Aimco Properties 10-Q 28 Oct 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 27, 2016
Entity Registrant Name	APARTMENT INVESTMENT & MANAGEMENT CO
Entity Central Index Key	922,864
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		156,887,997
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	Sep. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		164,525,698

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
ASSETS
Buildings and improvements	$ 6,481,206	$ 6,446,326
Land	1,925,303	1,861,157
Total real estate	8,406,509	8,307,483
Accumulated depreciation	(2,650,831)	(2,778,022)
Net real estate	5,755,678	5,529,461
Cash and cash equivalents	47,908	50,789
Restricted cash	109,511	86,956
Other assets	329,782	448,405
Assets held for sale	50,968	3,070
Total assets	6,293,847	6,118,681
LIABILITIES AND EQUITY
Non-recourse property debt, net	3,760,761	3,822,141
Revolving credit facility borrowings	294,780	27,000
Total indebtedness	4,055,541	3,849,141
Accounts payable	47,944	36,123
Accrued liabilities and other	212,046	317,481
Deferred income	46,490	64,052
Liabilities related to assets held for sale	1,018	53
Total liabilities	4,363,039	4,266,850
Preferred noncontrolling interests/Redeemable Preferred Units	103,201	87,926
Commitments and contingencies (Note 5)
Equity/Partners' Capital:
Perpetual Preferred Stock	125,000	159,126
Common Stock, $0.01 par value, 500,787,260 shares authorized, 156,887,997 and 156,326,416 shares issued/outstanding at September 30, 2016 and December 31, 2015, respectively	1,569	1,563
Additional paid-in capital	4,052,649	4,064,659
Accumulated other comprehensive loss	(434)	(6,040)
Distributions in excess of earnings	(2,495,877)	(2,596,917)
Total Aimco equity	1,682,907	1,622,391
Noncontrolling interests in consolidated real estate partnerships	150,086	151,365
Common noncontrolling interests in Aimco Operating Partnership	(5,386)	(9,851)
Total equity	1,827,607	1,763,905
Total liabilities and equity/partners' capital	6,293,847	6,118,681
AIMCO PROPERTIES, L.P [Member]
ASSETS
Buildings and improvements	6,481,206	6,446,326
Land	1,925,303	1,861,157
Total real estate	8,406,509	8,307,483
Accumulated depreciation	(2,650,831)	(2,778,022)
Net real estate	5,755,678	5,529,461
Cash and cash equivalents	47,908	50,789
Restricted cash	109,511	86,956
Other assets	329,782	448,405
Assets held for sale	50,968	3,070
Total assets	6,293,847	6,118,681
LIABILITIES AND EQUITY
Non-recourse property debt, net	3,760,761	3,822,141
Revolving credit facility borrowings	294,780	27,000
Total indebtedness	4,055,541	3,849,141
Accounts payable	47,944	36,123
Accrued liabilities and other	212,046	317,481
Deferred income	46,490	64,052
Liabilities related to assets held for sale	1,018	53
Total liabilities	4,363,039	4,266,850
Preferred noncontrolling interests/Redeemable Preferred Units	103,201	87,926
Commitments and contingencies (Note 5)
Equity/Partners' Capital:
Preferred units	125,000	159,126
General Partner and Special Limited Partner	1,557,907	1,463,265
Limited Partners	(5,386)	(9,851)
Partners’ capital attributable to the Aimco Operating Partnership	1,677,521	1,612,540
Noncontrolling interests in consolidated real estate partnerships	150,086	151,365
Total partners’ capital	1,827,607	1,763,905
Total liabilities and equity/partners' capital	$ 6,293,847	$ 6,118,681

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Sep. 30, 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)	156,887,997	156,326,416
Common Stock, shares outstanding (in shares)	156,887,997	156,326,416

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
REVENUES
Rental and other property revenues	$ 244,115	$ 240,382	$ 728,467	$ 717,308
Tax credit and asset management revenues	4,789	6,005	17,894	18,127
Total revenues	248,904	246,387	746,361	735,435
OPERATING EXPENSES
Property operating expenses	91,523	88,621	268,225	272,043
Investment management expenses	938	1,905	2,930	4,594
Depreciation and amortization	84,848	77,237	245,356	226,819
General and administrative expenses	11,320	11,013	34,509	33,727
Other expenses, net	1,543	3,590	8,639	7,521
Total operating expenses	190,172	182,366	559,659	544,704
Operating income	58,732	64,021	186,702	190,731
Interest income	2,163	1,737	5,841	5,167
Interest expense	(49,377)	(48,285)	(145,905)	(151,410)
Other, net	558	(1,983)	5,541	631
Income before income taxes and gain on dispositions	12,076	15,490	52,179	45,119
Income tax benefit	3,462	8,279	16,469	21,014
Income before gain on dispositions	15,538	23,769	68,648	66,133
Gain on dispositions of real estate, net of tax	14,498	0	237,226	130,474
Net income	30,036	23,769	305,874	196,607
Noncontrolling interests:
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships	(12,489)	785	(22,096)	(4,082)
Net income attributable to preferred noncontrolling interests in Aimco Operating Partnership	(1,842)	(1,736)	(5,276)	(5,208)
Net income attributable to common noncontrolling interests in Aimco Operating Partnership	(192)	(893)	(12,499)	(8,263)
Net income attributable to noncontrolling interests	(14,523)	(1,844)	(39,871)	(17,553)
Net income attributable to the company	15,513	21,925	266,003	179,054
Net income attributable to the company's preferred equity holders	(4,323)	(2,757)	(9,838)	(9,037)
Net (income) loss attributable to participating securities	(14)	11	(384)	(690)
Net income attributable to the company's common equity holders	$ 11,176	$ 19,179	$ 255,781	$ 169,327
Earnings attributable to the company per common share/unit
Net income attributable to the company per common share/unit - basic and diluted (in dollars per share/unit)	$ 0.07	$ 0.12	$ 1.64	$ 1.09
Dividends declared per common share/unit	$ 0.33	$ 0.30	$ 0.99	$ 0.88
Weighted average number of shares outstanding - basic	156,079	155,639	155,944	154,994
Weighted average number of shares outstanding - diluted	156,527	156,008	156,341	155,412
AIMCO PROPERTIES, L.P [Member]
REVENUES
Rental and other property revenues	$ 244,115	$ 240,382	$ 728,467	$ 717,308
Tax credit and asset management revenues	4,789	6,005	17,894	18,127
Total revenues	248,904	246,387	746,361	735,435
OPERATING EXPENSES
Property operating expenses	91,523	88,621	268,225	272,043
Investment management expenses	938	1,905	2,930	4,594
Depreciation and amortization	84,848	77,237	245,356	226,819
General and administrative expenses	11,320	11,013	34,509	33,727
Other expenses, net	1,543	3,590	8,639	7,521
Total operating expenses	190,172	182,366	559,659	544,704
Operating income	58,732	64,021	186,702	190,731
Interest income	2,163	1,737	5,841	5,167
Interest expense	(49,377)	(48,285)	(145,905)	(151,410)
Other, net	558	(1,983)	5,541	631
Income before income taxes and gain on dispositions	12,076	15,490	52,179	45,119
Income tax benefit	3,462	8,279	16,469	21,014
Income before gain on dispositions	15,538	23,769	68,648	66,133
Gain on dispositions of real estate, net of tax	14,498	0	237,226	130,474
Net income	30,036	23,769	305,874	196,607
Noncontrolling interests:
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships	(12,489)	785	(22,096)	(4,082)
Net income attributable to the company	17,547	24,554	283,778	192,525
Net income attributable to the company's preferred equity holders	(6,165)	(4,493)	(15,114)	(14,245)
Net (income) loss attributable to participating securities	(14)	11	(384)	(690)
Net income attributable to the company's common equity holders	$ 11,368	$ 20,072	$ 268,280	$ 177,590
Earnings attributable to the company per common share/unit
Net income attributable to the company per common share/unit - basic (in dollars per share/unit)	$ 0.07	$ 0.12	$ 1.64	$ 1.09
Net income attributable to the company per common share/unit - diluted (in dollars per share/unit)	0.07	0.12	1.63	1.09
Dividends declared per common share/unit	$ 0.33	$ 0.30	$ 0.99	$ 0.88
Weighted average number of shares outstanding - basic	163,832	163,241	163,749	162,616
Weighted average number of shares outstanding - diluted	164,280	163,610	164,146	163,034

