Aimco OP 10-Q6 Nov 232023 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Nov. 03, 2023
Document Information [Line Items]
Entity Registrant Name	Apartment Investment and Management Company
Entity Central Index Key	0000922864
Document Type	10-Q
Document Period End Date	Sep. 30, 2023
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Trading Symbol	AIV
Entity File Number	1-13232
Entity Tax Identification Number	84-1259577
Entity Address, State or Province	MD
Entity Address, Address Line One	4582 South Ulster Street
Entity Address, Address Line Two	Suite 1450
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80237
City Area Code	303
Local Phone Number	224-7900
Entity Common Stock, Shares Outstanding		145,759,672
Title of 12(b) Security	Class A Common Stock (Apartment Investment and Management Company)
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false
Aimco OP L.P. [Member]
Document Information [Line Items]
Entity Registrant Name	Aimco OP L.P.
Entity Central Index Key	0000926660
Document Type	10-Q
Document Period End Date	Sep. 30, 2023
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Small Business	false
Entity Shell Company	false
Entity File Number	0-56223
Entity Tax Identification Number	85-2460835
Entity Address, State or Province	DE
Entity Address, Address Line One	4582 South Ulster Street
Entity Address, Address Line Two	Suite 1450
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80237
City Area Code	303
Local Phone Number	224-7900

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Buildings and improvements	$ 1,546,503	$ 1,322,381
Land	638,007	641,102
Total real estate	2,184,510	1,963,483
Accumulated depreciation	(564,686)	(530,722)
Net real estate	1,619,824	1,432,761
Cash and cash equivalents	95,680	206,460
Restricted cash	20,205	23,306
Mezzanine investment	158,173	158,558
Unconsolidated real estate partnerships	22,667	15,789
Notes receivable	$ 39,802	$ 39,014
Financing Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Right-of-use lease assets- finance leases	$ 109,311	$ 110,269
Other assets, net	176,043	132,679
Total assets	2,250,866	2,181,223
LIABILITIES AND EQUITY
Non-recourse property debt, net	869,586	929,501
Construction loans, net	250,630	118,698
Total indebtedness	1,120,216	1,048,199
Deferred tax liabilities	112,068	119,615
Lease liabilities - finance leases	117,666	114,625
Mezzanine investment - participation sold	34,402
Accrued liabilities and other	111,049	106,600
Total liabilities	1,495,401	1,389,039
Redeemable noncontrolling interests in consolidated real estate partnerships	170,201	166,826
Commitments and contingencies (Note 3)
Equity (510,587,500 shares authorized at both September 30, 2023 and December 31, 2022):
Common Stock, $0.01 par value, 141,994,719 and 146,524,941 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	1,420	1,466
Additional paid-in capital	472,261	496,482
Retained earnings	35,207	49,904
Total Aimco equity	508,888	547,852
Noncontrolling interests in consolidated real estate partnerships	48,703	48,294
Common noncontrolling interests in Aimco Operating Partnership	27,673	29,212
Total equity	585,264	625,358
Partners' capital:
Total liabilities and equity	2,250,866	2,181,223
Aimco OP L.P. [Member]
ASSETS
Buildings and improvements	1,546,503	1,322,381
Land	638,007	641,102
Total real estate	2,184,510	1,963,483
Accumulated depreciation	(564,686)	(530,722)
Net real estate	1,619,824	1,432,761
Cash and cash equivalents	95,680	206,460
Restricted cash	20,205	23,306
Mezzanine investment	158,173	158,558
Unconsolidated real estate partnerships	22,667	15,789
Notes receivable	$ 39,802	$ 39,014
Financing Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Right-of-use lease assets- finance leases	$ 109,311	$ 110,269
Other assets, net	176,043	132,679
Total assets	2,250,866	2,181,223
LIABILITIES AND EQUITY
Non-recourse property debt, net	869,586	929,501
Construction loans, net	250,630	118,698
Total indebtedness	1,120,216	1,048,199
Deferred tax liabilities	112,068	119,615
Lease liabilities - finance leases	117,666	114,625
Mezzanine investment - participation sold	34,402
Accrued liabilities and other	111,049	106,600
Total liabilities	1,495,401	1,389,039
Redeemable noncontrolling interests in consolidated real estate partnerships	170,201	166,826
Commitments and contingencies (Note 3)
Partners' capital:
General Partner and Special Limited Partner	508,888	547,852
Limited Partners	27,673	29,212
Partners’ capital attributable to Aimco Operating Partnership	536,561	577,064
Noncontrolling interests in consolidated real estate partnerships	48,703	48,294
Total partners’ capital	585,264	625,358
Total liabilities and equity	2,250,866	2,181,223
Interest Rate Options
ASSETS
Interest rate options	9,161	62,387
Interest Rate Options \| Aimco OP L.P. [Member]
ASSETS
Interest rate options	$ 9,161	$ 62,387

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	510,587,500	510,587,500
Common Stock, shares issued (in shares)	141,994,719	146,524,941
Common Stock, shares outstanding (in shares)	141,994,719	146,524,941

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
REVENUES
Rental and other property revenues	$ 47,701	$ 47,683	$ 137,643	$ 148,375
OPERATING EXPENSES
Property operating expenses	18,328	17,455	54,648	56,384
Depreciation and amortization	17,804	85,438	51,106	143,420
General and administrative expenses	8,198	10,809	24,487	29,243
Total operating expenses	44,330	113,702	130,241	229,047
Interest income	2,486	915	7,022	2,036
Interest expense	(8,252)	(9,719)	(27,633)	(65,865)
Realized and unrealized gains (losses) on interest rate options	955	9,209	3,280	48,005
Realized and unrealized gains (losses) on equity investments	(1,066)	(2,145)	165	20,152
