost | 2,879 |
Stock option exercises | 174 |
Effect of changes in ownership for consolidated entities | (293) |
Change in accumulated other comprehensive loss | 5,609 |
Other | 780 |
Net income | 26,057 |
Balance, March 31, 2016 | 1,603,162 |
Noncontrolling Interests in Consolidated Real Estate Partnerships [Member] | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Balance, December 31, 2015 | 151,365 |
Common dividends and distributions | (9,592) |
Change in accumulated other comprehensive loss | 39 |
Net income | 930 |
Balance, March 31, 2016 | 142,742 |
Common Noncontrolling Interests in Aimco Operating Partnership [Member] | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Balance, December 31, 2015 | (9,851) |
Common dividends and distributions | (2,592) |
Redemptions of common OP Units | (142) |
Effect of changes in ownership for consolidated entities | 293 |
Change in accumulated other comprehensive loss | 281 |
Net income | 1,172 |
Balance, March 31, 2016 | $ (10,839) |
Basis of Presentation and Sum24
Basis of Presentation and Summary of Significant Accounting Policies (Details 2) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |
Redemption of common OP Units | $ (142) |
Amortization of Aimco stock-based compensation cost | 2,879 |
Stock option exercises | 174 |
Change in accumulated other comprehensive loss | 5,929 |
Other | 780 |
Net income | 28,159 |
AIMCO PROPERTIES, L.P [Member] | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |
Balance, December 31, 2015 | 1,612,540 |
Balance, March 31, 2016 | 1,592,323 |
Partners Capital [Member] | AIMCO PROPERTIES, L.P [Member] | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |
Balance, December 31, 2015 | 1,612,540 |
Distributions to preferred units held by Aimco | (2,757) |
Distributions to common units held by Aimco | (51,678) |
Distributions to common units held by Limited Partners | (2,592) |
Redemption of common OP Units | (142) |
Amortization of Aimco stock-based compensation cost | 2,879 |
Stock option exercises | 174 |
Change in accumulated other comprehensive loss | 5,890 |
Other | 780 |
Net income | 27,229 |
Balance, March 31, 2016 | $ 1,592,323 |
Basis of Presentation and Sum25
Basis of Presentation and Summary of Significant Accounting Policies (Details 3) $ in Millions | Dec. 31, 2015USD ($) |
Debt Disclosure [Abstract] | |
Debt Issuance Costs, Net | $ 24 |
Disposals and Other Significa26
Disposals and Other Significant Transactions (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016USD ($)Property | Mar. 31, 2015USD ($) | Dec. 31, 2015Property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
(Loss) income before income taxes and gain on disposition | $ | $ 23,698 | $ 18,457 | |
Wholly And Partially Owned Consolidated Properties [Member] | Assets Held-for-sale [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of Apartment Communities | 0 | ||
Disposal Group Disposed Of By Sale, Prior Year [Member] | Wholly And Partially Owned Consolidated Properties [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Apartment communities sold | 11 | ||
Apartment homes sold | 3,855 | ||
(Loss) income before income taxes and gain on disposition | $ | $ 4,100 |
Disposals and Other Significa27
Disposals and Other Significant Transactions (Details 1) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)UnitsProperty | Mar. 31, 2015USD ($)UnitsProperty | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
(Loss) income before income taxes and gain on disposition | $ 23,698 | $ 18,457 |
Gain on dispositions of real estate, net of tax | $ 6,187 | $ 85,693 |
Wholly And Partially Owned Consolidated Properties [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Apartment communities sold | Property | 1 | 6 |
Apartment homes sold | Units | 96 | 1,100 |
(Loss) income before income taxes and gain on disposition | $ (36) | $ 278 |
Gain on dispositions of real estate, net of tax | 6,187 | 85,693 |
Income tax related to gain on disposition of real estate | 195 | 0 |
Prepayment penalties incurred upon repayment of debt collateralized by apartment communities sold | 0 | 12,135 |
Mark-to-market adjustment included in prepayment penalties | $ 0 | $ 7,705 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Interest Rate Swap [Member] - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Fair Value Assets and Liabilities Measured on Recurring Basis Fair value and input reconciliation [Roll Forward] | ||
Cash Flow Hedge Fair Value, Beginning Balance | $ (4,938) | $ 5,273 |
Unrealized losses included in interest expense | (11) | (12) |
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss | 420 | 423 |
Unrealized losses included in equity and partners’ capital | (674) | (786) |
Cash Flow Hedge Fair Value, Ending Balance | $ (5,203) | $ (5,648) |
Fair Value Measurements (Deta29
Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated fair value of consolidated debt | $ 4,100,000 | $ 4,000,000 |
Total indebtedness | 3,917,590 | 3,849,141 |
