Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 08, 2019 | |
Entity Registrant Name | APARTMENT INVESTMENT & MANAGEMENT CO | |
Entity Central Index Key | 0000922864 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Trading Symbol | AIV | |
Entity File Number | 1-13232 | |
Entity Tax Identification Number | 841259577 | |
Entity Address, Address Line One | 4582 South Ulster Street | |
Entity Address, Address Line Two | Suite 1100 | |
Entity Address, City or Town | Denver | |
Entity Address, State or Province | Colorado | |
Entity Address, Postal Zip Code | 80237 | |
City Area Code | 303 | |
Local Phone Number | 757-8101 | |
Entity Common Stock, Shares Outstanding | 148,884,199 | |
AIMCO Properties, LP [Member] | ||
Entity Registrant Name | AIMCO PROPERTIES LP | |
Entity Central Index Key | 0000926660 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity File Number | 0-24497 | |
Entity Tax Identification Number | 841275621 | |
Entity Address, Address Line One | 4582 South Ulster Street | |
Entity Address, Address Line Two | Suite 1100 | |
Entity Address, City or Town | Denver | |
Entity Address, State or Province | Colorado | |
Entity Address, Postal Zip Code | 80237 | |
City Area Code | 303 | |
Local Phone Number | 757-8101 | |
Entity Common Stock, Shares Outstanding | 158,452,309 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Buildings and improvements | $ 6,570,710 | $ 6,552,065 |
Land | 1,741,531 | 1,756,525 |
Total real estate | 8,312,241 | 8,308,590 |
Accumulated depreciation | (2,593,241) | (2,585,115) |
Net real estate | 5,719,000 | 5,723,475 |
Cash and cash equivalents | 33,958 | 36,858 |
Restricted cash | 31,949 | 35,737 |
Other assets | 455,897 | 351,541 |
Assets held for sale | 0 | 42,393 |
Total assets | 6,240,804 | 6,190,004 |
LIABILITIES AND EQUITY | ||
Non-recourse property debt, net | 3,702,487 | 3,915,305 |
Revolving credit facility borrowings | 294,960 | 160,360 |
Total indebtedness | 3,997,447 | 4,075,665 |
Accrued liabilities and other | 299,313 | 226,230 |
Liabilities related to assets held for sale | 0 | 23,177 |
Total liabilities | 4,296,760 | 4,325,072 |
Preferred noncontrolling interests/Redeemable Preferred Units | 101,178 | 101,291 |
Commitments and contingencies (Note 5) | ||
Equity/Partners' Capital: | ||
Perpetual Preferred Stock | 0 | 125,000 |
Common Stock, $0.01 par value, 500,787,260 shares authorized, 148,827,363 and 144,623,034 shares issued/outstanding at June 30, 2019 and December 31, 2018, respectively | 1,488 | 1,446 |
Additional paid-in capital | 3,498,629 | 3,515,686 |
Accumulated other comprehensive income | 4,866 | 4,794 |
Distributions in excess of earnings | (1,741,765) | (1,947,507) |
Total Aimco equity | 1,763,218 | 1,699,419 |
Noncontrolling interests in consolidated real estate partnerships | (2,718) | (2,967) |
Common noncontrolling interests in Aimco Operating Partnership | 82,366 | 67,189 |
Total equity | 1,842,866 | 1,763,641 |
Total liabilities and equity | 6,240,804 | 6,190,004 |
AIMCO Properties, LP [Member] | ||
ASSETS | ||
Buildings and improvements | 6,570,710 | 6,552,065 |
Land | 1,741,531 | 1,756,525 |
Total real estate | 8,312,241 | 8,308,590 |
Accumulated depreciation | (2,593,241) | (2,585,115) |
Net real estate | 5,719,000 | 5,723,475 |
Cash and cash equivalents | 33,958 | 36,858 |
Restricted cash | 31,949 | 35,737 |
Other assets | 455,897 | 351,541 |
Assets held for sale | 0 | 42,393 |
Total assets | 6,240,804 | 6,190,004 |
LIABILITIES AND EQUITY | ||
Non-recourse property debt, net | 3,702,487 | 3,915,305 |
Revolving credit facility borrowings | 294,960 | 160,360 |
Total indebtedness | 3,997,447 | 4,075,665 |
Accrued liabilities and other | 299,313 | 226,230 |
Liabilities related to assets held for sale | 0 | 23,177 |
Total liabilities | 4,296,760 | 4,325,072 |
Preferred noncontrolling interests/Redeemable Preferred Units | 101,178 | 101,291 |
Commitments and contingencies (Note 5) | ||
Equity/Partners' Capital: | ||
Preferred units | 0 | 125,000 |
General Partner and Special Limited Partner | 1,763,218 | 1,574,419 |
Limited Partners | 82,366 | 67,189 |
Partners’ capital attributable to the Aimco Operating Partnership | 1,845,584 | 1,766,608 |
Partners' Capital Attributable to Noncontrolling Interest | (2,718) | (2,967) |
Total partners’ capital | 1,842,866 | 1,763,641 |
Total liabilities and equity | $ 6,240,804 | $ 6,190,004 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, shares authorized (in shares) | 500,787,260 | 500,787,260 |
Common Stock, shares issued (in shares) | 148,827,363 | 144,623,034 |
Common Stock, shares outstanding (in shares) | 148,827,363 | 144,623,034 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
REVENUES | ||||
Total revenues | $ 224,200 | $ 250,187 | $ 454,435 | $ 497,907 |
OPERATING EXPENSES | ||||
Depreciation and amortization | 91,924 | 97,485 | 185,489 | 190,033 |
General and administrative expenses | 12,124 | 13,882 | 22,493 | 25,237 |
Other expenses, net | 4,209 | 4,366 | 9,912 | 7,324 |
Total operating expenses | 184,096 | 200,826 | 372,917 | 395,169 |
Interest income | 3,065 | 2,884 | 5,791 | 5,056 |
Interest expense | (39,541) | (49,906) | (80,950) | (97,701) |
Gain on dispositions of real estate | 64,310 | 310 | 355,783 | 53,505 |
Other, net | 231 | 200 | 303 | 424 |
Income before income tax benefit (expense) | 68,169 | 2,849 | 362,445 | 64,022 |
Income tax benefit (expense) | 1,827 | 4,307 | (1,154) | 38,824 |
Net income | 69,996 | 7,156 | 361,291 | 102,846 |
Noncontrolling interests: | ||||
Net income attributable to noncontrolling interests in consolidated real estate partnerships | (70) | (45) | (161) | (6,251) |
Net income attributable to preferred noncontrolling interests in Aimco Operating Partnership | (1,933) | (1,934) | (3,867) | (3,871) |
Net income attributable to common noncontrolling interests in Aimco Operating Partnership | (3,534) | (140) | (18,671) | (3,895) |
Net income attributable to noncontrolling interests | (5,537) | (2,119) | (22,699) | (14,017) |
Net income attributable to the company | 64,459 | 5,037 | 338,592 | 88,829 |
Net income attributable to the company's preferred equity holders | (5,187) | (2,149) | (7,335) | (4,297) |
Net income attributable to participating securities | (38) | (71) | (455) | (190) |
Net income attributable to the company's common equity holders | $ 59,234 | $ 2,817 | $ 330,802 | $ 84,342 |
Net income attributable to the company per common share/unit - basic | $ 0.40 | $ 0.02 | $ 2.25 | $ 0.56 |
Net income attributable to the company per common share/unit - diluted | $ 0.40 | $ 0.02 | $ 2.25 | $ 0.55 |
Weighted average common shares/units outstanding - basic | 148,367 | 151,963 | 146,994 | 151,918 |
Weighted average common shares/units outstanding - diluted | 148,599 | 152,093 | 147,220 | 152,048 |
AIMCO Properties, LP [Member] | ||||
REVENUES | ||||
Total revenues | $ 224,200 | $ 250,187 | $ 454,435 | $ 497,907 |
OPERATING EXPENSES | ||||
Depreciation and amortization | 91,924 | 97,485 | 185,489 | 190,033 |
General and administrative expenses | 12,124 | 13,882 | 22,493 | 25,237 |
Other expenses, net | 4,209 | 4,366 | 9,912 | 7,324 |
Total operating expenses | 184,096 | 200,826 | 372,917 | 395,169 |
Interest income | 3,065 | 2,884 | 5,791 | 5,056 |
Interest expense | (39,541) | (49,906) | (80,950) | (97,701) |
Gain on dispositions of real estate | 64,310 | 310 | 355,783 | 53,505 |
Other, net | 231 | 200 | 303 | 424 |
Income before income tax benefit (expense) | 68,169 | 2,849 | 362,445 | 64,022 |
Income tax benefit (expense) | 1,827 | 4,307 | (1,154) | 38,824 |
Net income | 69,996 | 7,156 | 361,291 | 102,846 |
Noncontrolling interests: | ||||
Net income attributable to noncontrolling interests in consolidated real estate partnerships | (70) | (45) | (161) | (6,251) |
Net income attributable to the company | 69,926 | 7,111 | 361,130 | 96,595 |
Net income attributable to the company's preferred equity holders | (7,120) | (4,083) | (11,202) | (8,168) |
Net income attributable to participating securities | 11 | (79) | (472) | (204) |
Net income attributable to the company's common equity holders | $ 62,817 | $ 2,949 | $ 349,456 | $ 88,223 |
Net income attributable to the company per common share/unit - basic and diluted | $ 0.40 | $ 0.02 | $ 2.25 | $ 0.55 |
Weighted average common shares/units outstanding - basic | 156,637 | 159,709 | 155,158 | 159,289 |
Weighted average common shares/units outstanding - diluted | 157,018 | 159,835 | 155,517 | 159,418 |
Real Estate [Member] | ||||
REVENUES | ||||
Total revenues | $ 224,200 | $ 231,130 | $ 454,435 | $ 456,523 |
OPERATING EXPENSES | ||||
Property operating expenses | 75,839 | 76,031 | 155,023 | 154,318 |
Real Estate [Member] | AIMCO Properties, LP [Member] | ||||
REVENUES | ||||
Total revenues | 224,200 | 231,130 | 454,435 | 456,523 |
OPERATING EXPENSES | ||||
Property operating expenses | 75,839 | 76,031 | 155,023 | 154,318 |
Asset Management Business [Member] | ||||
REVENUES | ||||
Total revenues | 0 | 19,057 | 0 | 41,384 |
OPERATING EXPENSES | ||||
Property operating expenses | 0 | 9,062 | 0 | 18,257 |
Asset Management Business [Member] | AIMCO Properties, LP [Member] | ||||
REVENUES | ||||
Total revenues | 0 | 19,057 | 0 | 41,384 |
OPERATING EXPENSES | ||||
Property operating expenses | $ 0 | $ 9,062 | $ 0 | $ 18,257 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net income | $ 69,996 | $ 7,156 | $ 361,291 | $ 102,846 |
Other comprehensive income (loss): | ||||
Unrealized gains (losses) on available for sale debt securities | 16 | (451) | 77 | (1,051) |
Unrealized (losses) gains on interest rate swaps | 0 | (4) | 0 | 415 |
Losses on interest rate swaps reclassified into earnings from accumulated other comprehensive loss | 0 | 100 | 0 | 219 |
Other comprehensive income (loss) | 16 | (355) | 77 | (417) |
Comprehensive income | 70,012 | 6,801 | 361,368 | 102,429 |
Comprehensive income attributable to noncontrolling interests | (5,538) | (2,100) | (22,704) | (13,995) |
Comprehensive income attributable to Aimco/Operating Partnership | 64,474 | 4,701 | 338,664 | 88,434 |
AIMCO Properties, LP [Member] | ||||
Net income | 69,996 | 7,156 | 361,291 | 102,846 |
Other comprehensive income (loss): | ||||
Unrealized gains (losses) on available for sale debt securities | 16 | (451) | 77 | (1,051) |
Unrealized (losses) gains on interest rate swaps | 0 | (4) | 0 | 415 |
Losses on interest rate swaps reclassified into earnings from accumulated other comprehensive loss | 0 | 100 | 0 | 219 |
Other comprehensive income (loss) | 16 | (355) | 77 | (417) |
Comprehensive income | 70,012 | 6,801 | 361,368 | 102,429 |
Comprehensive income attributable to noncontrolling interests | (70) | (45) | (161) | (6,251) |
Comprehensive income attributable to Aimco/Operating Partnership | $ 69,942 | $ 6,756 | $ 361,207 | $ 96,178 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Distributions in Excess of Earnings | Total Aimco Equity | Noncontrolling Interests In Consolidated Real Estate Partnerships | Common Noncontrolling Interests In Aimco Operating Partnership |
Balances at Dec. 31, 2017 | $ 1,655,753 | $ 125,000 | $ 1,524 | $ 3,900,090 | $ 3,603 | $ (2,367,073) | $ 1,663,144 | $ (1,716) | $ (5,675) |
Balances (in shares) at Dec. 31, 2017 | 5,000 | 152,435 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of Aimco Operating Partnership units | 50,151 | 50,151 | |||||||
Redemption of Aimco Operating Partnership units | (7,611) | (7,611) | |||||||
Amortization of share-based compensation cost | 5,261 | 4,481 | 4,481 | 780 | |||||
Amortization of share-based compensation cost (in shares) | 21 | ||||||||
Effect of changes in ownership of consolidated entities | (10,102) | (17,385) | (17,385) | 7,283 | |||||
Other, net | 122 | $ 2 | 122 | (2) | 122 | ||||
Other, net (in shares) | 136 | ||||||||
Net income | 98,975 | 88,829 | 88,829 | 6,251 | 3,895 | ||||
Change in accumulated other comprehensive income | (417) | (395) | (395) | (22) | |||||
Cash dividends paid to Common Stockholders | (119,558) | (119,558) | (119,558) | ||||||
Cash dividends paid to Preferred Stockholders | (4,297) | (4,297) | (4,297) | ||||||
Distributions to noncontrolling interests | (13,492) | (7,519) | (5,973) | ||||||
Balances at Jun. 30, 2018 | 1,654,785 | $ 125,000 | $ 1,526 | 3,887,308 | 3,208 | (2,402,101) | 1,614,941 | (2,984) | 42,828 |
Balances (in shares) at Jun. 30, 2018 | 5,000 | 152,592 | |||||||
Balances at Mar. 31, 2018 | 1,662,647 | $ 125,000 | $ 1,525 | 3,885,327 | 3,544 | (2,345,206) | 1,670,190 | (2,755) | (4,788) |
Balances (in shares) at Mar. 31, 2018 | 5,000 | 152,568 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of Aimco Operating Partnership units | 50,151 | 50,151 | |||||||