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net income	$ 30,036	$ 23,769	$ 305,874	$ 196,607
Other comprehensive (loss) income:
Unrealized gains (losses) on interest rate swaps	337	(892)	(748)	(1,517)
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss	390	418	1,208	1,260
Unrealized (losses) gains on investments in debt securities classified as available-for-sale	(336)	1,111	5,615	(51)
Other comprehensive income (loss)	391	637	6,075	(308)
Comprehensive income	30,427	24,406	311,949	196,299
Comprehensive (income) loss attributable to noncontrolling interests	(14,639)	(1,888)	(40,341)	(17,597)
Comprehensive income attributable to Aimco/Operating Partnership	15,788	22,518	271,608	178,702
AIMCO PROPERTIES, L.P [Member]
Net income	30,036	23,769	305,874	196,607
Other comprehensive (loss) income:
Unrealized gains (losses) on interest rate swaps	337	(892)	(748)	(1,517)
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss	390	418	1,208	1,260
Unrealized (losses) gains on investments in debt securities classified as available-for-sale	(336)	1,111	5,615	(51)
Other comprehensive income (loss)	391	637	6,075	(308)
Comprehensive income	30,427	24,406	311,949	196,299
Comprehensive (income) loss attributable to noncontrolling interests	(12,591)	770	(22,285)	(4,143)
Comprehensive income attributable to Aimco/Operating Partnership	$ 17,836	$ 25,176	$ 289,664	$ 192,156

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 305,874	$ 196,607
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	245,356	226,819
Gain on dispositions of real estate, net of tax	(237,226)	(130,474)
Other adjustments	(10,530)	(17,137)
Net changes in operating assets and operating liabilities	(27,018)	(17,371)
Net cash provided by operating activities	276,456	258,444
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of real estate	(287,952)	(142,207)
Capital expenditures	(259,323)	(277,575)
Proceeds from dispositions of real estate	325,344	227,911
Purchases of corporate assets	(6,472)	(4,625)
Change in restricted cash	(15,992)	2,900
Deposits for purchases of real estate	0	(25,801)
Other investing activities	10,134	3,678
Net cash used in investing activities	(234,261)	(215,719)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from non-recourse property debt	190,714	232,994
Principal repayments on non-recourse property debt	(253,328)	(418,744)
Net borrowings on revolving credit facility	267,780	15,870
Proceeds from issuance of common securities	0	366,580
Redemption and repurchase of preferred securities	(34,791)	(27,000)
Payment of dividends to holders of preferred securities	(7,866)	(8,342)
Payment of dividends to holders of Common Stock	(154,661)	(137,268)
Payment of distributions to noncontrolling interests	(29,026)	(46,026)
Purchases and redemptions of noncontrolling interests	(23,051)	(2,944)
Other financing activities	(847)	(1,575)
Net cash used in financing activities	(45,076)	(26,455)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(2,881)	16,270
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	50,789	28,971
CASH AND CASH EQUIVALENTS AT END OF PERIOD	47,908	45,241
AIMCO PROPERTIES, L.P [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	305,874	196,607
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	245,356	226,819
Gain on dispositions of real estate, net of tax	(237,226)	(130,474)
Other adjustments	(10,530)	(17,137)
Net changes in operating assets and operating liabilities	(27,018)	(17,371)
Net cash provided by operating activities	276,456	258,444
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of real estate	(287,952)	(142,207)
Capital expenditures	(259,323)	(277,575)
Proceeds from dispositions of real estate	325,344	227,911
Purchases of corporate assets	(6,472)	(4,625)
Change in restricted cash	(15,992)	2,900
Deposits for purchases of real estate	0	(25,801)
Other investing activities	10,134	3,678
Net cash used in investing activities	(234,261)	(215,719)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from non-recourse property debt	190,714	232,994
Principal repayments on non-recourse property debt	(253,328)	(418,744)
Net borrowings on revolving credit facility	267,780	15,870
Proceeds from issuance of common securities	0	366,580
Redemption and repurchase of preferred securities	(34,791)	(27,000)
Payment of dividends to holders of preferred securities	(13,142)	(13,550)
Payment of distributions to General Partner and Special Limited Partner	(154,661)	(137,268)
Payment of distributions to Limited Partners	(7,693)	(6,701)
Payment of distributions to noncontrolling interests	(16,057)	(34,117)
Purchases and redemptions of noncontrolling interests	(11,869)	(328)
Other financing activities	(12,029)	(4,191)
Net cash used in financing activities	(45,076)	(26,455)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(2,881)	16,270
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	50,789	28,971
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 47,908	$ 45,241

Organization

Organization	9 Months Ended
	Sep. 30, 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 September 30, 2016 , after eliminations for units held by consolidated entities, the Aimco Operating Partnership had 164,525,865 common partnership units and equivalents outstanding. At September 30, 2016 , Aimco owned 156,887,997 of the common partnership units ( 95.4% 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 September 30, 2016 , we owned an equity interest in 138 conventional apartment communiti es with 39,316 apartment homes and 55 affordable apartment communities with 8,389 apartment homes. Of these, we consolidated 134 conventional apartment communities with 39,174 apartment homes and 48 affordable apartment communities with 7,702 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 nine months ended September 30, 2016 .