Cash Flow Hedging [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notional amount of interest rate swaps | $ 49,800 | 49,900 |
Average Remaining Maturity of Interest Rate Swaps | 4 years 9 months | |
Period For Reclassification Into Earnings | 12 months | |
Amount of unrealized gains (losses) estimated to be reclassified from accumulated other comprehensive loss to earnings during the next 12 months | $ 1,500 | |
Weighted average fixed rate of interest rate swaps | 3.43% | |
Available-for-sale Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Face amount of investment in available-for-sale debt securities | $ 100,900 | |
Excepted Remaining Term of Available For Sale Securities | 5 years 2 months | |
Amortized cost of the investment in available-for-sale debt securities | $ 69,000 | 67,800 |
Available-for-sale Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage-backed securities Available-for-sale, fair value disclosure | $ 72,817 | $ 65,502 |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Long-term Purchase Commitment [Line Items] | ||
Contract to purchase apartment community currently under construction | $ 320 | |
Payment deposits for purchase of apartment community under construction | $ 25 | |
Commitments related to development, redevelopment and capital improvement activities [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Commitments related to capital spending activities | $ 85 | |
Time Period of Long-term Purchase Commitment | 12 months | |
Expected Additional Investment in Construction Projects | $ 7 | |
Long-term construction loan commitment | $ 20.1 | |
Minimum [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Compliance Period For Low Income Housing Tax Credit Syndication Agreements | 1 year | |
Maximum [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Compliance Period For Low Income Housing Tax Credit Syndication Agreements | 10 years | |
Maximum [Member] | Commitments related to operations [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Time Period of Long-term Purchase Commitment | 1 year |
Variable Interest Entities (Det
Variable Interest Entities (Details Textual) - Variable Interest Entity, Primary Beneficiary [Member] $ in Thousands | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($)communityEntityApartment_home |
Napico Portfolio [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | $ 141,618 | |
Liabilities | $ 153,746 | |
Accounting Standards Update 2015-02 [Member] | ||
Variable Interest Entity [Line Items] | ||
Number of consolidated variable interest entities | Entity | 14 | |
Number of Apartment Communities | community | 18 | |
Number of apartment homes in apartment communities | Apartment_home | 6,186 | |
Assets | $ 885,936 | |
Liabilities | $ 645,293 |
Variable Interest Entities (D32
Variable Interest Entities (Details) $ in Thousands | Mar. 31, 2016USD ($)communityEntityApartment_home | Dec. 31, 2015USD ($)communityEntityApartment_home | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||||
Real Estate Investment Property, Net | $ 5,527,521 | $ 5,529,461 | ||
Cash and Cash Equivalents, at Carrying Value | 64,454 | 50,789 | $ 164,490 | $ 28,971 |
Assets | 90,158 | 86,956 | ||
Secured Debt | 3,811,510 | 3,822,141 | ||
Accrued liabilities and other | 305,604 | 317,481 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||||
Real Estate Investment Property, Net | 1,190,106 | 1,201,998 | ||
Cash and Cash Equivalents, at Carrying Value | 34,233 | 28,118 | ||
Assets | 42,451 | 44,813 | ||
Secured Debt | 955,424 | 959,523 | ||
Accrued liabilities and other | $ 27,756 | $ 28,846 | ||
Conventional Apartment Communities [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Number of consolidated variable interest entities | Entity | 12 | 13 | ||
Number of Apartment Communities | community | 16 | 17 | ||
Number of apartment homes owned by VIEs | Apartment_home | 5,993 | 6,089 | ||
Affordable Apartment Communities [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Number of consolidated variable interest entities | Entity | 62 | 62,000 | ||
Number of Apartment Communities | community | 48 | 48,000 | ||
Number of apartment homes owned by VIEs | Apartment_home | 7,556 | 7,556,000 |
Earnings per Share_Unit (Detail
Earnings per Share/Unit (Details Textual) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Securities Excluded from Basic Average Shares Outstanding | 2.2 | ||
Participating securities outstanding (in shares) | 0.2 | 0.8 | |
Preferred OP Units, Distributions, Low Range | 1.90% | ||
Preferred OP Units, Distributions, High Range | 8.80% | ||
Preferred OP Units Outstanding (in shares) | 3.2 | ||
Preferred noncontrolling interests in Aimco Operating Partnership | $ 86,201 | $ 87,926 | |
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 (in shares) | 2.1 |
Business Segments (Details)
Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | |||
Summary information for the reportable segments | ||||