Redemption of Aimco Operating Partnership units | (648) | (648) | |||||||
Amortization of share-based compensation cost | 2,273 | 1,850 | 1,850 | 423 | |||||
Amortization of share-based compensation cost (in shares) | 2 | ||||||||
Effect of changes in ownership of consolidated entities | 805 | 101 | 101 | 704 | |||||
Other, net | 29 | $ 1 | 30 | (2) | 29 | ||||
Other, net (in shares) | 22 | ||||||||
Net income | 5,222 | 5,037 | 5,037 | 45 | 140 | ||||
Change in accumulated other comprehensive income | (355) | (336) | (336) | (19) | |||||
Cash dividends paid to Common Stockholders | (59,781) | (59,781) | (59,781) | ||||||
Cash dividends paid to Preferred Stockholders | (2,149) | (2,149) | (2,149) | ||||||
Distributions to noncontrolling interests | (3,409) | (274) | (3,135) | ||||||
Balances at Jun. 30, 2018 | 1,654,785 | $ 125,000 | $ 1,526 | 3,887,308 | 3,208 | (2,402,101) | 1,614,941 | (2,984) | 42,828 |
Balances (in shares) at Jun. 30, 2018 | 5,000 | 152,592 | |||||||
Balances at Dec. 31, 2018 | 1,763,641 | $ 125,000 | $ 1,446 | 3,515,686 | 4,794 | (1,947,507) | 1,699,419 | (2,967) | 67,189 |
Balances (in shares) at Dec. 31, 2018 | 5,000 | 144,623 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Repurchases of Common Stock | (20,682) | $ (5) | (20,677) | (20,682) | |||||
Repurchases of Common Stock (in shares) | (461) | ||||||||
Redemption of Preferred Stock | (125,000) | $ (125,000) | 4,089 | (4,089) | (125,000) | ||||
Redemption of Preferred Stock (in shares) | (5,000) | ||||||||
Issuance of Aimco Operating Partnership units | 3,034 | 3,034 | |||||||
Redemption of Aimco Operating Partnership units | (4,132) | $ 1 | 3,422 | 3,423 | (7,555) | ||||
Redemption of Aimco Operating Partnership units (in shares) | 70 | ||||||||
Amortization of share-based compensation cost | 5,224 | 3,632 | 3,632 | 1,592 | |||||
Amortization of share-based compensation cost (in shares) | 22 | ||||||||
Effect of changes in ownership of consolidated entities | (7,019) | (7,019) | 1,042 | 5,977 | |||||
Purchase of noncontrolling interest in consolidated real estate partnerships | (917) | (917) | |||||||
Other, net | 77 | $ 1 | 57 | 58 | 19 | ||||
Other, net (in shares) | 81 | ||||||||
Net income | 357,424 | 338,592 | 338,592 | 161 | 18,671 | ||||
Change in accumulated other comprehensive income | 77 | 72 | 72 | 5 | |||||
Cash dividends paid to Common Stockholders | (125,514) | (125,514) | (125,514) | ||||||
Common Stock issued to Common Stockholders in special dividend | (516) | $ 45 | (561) | (516) | |||||
Common Stock issued to Common Stockholders in special dividend (in shares) | 4,492 | ||||||||
Cash dividends paid to Preferred Stockholders | (3,247) | (3,247) | (3,247) | ||||||
Distributions to noncontrolling interests | (6,603) | (56) | (6,547) | ||||||
Balances at Jun. 30, 2019 | 1,842,866 | $ 1,488 | 3,498,629 | 4,866 | (1,741,765) | 1,763,218 | (2,718) | 82,366 | |
Balances (in shares) at Jun. 30, 2019 | 148,827 | ||||||||
Balances at Mar. 31, 2019 | 1,960,272 | $ 125,000 | $ 1,488 | 3,495,295 | 4,851 | (1,742,998) | 1,883,636 | (2,857) | 79,493 |
Balances (in shares) at Mar. 31, 2019 | 5,000 | 148,758 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Redemption of Preferred Stock | (125,000) | $ (125,000) | 4,089 | (4,089) | (125,000) | ||||
Redemption of Preferred Stock (in shares) | (5,000) | ||||||||
Issuance of Aimco Operating Partnership units | 3,034 | 3,034 | |||||||
Redemption of Aimco Operating Partnership units | (1,575) | $ 1 | 3,422 | 3,423 | (4,998) | ||||
Redemption of Aimco Operating Partnership units (in shares) | 70 | ||||||||
Amortization of share-based compensation cost | 1,986 | 1,190 | 1,190 | 796 | |||||
Effect of changes in ownership of consolidated entities | (4,851) | (4,851) | 1,042 | 3,809 | |||||
Purchase of noncontrolling interest in consolidated real estate partnerships | (917) | (917) | |||||||
Other, net | (1) | $ (1) | (1) | ||||||
Other, net (in shares) | (1) | ||||||||
Net income | 68,063 | 64,459 | 64,459 | 70 | 3,534 | ||||
Change in accumulated other comprehensive income | 16 | 15 | 15 | 1 | |||||
Cash dividends paid to Common Stockholders | (58,039) | (58,039) | (58,039) | ||||||
Common Stock issued to Common Stockholders in special dividend | (516) | (516) | (516) | ||||||
Cash dividends paid to Preferred Stockholders | (1,098) | (1,098) | (1,098) | ||||||
Distributions to noncontrolling interests | (3,359) | (56) | (3,303) | ||||||
Balances at Jun. 30, 2019 | $ 1,842,866 | $ 1,488 | $ 3,498,629 | $ 4,866 | $ (1,741,765) | $ 1,763,218 | $ (2,718) | $ 82,366 | |
Balances (in shares) at Jun. 30, 2019 | 148,827 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 361,291 | $ 102,846 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 185,489 | 190,033 |
Gain on dispositions of real estate | (355,783) | (53,505) |
Income tax expense (benefit) | 1,154 | (38,824) |
Other adjustments | 6,443 | 2,307 |
Net changes in operating assets and operating liabilities | (28,555) | (17,231) |
Net cash provided by operating activities | 170,039 | 185,626 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of real estate and deposits related to purchases of real estate | (43,743) | (205,318) |
Capital expenditures | (176,488) | (164,116) |
Proceeds from dispositions of real estate | 422,456 | 76,317 |
Purchases of corporate assets | (7,186) | (2,649) |
Other investing activities | 2,486 | 2,079 |
Net cash provided by (used in) investing activities | 197,525 | (293,687) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of non-recourse property debt | 0 | 360,613 |
Principal repayments of non-recourse property debt | (207,790) | (257,144) |
Net borrowings on revolving credit facility | 134,600 | 153,010 |
Repurchases of Common Stock | (20,682) | 0 |
Redemption of Preferred Stock | (125,000) | 0 |
Payment of dividends to Common Stockholders | (125,350) | (119,288) |
Payment of dividends to Preferred Stockholders | (3,247) | (4,297) |
Payment of distributions to noncontrolling interests | (10,937) | (16,998) |
Redemption of noncontrolling interests in the Aimco Operating Partnership | (4,244) | (7,816) |
Purchases of noncontrolling interests in consolidated real estate partnerships | (917) | (3,579) |
Other financing activities | (10,685) | (41) |
Net cash (used in) provided by financing activities | (374,252) | 104,460 |
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (6,688) | (3,601) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 72,595 | 142,541 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | 65,907 | 138,940 |
AIMCO Properties, LP [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | 361,291 | 102,846 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 185,489 | 190,033 |
Gain on dispositions of real estate | (355,783) | (53,505) |
Income tax expense (benefit) | 1,154 | (38,824) |
Other adjustments | 6,443 | 2,307 |
Net changes in operating assets and operating liabilities | (28,555) | (17,231) |
Net cash provided by operating activities | 170,039 | 185,626 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of real estate and deposits related to purchases of real estate | (43,743) | (205,318) |
Capital expenditures | (176,488) | (164,116) |
Proceeds from dispositions of real estate | 422,456 | 76,317 |
Purchases of corporate assets | (7,186) | (2,649) |
Other investing activities | 2,486 | 2,079 |
Net cash provided by (used in) investing activities | 197,525 | (293,687) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of non-recourse property debt | 0 | 360,613 |
Principal repayments of non-recourse property debt | (207,790) | (257,144) |
Net borrowings on revolving credit facility | 134,600 | 153,010 |
Repurchases of Common Stock | (20,682) | 0 |
Redemption of preferred units held by Aimco | (125,000) | 0 |
Payment of dividends to Preferred Stockholders | (7,114) | (8,168) |
Payment of distributions to General Partner and Special Limited Partner | (125,350) | (119,288) |
Payment of distributions to Limited Partners | (7,014) | (5,625) |
Payment of distributions to noncontrolling interests | (56) | (7,502) |
Redemption of noncontrolling interests in the Aimco Operating Partnership | (4,244) | (7,816) |
Purchases of noncontrolling interests in consolidated real estate partnerships | (917) | (3,581) |
Other financing activities | (10,685) | (39) |
Net cash (used in) provided by financing activities | (374,252) | 104,460 |
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (6,688) | (3,601) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 72,595 | 142,541 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | $ 65,907 | $ 138,940 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Partners' Capital - USD ($) $ in Thousands | Total | AIMCO Properties, LP [Member] | AIMCO Properties, LP [Member]Preferred Units [Member] | AIMCO Properties, LP [Member]General Partner and Special Limited Partner [Member] | AIMCO Properties, LP [Member]Limited Partner [Member] | AIMCO Properties, LP [Member]Partners Capital Attributable To The Partnership [Member] | AIMCO Properties, LP [Member]Noncontrolling Interests In Consolidated Real Estate Partnerships |
Balances at Dec. 31, 2017 | $ 1,655,753 | $ 125,000 | $ 1,538,144 | $ (5,675) | $ 1,657,469 | $ (1,716) | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Issuance of Aimco Operating Partnership units | $ 50,151 | 50,151 | 50,151 | 50,151 | |||
Redemption of partnership units held by non-Aimco partners | (7,611) | (7,611) | (7,611) | ||||
Amortization of share-based compensation | 5,261 | 4,481 | 780 | 5,261 | |||
Effect of changes in ownership of partnership units | (10,102) | (17,385) | 7,283 | (10,102) | |||
Other, net | 122 | 122 | 122 | ||||
Net income | 98,975 | 88,829 | 3,895 | 92,724 | 6,251 | ||
Change in accumulated other comprehensive income | (417) | (417) | (395) | (22) | (417) | ||
Distributions paid to common unitholders | (125,531) | (119,558) | (5,973) | (125,531) | |||
Distributions paid to preferred unitholders | (4,297) | (4,297) | (4,297) | ||||
Distributions paid to noncontrolling interests in consolidated real estate partnerships | (7,519) | (7,519) | |||||
Balances at Jun. 30, 2018 | 1,654,785 | 125,000 | 1,489,941 | 42,828 | 1,657,769 | (2,984) | |
Balances at Mar. 31, 2018 | 1,662,647 | 125,000 | 1,545,190 | (4,788) | 1,665,402 | (2,755) | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Issuance of Aimco Operating Partnership units | 50,151 | 50,151 | 50,151 | 50,151 | |||
Redemption of partnership units held by non-Aimco partners | (648) | (648) | (648) | ||||
Amortization of share-based compensation | 2,273 | 1,850 | 423 | 2,273 | |||
Effect of changes in ownership of partnership units | 805 | 101 | 704 | 805 | |||
Other, net | 29 | 29 | 29 | ||||
Net income | 5,222 | 5,037 | 140 | 5,177 | 45 | ||
Change in accumulated other comprehensive income | (355) | (355) | (336) | (19) | (355) | ||
Distributions paid to common unitholders | (62,916) | (59,781) | (3,135) | (62,916) | |||
Distributions paid to preferred unitholders | (2,149) | (2,149) | (2,149) | ||||
Distributions paid to noncontrolling interests in consolidated real estate partnerships | (274) | (274) | |||||
Balances at Jun. 30, 2018 | 1,654,785 | 125,000 | 1,489,941 | 42,828 | 1,657,769 | (2,984) | |
Balances at Dec. 31, 2018 | 1,763,641 | 125,000 | 1,574,419 | 67,189 | 1,766,608 | (2,967) | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Repurchases of common partnership units held by Aimco | (20,682) | (20,682) | (20,682) | ||||
Redemption of preferred units held by Aimco | (125,000) | (125,000) | (125,000) | ||||
Issuance of Aimco Operating Partnership units | 3,034 | 3,034 | 3,034 | 3,034 | |||
Redemption of partnership units held by non-Aimco partners | (4,132) | 3,423 | (7,555) | (4,132) | |||
Amortization of share-based compensation | 5,224 | 3,632 | 1,592 | 5,224 | |||
Effect of changes in ownership of partnership units | (7,019) | 5,977 | (1,042) | 1,042 | |||
Purchase of noncontrolling interest in consolidated real estate partnerships | (917) | (917) | (917) | ||||
Other, net | 77 | 58 | 58 | 19 | |||
Net income | 357,424 | 338,592 | 18,671 | 357,263 | 161 | ||
Change in accumulated other comprehensive income | 77 | 77 | 72 | 5 | 77 | ||
Distributions paid to common unitholders | (125,514) | (125,514) | (125,514) | ||||
Common partnership units issued to common unitholders in special distribution | (516) | (516) | (516) | ||||
Distributions paid to preferred unitholders | (3,247) | (3,247) | (3,247) | ||||