Gain on dispositions of real estate		75,539	1,878	170,004
Lease modification income		1,577		206,963
Other income (expense), net	(1,593)	(1,329)	(6,490)	(4,238)
Income (loss) before income tax	(4,536)	16,610	(14,775)	321,834
Income tax benefit (expense)	6,210	17,563	10,823	(24,338)
Net income (loss)	1,674	34,173	(3,952)	297,496
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships	(3,610)	(2,907)	(10,460)	(5,446)
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships	(447)	(240)	(1,060)	(585)
Net (income) loss attributable to common noncontrolling interests in Aimco Operating Partnership	123	(1,554)	775	(14,648)
Net income (loss) attributable to Aimco	$ (2,260)	$ 29,472	$ (14,697)	$ 276,817
Net income (loss) attributable to Aimco per common share - basic (Note 4)	$ (0.02)	$ 0.19	$ (0.1)	$ 1.82
Net income (loss) attributable to Aimco per common share - diluted (Note 4)	$ (0.02)	$ 0.19	$ (0.1)	$ 1.81
Weighted-average common shares/units outstanding - basic	143,299	149,611	144,431	149,706
Weighted-average common shares/units outstanding - diluted	143,299	151,197	144,431	151,076
Aimco OP L.P. [Member]
REVENUES
Rental and other property revenues	$ 47,701	$ 47,683	$ 137,643	$ 148,375
OPERATING EXPENSES
Property operating expenses	18,328	17,455	54,648	56,384
Depreciation and amortization	17,804	85,438	51,106	143,420
General and administrative expenses	8,198	10,809	24,487	29,243
Total operating expenses	44,330	113,702	130,241	229,047
Interest income	2,486	915	7,022	2,036
Interest expense	(8,252)	(9,719)	(27,633)	(65,865)
Realized and unrealized gains (losses) on interest rate options	955	9,209	3,280	48,005
Realized and unrealized gains (losses) on equity investments	(1,066)	(2,145)	165	20,152
Gain on dispositions of real estate		75,539	1,878	170,004
Lease modification income		1,577		206,963
Other income (expense), net	(1,593)	(1,329)	(6,490)	(4,238)
Income (loss) before income tax	(4,536)	16,610	(14,775)	321,834
Income tax benefit (expense)	6,210	17,563	10,823	(24,338)
Net income (loss)	1,674	34,173	(3,952)	297,496
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships	(3,610)	(2,907)	(10,460)	(5,446)
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships	(447)	(240)	(1,060)	(585)
Net income (loss) attributable to Aimco	$ (2,383)	$ 31,026	$ (15,472)	$ 291,465
Net income (loss) attributable to Aimco per common share - basic (Note 4)	$ (0.02)	$ 0.19	$ (0.1)	$ 1.82
Net income (loss) attributable to Aimco per common share - diluted (Note 4)	$ (0.02)	$ 0.19	$ (0.1)	$ 1.81
Weighted-average common shares/units outstanding - basic	151,027	157,530	152,199	157,627
Weighted-average common shares/units outstanding - diluted	151,027	159,136	152,199	159,017
Unconsolidated Real Estate Partnerships Member
OPERATING EXPENSES
Mezzanine / Unconsolidated partnerships investment income (loss), net	$ 320	$ 159	$ 614	$ 459
Unconsolidated Real Estate Partnerships Member \| Aimco OP L.P. [Member]
OPERATING EXPENSES
Mezzanine / Unconsolidated partnerships investment income (loss), net	320	159	614	459
Mezzanine Investment [Member]
OPERATING EXPENSES
Mezzanine / Unconsolidated partnerships investment income (loss), net	(757)	8,423	(1,013)	24,990
Mezzanine Investment [Member] \| Aimco OP L.P. [Member]
OPERATING EXPENSES
Mezzanine / Unconsolidated partnerships investment income (loss), net	$ (757)	$ 8,423	$ (1,013)	$ 24,990

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Total Aimco Equity [Member]	Noncontrolling Interests in Consolidated Real Estate Partnerships [Member]	Common Noncontrolling Interests in Aimco Operating Partnership [Member]
Balances at Dec. 31, 2021	$ 562,233	$ 1,498	$ 521,842	$ (22,775)	$ 500,565	$ 35,213	$ 26,455
Balances (in shares) at Dec. 31, 2021		149,818
Net income (loss)	292,050			276,817	276,817	585	14,648
Redemption of OP Units	(219)	$ 1	1,932		1,933		(2,152)
Redemption of OP Units, (In share)		65
Share-based compensation expense	5,749		4,234		4,234		1,515
Contributions from noncontrolling interests in consolidated real estate partnerships	10,616					10,616
Distributions to noncontrolling interests in consolidated real estate partnerships	(1,052)					(892)	(160)
Purchase of noncontrolling interests in consolidated real estate partnerships	(7,088)		(7,088)		(7,088)
Common stock repurchased	(4,945)	$ (8)	(4,937)		(4,945)
Common stock repurchased (In shares)		(816)
Other common stock issuances	961	$ 1	851		852		109
Other common stock issuances (In share)		106
Redemption of redeemable noncontrolling interests in consolidated real estate partnerships	(183)		(183)		(183)
Cash dividends	(3,043)			(3,043)	(3,043)
Other, net	(2,322)		(2,310)	(3)	(2,313)	(5)	(4)
Other, net (in shares)		(49)
Balances at Sep. 30, 2022	852,757	$ 1,492	514,341	250,996	766,829	45,517	40,411
Balances (in shares) at Sep. 30, 2022		149,124
Balances at Jun. 30, 2022	825,022	$ 1,492	515,065	224,567	741,124	44,665	39,233
Balances (in shares) at Jun. 30, 2022		149,097
Net income (loss)	31,266			29,472	29,472	240	1,554
Redemption of OP Units	(76)		398		398		(474)
Redemption of OP Units, (In share)		26
Share-based compensation expense	1,712		1,454		1,454		258
Contributions from noncontrolling interests in consolidated real estate partnerships	898					898
Distributions to noncontrolling interests in consolidated real estate partnerships	(447)					(287)	(160)
Purchase of noncontrolling interests in consolidated real estate partnerships	155		155		155
Common stock repurchased	(526)	$ (1)	(525)		(526)
Common stock repurchased (In shares)		(73)
Cash dividends	(3,043)			(3,043)	(3,043)
Other, net	(2,204)	$ 1	(2,206)		(2,205)	1
Other, net (in shares)		74
Balances at Sep. 30, 2022	852,757	$ 1,492	514,341	250,996	766,829	45,517	40,411