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 the 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 September 30, 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 (5,276 ) Redemption of preferred units and other (1,725 ) Issuance of preferred units 17,000 Net income 5,276 Balance, September 30, 2016 $ 103,201 Aimco Equity (including Noncontrolling Interests) The following table presents a reconciliation of Aimco’s consolidated permanent equity accounts from December 31, 2015 to September 30, 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 Redemption of preferred stock (34,791 ) — — (34,791 ) Preferred stock dividends (7,866 ) — — (7,866 ) Common dividends and distributions (155,124 ) (23,564 ) (7,693 ) (186,381 ) Redemptions of common OP Units — — (9,457 ) (9,457 ) Amortization of stock-based compensation cost 6,749 — — 6,749 Stock option exercises 767 — — 767 Effect of changes in ownership for consolidated entities (1) (22,814 ) — 8,941 (13,873 ) Change in accumulated other comprehensive loss 5,605 189 281 6,075 Other 1,987 — (106 ) 1,881 Net income 266,003 22,096 12,499 300,598 Balance, September 30, 2016 $ 1,682,907 $ 150,086 $ (5,386 ) $ 1,827,607 (1) During the three months ended September 30, 2016, we acquired the noncontrolling limited partner’s interest in a consolidated real estate partnership that owns four low-income housing tax credit apartment communities. We recognized the excess of the consideration paid over the carrying amount of the noncontrolling interests as an adjustment of additional paid-in capital within Aimco equity. 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 September 30, 2016 (in thousands): Partners’ capital attributable to the Aimco Operating Partnership Balance, December 31, 2015 $ 1,612,540 Redemption of Preferred Units from Aimco (34,791 ) Distributions to preferred units held by Aimco (7,866 ) Distributions to common units held by Aimco (155,124 ) Distributions to common units held by Limited Partners (7,693 ) Redemption of common OP Units (9,457 ) Amortization of Aimco stock-based compensation cost 6,749 Common OP Units issued to Aimco in connection with Aimco stock option exercises 767 Effect of changes in ownership for consolidated entities (13,873 ) Change in accumulated other comprehensive loss 5,886 Other 1,881 Net income 278,502 Balance, September 30, 2016 $ 1,677,521 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 Year During 2015, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Updates, or ASUs, 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 Update 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 completed our preliminary assessment of the effect ASU 2016-09 will have on our consolidated financial statements and do not anticipate recording a material cumulative effect adjustment upon adoption. Under ASU 2016-09, commencing in 2017, we may experience incremental volatility in income tax benefit or expense resulting from the recognition in earnings of windfall benefits or deficiencies upon the exercise of stock options and vesting of restricted shares. In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (Topic 842) , or ASU 2016-02, its 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.

Acquisitions, Dispositions and

Acquisitions, Dispositions and Other Significant Transactions	9 Months Ended
	Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Disposals and Other Significant Transactions	Dispositions and Other Significant Transactions Investments in Apartment Communities In August 2016, we purchased a 463 -apartment home community in the final stages of construction at the time of acquisition. This community is located in Redwood City, California. At closing, we paid $303.0 million in cash, of which $11.1 million was placed in escrow to be released to the seller upon completion of the remaining apartment homes. We also issued $17.0 million in 6.0% Class Ten preferred OP Units to the seller. The purchase price, plus $1.8 million of capitalized transaction costs, was allocated as follows: $93.0 million to land; $226.8 million to buildings and improvements (including construction in progress); and $2.0 million to furniture and fixtures. Our purchase price allocation is based upon preliminary estimates and is therefore subject to change. Disposition of Apartment Communities and Assets Held for Sale Summarized information regarding apartment communities sold during the three and nine months ended September 30, 2016 and 2015 , is set forth in the table below (dollars in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Apartment communities 1 — 4 8 Apartment homes 296 — 1,939 2,891 Income before income taxes and gain on disposition $ 78 $ 398 $ 1,619 $ 2,845 Gain on disposition of real estate, net of tax (1) $ 14,498 $ — $ 237,226 $ 130,474 (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. Such prepayment penalties totaled $19.8 million for consolidated dispositions during the nine months ended September 30, 2015 ( $13.2 million of which represented the mark-to-market adjustment). 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 September 30, 2016 , we had four conventional apartment communities with 1,402 apartment homes 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 were scheduled to be repaid from the operation and liquidation of the Napico portfolio and were collateralized by the buyer’s interests in the portfolio. In January 2016, we received final payment on the first of the two seller-financed notes. In June 2016, the buyer prepaid the second seller-financed note as well as an agreed upon final payment representing future contingent consideration that may have been due under the terms of the sale. The June 2016 payment represents the final amounts that the buyer owed to us; however, we have continuing involvement in two of the communities within the Napico portfolio in the form of legal interest in the properties and pre-existing guarantees related to property level debt. In accordance with the provisions of GAAP applicable to sales of real estate or interests therein, we recognized the sale of the assets and liabilities of the Napico portfolio, with the exception of the amounts related to the final two communities, in June 2016, upon receipt of the final payment. The sale recognition resulted in our reduction of other assets, and accrued liabilities and other, by $105.4 million and $111.6 million , respectively, and our recognition of a gain of $5.0 million , which is recorded in other, net on our condensed consolidated statements of operations. We also wrote off a deficit balance in noncontrolling interest in consolidated real estate partnerships associated with the Napico portfolio of $7.8 million , which is recorded in net income attributable to noncontrolling interests in consolidated real estate partnerships for the nine months ended September 30, 2016 . We will continue to account for the final two communities under the profit sharing method until we have been released from the guarantees and our legal interests have been transfered to the buyer. Accordingly, we will defer profit recognition associated with these communities, and will continue to recognize their assets and liabilities, each condensed into single line items within other assets and accrued liabilities and other, respectively, and a related balance in noncontrolling interests in consolidated real estate partnerships in our consolidated balance sheets. Such amounts were $36.5 million , $41.7 million and $0.1 million , respectively, as of September 30, 2016 . Equity and Partners’ Capital Transactions On July 29, 2016, Aimco redeemed all of the outstanding shares of its Class Z Cumulative Preferred Stock at a redemption value of $34.8 million . We reflected the $0.7 million excess of the redemption value over the carrying amount and $1.3 million of issuance costs previously recorded as a reduction of additional paid-in capital as an adjustment of net income attributable to preferred stockholders for the three and nine months ended September 30, 2016 . In connection with Aimco’s redemption of preferred stock, the Aimco Operating Partnership redeemed from Aimco an equal number of the corresponding class of partnership preferred units.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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 September 30, 2016 , was approximately 4.7 years. Our amortized cost basis for these investments, which represents the original cost adjusted for interest accretion less interest payments received, was $71.3 million and $67.8 million at September 30, 2016 and December 31, 2015 , respectively. We estimated the fair value of these investments to be $74.6 million and $65.5 million at September 30, 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): Nine Months Ended September 30, 2016 2015 Beginning balance $ (4,938 ) $ (5,273 ) Unrealized losses included in interest expense (33 ) (36 ) Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss 1,208 1,260 Unrealized losses included in equity and partners’ capital (748 ) (1,517 ) Ending balance $ (4,511 ) $ (5,566 ) As of September 30, 2016 and December 31, 2015 , our interest rate swaps had aggregate notional amounts of $49.6 million and $49.9 million , respectively. As of September 30, 2016 , these swaps had a weighted average remaining term of 4.3 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 September 30, 2016 remain constant, we estimate that during the next 12 months , we would reclassify approximately $1.3 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 September 30, 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 $4.3 billion and $4.0 billion at September 30, 2016 and December 31, 2015 , respectively, as compared to aggregate carrying amounts of $4.1 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	9 Months Ended
	Sep. 30, 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 redevelopment of certain apartment communities, pursuant to financing or other arrangements. As of September 30, 2016 , our commitments related to these capital activities totaled approximately $116.6 million , most of which we expect to incur during the next 12 months . In addition, for our ongoing redevelopments, we have estimated capital spending of approximately $26.3 million that was not committed pursuant to construction-related contracts or financing or other arrangements discussed above, but which we expect to incur. 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 9 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 In 2014, the Internal Revenue Service initiated an audit of the Aimco Operating Partnership’s 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 noncompliance with 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, and the Indiana Department of Environmental Management, or IDEM, 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 contamination allegedly derives from a dry cleaner that operated on our former property, prior to our ownership. We have undertaken a voluntary remediation of the dry cleaner contamination under IDEM’s oversight, and in previous years accrued our share of the then estimated cleanup and abatement costs. However, EPA has now listed our former community and a number of residential communities in the vicinity on the National Priorities List, or NPL, (i.e. as a Superfund site), and IDEM has formally sought to terminate us from the voluntary remediation program. We are in discussions with the EPA regarding next steps on the NPL listing and also may file an appeal of the listing. We have already appealed IDEM’s decision to terminate us from the voluntary remediation program. Although the outcome of these processes are uncertain, we do not expect their resolution to have a material adverse effect on our consolidated financial condition, results of operations or cash flows. We also have 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. 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. In July 2016, Lahontan sent us, the current property owner and a former operator of the dry cleaner a proposed cleanup and abatement order that rejects technical and legal arguments we previously made to Lahontan, and which if entered, would require all three parties to perform additional groundwater investigation and corrective actions with respect to onsite and offsite contamination. In September, we submitted comments to this proposed order. Based on the information learned to date, during the nine months ended September 30, 2016 , we accrued our share of the estimated cleanup and abatement costs. This accrual did not have a material effect on our consolidated results of operations. Although the outcome of this process is uncertain, we do not expect its resolution to have a material adverse effect on our consolidated financial condition, results of operations or cash flows. We have determined that our legal obligations to remove or remediate certain potentially hazardous materials may be conditional asset retirement obligations, as defined in GAAP. Except in limited circumstances where the asset retirement activities are expected to be performed in connection with a planned construction project or apartment community casualty, we believe that the fair value of our asset retirement obligations cannot be reasonably estimated due to significant uncertainties in the timing and manner of settlement of those obligations. Asset retirement obligations that are reasonably estimable as of September 30, 2016 , are immaterial to our consolidated financial condition, results of operations and cash flows.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 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 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: September 30, 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 60 62 Affordable apartment communities held by VIEs 47 48 Apartment homes in affordable communities held by VIEs 7,260 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 consolidated VIEs are summarized in the table below (in thousands): September 30, 2016 December 31, 2015 Assets Net real estate $ 1,147,334 $ 1,201,998 Cash and cash equivalents 26,495 28,118 Restricted cash 42,534 44,813 Assets held for sale 21,685 — Liabilities Non-recourse property debt 967,993 959,523 Accrued liabilities and other 34,794 28,846 Liabilities related to assets held for sale 448 — In addition to the consolidated VIEs discussed above, at December 31, 2015 , our consolidated financial statements included certain interests in consolidated and unconsolidated partnerships that were part of the legacy asset management business. As discussed in Note 3 , the majority of these assets and liabilities were derecognized in June 2016.