Distributions paid to noncontrolling interests in consolidated real estate partnerships | (6,603) | (6,547) | (6,547) | (56) | |||
Balances at Jun. 30, 2019 | 1,842,866 | 1,763,218 | 82,366 | 1,845,584 | (2,718) | ||
Balances at Mar. 31, 2019 | 1,960,272 | 125,000 | 1,758,636 | 79,493 | 1,963,129 | (2,857) | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Redemption of preferred units held by Aimco | (125,000) | $ (125,000) | (125,000) | ||||
Issuance of Aimco Operating Partnership units | 3,034 | 3,034 | 3,034 | 3,034 | |||
Redemption of partnership units held by non-Aimco partners | (1,575) | 3,423 | (4,998) | (1,575) | |||
Amortization of share-based compensation | 1,986 | 1,190 | 796 | 1,986 | |||
Effect of changes in ownership of partnership units | (4,851) | 3,809 | (1,042) | 1,042 | |||
Purchase of noncontrolling interest in consolidated real estate partnerships | (917) | (917) | (917) | ||||
Other, net | (1) | (1) | (1) | ||||
Net income | 68,063 | 64,459 | 3,534 | 67,993 | 70 | ||
Change in accumulated other comprehensive income | $ 16 | 16 | 15 | 1 | 16 | ||
Distributions paid to common unitholders | (61,342) | (58,039) | (3,303) | (61,342) | |||
Common partnership units issued to common unitholders in special distribution | (516) | (516) | (516) | ||||
Distributions paid to preferred unitholders | (1,098) | (1,098) | (1,098) | ||||
Distributions paid to noncontrolling interests in consolidated real estate partnerships | (56) | (56) | |||||
Balances at Jun. 30, 2019 | $ 1,842,866 | $ 1,763,218 | $ 82,366 | $ 1,845,584 | $ (2,718) |
Organization
Organization | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | Note 1 — Organization Apartment Investment and Management Company, or Aimco, is a Maryland corporation incorporated on January 10, 1994. Aimco is a self-administered and self-managed real estate investment trust, or REIT. AIMCO Properties, L.P., or the Aimco Operating Partnership, is a Delaware limited partnership formed on May 16, 1994, to conduct our business, which is focused on the ownership, management, redevelopment and some development of quality apartment communities located in several of the largest markets in the United States. Aimco, through its wholly-owned subsidiaries, AIMCO-GP, Inc. and AIMCO-LP Trust, owns a majority of the ownership interests in the Aimco Operating Partnership. Aimco conducts all of its business and owns all of its assets through the Aimco Operating Partnership. Interests in the Aimco Operating Partnership that are held by limited partners other than Aimco are referred to as OP Units. OP Units include common partnership units, which we refer to as common OP Units, as well as partnership preferred units, which we refer to as preferred OP Units. As of June 30, 2019, after elimination of units held by consolidated subsidiaries, the Aimco Operating Partnership had 158,463,083 common partnership units outstanding. As of June 30, 2019, Aimco owned 148,827,363 of the common partnership units, or 93.9%, of the Aimco Operating Partnership and Aimco had, an equal number of shares of its Class A Common Stock outstanding, which we refer to as Common Stock. Except as the context otherwise requires, “we,” “our” and “us” refer to Aimco, the Aimco Operating Partnership and their consolidated subsidiaries, collectively. As of June 30, 2019, we owned an equity interest in 128 apartment communities with 33,820 apartment homes in our portfolio. Our portfolio is diversified by both price point and geography and consists primarily of market rate apartment communities in which we own a substantial interest. We consolidated 124 of these apartment communities with 33,678 apartment homes. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Note 2 — Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. The balance sheets of Aimco and the Aimco Operating Partnership at December 31, 2018, have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in Aimco’s and the Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2018. Except where indicated, the footnotes refer to both Aimco and the Aimco Operating Partnership. Principles of Consolidation Aimco’s accompanying condensed consolidated financial statements include the accounts of Aimco, the Aimco Operating Partnership, and their consolidated subsidiaries. The Aimco Operating Partnership’s condensed consolidated financial statements include the accounts of the Aimco Operating Partnership and its consolidated subsidiaries, please refer to Note 9. All significant intercompany balances and transactions have been eliminated in consolidation. Interests in the Aimco Operating Partnership that are held by limited partners other than Aimco are reflected in Aimco’s accompanying condensed consolidated balance sheets as noncontrolling interests in the Aimco Operating Partnership. Interests in partnerships consolidated by the Aimco Operating Partnership that are held by third parties are reflected in our accompanying condensed consolidated balance sheets as noncontrolling interests in consolidated real estate partnerships. Temporary Equity and Partners’ Capital The following table presents a reconciliation of the Aimco Operating Partnership’s preferred OP Units from December 31, 2018 to June 30, 2019. As described in Note 6, the preferred OP Units may be redeemed at the holder’s option, and are therefore presented within temporary equity in Aimco’s condensed consolidated balance sheets and within temporary capital in the Aimco Operating Partnership’s condensed consolidated balance sheets (in thousands): Balance, December 31, 2018 $ 101,291 Distributions to holders of preferred OP Units (3,867 ) Redemption of preferred OP Units and other (113 ) Net income attributable to preferred OP Units 3,867 Balance, June 30, 2019 $ 101,178 Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates. Reclassifications and Revisions Certain items in the 2018 condensed consolidated financial statements have been reclassified to conform to the current presentation. We have also reclassified gain on dispositions of real estate and related income taxes, which were previously reported net on our condensed consolidated statements of operations, to now present gain on dispositions of real estate as a component of income before income tax benefit (expense) in our condensed consolidated statements of operations, as follows (in thousands): Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Income tax benefit $ 4,395 $ (88 ) $ 4,307 $ 41,783 $ (2,959 ) $ 38,824 Gain on dispositions of real estate 222 88 310 50,546 2,959 53,505 During the six months ended June 30, 2019, Aimco and the Aimco Operating Partnership effected a reverse split of Common Stock and common partnership units, respectively, at a ratio of one share or unit for every 1.03119 shares or units outstanding on the date of effectiveness. The accounting guidance for recapitalization events requires that we revise Aimco’s equity and the Aimco Operating Partnership’s partners’ capital as if the reverse split had occurred at the beginning of the earliest period presented. As such, we have revised the outstanding share and unit counts, presentation of share and unit activity, and earnings per share and unit, as if the reverse split had occurred on December 31, 2017. Accounting Pronouncements Adopted in the Current Year Effective January 1, 2019, we adopted the lease accounting standard issued by the Financial Accounting Standards Board, or FASB. We elected to adopt the new standard using practical expedients that: do not require a look back to expired or existing contracts for embedded leases; allow us to retain the classification of existing leases; and allow us to retain the previous accounting for the initial direct costs of existing leases. Under the new standard, a contract is or contains a lease when it provides the right to control the use of an asset for a period of time in exchange for consideration. Lessor accounting remains largely unchanged. In our position as a lessor, we have elected the practical expedient that allows us to combine revenue attributable to nonlease components with associated lease components where the timing and pattern of transfer of the components are the same. As a result, we will combine rent payments with payments for other services we provide to our residents, including residents’ reimbursement of utility expenses. We have adopted the standard using the optional transition method that allows for prior reporting periods to remain as originally presented. Please refer to Note 4. In 2018, the Securities Exchange Commission, or SEC, amended its rules to eliminate, modify, or integrate into other SEC requirements certain disclosure rules. The amendments are intended to simplify compliance without significantly changing the total mix of information provided to investors. The amendments created a requirement to report changes in equity and dividends per share in interim periods on a comparative basis for both quarter-to-date and year-to-date periods presented. We have presented comparative interim statements of stockholders’ and partners’ equity in our condensed consolidated financial statements for the three and six months ended June 30, 2019 and 2018 . Recent Accounting Pronouncements In 2016, the FASB issued a new standard for accounting for financial instruments and credit losses thereon, which changes the method and timing of the recognition of credit losses on financial assets. The standard will require us to estimate and record credit losses over the life of a receivable at its inception. We have limited loans receivable and we invest in debt securities, which are subject to the new standard. Receivables related to operating leases are excluded from the new standard as they are subject to the lease accounting standard. This standard is required to be applied using a modified-retrospective approach and requires a cumulative-effect adjustment to retained earnings be recorded as of the date of adoption. The new standard is effective for us on January 1, 2020. We are currently in the process of completing our analysis of the impact of the standard and do not expect it to have a material effect on our financial position or results of operations. |
Significant Transactions
Significant Transactions | 6 Months Ended |
Jun. 30, 2019 | |
Significant Transactions [Abstract] | |
Significant Transactions | Note 3 — Significant Transactions Acquisitions of Apartment Communities During the six months ended June 30, 2019, we acquired an apartment community located in Ardmore, Pennsylvania, a suburb of Philadelphia. Summarized information regarding this acquisition is set forth in the table below (dollars in thousands): Number of apartment homes 110 Purchase price (1) $ 66,725 Capitalized transaction costs $ 892 Acquisition costs allocated to land $ 4,929 Acquisition costs allocated to building and improvements $ 61,271 (1) The gross purchase price of the acquisition consisted of $32.8 million in cash, $30.9 million of assumed property-level debt and the issuance of 59,761 OP Units. In accordance with GAAP, the OP Units were valued at $50.77 per unit, the Aimco Common Stock closing price on April 5, 2019, the purchase date. Dispositions of Apartment Communities During the six months ended June 30, 2019, we sold apartment communities as summarized below (dollars in thousands): Apartment communities sold 8 Apartment homes sold 2,605 Gain on dispositions of real estate $ 355,783 The apartment communities sold were predominantly located outside of our primary markets or in lower-rated locations within our primary markets and had average revenues per apartment home significantly below those of our retained portfolio. In addition to the apartment communities we sold during the current period, from time to time we may be marketing for sale certain apartment communities that are inconsistent with our long-term investment strategy. At the end of each reporting period, we evaluate whether such communities meet the criteria to be classified as held for sale. As of June 30, 2019, no apartment communities were classified as held for sale. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | Note 4 — Leases The majority of payments that we receive for our residential and commercial leases are fixed. We receive variable payments from our residents and commercial tenants primarily for utility and other expense reimbursements. For the three and six months ended June 30, 2019, our total lease income was comprised of the following amounts for all operating leases (in thousands): Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Fixed lease income $ 209,890 $ 425,471 Variable lease income 13,608 27,752 Total lease income $ 223,498 $ 453,223 In general, our commercial leases have options to extend for a certain period of time at the tenant’s option. Future minimum annual rental payments we will receive under commercial operating leases are as follows (in thousands): July 1, 2019 to December 31, 2019 $ 9,269 2020 16,589 2021 14,127 2022 13,637 2023 12,816 Thereafter 61,306 Total $ 127,744 Generally, our residential leases do not provide extension options and, as of June 30, 2019, have an average remaining term of 9.8 months. Future minimum rental payments pursuant to residential leases are excluded from the table above due to their shorter term. For leases in which we are the lessee, beginning in 2019, we recognize right of use assets and related lease liabilities on our consolidated balance sheets. Upon adoption of the accounting guidance for leases, we recognized right of use assets of $87.5 million, which are included in other assets on our condensed consolidated balance sheets. We also recognized the related lease liabilities of $79.7 million, which are included in accrued liabilities and other on our condensed consolidated balance sheets. We estimated the value of the lease liabilities using a discount rate equivalent to the rate Aimco would pay on a secured borrowing with similar terms to the lease. Substantially all of the payments under our ground and office leases are fixed. Rents for extension periods, when provided for in the lease, are generally adjusted to market value at the time the option is exercised; therefore, these extension periods were not included in our determination of the right of use asset and lease liability. For the three and six months ended June 30, 2019, our total lease cost for ground leases was $1.3 million and $4.5 million, respectively, and for office leases was $0.6 million and $1.3 million, respectively. As of June 30, 2019, the ground and office leases have weighted average remaining terms of 79.4 years and 9.6 years, respectively, and weighted average discount rates of 4.12% and 3.65%, respectively. Minimum annual rental payments under operating leases, reconciled to the lease liabilities included in accrued liabilities and other on our condensed consolidated balance sheets are as follows (in thousands): Office Lease Future Minimum Rent Ground Lease Future Minimum Rent Total Operating Lease Future Minimum Rent July 1, 2019 to December 31, 2019 $ 1,583 $ 1,057 $ 2,640 2020 2,806 2,350 5,156 2021 2,704 2,439 5,143 2022 2,561 2,492 5,053 2023 1,871 2,492 4,363 Thereafter 10,644 422,169 432,813 Total $ 22,169 $ 432,999 $ 455,168 Less: minimum payments for leases not yet commenced (17,849 ) — (17,849 ) Less: discount (308 ) (356,204 ) (356,512 ) Total lease liability $ 4,012 $ 76,795 $ 80,807 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 5 — Commitments and Contingencies Commitments In connection with our redevelopment, development and other capital additions activities, we have entered into various construction-related contracts and we have made commitments to complete redevelopment and development of certain apartment communities, pursuant to financing or other arrangements. As of June 30, 2019, our commitments related to these capital activities totaled approximately $235.9 million, most of which we expect to incur during the next 12 months. We enter into certain commitments for future purchases of goods and services in connection with the operations of our apartment communities. Those commitments generally have terms of one year or less and reflect expenditure levels comparable to our historical expenditures. Income Taxes In 2014, the Internal Revenue Service initiated an audit of the Aimco Operating Partnership’s 2011 and 2012 tax years. 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. Environmental Various federal, state and local laws subject apartment community owners or operators to liability for management, and the costs of removal or remediation, of certain potentially hazardous materials that may be present in the land or buildings of an apartment community. Such laws often impose liability without regard to fault or whether the owner or operator knew of, or was responsible for, the presence of such materials. The presence of, or the failure to manage or remediate properly, these materials may adversely affect occupancy at such apartment communities as well as the ability to sell or finance such apartment communities. In addition, governmental agencies may bring claims for costs associated with investigation and remediation actions. Moreover, private plaintiffs may potentially make claims for investigation and remediation costs they incur or for personal injury, disease, disability or other infirmities related to the alleged presence of hazardous materials. In addition to potential environmental liabilities or costs associated with our current apartment communities, we may also be responsible for such liabilities or costs associated with communities we acquire or manage in the future, or apartment communities we no longer own or operate. We are engaged in discussions with the Environmental Protection Agency, or EPA, and the Indiana Department of Environmental Management, or IDEM, regarding contaminated groundwater near an Indiana apartment community that has not been owned by us since 2008. The contamination allegedly derives from a dry cleaner that operated on our former property, prior to our ownership. We undertook a voluntary remediation of the dry cleaner contamination under IDEM’s oversight. In 2016, EPA listed our former community and a number of residential communities in the vicinity on the National Priorities List, or NPL (i.e. as a Superfund site). In May 2018, we prevailed on our federal judicial appeal vacating the Superfund listing. We continue to work with EPA and IDEM to identify options for clean-up of the site. Although the outcome of these processes are uncertain, we do not expect their resolution to have a material adverse effect on our consolidated financial condition, results of operations or cash flows. We also have a contingent liability stemming from a property in Lake Tahoe, California, regarding environmental contamination from the historic operation of a dry cleaner. An entity owned by us was the former general partner of a now-dissolved partnership that previously owned a site that was used for dry cleaning. That entity and the current property owner have been remediating the dry cleaner site since 2009, under the oversight of the Lahontan Regional Water Quality Control Board, or Lahontan. In May 2017, Lahontan issued a final cleanup and abatement order that names four potentially-responsible parties, acknowledges that there may be additional responsible parties, and requires the named parties to perform additional groundwater investigation and corrective actions with respect to onsite and offsite contamination. We are appealing the final order while simultaneously complying with it. Although the outcome of this process is uncertain, we do not expect its resolution to have a material adverse effect on our consolidated financial condition, results of operations or cash flows. We have determined that our legal obligations to remove or remediate certain potentially hazardous materials may be conditional asset retirement obligations, as defined in GAAP. Except in limited circumstances where the asset retirement activities are expected to be performed in connection with a planned construction project or apartment community casualty, we believe that the fair value of our asset retirement obligations cannot be reasonably estimated due to significant uncertainties in the timing and manner of settlement of those obligations. Asset retirement obligations that are reasonably estimable as of June 30, 2019, are immaterial to our consolidated financial condition, results of operations and cash flows. |
Earnings and Dividends per Shar
Earnings and Dividends per Share and Unit | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per Share/Unit | Note 6 — Earnings and Dividends per Share and Unit Aimco and the Aimco Operating Partnership calculate basic earnings per common share and basic earnings per common unit based on the weighted average number of shares of Common Stock and common partnership units and excludes participating securities outstanding. Diluted earnings per share and diluted earnings per unit are calculated taking into consideration dilutive common stock and common partnership unit equivalents and dilutive convertible securities outstanding during the period. Our common stock and common partnership unit equivalents include options to purchase shares of Common Stock, which, if exercised, would result in Aimco’s issuance of additional shares and the Aimco Operating Partnership’s issuance to Aimco of additional common partnership units equal to the number of shares purchased under the options. These equivalents also include unvested total stockholder return, or TSR, restricted stock awards that do not meet the definition of participating securities, which would result in an increase in the number of shares of Common Stock and common partnership units outstanding equal to the number of shares that vest. Common partnership unit equivalents also include unvested long-term incentive partnership units. Securities with dilutive effect are included in the denominator for calculating diluted earnings per share and per unit during these periods. Our time-based restricted stock awards receive non-forfeitable dividends similar to shares of Common Stock and common partnership units prior to vesting. These dividends and distributions are not forfeited if the awards fail to vest. Therefore, the unvested shares and units related to these awards are participating securities. The effect of 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 when the two-class method is more dilutive than the treasury method. The effect of dilutive securities included in the calculation of earnings per share, and securities not dilutive and excluded from the calculation of earnings per share, for the three and six months ended June 30, 2019 and 2018, were as follows (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Dilutive share equivalents outstanding 232 130 226 130 Dilutive partnership unit equivalents outstanding 381 126 359 129 Non-dilutive share equivalents outstanding — 184 — 184 Non-dilutive partnership unit equivalents outstanding — 421 — 421 Unvested restricted participating shares and partnership units 199 257 199 257 The Aimco Operating Partnership has various classes of preferred OP Units, which may be redeemed at the holder’s option. The Aimco Operating Partnership may redeem these units for cash, or at its option, shares of Common Stock. As of June 30, 2019, these preferred OP Units were potentially redeemable for approximately 2.0 million shares of Common Stock (based on the period end market price), or cash. The Aimco Operating Partnership has a redemption policy that requires cash settlement of redemption requests for the preferred OP Units, subject to limited exceptions. Accordingly, we have excluded these securities from earnings per share and unit computations and we expect to exclude them in future periods. During the three and six months ended June 30, 2019, we paid $0.39 and $2.41, respectively, in dividends and distributions per share and per unit. Of the $2.41 paid in dividends and distributions in 2019, $2.02 was paid in March and represents the per share and unit value of the special dividend and special distribution. The special dividend consisted of $67.1 million in cash, 4.5 million shares of Common Stock and $0.4 million of cash paid in lieu of issuing fractional shares. The special distribution consisted of $72.7 million in cash, 4.8 million common partnership units and $0.4 million of cash paid in lieu of issuing fractional units. During the three and six months ended June 30, 2018, we paid $0.38 and $0.76, respectively, in dividends and distributions per share and per unit. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 7 — Fair Value Measurements Recurring Fair Value Measurements We hold several positions in the securitization trust that holds certain of our property debt and pay interest currently. We also hold the first loss position in the securitization trust, which accrues interest over the term of the investment. These investments were acquired at a discount to face value and we are accreting the discount to the $100.9 million face value of the investments through interest income using the effective interest method over the remaining expected term of the investments, which, as of June 30, 2019, was approximately 1.9 years. We measure at fair value, on a recurring basis, our investments in the securitization trust, which we classify as available for sale, or AFS, debt securities. Our investments in AFS debt securities are included in other assets in the accompanying condensed consolidated balance sheets. Our amortized cost basis for AFS debt securities, which represents the original cost adjusted for interest accretion less interest payments received, was $86.7 million and $83.6 million as of June 30, 2019 and December 31, 2018, respectively. We estimated the fair value of these investments to be $91.7 million and $88.5 million as of June 30, 2019 and December 31, 2018, respectively. Our investments in AFS debt securities are classified within Level 2 of the GAAP fair value hierarchy. We estimate the fair value of these investments using an income and market approach with primarily observable inputs, including yields and other information regarding similar types of investments, and adjusted for certain unobservable inputs specific to these investments. The fair value of the positions that pay interest currently typically moves in an inverse relationship with movements in interest rates. The fair value of the first loss position is primarily correlated to collateral quality and demand for similar subordinate commercial mortgage-backed securities. Fair Value Disclosures We believe that the carrying value of the consolidated amounts of cash and cash equivalents, receivables and payables approximated their fair value as of June 30, 2019 and December 31, 2018, due to their relatively short-term nature and high probability of realization. The carrying amounts of longer term seller financing notes receivable approximated their estimated fair value as of June 30, 2019 and December 31, 2018. The carrying amount of our total indebtedness was approximately $4.0 billion as compared to an estimated fair value of $4.1 billion as of June 30, 2019. The carrying amount of our total indebtedness approximated its estimated fair value at December 31, 2018. We estimate the fair value of our seller financing notes and our consolidated debt using an income and market approach, including comparison of the contractual terms to observable and unobservable inputs such as market interest rate risk spreads, contractual interest rates, remaining periods to maturity, collateral quality and loan to value ratios on similarly encumbered apartment communities within our portfolio. We classify the fair value of debt and seller financing notes within Level 3 of the GAAP valuation hierarchy based on the significance of certain of the unobservable inputs used to estimate its fair value. |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Business Segments | Note 8 — Business Segments In 2019, as a result of the 2018 sale of the Asset Management business, we revised the information regularly reviewed by our chief executive officer, who is our chief operating decision maker, to assess our operating performance. We have determined we have four segments: Same Store, Redevelopment and Development, Acquisition, and Other Real Estate. Our Same Store segment includes communities that have reached a stabilized level of operations as of the beginning of a two-year comparable period and maintained it throughout the current and comparable prior year, and are not expected to be sold within 12 months. Our Redevelopment and Development segment includes apartment communities that are currently under construction that have not achieved a stabilized level of operations, and those that have been completed in recent years that have not achieved and maintained stabilized operations for both the current and comparable prior year. Our Acquisition segment includes apartment communities that we have acquired since the beginning of a two-year comparable period. Our Other Real Estate segment primarily includes apartment communities that are subject to limitations on rent increases and communities that we expect to sell within 12 months but do not yet meet the criteria to be classified as held for sale. Our chief operating decision maker uses proportionate property net operating income to assess the operating performance of our apartment communities. Proportionate property net operating income is defined as our share of rental and other property revenue less our share of property operating expenses for consolidated apartment communities. We exclude from rental and other property revenues the amount of utility costs reimbursed by residents and reflect such amount as a reduction of the related utility expense within property operating expenses in our evaluation of segment results. In our condensed consolidated statements of operations, utility reimbursements are included in rental and other property revenues, in accordance with GAAP. As of June 30, 2019, our Same Store segment included 95 consolidated apartment communities with 27,640 apartment homes; our Redevelopment and Development segment included seven consolidated apartment communities with 3,134 apartment homes; our Acquisition segment included seven consolidated apartment communities with 1,590 apartment homes; and our Other Real Estate segment included 15 apartment communities with 1,315 apartment homes. The following tables present the revenues, proportionate property net operating income and income before income tax benefit (expense) of our segments on a proportionate basis and excluding our proportionate share of four communities with 142 apartment homes, which we do not consolidate, and amounts related to apartment communities sold as of June 30, 2019 for the three and six months ended June 30, 2019 and 2018 (in thousands): Same Store Redevelopment and Development Acquisition Other Real Estate Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three months ended June 30, 2019: Total revenues $ 176,375 $ 19,166 $ 10,237 $ 9,275 $ 8,255 $ 892 $ 224,200 Property operating expenses attributable to real estate 47,169 7,030 2,974 3,904 7,725 7,037 75,839 Other operating expenses not allocated to segments (3) — — — — — 108,257 108,257 Total operating expenses 47,169 7,030 2,974 3,904 7,725 115,294 184,096 Proportionate property net operating income 129,206 12,136 7,263 5,371 530 (114,402 ) 40,104 Other items included in income before income tax benefit (4) — — — — — 28,065 28,065 Income before income tax benefit $ 129,206 $ 12,136 $ 7,263 $ 5,371 $ 530 $ (86,337 ) $ 68,169 Same Store Redevelopment and Development Acquisition Other Real Estate Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three months ended June 30, 2018: Total revenues $ 169,902 $ 18,482 $ 6,358 $ 9,378 $ 7,640 $ 38,427 $ 250,187 Property operating expenses attributable to real estate 46,352 6,936 1,875 3,679 7,116 10,073 76,031 Other operating expenses not allocated to segments (3) — — — — — 124,795 124,795 Total operating expenses 46,352 6,936 1,875 3,679 7,116 134,868 200,826 Proportionate property net operating income 123,550 11,546 4,483 5,699 524 (96,441 ) 49,361 Other items included in income before income tax benefit (4) — — — — — (46,512 ) (46,512 ) Income before income tax benefit $ 123,550 $ 11,546 $ 4,483 $ 5,699 $ 524 $ (142,953 ) $ 2,849 Same Store Redevelopment and Development Acquisition Other Real Estate Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Six months ended June 30, 2019: Total revenues $ 350,494 $ 39,516 $ 20,230 $ 18,741 $ 16,884 $ 8,570 $ 454,435 Property operating expenses attributable to real estate 93,904 14,317 5,827 7,790 15,792 17,393 155,023 Other operating expenses not allocated to segments (3) — — — — — 217,894 217,894 Total operating expenses 93,904 14,317 5,827 7,790 15,792 235,287 372,917 Proportionate property net operating income 256,590 25,199 14,403 10,951 1,092 (226,717 ) 81,518 Other items included in income before income tax expense (4) — — — — — 280,927 280,927 Income before income tax expense $ 256,590 $ 25,199 $ 14,403 $ 10,951 $ 1,092 $ 54,210 $ 362,445 Same Store Redevelopment and Development Acquisition Other Real Estate Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Six months ended June 30, 2018: Total revenues $ 336,931 $ 36,560 $ 7,937 $ 18,689 $ 15,767 $ 82,023 $ 497,907 Property operating expenses attributable to real estate 92,659 13,436 2,398 7,525 14,734 23,566 154,318 Other operating expenses not allocated to segments (3) — — — — — 240,851 240,851 Total operating expenses 92,659 13,436 2,398 7,525 14,734 264,417 395,169 Proportionate property net operating income 244,272 23,124 5,539 11,164 1,033 (182,394 ) 102,738 Other items included in income before income tax benefit (4) — — — — — (38,716 ) (38,716 ) Income before income tax benefit $ 244,272 $ 23,124 $ 5,539 $ 11,164 $ 1,033 $ (221,110 ) $ 64,022 (1) Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the results of consolidated apartment communities in our segments, which are included in the related consolidated amounts, but excluded from proportionate property net operating income for our segment evaluation. Also includes the reclassification of utility reimbursements from revenues to property operating expenses for the purpose of evaluating segment results. Utility reimbursements are included in rental and other property revenues in our condensed consolidated statements of operations prepared in accordance with GAAP. (2) Includes the operating results of apartment communities sold during the periods shown or held for sale at the end of the period, if any, and the operating results of apartment communities owned by consolidated partnerships served by our Asset Management business prior to its sale in July 2018. Corporate and Amounts Not Allocated to Segments also includes property management expenses and casualty gains and losses, which are included in consolidated property operating expenses and are not part of our segment performance measure. (3) Other operating expenses not allocated to segments consists of property operating expenses of partnerships served by our Asset Management business prior to its sale in July 2018, depreciation and amortization, general and administrative expenses and other operating expenses, which are not included in our measure of segment performance. (4) Other items included in income before income tax benefit (expense) primarily consists of gain on dispositions of real estate and interest expense. The assets of our segments and the consolidated assets not allocated to our segments were as follows (in thousands): June 30, 2019 December 31, 2018 Same Store $ 4,110,917 $ 4,131,494 Redevelopment and Development 852,177 792,126 Acquisition 627,109 507,190 Other Real Estate 327,326 327,099 Corporate and other assets (1) 323,275 432,095 Total consolidated assets $ 6,240,804 $ 6,190,004 (1) Includes the assets not allocated to our segments, primarily corporate assets and assets of apartment communities sold as of June 30, 2019. For the six months ended June 30, 2019 and 2018, capital additions related to our segments were as follows (in thousands): 2019 2018 Same Store $ 73,242 $ 61,581 Redevelopment and Development 84,782 86,202 Acquisition 15,056 3,985 Other Real Estate 6,063 4,285 Total capital additions $ 179,143 $ 156,053 |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Variable Interest Entities | Note 9 — Variable Interest Entities Generally, a variable interest entity, or VIE, is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A limited partnership is considered a VIE when the majority of the limited partners unrelated to the general partner possess neither the right to remove the general partner without cause, nor certain rights to participate in the decisions that most significantly affect the financial results of the partnership. In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of our investment; the obligation or likelihood for us or other investors to provide financial support; and the similarity with and significance to our business activities and the business activities of the other investors. Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions. Aimco consolidates the Aimco Operating Partnership, a VIE of which Aimco is the primary beneficiary. Aimco, through the Aimco Operating Partnership, consolidates all VIEs for which the Aimco Operating Partnership is the primary beneficiary. All of the VIEs the Aimco Operating Partnership consolidates own interests in one or more apartment communities and are typically structured to generate a return for their partners through the operation and ultimate sale of the communities. The Aimco Operating Partnership is the primary beneficiary in the limited partnerships in which it is the sole decision maker and has a substantial economic interest. The table below summarizes information regarding VIEs consolidated by the Aimco Operating Partnership: June 30, 2019 December 31, 2018 VIEs with interests in apartment communities 7 9 Apartment communities owned by VIEs 7 9 Apartment homes in communities owned by VIEs 3,183 3,592 Assets of the Aimco Operating Partnership’s consolidated VIEs must first be used to settle the liabilities of such consolidated VIEs. These consolidated VIEs’ creditors do not have recourse to the general credit of the Aimco Operating Partnership. Assets and liabilities of consolidated VIEs are summarized in the table below (in thousands): June 30, 2019 December 31, 2018 Assets Net real estate $ 405,174 $ 488,127 Cash and cash equivalents 7,618 15,416 Restricted cash 3,106 4,461 Other assets 27,144 3,973 Liabilities Non-recourse property debt secured by Aimco communities, net 177,825 322,685 Accrued liabilities and other 35,946 13,576 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. The balance sheets of Aimco and the Aimco Operating Partnership at December 31, 2018, have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in Aimco’s and the Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2018. Except where indicated, the footnotes refer to both Aimco and the Aimco Operating Partnership. |