Balances (in shares) at Sep. 30, 2022		149,124
Balances at Dec. 31, 2022	625,358	$ 1,466	496,482	49,904	547,852	48,294	29,212
Balances (in shares) at Dec. 31, 2022		146,525
Net income (loss)	(14,412)			(14,697)	(14,697)	1,060	(775)
Redemption of OP Units	(709)		4,500		4,500		(5,209)
Share-based compensation expense	8,612		5,439		5,439		3,173
Contributions from noncontrolling interests in consolidated real estate partnerships	234					234
Distributions to noncontrolling interests in consolidated real estate partnerships	(885)					(885)
Common stock repurchased	(35,741)	$ (47)	(35,694)		(35,741)
Common stock repurchased (In shares)		(4,747)
Other common stock issuances	2,812	$ 2	1,538		1,540		1,272
Other common stock issuances (In share)		252
Other, net	(5)	$ (1)	(4)		(5)
Other, net (in shares)		(35)
Balances at Sep. 30, 2023	585,264	$ 1,420	472,261	35,207	508,888	48,703	27,673
Balances (in shares) at Sep. 30, 2023		141,995
Balances at Jun. 30, 2023	598,759	$ 1,438	483,258	37,486	522,182	48,472	28,105
Balances (in shares) at Jun. 30, 2023		143,734
Net income (loss)	(1,936)			(2,260)	(2,260)	447	(123)
Redemption of OP Units	(88)		244		244		(332)
Share-based compensation expense	1,913		1,890		1,890		23
Contributions from noncontrolling interests in consolidated real estate partnerships	71					71
Distributions to noncontrolling interests in consolidated real estate partnerships	(287)					(287)
Common stock repurchased	(13,149)	$ (17)	(13,132)		(13,149)
Common stock repurchased (In shares)		(1,744)
Other common stock issuances (In share)		5
Other, net	(19)	$ (1)	1	(19)	(19)
Balances at Sep. 30, 2023	$ 585,264	$ 1,420	$ 472,261	$ 35,207	$ 508,888	$ 48,703	$ 27,673
Balances (in shares) at Sep. 30, 2023		141,995

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		$ (3,952)	$ 297,496
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		51,106	143,420
Realized and unrealized (gains) losses on interest rate options		(3,280)	(48,005)
Realized and unrealized (gains) losses on equity investments		(165)	(20,152)
Income tax expense (benefit)		(10,823)	24,338
Share-based compensation		7,632	6,462
Loss on extinguishment of debt, net		929	28,901
Lease modification income			(206,963)
Gain on dispositions of real estate		(1,878)	(170,004)
Amortization of debt issuance costs and other		1,798	2,149
Changes in operating assets and operating liabilities:
Other assets, net		2,057	5,904
Net cash received from lease incentive			195,789
Accrued liabilities and other		(1,272)	(5,634)
Total adjustments		46,503	(69,244)
Net cash provided by operating activities		42,551	228,252
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate		(4,108)	(130,122)
Capital expenditures	[1]	(212,195)	(184,048)
Proceeds from disposition of real estate			243,134
Investment in IQHQ			(14,227)
Redemption of IQHQ investment			16,473
Distributions received from unconsolidated real estate partnerships		4,209
Investment in unconsolidated real estate partnerships		(3,381)	(12,878)
Purchase of treasury bill		(53,773)
Other investing activities		5,124	(1,293)
Net cash used in investing activities		(264,124)	(82,961)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from non-recourse property debt			674,720
Proceeds from construction loans		127,423	54,286
Payments of deferred loan costs		(229)	(8,244)
Principal repayments on non-recourse property debt		(62,309)	(284,562)
Principal repayments on construction loans			(138,404)
Principal repayments on Notes Payable to AIR			(534,127)
Purchase of interest rate options		(712)	(3,223)
Proceeds from interest rate options		57,182	15,465
Payments on finance leases		(2,221)	(25,797)
Payments of prepayment premiums			(25,740)
Common stock repurchased		(36,769)	(4,419)
Dividends paid on common stock			(3,043)
Redemption of redeemable noncontrolling interests			(5,094)
Distributions to redeemable noncontrolling interests		(7,210)	(917)
Contributions from noncontrolling interests		234	10,616
Distributions to noncontrolling interests		(885)	(1,052)
Contributions from redeemable noncontrolling interests		125	122,413
Redemption of OP Units		(709)	(209)
Redemption of noncontrolling interest in real estate partnership			(7,088)
Other financing activities		(3,728)	(13)
Net cash provided by (used in) financing activities		107,692	(164,432)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH		(113,881)	(19,141)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD		229,766	244,582
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD		115,885	225,441
Aimco OP L.P. [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		(3,952)	297,496
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		51,106	143,420
Realized and unrealized (gains) losses on interest rate options		(3,280)	(48,005)
Realized and unrealized (gains) losses on equity investments		(165)	(20,152)
Income tax expense (benefit)		(10,823)	24,338
Share-based compensation		7,632	6,462
Loss on extinguishment of debt, net		929	28,901
Lease modification income			(206,963)
Gain on dispositions of real estate		(1,878)	(170,004)
Amortization of debt issuance costs and other		1,798	2,149
Changes in operating assets and operating liabilities:
Other assets, net		2,057	5,904
Net cash received from lease incentive			195,789
Accrued liabilities and other		(1,272)	(5,634)
Total adjustments		46,503	(69,244)
Net cash provided by operating activities		42,551	228,252
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate		(4,108)	(130,122)
Capital expenditures	[2]	(212,195)	(184,048)
Proceeds from disposition of real estate			243,134
Investment in IQHQ			(14,227)
Redemption of IQHQ investment			16,473
Distributions received from unconsolidated real estate partnerships		4,209