Earnings per Share_Unit

Earnings per Share/Unit	9 Months Ended
	Sep. 30, 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. Our common stock equivalents and common partnership unit equivalents include options to purchase shares of Common Stock, which, if exercised, would result in Aimco’s issuance of additional shares and the Aimco Operating Partnership’s issuance to Aimco of additional common partnership units equal to the number of shares purchased under the options. These equivalents also include unvested restricted stock awards that do not meet the definition of participating securities, which would result in the issuance of additional common shares and common partnership units equal to the number of shares that vest. The effect of these securities was dilutive for the three and nine months ended September 30, 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 characterized as participating securities in accordance with GAAP. 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 September 30, 2016 and 2015 , there were 0.2 million shares and 0.7 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 September 30, 2016 , a total of 3.9 million preferred OP Units were outstanding with an aggregate redemption value of $103.2 million and were potentially redeemable for approximately 2.2 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	9 Months Ended
	Sep. 30, 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 130 apartment communities with 37,772 apartment homes at September 30, 2016 . Our affordable real estate operations consisted of 46 apartment communities with 7,610 apartment homes at September 30, 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 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 and nine months ended September 30, 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 September 30, 2016 Rental and other property revenues $ 203,532 $ 25,368 $ 7,311 $ 7,904 $ 244,115 Tax credit and asset management revenues — — — 4,789 4,789 Total revenues 203,532 25,368 7,311 12,693 248,904 Property operating expenses 66,888 9,869 2,269 12,497 91,523 Investment management expenses — — — 938 938 Depreciation and amortization — — — 84,848 84,848 General and administrative expenses — — — 11,320 11,320 Other expenses, net — — — 1,543 1,543 Total operating expenses 66,888 9,869 2,269 111,146 190,172 Net operating income 136,644 15,499 5,042 (98,453 ) 58,732 Other items included in income before gain on dispositions (3) — — — (43,194 ) (43,194 ) Income before gain on dispositions $ 136,644 $ 15,499 $ 5,042 $ (141,647 ) $ 15,538 Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended September 30, 2015 Rental and other property revenues $ 190,702 $ 23,610 $ 7,552 $ 18,518 $ 240,382 Tax credit and asset management revenues — — — 6,005 6,005 Total revenues 190,702 23,610 7,552 24,523 246,387 Property operating expenses 63,482 9,383 2,279 13,477 88,621 Investment management expenses — — — 1,905 1,905 Depreciation and amortization — — — 77,237 77,237 General and administrative expenses — — — 11,013 11,013 Other expenses, net — — — 3,590 3,590 Total operating expenses 63,482 9,383 2,279 107,222 182,366 Net operating income 127,220 14,227 5,273 (82,699 ) 64,021 Other items included in income before gain on dispositions (3) — — — (40,252 ) (40,252 ) Income before gain on dispositions $ 127,220 $ 14,227 $ 5,273 $ (122,951 ) $ 23,769 Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Nine Months Ended September 30, 2016 Rental and other property revenues $ 597,239 $ 75,149 $ 22,046 $ 34,033 $ 728,467 Asset management and tax credit revenues — — — 17,894 17,894 Total revenues 597,239 75,149 22,046 51,927 746,361 Property operating expenses 194,690 29,042 6,363 38,130 268,225 Investment management expenses — — — 2,930 2,930 Depreciation and amortization — — — 245,356 245,356 General and administrative expenses — — — 34,509 34,509 Other expenses, net — — — 8,639 8,639 Total operating expenses 194,690 29,042 6,363 329,564 559,659 Net operating income (loss) 402,549 46,107 15,683 (277,637 ) 186,702 Other items included in income before gain on dispositions (3) — — — (118,054 ) (118,054 ) Income before gain on dispositions $ 402,549 $ 46,107 $ 15,683 $ (395,691 ) $ 68,648 Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Nine Months Ended September 30, 2015 Rental and other property revenues $ 559,973 $ 70,446 $ 21,584 $ 65,305 $ 717,308 Asset management and tax credit revenues — — — 18,127 18,127 Total revenues 559,973 70,446 21,584 83,432 735,435 Property operating expenses 185,408 28,166 6,841 51,628 272,043 Investment management expenses — — — 4,594 4,594 Depreciation and amortization — — — 226,819 226,819 General and administrative expenses — — — 33,727 33,727 Other expenses, net — — — 7,521 7,521 Total operating expenses 185,408 28,166 6,841 324,289 544,704 Net operating income (loss) 374,565 42,280 14,743 (240,857 ) 190,731 Other items included in income before gain on dispositions (3) — — — (124,598 ) (124,598 ) Income before gain on dispositions $ 374,565 $ 42,280 $ 14,743 $ (365,455 ) $ 66,133 (1) Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the results of our consolidated apartment communities, which are excluded from proportionate property net operating income for our segment evaluation but included in the related consolidated amounts. (2) Includes operating results for consolidated communities that we do not manage and operating results for apartment communities sold or classified as held for sale during 2016 or 2015 . Corporate and Amounts Not Allocated to Segments also includes property management revenues (which are included in consolidated rental and other property revenues), property management expenses and casualty gains and losses (which are included in consolidated property operating expenses) and depreciation and amortization, which are not part of our segment performance. (3) Other items included in income before gain on dispositions primarily consist of interest expense and income tax benefit. For the nine months ended September 30, 2016 and 2015 , capital additions related to our conventional segment totaled $245.7 million and $258.7 million , respectively, and capital additions related to our affordable segment totaled $6.4 million and $6.5 million , respectively. The assets of our reportable segments on a proportionate basis, together with the proportionate adjustments to reconcile these amounts to the consolidated assets of our segments, and the consolidated assets not allocated to our segments are as follows (in thousands): September 30, 2016 December 31, 2015 Conventional $ 5,365,047 $ 4,979,504 Affordable 394,086 409,165 Proportionate adjustments (1) 172,111 174,202 Corporate and other assets (2) 362,603 555,810 Total consolidated assets $ 6,293,847 $ 6,118,681 (1) Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the assets of our consolidated apartment communities that we manage, which are excluded from our measurement of segment financial condition. (2) Our basis for assessing segment performance excludes the results of consolidated apartment communities that we do not manage and apartment communities sold or classified as held for sale. Accordingly, assets related to consolidated apartment communities that we do not manage and that were sold or classified as held for sale during 2016 are included within Corporate and other assets for comparative periods presented.