Principles of Consolidation | Principles of Consolidation Aimco’s accompanying condensed consolidated financial statements include the accounts of Aimco, the Aimco Operating Partnership, and their consolidated subsidiaries. The Aimco Operating Partnership’s condensed consolidated financial statements include the accounts of the Aimco Operating Partnership and its consolidated subsidiaries, please refer to Note 9. All significant intercompany balances and transactions have been eliminated in consolidation. Interests in the Aimco Operating Partnership that are held by limited partners other than Aimco are reflected in Aimco’s accompanying condensed consolidated balance sheets as noncontrolling interests in the Aimco Operating Partnership. Interests in partnerships consolidated by the Aimco Operating Partnership that are held by third parties are reflected in our accompanying condensed consolidated balance sheets as noncontrolling interests in consolidated real estate partnerships. |
Temporary Equity and Partners' Capital | Temporary Equity and Partners’ Capital The following table presents a reconciliation of the Aimco Operating Partnership’s preferred OP Units from December 31, 2018 to June 30, 2019. As described in Note 6, the preferred OP Units may be redeemed at the holder’s option, and are therefore presented within temporary equity in Aimco’s condensed consolidated balance sheets and within temporary capital in the Aimco Operating Partnership’s condensed consolidated balance sheets (in thousands): Balance, December 31, 2018 $ 101,291 Distributions to holders of preferred OP Units (3,867 ) Redemption of preferred OP Units and other (113 ) Net income attributable to preferred OP Units 3,867 Balance, June 30, 2019 $ 101,178 |
Use of Estimates | Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates. |
Accounting Pronouncements Adopted in the Current Year and Recent Accounting Pronouncements | Accounting Pronouncements Adopted in the Current Year Effective January 1, 2019, we adopted the lease accounting standard issued by the Financial Accounting Standards Board, or FASB. We elected to adopt the new standard using practical expedients that: do not require a look back to expired or existing contracts for embedded leases; allow us to retain the classification of existing leases; and allow us to retain the previous accounting for the initial direct costs of existing leases. Under the new standard, a contract is or contains a lease when it provides the right to control the use of an asset for a period of time in exchange for consideration. Lessor accounting remains largely unchanged. In our position as a lessor, we have elected the practical expedient that allows us to combine revenue attributable to nonlease components with associated lease components where the timing and pattern of transfer of the components are the same. As a result, we will combine rent payments with payments for other services we provide to our residents, including residents’ reimbursement of utility expenses. We have adopted the standard using the optional transition method that allows for prior reporting periods to remain as originally presented. Please refer to Note 4. In 2018, the Securities Exchange Commission, or SEC, amended its rules to eliminate, modify, or integrate into other SEC requirements certain disclosure rules. The amendments are intended to simplify compliance without significantly changing the total mix of information provided to investors. The amendments created a requirement to report changes in equity and dividends per share in interim periods on a comparative basis for both quarter-to-date and year-to-date periods presented. We have presented comparative interim statements of stockholders’ and partners’ equity in our condensed consolidated financial statements for the three and six months ended June 30, 2019 and 2018 . Recent Accounting Pronouncements In 2016, the FASB issued a new standard for accounting for financial instruments and credit losses thereon, which changes the method and timing of the recognition of credit losses on financial assets. The standard will require us to estimate and record credit losses over the life of a receivable at its inception. We have limited loans receivable and we invest in debt securities, which are subject to the new standard. Receivables related to operating leases are excluded from the new standard as they are subject to the lease accounting standard. This standard is required to be applied using a modified-retrospective approach and requires a cumulative-effect adjustment to retained earnings be recorded as of the date of adoption. The new standard is effective for us on January 1, 2020. We are currently in the process of completing our analysis of the impact of the standard and do not expect it to have a material effect on our financial position or results of operations. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Reconciliation of consolidated temporary equity accounts | The following table presents a reconciliation of the Aimco Operating Partnership’s preferred OP Units from December 31, 2018 to June 30, 2019. As described in Note 6, the preferred OP Units may be redeemed at the holder’s option, and are therefore presented within temporary equity in Aimco’s condensed consolidated balance sheets and within temporary capital in the Aimco Operating Partnership’s condensed consolidated balance sheets (in thousands): Balance, December 31, 2018 $ 101,291 Distributions to holders of preferred OP Units (3,867 ) Redemption of preferred OP Units and other (113 ) Net income attributable to preferred OP Units 3,867 Balance, June 30, 2019 $ 101,178 |
Reclassifications to conform to the current presentation | We have also reclassified gain on dispositions of real estate and related income taxes, which were previously reported net on our condensed consolidated statements of operations, to now present gain on dispositions of real estate as a component of income before income tax benefit (expense) in our condensed consolidated statements of operations, as follows (in thousands): Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Income tax benefit $ 4,395 $ (88 ) $ 4,307 $ 41,783 $ (2,959 ) $ 38,824 Gain on dispositions of real estate 222 88 310 50,546 2,959 53,505 |
Significant Transactions (Table
Significant Transactions (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Significant Transactions [Abstract] | |
Summarized Information Regarding Acquisition | Summarized information regarding this acquisition is set forth in the table below (dollars in thousands): Number of apartment homes 110 Purchase price (1) $ 66,725 Capitalized transaction costs $ 892 Acquisition costs allocated to land $ 4,929 Acquisition costs allocated to building and improvements $ 61,271 (1) The gross purchase price of the acquisition consisted of $32.8 million in cash, $30.9 million of assumed property-level debt and the issuance of 59,761 OP Units. In accordance with GAAP, the OP Units were valued at $50.77 per unit, the Aimco Common Stock closing price on April 5, 2019, the purchase date. |
Summary of Apartment Community Dispositions | During the six months ended June 30, 2019, we sold apartment communities as summarized below (dollars in thousands): Apartment communities sold 8 Apartment homes sold 2,605 Gain on dispositions of real estate $ 355,783 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Lease income for operating leases | For the three and six months ended June 30, 2019, our total lease income was comprised of the following amounts for all operating leases (in thousands): Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Fixed lease income $ 209,890 $ 425,471 Variable lease income 13,608 27,752 Total lease income $ 223,498 $ 453,223 |
Future minimum annual rental payments receivable under commercial operating leases | Future minimum annual rental payments we will receive under commercial operating leases are as follows (in thousands) July 1, 2019 to December 31, 2019 $ 9,269 2020 16,589 2021 14,127 2022 13,637 2023 12,816 Thereafter 61,306 Total $ 127,744 |
Minimum annual rental payments under operating leases | Minimum annual rental payments under operating leases, reconciled to the lease liabilities included in accrued liabilities and other on our condensed consolidated balance sheets are as follows (in thousands): Office Lease Future Minimum Rent Ground Lease Future Minimum Rent Total Operating Lease Future Minimum Rent July 1, 2019 to December 31, 2019 $ 1,583 $ 1,057 $ 2,640 2020 2,806 2,350 5,156 2021 2,704 2,439 5,143 2022 2,561 2,492 5,053 2023 1,871 2,492 4,363 Thereafter 10,644 422,169 432,813 Total $ 22,169 $ 432,999 $ 455,168 Less: minimum payments for leases not yet commenced (17,849 ) — (17,849 ) Less: discount (308 ) (356,204 ) (356,512 ) Total lease liability $ 4,012 $ 76,795 $ 80,807 |
Earnings and Dividends per Sh_2
Earnings and Dividends per Share and Unit (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Effect of Dilutive Securities and Securities not Dilutive | The effect of dilutive securities included in the calculation of earnings per share, and securities not dilutive and excluded from the calculation of earnings per share, for the three and six months ended June 30, 2019 and 2018, were as follows (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Dilutive share equivalents outstanding 232 130 226 130 Dilutive partnership unit equivalents outstanding 381 126 359 129 Non-dilutive share equivalents outstanding — 184 — 184 Non-dilutive partnership unit equivalents outstanding — 421 — 421 Unvested restricted participating shares and partnership units 199 257 199 257 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Summary information for the reportable segments | The following tables present the revenues, proportionate property net operating income and income before income tax benefit (expense) of our segments on a proportionate basis and excluding our proportionate share of four communities with 142 apartment homes, which we do not consolidate, and amounts related to apartment communities sold as of June 30, 2019 for the three and six months ended June 30, 2019 and 2018 (in thousands): Same Store Redevelopment and Development Acquisition Other Real Estate Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three months ended June 30, 2019: Total revenues $ 176,375 $ 19,166 $ 10,237 $ 9,275 $ 8,255 $ 892 $ 224,200 Property operating expenses attributable to real estate 47,169 7,030 2,974 3,904 7,725 7,037 75,839 Other operating expenses not allocated to segments (3) — — — — — 108,257 108,257 Total operating expenses 47,169 7,030 2,974 3,904 7,725 115,294 184,096 Proportionate property net operating income 129,206 12,136 7,263 5,371 530 (114,402 ) 40,104 Other items included in income before income tax benefit (4) — — — — — 28,065 28,065 Income before income tax benefit $ 129,206 $ 12,136 $ 7,263 $ 5,371 $ 530 $ (86,337 ) $ 68,169 Same Store Redevelopment and Development Acquisition Other Real