Investment in unconsolidated real estate partnerships		(3,381)	(12,878)
Purchase of treasury bill		(53,773)
Other investing activities		5,124	(1,293)
Net cash used in investing activities		(264,124)	(82,961)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from non-recourse property debt			674,720
Proceeds from construction loans		127,423	54,286
Payments of deferred loan costs		(229)	(8,244)
Principal repayments on non-recourse property debt		(62,309)	(284,562)
Principal repayments on construction loans			(138,404)
Principal repayments on Notes Payable to AIR			(534,127)
Purchase of interest rate options		(712)	(3,223)
Proceeds from interest rate options		57,182	15,465
Payments on finance leases		(2,221)	(25,797)
Payments of prepayment premiums			(25,740)
Common stock repurchased		(36,769)	(4,419)
Dividends paid on common stock			(3,043)
Redemption of redeemable noncontrolling interests			(5,094)
Distributions to redeemable noncontrolling interests		(7,210)	(917)
Contributions from noncontrolling interests		234	10,616
Distributions to noncontrolling interests		(885)	(1,052)
Contributions from redeemable noncontrolling interests		125	122,413
Redemption of OP Units		(709)	(209)
Redemption of noncontrolling interest in real estate partnership			(7,088)
Other financing activities		(3,728)	(13)
Net cash provided by (used in) financing activities		107,692	(164,432)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH		(113,881)	(19,141)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD		229,766	244,582
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD		115,885	225,441
Unconsolidated Real Estate Partnerships [Member]
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Income from unconsolidated real estate partnerships		(614)	(459)
Unconsolidated Real Estate Partnerships [Member] \| Aimco OP L.P. [Member]
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Income from unconsolidated real estate partnerships		(614)	(459)
Mezzanine Investment [Member]
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Mezzanine investment (income) loss, net		1,013	(24,990)
Income from unconsolidated real estate partnerships		1,013	(24,990)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of participation in Mezzanine Investment		37,500
Mezzanine Investment [Member] \| Aimco OP L.P. [Member]
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Income from unconsolidated real estate partnerships		1,013	$ (24,990)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of participation in Mezzanine Investment		$ 37,500

[1] Accrued capital expenditures wer e $ 54.3 mil lion and $ 31.4 m illion as of September 30, 2023 and 2022, respectively. Accrued capital expenditures we re $ 54.3 m illion and $ 31.4 million as of September 30, 2023 and 2022, respectively

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Accrued capital expenditures	$ 54.3	$ 31.4
Aimco OP L.P. [Member]
Accrued capital expenditures	$ 54.3	$ 31.4

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL (Unaudited) - USD ($) $ in Thousands	Total	Aimco OP L.P. [Member]	General Partner and Special Limited Partner [Member] Aimco OP L.P. [Member]	Limited Partners [Member] Aimco OP L.P. [Member]	Partners Capital Attributable To The Partnership [Member] Aimco OP L.P. [Member]	Noncontrolling Interests in Consolidated Real Estate Partnerships [Member] Aimco OP L.P. [Member]
Balances at Dec. 31, 2021		$ 562,233	$ 500,565	$ 26,455	$ 527,020	$ 35,213
Net income (loss)	$ 292,050	292,050	276,817	14,648	291,465	585
Redemption of OP Units		(219)	1,933	(2,152)	(219)
Share-based compensation expense		5,749	4,234	1,515	5,749
Contributions from noncontrolling interests in consolidated real estate partnerships	10,616	10,616				10,616
Distributions to noncontrolling interests in consolidated real estate partnerships	(1,052)	(1,052)		(160)	(160)	(892)
Purchase of noncontrolling interests in consolidated real estate partnerships	(7,088)	(7,088)	(7,088)		(7,088)
Repurchases of OP Units held by Aimco	(4,945)	(4,945)	(4,945)		(4,945)
Other OP Unit issuances		961	852	109	961
Redemption of redeemable noncontrolling interests in consolidated real estate partnerships	(183)	(183)	(183)		(183)
Cash dividends	(3,043)	(3,043)	(3,043)		(3,043)
Other, net		(2,322)	(2,313)	(4)	(2,317)	(5)
Balances at Sep. 30, 2022		852,757	766,829	40,411	807,240	45,517
Balances at Jun. 30, 2022		825,022	741,124	39,233	780,357	44,665
Net income (loss)	31,266	31,266	29,472	1,554	31,026	240
Redemption of OP Units		(76)	398	(474)	(76)
Share-based compensation expense		1,712	1,454	258	1,712
Contributions from noncontrolling interests in consolidated real estate partnerships	898	898				898
Distributions to noncontrolling interests in consolidated real estate partnerships	(447)	(447)		(160)	(160)	(287)
Purchase of noncontrolling interests in consolidated real estate partnerships	155	155	155		155
Repurchases of OP Units held by Aimco	(526)	(526)	(526)		(526)
Cash dividends	(3,043)	(3,043)	(3,043)		(3,043)
Other, net		(2,204)	(2,205)		(2,205)	1
Balances at Sep. 30, 2022		852,757	766,829	40,411	807,240	45,517
Balances at Dec. 31, 2022		625,358	547,852	29,212	577,064	48,294
Net income (loss)	(14,412)	(14,412)	(14,697)	(775)	(15,472)	1,060
Redemption of OP Units		(709)	4,500	(5,209)	(709)
Share-based compensation expense		8,612	5,439	3,173	8,612
Contributions from noncontrolling interests in consolidated real estate partnerships	234	234				234
Distributions to noncontrolling interests in consolidated real estate partnerships	(885)	(885)				(885)
Repurchases of OP Units held by Aimco	(35,741)	(35,741)	(35,741)		(35,741)
Other OP Unit issuances		2,812	1,540	1,272	2,812
Other, net		(5)	(5)		(5)