Basis of Presentation and Sum15

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 the 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 Year During 2015, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Updates, or ASUs, 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 .
Description of New Accounting Pronouncements Not yet Adopted	Recent Accounting Pronouncements In March 2016, the FASB issued Accounting Standards Update 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 completed our preliminary assessment of the effect ASU 2016-09 will have on our consolidated financial statements and do not anticipate recording a material cumulative effect adjustment upon adoption. Under ASU 2016-09, commencing in 2017, we may experience incremental volatility in income tax benefit or expense resulting from the recognition in earnings of windfall benefits or deficiencies upon the exercise of stock options and vesting of restricted shares. In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (Topic 842) , or ASU 2016-02, its 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.

Basis of Presentation and Sum16

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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 (5,276 ) Redemption of preferred units and other (1,725 ) Issuance of preferred units 17,000 Net income 5,276 Balance, September 30, 2016 $ 103,201
Reconciliation of consolidated permanent equity accounts	The following table presents a reconciliation of Aimco’s consolidated permanent equity accounts from December 31, 2015 to September 30, 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 Redemption of preferred stock (34,791 ) — — (34,791 ) Preferred stock dividends (7,866 ) — — (7,866 ) Common dividends and distributions (155,124 ) (23,564 ) (7,693 ) (186,381 ) Redemptions of common OP Units — — (9,457 ) (9,457 ) Amortization of stock-based compensation cost 6,749 — — 6,749 Stock option exercises 767 — — 767 Effect of changes in ownership for consolidated entities (1) (22,814 ) — 8,941 (13,873 ) Change in accumulated other comprehensive loss 5,605 189 281 6,075 Other 1,987 — (106 ) 1,881 Net income 266,003 22,096 12,499 300,598 Balance, September 30, 2016 $ 1,682,907 $ 150,086 $ (5,386 ) $ 1,827,607
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 Redemption of Preferred Units from Aimco (34,791 ) Distributions to preferred units held by Aimco (7,866 ) Distributions to common units held by Aimco (155,124 ) Distributions to common units held by Limited Partners (7,693 ) Redemption of common OP Units (9,457 ) Amortization of Aimco stock-based compensation cost 6,749 Common OP Units issued to Aimco in connection with Aimco stock option exercises 767 Effect of changes in ownership for consolidated entities (13,873 ) Change in accumulated other comprehensive loss 5,886 Other 1,881 Net income 278,502 Balance, September 30, 2016 $ 1,677,521

Acquisitions, Dispositions an17

Acquisitions, Dispositions and Other Significant Transactions (Tables)	9 Months Ended
	Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Summary of discontinued operations	Summarized information regarding apartment communities sold during the three and nine months ended September 30, 2016 and 2015 , is set forth in the table below (dollars in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Apartment communities 1 — 4 8 Apartment homes 296 — 1,939 2,891 Income before income taxes and gain on disposition $ 78 $ 398 $ 1,619 $ 2,845 Gain on disposition of real estate, net of tax (1) $ 14,498 $ — $ 237,226 $ 130,474 (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)	9 Months Ended
	Sep. 30, 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 September 30, 2016 , was approximately 4.7 years. Our amortized cost basis for these investments, which represents the original cost adjusted for interest accretion less interest payments received, was $71.3 million and $67.8 million at September 30, 2016 and December 31, 2015 , respectively. We estimated the fair value of these investments to be $74.6 million and $65.5 million at September 30, 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): Nine Months Ended September 30, 2016 2015 Beginning balance $ (4,938 ) $ (5,273 ) Unrealized losses included in interest expense (33 ) (36 ) Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss 1,208 1,260 Unrealized losses included in equity and partners’ capital (748 ) (1,517 ) Ending balance $ (4,511 ) $ (5,566 )

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 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: September 30, 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 60 62 Affordable apartment communities held by VIEs 47 48 Apartment homes in affordable communities held by VIEs 7,260 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 consolidated VIEs are summarized in the table below (in thousands): September 30, 2016 December 31, 2015 Assets Net real estate $ 1,147,334 $ 1,201,998 Cash and cash equivalents 26,495 28,118 Restricted cash 42,534 44,813 Assets held for sale 21,685 — Liabilities Non-recourse property debt 967,993 959,523 Accrued liabilities and other 34,794 28,846 Liabilities related to assets held for sale 448 —