Estate Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three months ended June 30, 2018: Total revenues $ 169,902 $ 18,482 $ 6,358 $ 9,378 $ 7,640 $ 38,427 $ 250,187 Property operating expenses attributable to real estate 46,352 6,936 1,875 3,679 7,116 10,073 76,031 Other operating expenses not allocated to segments (3) — — — — — 124,795 124,795 Total operating expenses 46,352 6,936 1,875 3,679 7,116 134,868 200,826 Proportionate property net operating income 123,550 11,546 4,483 5,699 524 (96,441 ) 49,361 Other items included in income before income tax benefit (4) — — — — — (46,512 ) (46,512 ) Income before income tax benefit $ 123,550 $ 11,546 $ 4,483 $ 5,699 $ 524 $ (142,953 ) $ 2,849 Same Store Redevelopment and Development Acquisition Other Real Estate Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Six months ended June 30, 2019: Total revenues $ 350,494 $ 39,516 $ 20,230 $ 18,741 $ 16,884 $ 8,570 $ 454,435 Property operating expenses attributable to real estate 93,904 14,317 5,827 7,790 15,792 17,393 155,023 Other operating expenses not allocated to segments (3) — — — — — 217,894 217,894 Total operating expenses 93,904 14,317 5,827 7,790 15,792 235,287 372,917 Proportionate property net operating income 256,590 25,199 14,403 10,951 1,092 (226,717 ) 81,518 Other items included in income before income tax expense (4) — — — — — 280,927 280,927 Income before income tax expense $ 256,590 $ 25,199 $ 14,403 $ 10,951 $ 1,092 $ 54,210 $ 362,445 Same Store Redevelopment and Development Acquisition Other Real Estate Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Six months ended June 30, 2018: Total revenues $ 336,931 $ 36,560 $ 7,937 $ 18,689 $ 15,767 $ 82,023 $ 497,907 Property operating expenses attributable to real estate 92,659 13,436 2,398 7,525 14,734 23,566 154,318 Other operating expenses not allocated to segments (3) — — — — — 240,851 240,851 Total operating expenses 92,659 13,436 2,398 7,525 14,734 264,417 395,169 Proportionate property net operating income 244,272 23,124 5,539 11,164 1,033 (182,394 ) 102,738 Other items included in income before income tax benefit (4) — — — — — (38,716 ) (38,716 ) Income before income tax benefit $ 244,272 $ 23,124 $ 5,539 $ 11,164 $ 1,033 $ (221,110 ) $ 64,022 (1) Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the results of consolidated apartment communities in our segments, which are included in the related consolidated amounts, but excluded from proportionate property net operating income for our segment evaluation. Also includes the reclassification of utility reimbursements from revenues to property operating expenses for the purpose of evaluating segment results. Utility reimbursements are included in rental and other property revenues in our condensed consolidated statements of operations prepared in accordance with GAAP. (2) Includes the operating results of apartment communities sold during the periods shown or held for sale at the end of the period, if any, and the operating results of apartment communities owned by consolidated partnerships served by our Asset Management business prior to its sale in July 2018. Corporate and Amounts Not Allocated to Segments also includes property management expenses and casualty gains and losses, which are included in consolidated property operating expenses and are not part of our segment performance measure. (3) Other operating expenses not allocated to segments consists of property operating expenses of partnerships served by our Asset Management business prior to its sale in July 2018, depreciation and amortization, general and administrative expenses and other operating expenses, which are not included in our measure of segment performance. (4) Other items included in income before income tax benefit (expense) primarily consists of gain on dispositions of real estate and interest expense. |
Reconciliation of Assets from Segment to Consolidated | The assets of our segments and the consolidated assets not allocated to our segments were as follows (in thousands): June 30, 2019 December 31, 2018 Same Store $ 4,110,917 $ 4,131,494 Redevelopment and Development 852,177 792,126 Acquisition 627,109 507,190 Other Real Estate 327,326 327,099 Corporate and other assets (1) 323,275 432,095 Total consolidated assets $ 6,240,804 $ 6,190,004 (1) Includes the assets not allocated to our segments, primarily corporate assets and assets of apartment communities sold as of June 30, 2019. |
Capital additions related to segments | For the six months ended June 30, 2019 and 2018, capital additions related to our segments were as follows (in thousands): 2019 2018 Same Store $ 73,242 $ 61,581 Redevelopment and Development 84,782 86,202 Acquisition 15,056 3,985 Other Real Estate 6,063 4,285 Total capital additions $ 179,143 $ 156,053 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The table below summarizes information regarding VIEs consolidated by the Aimco Operating Partnership: June 30, 2019 December 31, 2018 VIEs with interests in apartment communities 7 9 Apartment communities owned by VIEs 7 9 Apartment homes in communities owned by VIEs 3,183 3,592 Assets of the Aimco Operating Partnership’s consolidated VIEs must first be used to settle the liabilities of such consolidated VIEs. These consolidated VIEs’ creditors do not have recourse to the general credit of the Aimco Operating Partnership. Assets and liabilities of consolidated VIEs are summarized in the table below (in thousands): June 30, 2019 December 31, 2018 Assets Net real estate $ 405,174 $ 488,127 Cash and cash equivalents 7,618 15,416 Restricted cash 3,106 4,461 Other assets 27,144 3,973 Liabilities Non-recourse property debt secured by Aimco communities, net 177,825 322,685 Accrued liabilities and other 35,946 13,576 |
Organization (Details Textual)
Organization (Details Textual) | 6 Months Ended |
Jun. 30, 2019Propertyapartment_homeshares | |
Organization [Line Items] | |
Common partnership units and equivalents outstanding | shares | 148,827,363 |
Percentage of the Aimco Operating Partnership's common partnership units and equivalents owned by Aimco | 93.90% |
Partially Owned Properties [Member] | |
Organization [Line Items] | |
Number of apartment communities | Property | 128 |
Number of apartment homes in apartment communities | apartment_home | 33,820 |
Wholly And Partially Owned Consolidated Properties [Member] | |
Organization [Line Items] | |
Number of apartment communities | Property | 124 |
Number of apartment homes in apartment communities | apartment_home | 33,678 |
AIMCO PROPERTIES, L.P [Member] | |
Organization [Line Items] | |
Common partnership units and equivalents outstanding | shares | 158,463,083 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |
Balance, December 31, 2018 | $ 101,291 |
Balance, June 30, 2019 | 101,178 |
AIMCO PROPERTIES, L.P [Member] | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |
Balance, December 31, 2018 | 101,291 |
Distributions to holders of preferred OP Units | (3,867) |
Redemption of preferred OP Units and other | (113) |
Net income attributable to preferred OP Units | 3,867 |
Balance, June 30, 2019 | $ 101,178 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Income tax benefit | $ 1,827 | $ 4,307 | $ (1,154) | $ 38,824 |
Gain on dispositions of real estate | $ 64,310 | 310 | $ 355,783 | 53,505 |
As Previously Reported | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Income tax benefit | 4,395 | 41,783 | ||
Gain on dispositions of real estate | 222 | 50,546 | ||
Adjustments | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Income tax benefit | (88) | (2,959) | ||
Gain on dispositions of real estate | $ 88 | $ 2,959 |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Equity reverse stock split | 0.0103119 |
Significant Transactions - Summ
Significant Transactions - Summarized Information Regarding Acquisition (Details) - Philadelphia Acquisition $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($)apartment_home | |
Business Acquisition [Line Items] | |
Number of apartment homes | apartment_home | 110 |
Purchase price | $ 66,725 |
Capitalized transaction costs | 892 |
Acquisition costs allocated to land | 4,929 |
Acquisition costs allocated to building and improvements | $ 61,271 |
Significant Transactions - Su_2
Significant Transactions - Summarized Information Regarding Acquisition (Parenthetical) (Details) - Philadelphia Acquisition $ / shares in Units, shares in Millions, $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($)$ / sharesshares | |
Business Acquisition [Line Items] | |
Cash paid in acquisition | $ 32.8 |
Property-level debt assumed in acquisition | $ 30.9 |
Issuance of OP Units | shares | 59,761 |
Share price per unit (in dollars per share) | $ / shares | $ 50.77 |
Significant Transactions - Su_3
Significant Transactions - Summary of Apartment Community Dispositions (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($)Propertyapartment_homeCommunity | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)Propertyapartment_homeCommunity | Jun. 30, 2018USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on dispositions of real estate | $ | $ 64,310 | $ 310 | $ 355,783 | $ 53,505 |
Wholly And Partially Owned Consolidated Properties [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Apartment communities sold | Property | 124 | 124 | ||
Apartment homes sold | apartment_home | 33,678 | 33,678 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Wholly And Partially Owned Consolidated Properties [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Apartment communities sold | Property | 8 | 8 | ||
Apartment homes sold | apartment_home | 2,605 | 2,605 | ||
Gain on dispositions of real estate | $ | $ 355,783 | |||
Held-for-sale, Not Discontinued Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Apartment communities sold | Community | 0 | 0 |
Leases - Lease Income for Opera
Leases - Lease Income for Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Fixed lease income | $ 209,890 | $ 425,471 |
Variable lease income | 13,608 | 27,752 |
Total lease income | $ 223,498 | $ 453,223 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Jan. 01, 2019 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Lease liabilities | $ 80,807 | $ 80,807 | |
ASU 2016-02 | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Right of use assets | $ 87,500 | ||
Lease liabilities | $ 79,700 | ||
Commercial lease | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Lease, existence of option to extend | true | ||
Residential Lease | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Lease, existence of option to extend | false | ||
Weighted average remaining term | 9 months 24 days | 9 months 24 days | |
Lease, option to extend | Generally, our residential leases do not provide extension options | ||
Ground Lease | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Weighted average remaining term | 79 years 4 months 24 days | 79 years 4 months 24 days | |
Lease liabilities | $ 76,795 | $ 76,795 | |
Lease cost | $ 1,300 | $ 4,500 | |
Operating lease, weighted average discount rate, percent | 4.12% | 4.12% | |
Office Lease | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Weighted average remaining term | 9 years 7 months 6 days | 9 years 7 months 6 days | |
Lease liabilities | $ 4,012 | $ 4,012 | |
Lease cost | $ 600 | $ 1,300 | |
Operating lease, weighted average discount rate, percent | 3.65% | 3.65% |
Leases - Future Minimum Annual
Leases - Future Minimum Annual Payments Receivable Under Commercial Operating Leases (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
July 1, 2019 to December 31, 2019 | $ 9,269 |
2020 | 16,589 |
2021 | 14,127 |
2022 | 13,637 |
2023 | 12,816 |
Thereafter | 61,306 |
Total | $ 127,744 |
Leases - Minimum Annual Rental
Leases - Minimum Annual Rental Payments Under Operating Leases (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Lessee Lease Description [Line Items] | |
July 1, 2019 to December 31, 2019 | $ 2,640 |
2020 | 5,156 |
2021 | 5,143 |
2022 | 5,053 |
2023 | 4,363 |
Thereafter | 432,813 |
Total | 455,168 |
Less: minimum payments for leases not yet commenced | (17,849) |
Less: discount | (356,512) |
Total lease liability | $ 80,807 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:AccruedLiabilitiesAndOtherLiabilities |
Office Lease Future Minimum Rent | |
Lessee Lease Description [Line Items] | |
July 1, 2019 to December 31, 2019 | $ 1,583 |
2020 | 2,806 |
2021 | 2,704 |
2022 | 2,561 |
2023 | 1,871 |
Thereafter | 10,644 |
Total | 22,169 |
Less: minimum payments for leases not yet commenced | (17,849) |
Less: discount | (308) |