Rental and other property revenues (3) | $ 241,481 | $ 238,289 | ||
Tax credit and asset management revenues | 4,758 | 5,976 | ||
Total revenues | 246,239 | 244,265 | ||
Property operating expenses (3) | 88,397 | 95,492 | ||
Investment management expenses | 975 | 1,603 | ||
Depreciation and amortization | 79,828 | 74,432 | ||
General and administrative expenses | 11,935 | 10,652 | ||
Other expenses, net | 1,570 | 1,019 | ||
Total operating expenses | 182,705 | 183,198 | ||
Net operating income (loss) | 63,534 | 61,067 | ||
Other items included in income before gain on dispositions (4) | (39,836) | (42,610) | ||
Income before gain on dispositions | 23,698 | 18,457 | ||
Operating Segments [Member] | Conventional Real Estate Operations [Member] | ||||
Summary information for the reportable segments | ||||
Rental and other property revenues (3) | [1] | 207,729 | 194,204 | |
Total revenues | 207,729 | 194,204 | ||
Property operating expenses (3) | [1] | 67,446 | 66,283 | |
Total operating expenses | 67,446 | 66,283 | ||
Net operating income (loss) | 140,283 | 127,921 | ||
Income before gain on dispositions | 140,283 | 127,921 | ||
Operating Segments [Member] | Affordable Real Estate Operations [Member] | ||||
Summary information for the reportable segments | ||||
Rental and other property revenues (3) | [1] | 24,910 | 24,232 | |
Total revenues | 24,910 | 24,232 | ||
Property operating expenses (3) | [1] | 10,070 | 10,230 | |
Total operating expenses | 10,070 | 10,230 | ||
Net operating income (loss) | 14,840 | 14,002 | ||
Income before gain on dispositions | 14,840 | 14,002 | ||
Proportionate Adjustments [Member] | ||||
Summary information for the reportable segments | ||||
Rental and other property revenues (3) | [2] | 8,822 | 8,397 | |
Total revenues | [2] | 8,822 | 8,397 | |
Property operating expenses (3) | [2] | 2,907 | 3,604 | |
Total operating expenses | [2] | 2,907 | 3,604 | |
Net operating income (loss) | [2] | 5,915 | 4,793 | |
Income before gain on dispositions | [2] | 5,915 | 4,793 | |
Corporate Nonsegment And Other Reconciling Items Member [Member] | ||||
Summary information for the reportable segments | ||||
Rental and other property revenues (3) | [3] | 20 | 11,456 | |
Tax credit and asset management revenues | [3] | 4,758 | 5,976 | |
Total revenues | [3] | 4,778 | 17,432 | |
Property operating expenses (3) | [3] | 7,974 | 15,375 | |
Investment management expenses | [3] | 975 | 1,603 | |
Depreciation and amortization | [3] | 79,828 | 74,432 | [1] |
General and administrative expenses | [3] | 11,935 | 10,652 | |
Other expenses, net | [3] | 1,570 | 1,019 | |
Total operating expenses | [3] | 102,282 | 103,081 | |
Net operating income (loss) | [3] | (97,504) | (85,649) | |
Other items included in income before gain on dispositions (4) | [3],[4] | (39,836) | (42,610) | |
Income before gain on dispositions | [3] | $ (137,340) | $ (128,259) | |
[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. 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 apartment communities and the results of consolidated apartment communities 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. In the segment presentation above, the current year and prior year operating results for apartment communities sold or classified as held for sale during 2016 or 2015 are presented within the Corporate and Amounts Not Allocated to Segments column. Proportionate property net operating income, our key measurement of segment profit or loss, also excludes property management expenses and casualty gains and losses (which are included in property operating expenses) and depreciation and amortization. Accordingly, we do not allocate these amounts to our segments and they are presented within the Corporate and Amounts Not Allocated to Segments column. | |||
[4] | Other items included in income before gain on dispositions primarily consist of interest expense and income tax benefit. |
Business Segments (Details Text
Business Segments (Details Textual) $ in Millions | 3 Months Ended | |
Mar. 31, 2016USD ($)SegmentUnitsProperty | Mar. 31, 2015USD ($) | |
Business Segments (Textual) [Abstract] | ||
Number of reportable segments | Segment | 2 | |
Conventional Real Estate Operations [Member] | ||
Business Segments (Textual) [Abstract] | ||
Number of owned apartment communities in segments | Property | 139 | |
Number of apartment homes in apartment communities | Units | 40,376 | |
Affordable Real Estate Operations [Member] | ||
Business Segments (Textual) [Abstract] | ||
Number of owned apartment communities in segments | Property | 56 | |
Number of apartment homes in apartment communities | Units | 8,685 | |
Operating Segments [Member] | Conventional Real Estate Operations [Member] | ||
Business Segments (Textual) [Abstract] | ||
Capital additions related to segments | $ | $ 70 | $ 61.3 |
Operating Segments [Member] | Affordable Real Estate Operations [Member] | ||
Business Segments (Textual) [Abstract] | ||
Capital additions related to segments | $ | $ 2.1 | $ 2.6 |