Balances at Sep. 30, 2023		585,264	508,888	27,673	536,561	48,703
Balances at Jun. 30, 2023		598,759	522,182	28,105	550,287	48,472
Net income (loss)	(1,936)	(1,936)	(2,260)	(123)	(2,383)	447
Redemption of OP Units		(88)	244	(332)	(88)
Share-based compensation expense		1,913	1,890	23	1,913
Contributions from noncontrolling interests in consolidated real estate partnerships	71	71				71
Distributions to noncontrolling interests in consolidated real estate partnerships	(287)	(287)				(287)
Repurchases of OP Units held by Aimco	$ (13,149)	(13,149)	(13,149)		(13,149)
Other, net		(19)	(19)		(19)
Balances at Sep. 30, 2023		$ 585,264	$ 508,888	$ 27,673	$ 536,561	$ 48,703

Organization

Organization	9 Months Ended
Organization	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Note 1 — Organization Apartment Investment and Management Company (“Aimco”), a Maryland corporation incorporated on January 10, 1994, is a self-administered and self-managed real estate investment trust (“REIT”). On December 15, 2020, Aimco completed the separation of its businesses (the “Separation”), creating two, separate and distinct, publicly traded companies, Aimco and Apartment Income REIT Corp. (“AIR”) (Aimco and AIR together, as they existed prior to the Separation, “Aimco Predecessor”). Events noted in this filing as occurring before December 15, 2020, were those entered into by Aimco Predecessor. Aimco, through a wholly owned subsidiary, is the general and special limited partner of Aimco OP L.P. (“Aimco Operating Partnership”). Except as the context otherwise requires, “we,” “our,” and “us” refer to Aimco, Aimco Operating Partnership, and their consolidated subsidiaries, collectively. As of September 30, 2023, Aimco owned 92.4 % of the legal interest in the common partnership units of Aimco Operating Partnership and 94.8 % of the economic interest in Aimco Operating Partnership. The remaining 7.6 % legal interest is owned by limited partners. The common partnership units of Aimco Operating Partnership are referred to as "OP Units". As the sole general partner of Aimco Operating Partnership, Aimco has exclusive control of Aimco Operating Partnership’s day-to-day management. We own or lease a portfolio of real estate investments focused primarily on the U.S. multifamily sector. These real estate investments include: a portfolio of 26 operating apartment communities ( 22 consolidated properties with 5,640 apartment homes and four unconsolidated operating properties), diversified by both geography and price point; one commercial office building that is part of a land assemblage; one hotel, with 106 rooms; three residential apartment communities, with 1,185 apartment homes, of which 276 have been completed and an additional 909 are planned, and a single family rental community with 16 planned homes plus eight accessory dwelling units, which we are actively developing or redeveloping; land parcels held for development. Our real estate portfolio also includes two unconsolidated investments in land held for development. In addition, we hold other alternative investments, including our Mezzanine Investment (see Note 2 for further information ); our investment in IQHQ, Inc. ("IQHQ"); and our investment in real estate technology funds.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
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 generally accepted accounting principles in the U.S. ("GAAP") have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments, consisting of normal recurring items, considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2023, are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The Condensed Consolidated Balance Sheets of Aimco and Aimco Operating Partnership as of December 31, 2022 have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in Aimco’s and Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2022 . Except where indicated, the footnotes refer to both Aimco and Aimco Operating Partnership. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Aimco, Aimco Operating Partnership, and their consolidated subsidiaries. Aimco Operating Partnership’s condensed consolidated financial statements include the accounts of Aimco Operating Partnership and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. We consolidate a variable interest entity (“VIE”) in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company. Certain reclassifications have been made to prior period amounts to conform to the current period condensed consolidated financial statement presentation with no effect on the Company’s previously reported results of operations, financial position, or cash flows. Common Noncontrolling Interests in Aimco Operating Partnership Common noncontrolling interests in Aimco Operating Partnership consist of OP Units held by third parties, and are reflected in Aimco’s accompanying Condensed Consolidated Balance Sheets as Common Noncontrolling Interests in Aimco Operating Partnership . Aimco Operating Partnership’s income or loss is allocated to the holders of OP Units, other than Aimco, based on the weighted-average number of OP Units (including Aimco) outstanding during the period. For the periods ended September 30, 2023 and 2022, the holders of OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 5.1 % , and 5.0 %, respectively. Substantially all of the assets and liabilities of Aimco are held by Ai mco Operating Partnership. Redeemable Noncontrolling Interests in Consolidated Real Estate Partnerships Redeemable noncontrolling interests consist of equity interests held by a limited partner in a consolidated real estate partnership that has a finite life. If a consolidated real estate partnership