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2016 Rental and other property revenues $ 203,532 $ 25,368 $ 7,311 $ 7,904 $ 244,115 Tax credit and asset management revenues — — — 4,789 4,789 Total revenues 203,532 25,368 7,311 12,693 248,904 Property operating expenses 66,888 9,869 2,269 12,497 91,523 Investment management expenses — — — 938 938 Depreciation and amortization — — — 84,848 84,848 General and administrative expenses — — — 11,320 11,320 Other expenses, net — — — 1,543 1,543 Total operating expenses 66,888 9,869 2,269 111,146 190,172 Net operating income 136,644 15,499 5,042 (98,453 ) 58,732 Other items included in income before gain on dispositions (3) — — — (43,194 ) (43,194 ) Income before gain on dispositions $ 136,644 $ 15,499 $ 5,042 $ (141,647 ) $ 15,538 Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended September 30, 2015 Rental and other property revenues $ 190,702 $ 23,610 $ 7,552 $ 18,518 $ 240,382 Tax credit and asset management revenues — — — 6,005 6,005 Total revenues 190,702 23,610 7,552 24,523 246,387 Property operating expenses 63,482 9,383 2,279 13,477 88,621 Investment management expenses — — — 1,905 1,905 Depreciation and amortization — — — 77,237 77,237 General and administrative expenses — — — 11,013 11,013 Other expenses, net — — — 3,590 3,590 Total operating expenses 63,482 9,383 2,279 107,222 182,366 Net operating income 127,220 14,227 5,273 (82,699 ) 64,021 Other items included in income before gain on dispositions (3) — — — (40,252 ) (40,252 ) Income before gain on dispositions $ 127,220 $ 14,227 $ 5,273 $ (122,951 ) $ 23,769 Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Nine Months Ended September 30, 2016 Rental and other property revenues $ 597,239 $ 75,149 $ 22,046 $ 34,033 $ 728,467 Asset management and tax credit revenues — — — 17,894 17,894 Total revenues 597,239 75,149 22,046 51,927 746,361 Property operating expenses 194,690 29,042 6,363 38,130 268,225 Investment management expenses — — — 2,930 2,930 Depreciation and amortization — — — 245,356 245,356 General and administrative expenses — — — 34,509 34,509 Other expenses, net — — — 8,639 8,639 Total operating expenses 194,690 29,042 6,363 329,564 559,659 Net operating income (loss) 402,549 46,107 15,683 (277,637 ) 186,702 Other items included in income before gain on dispositions (3) — — — (118,054 ) (118,054 ) Income before gain on dispositions $ 402,549 $ 46,107 $ 15,683 $ (395,691 ) $ 68,648 Conventional Real Estate Operations Affordable Real Estate Operations Proportionate Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Nine Months Ended September 30, 2015 Rental and other property revenues $ 559,973 $ 70,446 $ 21,584 $ 65,305 $ 717,308 Asset management and tax credit revenues — — — 18,127 18,127 Total revenues 559,973 70,446 21,584 83,432 735,435 Property operating expenses 185,408 28,166 6,841 51,628 272,043 Investment management expenses — — — 4,594 4,594 Depreciation and amortization — — — 226,819 226,819 General and administrative expenses — — — 33,727 33,727 Other expenses, net — — — 7,521 7,521 Total operating expenses 185,408 28,166 6,841 324,289 544,704 Net operating income (loss) 374,565 42,280 14,743 (240,857 ) 190,731 Other items included in income before gain on dispositions (3) — — — (124,598 ) (124,598 ) Income before gain on dispositions $ 374,565 $ 42,280 $ 14,743 $ (365,455 ) $ 66,133
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	The assets of our reportable segments on a proportionate basis, together with the proportionate adjustments to reconcile these amounts to the consolidated assets of our segments, and the consolidated assets not allocated to our segments are as follows (in thousands): September 30, 2016 December 31, 2015 Conventional $ 5,365,047 $ 4,979,504 Affordable 394,086 409,165 Proportionate adjustments (1) 172,111 174,202 Corporate and other assets (2) 362,603 555,810 Total consolidated assets $ 6,293,847 $ 6,118,681 (1) Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the assets of our consolidated apartment communities that we manage, which are excluded from our measurement of segment financial condition. (2) Our basis for assessing segment performance excludes the results of consolidated apartment communities that we do not manage and apartment communities sold or classified as held for sale. Accordingly, assets related to consolidated apartment communities that we do not manage and that were sold or classified as held for sale during 2016 are included within Corporate and other assets for comparative periods presented.

Organization (Details Textual)

Organization (Details Textual)	9 Months Ended
	Sep. 30, 2016UnitsPropertyshares	Dec. 31, 2015shares
Organization [Line Items]
Common partnership units and equivalents outstanding | shares	156,887,997
Shares of Common Stock outstanding | shares	156,887,997	156,326,416
Percentage of the Aimco Operating Partnership's common partnership units and equivalents owned by Aimco	95.40%
Conventional Real Estate Operations [Member]
Organization [Line Items]
Number of Apartment Communities | Property	130
Number of apartment homes in apartment communities | Units	37,772
Percentage of proportionate property net operating income generated by segment	90.00%
Conventional Real Estate Operations [Member] | Partially Owned Properties [Member]
Organization [Line Items]
Number of Apartment Communities | Property	138
Number of apartment homes in apartment communities | Units	39,316
Conventional Real Estate Operations [Member] | Wholly And Partially Owned Consolidated Properties [Member]
Organization [Line Items]
Number of Apartment Communities | Property	134
Number of apartment homes in apartment communities | Units	39,174
Affordable Real Estate Operations [Member]
Organization [Line Items]
Number of Apartment Communities | Property	46
Number of apartment homes in apartment communities | Units	7,610
Percentage of proportionate property net operating income generated by segment	10.00%
Affordable Real Estate Operations [Member] | Partially Owned Properties [Member]
Organization [Line Items]
Number of Apartment Communities | Property	55
Number of apartment homes in apartment communities | Units	8,389
Affordable Real Estate Operations [Member] | Wholly And Partially Owned Consolidated Properties [Member]
Organization [Line Items]
Number of Apartment Communities | Property	48
Number of apartment homes in apartment communities | Units	7,702
AIMCO PROPERTIES, L.P [Member]
Organization [Line Items]
Common partnership units and equivalents outstanding | shares	164,525,865

Basis of Presentation and Sum22

Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance, December 31, 2015	$ 87,926
Balance, September 30, 2016	103,201
AIMCO PROPERTIES, L.P [Member]
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance, December 31, 2015	87,926
Distributions to preferred unitholders	(5,276)
Redemption of preferred units and other	(1,725)
Partners capital account issuance of preferred units to parent	17,000
Net income	5,276
Balance, September 30, 2016	$ 103,201