Total lease liability | $ 4,012 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:AccruedLiabilitiesAndOtherLiabilities |
Ground Lease Future Minimum Rent | |
Lessee Lease Description [Line Items] | |
July 1, 2019 to December 31, 2019 | $ 1,057 |
2020 | 2,350 |
2021 | 2,439 |
2022 | 2,492 |
2023 | 2,492 |
Thereafter | 422,169 |
Total | 432,999 |
Less: discount | (356,204) |
Total lease liability | $ 76,795 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:AccruedLiabilitiesAndOtherLiabilities |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual) $ in Millions | 1 Months Ended | 6 Months Ended |
May 31, 2017Party | Jun. 30, 2019USD ($) | |
Long-term Purchase Commitment [Line Items] | ||
Number of potentially-responsible parties | Party | 4 | |
Commitments related to development, redevelopment and capital improvement activities [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Commitments related to capital spending activities | $ | $ 235.9 | |
Time Period of Long-term Purchase Commitment | 12 months | |
Commitments related to operations [Member] | Maximum [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Time Period of Long-term Purchase Commitment | 1 year |
Earnings and Dividends per Sh_3
Earnings and Dividends per Share and Unit - Effect of Dilutive Securities and Securities not Dilutive (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Schedule of Earnings Per Share and Dividends Per Share [Line Items] | ||||
Dilutive share and partnership unit equivalents outstanding | 232 | 130 | 226 | 130 |
Non-dilutive share and partnership unit equivalents outstanding | 184 | 184 | ||
Unvested restricted participating shares and partnership units | 199 | 257 | 199 | 257 |
AIMCO Properties, LP [Member] | ||||
Schedule of Earnings Per Share and Dividends Per Share [Line Items] | ||||
Dilutive share and partnership unit equivalents outstanding | 381 | 126 | 359 | 129 |
Non-dilutive share and partnership unit equivalents outstanding | 421 | 421 |
Earnings and Dividends per Sh_4
Earnings and Dividends per Share and Unit (Details Textual) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Schedule of Earnings Per Share and Dividends Per Share [Line Items] | |||||
Number of shares potentially redeemable for (in shares) | 2 | 2 | |||
Dividends paid (in dollars per share) | $ 0.39 | $ 0.38 | $ 2.41 | $ 0.76 | |
Distributions paid (in dollars per share) | $ 0.39 | $ 0.38 | $ 2.41 | $ 0.76 | |
Special dividend | $ 58,039 | $ 59,781 | $ 125,514 | $ 119,558 | |
Special Dividend and Special Distribution [Member] | |||||
Schedule of Earnings Per Share and Dividends Per Share [Line Items] | |||||
Dividends paid (in dollars per share) | $ 2.02 | ||||
Special Dividend Paid [Member] | |||||
Schedule of Earnings Per Share and Dividends Per Share [Line Items] | |||||
Special dividend | $ 67,100 | ||||
Common shares issued in special dividend (in shares) | 4.5 | ||||
Special dividend, cash paid in lieu of fractional shares | $ 400 | ||||
Special Cash Distribution [Member] | AIMCO Properties, LP [Member] | General Partner and Special Limited Partner [Member] | |||||
Schedule of Earnings Per Share and Dividends Per Share [Line Items] | |||||
Special distribution | $ 72,700 | ||||
Units issued in special dividend (in shares) | 4.8 | ||||
Special distribution, cash paid in lieu of fractional shares | $ 400 |
Fair Value Measurements (Detail
Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying amount of our total indebtedness | $ 3,997,447 | $ 4,075,665 |
Estimated fair value | 4,100,000 | |
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 | |
Expected remaining term of available for sale securities | 1 year 10 months 24 days | |
Amortized cost of the investment in available-for-sale debt securities | $ 86,700 | 83,600 |
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 | $ 91,700 | $ 88,500 |
Business Segments (Details Text
Business Segments (Details Textual) | 6 Months Ended |
Jun. 30, 2019Propertyapartment_homeSegment | |
Business Segments (Textual) [Abstract] | |
Number of reportable segments | Segment | 4 |
Wholly And Partially Owned Consolidated Properties [Member] | |
Business Segments (Textual) [Abstract] | |
Number of owned and managed apartment communities in segments | Property | 124 |
Number of apartment homes in apartment communities | apartment_home | 33,678 |
Wholly And Partially Owned Consolidated Properties [Member] | Same Store [Member] | |
Business Segments (Textual) [Abstract] | |
Number of owned and managed apartment communities in segments | Property | 95 |
Number of apartment homes in apartment communities | apartment_home | 27,640 |
Wholly And Partially Owned Consolidated Properties [Member] | Redevelopment and Development [Member] | |
Business Segments (Textual) [Abstract] | |
Number of owned and managed apartment communities in segments | Property | 7 |
Number of apartment homes in apartment communities | apartment_home | 3,134 |
Wholly And Partially Owned Consolidated Properties [Member] | Acquisition [Member] | |
Business Segments (Textual) [Abstract] | |
Number of owned and managed apartment communities in segments | Property | 7 |
Number of apartment homes in apartment communities | apartment_home | 1,590 |
Wholly And Partially Owned Consolidated Properties [Member] | Other Real Estate [Member] | |
Business Segments (Textual) [Abstract] | |
Number of owned and managed apartment communities in segments | Property | 15 |
Number of apartment homes in apartment communities | apartment_home | 1,315 |
Unconsolidated Properties [Member] | |
Business Segments (Textual) [Abstract] | |
Number of owned and managed apartment communities in segments | Property | 4 |
Number of apartment homes in apartment communities | apartment_home | 142 |
Business Segments (Details)
Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Summary information for the reportable segments | ||||
Total revenues | $ 224,200 | $ 250,187 | $ 454,435 | $ 497,907 |
Other operating expenses not allocated to segments | 108,257 | 124,795 | 217,894 | 240,851 |
Total operating expenses | 184,096 | 200,826 | 372,917 | 395,169 |
Proportionate property net operating income | 40,104 | 49,361 | 81,518 | 102,738 |
Other items included in income before income tax benefit (expense) | 28,065 | (46,512) | 280,927 | (38,716) |
Income before income tax benefit (expense) | 68,169 | 2,849 | 362,445 | 64,022 |
Real Estate [Member] | ||||
Summary information for the reportable segments | ||||
Total revenues | 224,200 | 231,130 | 454,435 | 456,523 |
Property operating expenses | 75,839 | 76,031 | 155,023 | 154,318 |
Segment Reconciling Items [Member] | ||||
Summary information for the reportable segments | ||||
Total revenues | 8,255 | 7,640 | 16,884 | 15,767 |
Total operating expenses | 7,725 | 7,116 | 15,792 | 14,734 |
Proportionate property net operating income | 530 | 524 | 1,092 | 1,033 |
Income before income tax benefit (expense) | 530 | 524 | 1,092 | 1,033 |
Segment Reconciling Items [Member] | Real Estate [Member] | ||||
Summary information for the reportable segments | ||||
Property operating expenses | 7,725 | 7,116 | 15,792 | 14,734 |
Corporate Non-Segment [Member] | ||||
Summary information for the reportable segments | ||||
Total revenues | 892 | 38,427 | 8,570 | 82,023 |
Other operating expenses not allocated to segments | 108,257 | 124,795 | 217,894 | 240,851 |
Total operating expenses | 115,294 | 134,868 | 235,287 | 264,417 |
Proportionate property net operating income | (114,402) | (96,441) | (226,717) | (182,394) |
Other items included in income before income tax benefit (expense) | 28,065 | (46,512) | 280,927 | (38,716) |
Income before income tax benefit (expense) | (86,337) | (142,953) | 54,210 | (221,110) |
Corporate Non-Segment [Member] | Real Estate [Member] | ||||
Summary information for the reportable segments | ||||
Property operating expenses | 7,037 | 10,073 | 17,393 | 23,566 |
Same Store [Member] | Operating Segments [Member] | ||||
Summary information for the reportable segments | ||||
Total revenues | 176,375 | 169,902 | 350,494 | 336,931 |
Total operating expenses | 47,169 | 46,352 | 93,904 | 92,659 |
Proportionate property net operating income | 129,206 | 123,550 | 256,590 | 244,272 |
Income before income tax benefit (expense) | 129,206 | 123,550 | 256,590 | 244,272 |
Same Store [Member] | Operating Segments [Member] | Real Estate [Member] | ||||
Summary information for the reportable segments | ||||
Property operating expenses | 47,169 | 46,352 | 93,904 | 92,659 |
Redevelopment and Development [Member] | Operating Segments [Member] | ||||
Summary information for the reportable segments | ||||
Total revenues | 19,166 | 18,482 | 39,516 | 36,560 |
Total operating expenses | 7,030 | 6,936 | 14,317 | 13,436 |
Proportionate property net operating income | 12,136 | 11,546 | 25,199 | 23,124 |
Income before income tax benefit (expense) | 12,136 | 11,546 | 25,199 | 23,124 |
Redevelopment and Development [Member] | Operating Segments [Member] | Real Estate [Member] | ||||
Summary information for the reportable segments | ||||
Property operating expenses | 7,030 | 6,936 | 14,317 | 13,436 |
Acquisition [Member] | Operating Segments [Member] | ||||
Summary information for the reportable segments | ||||
Total revenues | 10,237 | 6,358 | 20,230 | 7,937 |
Total operating expenses | 2,974 | 1,875 | 5,827 | 2,398 |
Proportionate property net operating income | 7,263 | 4,483 | 14,403 | 5,539 |
Income before income tax benefit (expense) | 7,263 | 4,483 | 14,403 | 5,539 |
Acquisition [Member] | Operating Segments [Member] | Real Estate [Member] | ||||
Summary information for the reportable segments | ||||
Property operating expenses | 2,974 | 1,875 | 5,827 | 2,398 |
Other Real Estate [Member] | Operating Segments [Member] | ||||
Summary information for the reportable segments | ||||
Total revenues | 9,275 | 9,378 | 18,741 | 18,689 |
Total operating expenses | 3,904 | 3,679 | 7,790 | 7,525 |
Proportionate property net operating income | 5,371 | 5,699 | 10,951 | 11,164 |
Income before income tax benefit (expense) | 5,371 | 5,699 | 10,951 | 11,164 |
Other Real Estate [Member] | Operating Segments [Member] | Real Estate [Member] | ||||
Summary information for the reportable segments | ||||
Property operating expenses | $ 3,904 | $ 3,679 | $ 7,790 | $ 7,525 |
Business Segments (Details 1)
Business Segments (Details 1) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 6,240,804 | $ 6,190,004 |
Corporate Non-Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 323,275 | 432,095 |
Same Store [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 4,110,917 | 4,131,494 |
Redevelopment and Development [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 852,177 | 792,126 |
Acquisition [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 627,109 | 507,190 |
Other Real Estate [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 327,326 | $ 327,099 |
Business Segments (Details 2)
Business Segments (Details 2) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||
Capital additions | $ 179,143 | $ 156,053 |
Same Store [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Capital additions | 73,242 | 61,581 |
Redevelopment and Development [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Capital additions | 84,782 | 86,202 |
Acquisition [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Capital additions | 15,056 | 3,985 |
Other Real Estate [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Capital additions | $ 6,063 | $ 4,285 |
Variable Interest Entities (Det
Variable Interest Entities (Details) $ in Thousands | Jun. 30, 2019USD ($)PropertyEntityUnit | Dec. 31, 2018USD ($)PropertyEntityUnit |
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||
Net real estate | $ 5,719,000 | $ 5,723,475 |
Cash and cash equivalents | 33,958 | 36,858 |
Restricted cash | 31,949 | 35,737 |
Other Assets | 455,897 | 351,541 |
Non-recourse property debt secured by Aimco communities, net | 3,702,487 | 3,915,305 |
Accrued liabilities and other | $ 299,313 | $ 226,230 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Number of consolidated variable interest entities | Entity | 7 | 9 |
Number of apartment communities | Property | 7 | 9 |
Number of apartment homes in apartment communities | Unit | 3,183 | 3,592 |
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||
Net real estate | $ 405,174 | $ 488,127 |
Cash and cash equivalents | 7,618 | 15,416 |
Restricted cash | 3,106 | 4,461 |
Other Assets | 27,144 | 3,973 |
Non-recourse property debt secured by Aimco communities, net | 177,825 | 322,685 |
Accrued liabilities and other | $ 35,946 | $ 13,576 |