includes redemption rights that are not within our control, the noncontrolling interest is included as temporary equity. Redeemable noncontrolling interests in consolidated real estate partnerships as of September 30, 2023, consists of the following: (i) a $ 102.0 million preferred equity interest in an entity that owns a portfolio of operating apartment communities and (ii) equity interests in two separate consolidated joint ventures that are actively developing residential apartment communities. Capital contributions, distributions, and net income attributable to redeemable noncontrolling interests in consolidated real estate partnerships are determined in accordance with the relevant partnership agreements. These interests are presented as Redeemable noncontrolling interests in consolidated real estate partnerships in our Condensed Consolidated Balance Sheets as of September 30, 2023. The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships from December 31, 2022 to September 30, 2023 (in thousands): Balance at December 31, 2022 $ 166,826 Capital contributions 125 Distributions ( 7,210 ) Net income 10,460 Balance at September 30, 2023 $ 170,201 Mezzanine Investment In November 2019, Aimco Predecessor made a five-year , $ 275.0 million mezzanine loan to the partnership owning the “Parkmerced Apartments” located in southwest San Francisco (the “Mezzanine Investment”). The loan bears interest at a 10 % annual rate, accruing if not paid from property operations. Legal ownership of the subsidiaries that originated and hold the Mezzanine Investment was retained by AIR following the Separation. The Separation Agreement with AIR provides for AIR to transfer ownership of the subsidiaries that originated and hold the Mezzanine Investment, and a related equity option to acquire a 30 % interest in the partnership owning Parkmerced Apartments. At the time of Separation and as of the date of this filing, legal title of these subsidiaries had not yet transferred to us. Until legal title of the subsidiaries is transferred, AIR is obligated to pass payments received on the Mezzanine Investment to us, and we are obligated to indemnify AIR against any costs and expenses related thereto. We have the risks and rewards of ownership of the Mezzanine Investment and have recognized an asset related to our right to receive the Mezzanine Investment from AIR. On a periodic basis, we evaluate our Mezzanine Investment for impairment. We assess whether there are any indicators that imply the value of our investment may be impaired. These include assessments of both the underlying property performance and general market conditions in place. An investment is considered impaired if we determine that its fair value is less than the net carrying value of the investment on an other-than-temporary basis. Cash flow projections for the investment consider property level factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. We consider various qualitative factors to determine if a decrease in the value of our investment is other-than-temporary. These factors include the loan’s maturity date, our intent and ability to retain our investment in the entity, and the financial condition and long-term prospects of the entity. Prior to recording a non-cash impairment charge during the three months ended December 31, 2022, we recognized as income the net amounts earned on the Mezzanine Investment by AIR on its equity investment that were due to be paid to us when collected to the extent the income was supported by the change in the counterparty’s claim to the net assets of the underlying borrower. The income recognized primarily represented the interest accrued under the terms of the underlying Mezzanine Investment. In June 2023, we closed on the sale of a 20 % non-controlling participation in the Mezzanine Investment for $ 33.5 million. Pursuant to the terms of the agreement, the purchaser has the option to acquire the remaining 80 % for an additional $ 134 million plus interest accruing at no less than 19 % annually through May 2024 when the option expires. The purchaser pre-paid $ 4 million of interest at the time of closing. So long as the purchaser's option remains unexercised, Aimco receives a first priority return from any payments made to service or pay down the Mezzanine Investment equal to $ 134 million plus no less than a 19 % annualized return as well as 80 % of any residual payments after the purchaser receives a 10 % annualized return on its subordinate investment. Additionally, Aimco is responsible for the servicing and administration of the Mezzanine Investment. Because Aimco receives first priority and a higher annualized return than the purchaser, the sale and transfer of the financial interest does not qualify for sale accounting in accordance with GAAP. Therefore, the portion of the Mezzanine Investment that was sold, which has a carrying amount of $ 31.5 million, remains in Mezzanine investment in our Condensed Consolidated Balance Sheets . We have also recorded the cash received from the purchaser as a liability, which is included in Mezzanine investment - participation sold in our Condensed Consolidated Balance Sheets . Transaction costs have been deferred and presented as a direct reduction from the related liability in Mezzanine investment - participation sold in our Condensed Consolidated Balance Sheets . The cash flows associated with the Mezzanine investment - participation sold have been included in Cash Flows from Financing Activities in the Condensed Consolidated Statements of Cash Flows. Income Tax Benefit (Expense) Certain aspects of our operations, including our development and redevelopment