Basis of Presentation and Sum23

Basis of Presentation and Summary of Significant Accounting Policies (Details 1) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, December 31, 2015	$ 1,763,905
Repurchase of preferred stock	(34,791)
Preferred stock dividends	(7,866)
Common dividends and distributions	(186,381)
Redemptions of common OP Units	(9,457)
Amortization of stock-based compensation cost	6,749
Stock option exercises	767
Effect of changes in ownership for consolidated entities (1)	(13,873)
Change in accumulated other comprehensive loss	6,075
Other	1,881
Net income	300,598
Balance, September 30, 2016	1,827,607
Aimco Equity [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, December 31, 2015	1,622,391
Repurchase of preferred stock	(34,791)
Preferred stock dividends	(7,866)
Common dividends and distributions	(155,124)
Amortization of stock-based compensation cost	6,749
Stock option exercises	767
Effect of changes in ownership for consolidated entities (1)	(22,814)
Change in accumulated other comprehensive loss	5,605
Other	1,987
Net income	266,003
Balance, September 30, 2016	1,682,907
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	(23,564)
Change in accumulated other comprehensive loss	189
Net income	22,096
Balance, September 30, 2016	150,086
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	(7,693)
Redemptions of common OP Units	(9,457)
Effect of changes in ownership for consolidated entities (1)	8,941
Change in accumulated other comprehensive loss	281
Other	(106)
Net income	12,499
Balance, September 30, 2016	$ (5,386)

Basis of Presentation and Sum24

Basis of Presentation and Summary of Significant Accounting Policies (Details 2) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Increase (Decrease) in Partners' Capital [Roll Forward]
Redemption of common OP Units	$ (9,457)
Amortization of Aimco stock-based compensation cost	6,749
Stock option exercises	767
Effect of changes in ownership for consolidated entities (1)	(13,873)
Change in accumulated other comprehensive loss	6,075
Other	1,881
Net income	300,598
AIMCO PROPERTIES, L.P [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance, December 31, 2015	1,612,540
Balance, September 30, 2016	1,677,521
Partners Capital [Member] | AIMCO PROPERTIES, L.P [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance, December 31, 2015	1,612,540
Repurchase of preferred units from Aimco	(34,791)
Distributions to preferred units held by Aimco	(7,866)
Distributions to common units held by Aimco	(155,124)
Distributions to common units held by Limited Partners	(7,693)
Redemption of common OP Units	(9,457)
Amortization of Aimco stock-based compensation cost	6,749
Stock option exercises	767
Effect of changes in ownership for consolidated entities (1)	(13,873)
Change in accumulated other comprehensive loss	5,886
Other	1,881
Net income	278,502
Balance, September 30, 2016	$ 1,677,521

Basis of Presentation and Sum25

Basis of Presentation and Summary of Significant Accounting Policies (Details 3) $ in Millions	Dec. 31, 2015USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Debt Issuance Costs, Net	$ 24

Acquisitions, Dispositions an26

Acquisitions, Dispositions and Other Significant Transactions (Details Textual) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)UnitsProperty	Sep. 30, 2015USD ($)UnitsProperty	Sep. 30, 2016USD ($)UnitsProperty	Sep. 30, 2015USD ($)UnitsProperty	Dec. 31, 2015USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income before income taxes and gain on disposition	$ 15,538	$ 23,769	$ 68,648	$ 66,133
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships	(12,489)	$ 785	(22,096)	$ (4,082)
Assets	6,293,847		6,293,847		$ 6,118,681
Liabilities	4,363,039		4,363,039		4,266,850
Noncontrolling interests in consolidated real estate partnerships	$ 150,086		$ 150,086		$ 151,365
Indigo Apartment Homes - Redwood City CA [Member] [Domain]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of apartment homes in apartment communities | Units	463		463
Payments to acquire and develop real estate			$ 303,000
Portion of payments to acquire real estate placed in escrow to be released to seller upon completion of construction project			11,100
Preferred units issued during period, value			$ 17,000
Per annum distribution rate			6.00%
Capitalized asset acquisition costs			$ 1,800
Total fair value allocated to land	$ 93,000		93,000
Total fair value allocated to buildings and improvements	226,800		226,800
Total fair value allocated to furniture and fixtures	2,000		2,000
Class Z Cumulative Preferred Stock [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Preferred stock redemption amount	$ 34,800		34,800
Preferred stock redemption premium			700
Previously deferred issuance costs reflected as an adjustment of net income attributable to preferred equity holders			$ 1,300
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 homes in apartment communities | Units	1,402		1,402
Number of Apartment Communities | Property	4		4
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Wholly And Partially Owned Consolidated Properties [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Apartment communities sold | Property	1	0	4	8
Apartment homes sold | Units	296	0	1,939	2,891
Income before income taxes and gain on disposition	$ 78	$ 398	$ 1,619	$ 2,845
Prepayment penalties incurred upon repayment of debt collateralized by apartment communities sold				19,800
Mark-to-market adjustment included in prepayment penalties				$ 13,200
Napico Portfolio [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Apartment Communities | Property	2		2
Decrease in other assets from deconsolidation			$ 105,400
Decrease in accrued liabilities and other from deconsolidation			111,600
Other nonrecurring gain			5,000
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships			(7,800)
Assets	$ 36,500		36,500
Liabilities	41,700		41,700
Noncontrolling interests in consolidated real estate partnerships	$ 100		$ 100

Acquisitions, Dispositions an27

Acquisitions, Dispositions and Other Significant Transactions (Details 1) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)UnitsProperty	Sep. 30, 2015USD ($)UnitsProperty	Sep. 30, 2016USD ($)UnitsProperty	Sep. 30, 2015USD ($)UnitsProperty
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income before income taxes and gain on disposition	$ 15,538	$ 23,769	$ 68,648	$ 66,133
Gain on dispositions of real estate, net of tax	$ 14,498	$ 0	$ 237,226	$ 130,474
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 | Property	1	0	4	8
Apartment homes | Units	296	0	1,939	2,891
Income before income taxes and gain on disposition	$ 78	$ 398	$ 1,619	$ 2,845
Gain on dispositions of real estate, net of tax	$ 14,498	$ 0	$ 237,226	$ 130,474

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Interest Rate Swap [Member] - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 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	(33)	(36)
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss	1,208	1,260
Unrealized losses included in equity and partners’ capital	(748)	(1,517)
Cash Flow Hedge Fair Value, Ending Balance	$ (4,511)	$ (5,566)

Fair Value Measurements (Deta29

Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated fair value of consolidated debt	$ 4,300,000	$ 4,000,000
Total indebtedness	4,055,541	3,849,141
Cash Flow Hedging [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notional amount of interest rate swaps	$ 49,600	49,900
Average Remaining Maturity of Interest Rate Swaps	4 years 3 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	$ 1,300
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	4 years 8 months
Amortized cost of the investment in available-for-sale debt securities	$ 71,300	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	$ 74,600	$ 65,500