activities, are conducted through taxable REIT subsidiaries, or TRS entities. Additionally, our TRS entities hold investments in one of our apartment communities and 1001 Brickell Bay Drive. Our income tax benefit (expense) calculated in accordance with GAAP includes income taxes associated with the income or loss of our TRS entities. Income taxes, as well as changes in valuation allowance and incremental deferred tax items in conjunction with intercompany asset transfers and internal restructurings (if applicable), are included in Income tax benefit (expense) in our Condensed Consolidated Statements of Operations . Consolidated GAAP income or loss subject to tax consists of pretax income or loss of our taxable entities and gains retained by the REIT. For the three and nine months ended September 30, 2023, we had consolidated net losses subject to tax of $ 5.0 million and $ 12.4 million, respectively. For the three and nine months ended September 30, 2022, we had consolidated net losses of $ 75.6 million and net income of $ 91.0 million subject to tax, respectively. For the three months ended September 30, 2023, we recognized an income tax benefit of $ 6.2 million, compared to income tax benefit of $ 17.6 million during the same period in 2022. The change is due primarily to the income tax benefit associated with the depreciation taken related to the termination of four leases of four properties in the third quarter of 2022, as well as a change in estimate associated with finalizing the 2022 tax return in the third quarter of 2023. For the nine months ended September 30, 2023, we recognized an income tax benefit of $ 10.8 million compared to income tax expense of $ 24.3 million during the same period in 2022. The change is primarily due to the income tax benefit associated with the lease modification income recognized in the second quarter of 2022, as well as a change in the first quarter of 2023 to the effective state tax rate expected to apply to the reversal of deferred taxes and a change in estimate associated with finalizing the 2022 tax return in the third quarter of 2023. Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates. Cash Equivalents We classify highly liquid investments with an original maturity of three months or less as cash equivalents. We maintain cash equivalents in financial institutions in excess of insured limits. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions. Restricted Cash Restricted cash consists of tenant security deposits, capital replacement reserves, insurance reserves, and cash restricted as required by our debt agreements. Other Assets, net Other assets were comprised of the following amounts as of September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 December 31, 2022 Other investments $ 64,515 $ 63,982 Treasury bill 54,298 — Deferred costs, deposits, and other 13,465 20,460 Prepaid expenses and real estate taxes 13,862 17,363 Intangible assets, net 13,573 14,160 Corporate fixed assets 10,008 8,371 Accounts receivable, net of allowances of $ 334 and $ 1,206 as of September 30, 2023 and December 31, 2022, respectively 3,264 4,079 Deferred tax assets 2,092 2,321 Due from third-party property manager 169 1,669 Due from affiliates 797 274 Total other assets, net $ 176,043 $ 132,679 Recent Accounting Pronouncements In March 2020, the FASB issued Accounting Standards Update ("ASU") No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” , which provides optional expedients to debt, derivatives, and other contracts that refer to LIBOR or another reference rate expected to be discontinued because of reference rate reform. The original ASU was effective as of its issuance date and provided temporary relief through December 31, 2022, which was extended through December 31, 2024 by ASU 2022-06, "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848" . We transitioned to the Secured Overnight Financing Rate ("SOFR") effective July 1, 2023. There is not a material impact on our consolidated financial statements as a result of this transition.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 3 — Commitments and Contingencies Commitments In connection with our development, redevelopment, and other capital additions activities, we have entered into various construction-related contracts, and have made commitments to complete development and redevelopment of certain real estate, pursuant to financing or other arrangements. We expect to fun d most of these commitments over the next 24 months. As of September 30, 2023, we had remaining commitments for construction-related contracts of $ 120.2 million, with $ 173.8 million undrawn on our construction loans. As of September 30, 2023, we have remaining commitments of $ 3.1 million related to our unconsolidated joint ventures, which we expect to fund over the next twelve months. In addition, we have remaining commitments of $ 2.1 million related to our investments in property technology funds invested in entities that develop technology related to the real estate industry. The timing of the remaining funding of these commitments is uncertain. We also enter into certain commitments for future purchases of goods and services in connection with the operations of our apartment communities. Those commitments generally have terms of one year or less and reflect expenditure levels comparable to our historical expenditures. Legal Matters From time to time, we may be a party to certain legal proceedings. While the outcome of the legal proceedings cannot be predicted with certainty, we believe there are no legal proceedings pending that would have a material effect upon our financial condition or results of operations.