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) $ in Millions	9 Months Ended
	Sep. 30, 2016USD ($)
Commitments related to development, redevelopment and capital improvement activities [Member]
Long-term Purchase Commitment [Line Items]
Commitments related to capital spending activities	$ 116.6
Time Period of Long-term Purchase Commitment	12 months
Expected Additional Investment in Construction Projects	$ 26.3
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	9 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) $ in Millions	Sep. 30, 2016Property	Dec. 31, 2015USD ($)EntityUnitsProperty
Napico Portfolio [Member]
Variable Interest Entity [Line Items]
Number of Apartment Communities | Property	2
Variable Interest Entity, Primary Beneficiary [Member] | Accounting Standards Update 2015-02 [Member]
Variable Interest Entity [Line Items]
Number of consolidated variable interest entities | Entity		14
Number of Apartment Communities | Property		18
Number of apartment homes in apartment communities | Units		6,186
Assets | $		$ 885.9
Liabilities | $		$ 645.3

Variable Interest Entities (D32

Variable Interest Entities (Details) $ in Thousands	Sep. 30, 2016USD ($)EntityUnitsProperty	Dec. 31, 2015USD ($)EntityUnitsProperty	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Real Estate Investment Property, Net	$ 5,755,678	$ 5,529,461
Cash and Cash Equivalents, at Carrying Value	47,908	50,789	$ 45,241	$ 28,971
Restricted cash	109,511	86,956
Assets held for sale	50,968	3,070
Other Assets	329,782	448,405
Secured Debt	3,760,761	3,822,141
Accrued liabilities and other	212,046	317,481
Liabilities related to assets held for sale	1,018	53
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Real Estate Investment Property, Net	1,147,334	1,201,998
Cash and Cash Equivalents, at Carrying Value	26,495	28,118
Restricted cash	42,534	44,813
Assets held for sale	21,685	0
Secured Debt	967,993	959,523
Accrued liabilities and other	34,794	28,846
Liabilities related to assets held for sale	$ 448	$ 0
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 | Property	16	17
Number of apartment homes owned by VIEs | Units	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	60	62
Number of Apartment Communities | Property	47	48
Number of apartment homes owned by VIEs | Units	7,260	7,556

Earnings per Share_Unit (Detail

Earnings per Share/Unit (Details Textual) - USD ($) $ in Thousands, shares in Millions	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015
Earnings Per Share [Abstract]
Participating securities outstanding (in shares)	0.2		0.7
Preferred OP Units, Distributions, Low Range	1.90%
Preferred OP Units, Distributions, High Range	8.80%
Preferred OP Units Outstanding (in shares)	3.9
Preferred noncontrolling interests in Aimco Operating Partnership	$ 103,201	$ 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)	2.2

Business Segments (Details)

Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Summary information for the reportable segments
Rental and other property revenues	$ 244,115	$ 240,382	$ 728,467	$ 717,308
Tax credit and asset management revenues	4,789	6,005	17,894	18,127
Total revenues	248,904	246,387	746,361	735,435
Property operating expenses	91,523	88,621	268,225	272,043
Investment management expenses	938	1,905	2,930	4,594
Depreciation and amortization	84,848	77,237	245,356	226,819
General and administrative expenses	11,320	11,013	34,509	33,727
Other expenses, net	1,543	3,590	8,639	7,521
Total operating expenses	190,172	182,366	559,659	544,704
Net operating income (loss)	58,732	64,021	186,702	190,731
Other Items included in income before gain on dispositions (4)	(43,194)	(40,252)	(118,054)	(124,598)
Income before gain on dispositions	15,538	23,769	68,648	66,133
Operating Segments [Member] | Conventional Real Estate Operations [Member]
Summary information for the reportable segments
Rental and other property revenues	203,532	190,702	597,239	559,973
Total revenues	203,532	190,702	597,239	559,973
Property operating expenses	66,888	63,482	194,690	185,408
Total operating expenses	66,888	63,482	194,690	185,408
Net operating income (loss)	136,644	127,220	402,549	374,565
Income before gain on dispositions	136,644	127,220	402,549	374,565
Operating Segments [Member] | Affordable Real Estate Operations [Member]
Summary information for the reportable segments
Rental and other property revenues	25,368	23,610	75,149	70,446
Total revenues	25,368	23,610	75,149	70,446
Property operating expenses	9,869	9,383	29,042	28,166
Total operating expenses	9,869	9,383	29,042	28,166
Net operating income (loss)	15,499	14,227	46,107	42,280
Income before gain on dispositions	15,499	14,227	46,107	42,280
Segment Reconciling Items [Member]
Summary information for the reportable segments
Rental and other property revenues	7,311	7,552	22,046	21,584
Total revenues	7,311	7,552	22,046	21,584
Property operating expenses	2,269	2,279	6,363	6,841
Total operating expenses	2,269	2,279	6,363	6,841
Net operating income (loss)	5,042	5,273	15,683	14,743
Income before gain on dispositions	5,042	5,273	15,683	14,743
Corporate Non-Segment [Member]
Summary information for the reportable segments
Rental and other property revenues	7,904	18,518	34,033	65,305
Tax credit and asset management revenues	4,789	6,005	17,894	18,127
Total revenues	12,693	24,523	51,927	83,432
Property operating expenses	12,497	13,477	38,130	51,628
Investment management expenses	938	1,905	2,930	4,594
Depreciation and amortization	84,848	77,237	245,356	226,819
General and administrative expenses	11,320	11,013	34,509	33,727
Other expenses, net	1,543	3,590	8,639	7,521
Total operating expenses	111,146	107,222	329,564	324,289
Net operating income (loss)	(98,453)	(82,699)	(277,637)	(240,857)
Other Items included in income before gain on dispositions (4)	(43,194)	(40,252)	(118,054)	(124,598)
Income before gain on dispositions	$ (141,647)	$ (122,951)	$ (395,691)	$ (365,455)

Business Segments (Details Text

Business Segments (Details Textual) $ in Millions	9 Months Ended
	Sep. 30, 2016USD ($)UnitsPropertySegment	Sep. 30, 2015USD ($)
Business Segments (Textual) [Abstract]
Number of reportable segments | Segment	2
Conventional Real Estate Operations [Member]
Business Segments (Textual) [Abstract]
Number of owned and managed apartment communities in segments | Property	130
Number of apartment homes in apartment communities | Units	37,772
Affordable Real Estate Operations [Member]
Business Segments (Textual) [Abstract]
Number of owned and managed apartment communities in segments | Property	46
Number of apartment homes in apartment communities | Units	7,610
Operating Segments [Member] | Conventional Real Estate Operations [Member]
Business Segments (Textual) [Abstract]
Capital additions related to segments | $	$ 245.7	$ 258.7
Operating Segments [Member] | Affordable Real Estate Operations [Member]
Business Segments (Textual) [Abstract]
Capital additions related to segments | $	$ 6.4	$ 6.5

Business Segments (Details 1)

Business Segments (Details 1) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Total assets	$ 6,293,847	$ 6,118,681
Operating Segments [Member] | Conventional Real Estate [Member]
Segment Reporting Information [Line Items]
Total assets	5,365,047	4,979,504
Operating Segments [Member] | Affordable Real Estate [Member]
Segment Reporting Information [Line Items]
Total assets	394,086	409,165
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Total assets	172,111	174,202
Corporate Non-Segment [Member]
Segment Reporting Information [Line Items]
Total assets	$ 362,603	$ 555,810