Earnings per Share and per Unit

Earnings per Share and per Unit	9 Months Ended
Earnings per Share and per Unit	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings per Share and per Unit	Note 4 — Earnings per Share and per Unit Aimco and Aimco Operating Partnership calculate basic earnings per share and basic earnings per unit based on the weighted-average number of shares of Common Stock and OP Units outstanding. We calculate diluted earnings per share and diluted earnings per unit taking into consideration dilutive shares of Common Stock and OP Unit equivalents and dilutive convertible securities outstanding during the period. Aimco's Common Stock and OP Unit equivalents include options to purchase shares of Common Stock, which, if exercised, would result in our issuance of additional shares of Common Stock and Aimco Operating Partnership’s issuance to us of additional OP Units equal to the number of shares of Common Stock purchased under the options. These equivalents also include unvested market-based 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 OP Units outstanding equal to the number of the shares that vest. OP Unit equivalents also include unvested long-term incentive partnership units. The Common Stock and OP Unit equivalents were included in the computation of diluted earnings per share and unit for the three and nine months ended September 30, 2022, because the effect of their inclusion was dilutive. However, the Common Stock and OP Unit equivalents were not included in the computation of diluted earnings per share and unit for the three and nine months ended September 30, 2023, because the effect of their inclusion would be antidilutive. As of September 30, 2023, the Common Stock and OP Unit equivalents that could potentially dilute basic earnings per share or unit in future periods totaled 3.7 million and 8.0 million, respectively. Aimco's time-based restricted stock awards receive non-forfeitable dividends similar to shares of Common Stock and OP Units prior to vesting, and our market-based long-term incentive partnership units receive non-forfeitable distributions based on specified percentages of the distributions paid to OP Units prior to vesting and conversion. The unvested restricted shares and units related to these awards are participating securities. We include the effect of participating securities in basic and diluted earnings pe r share and unit computations using the two-class method of allocating distributed and undistributed earnings when the two-class method is more dilutive than the treasury stock method. Participating securities were included in the computation of diluted earnings per share and unit for the three and nine months ended September 30, 2022, because the effect of their inclusion was dilutive. However, participating securities are not included in the computation of diluted earnings per share and unit for the three and nine months ended September 30, 2023, because the effect of their inclusion would be antidilutive. As of September 30, 2023, participating securities that could potentially dilute basic earnings per share or unit in future periods totaled 2.5 million. Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the three and nine months ended September 30, 2023 and 2022, are as follows (in thousands, except per share and per unit data): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Earnings per share Numerator: Net income (loss) attributable to Aimco $ ( 2,260 ) $ 29,472 $ ( 14,697 ) $ 276,817 Net income allocated to Aimco participating securities — ( 405 ) — ( 3,806 ) Net income (loss) attributable to Aimco common stockholders $ ( 2,260 ) $ 29,067 $ ( 14,697 ) $ 273,011 Denominator - shares: Basic weighted-average common stock outstanding 143,299 149,611 144,431 149,706 Diluted share equivalents outstanding — 1,586 — 1,370 Diluted weighted-average common stock outstanding 143,299 151,197 144,431 151,076 Earnings (loss) per share - basic $ ( 0.02 ) $ 0.19 $ ( 0.10 ) $ 1.82 Earnings (loss) per share - diluted $ ( 0.02 ) $ 0.19 $ ( 0.10 ) $ 1.81 Earnings per unit Numerator: Net income (loss) attributable to Aimco Operating Partnership $ ( 2,383 ) $ 31,026 $ ( 15,472 ) $ 291,465 Net income allocated to Aimco Operating Partnership participating securities — ( 421 ) — ( 3,964 ) Net income (loss) attributable to Aimco Operating Partnership's common unit holders $ ( 2,383 ) $ 30,605 $ ( 15,472 ) $ 287,501 Denominator - units Basic weighted-average common partnership units outstanding 151,027 157,530 152,199 157,627 Diluted partnership unit equivalents outstanding — 1,606 — 1,390 Diluted weighted-average common partnership units outstanding 151,027 159,136 152,199 159,017 Earnings (loss) per unit - basic $ ( 0.02 ) $ 0.19 $ ( 0.10 ) $ 1.82 Earnings (loss) per unit - diluted $ ( 0.02 ) $ 0.19 $ ( 0.10 ) $ 1.81

Fair Value Measurements and Dis

Fair Value Measurements and Disclosures	9 Months Ended
Fair Value Measurements and Disclosures	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements and Disclosures	Note 5 — Fair Value Measure ments and Disclosures Recurring Fair Value Measurements From time to time we purchase interest rate swaps, caps, and other instruments to provide protection against increases in interest rates on our variable rate debt. As of September 30, 2023, we held interest rate caps with $ 627.4 million notional value. These instruments were acquired for $ 5.8 million, and the fair value of these instruments is noted in the table below. During th e nine months ended September 30, 2023, we monetized the $ 1.5 billion notional amount interest rate swaption, purchased in conjunction with the Mezzanine Investment to protect against future interest rate increases, for gross proceeds of $ 54.2 million. Proceeds from the monetization are currently invested in a short-term treasury bill, which is included in Other assets, net in our Condensed Consolidated Balance Sheets. This instrument has a carrying value and an approximate fair value of $ 54.3 million as of September 30, 2023. On a recurring basis, we measure at fair value our interest rate options. Our interest rate options are classified within Level 2 of the GAAP fair value hierarchy, and we estimate their fair value using pricing models that rely on observable market information, including contractual terms, market prices, and interest rate yield curves. The fair value adjustment is included in earnings in Realized and unrealized gains (losses) on interest rate options in our Condensed Consolidated Statements of Operations . Changes in fair value are reflected as a non-cash transaction in adjustments to arrive at cash flows from operations, any upfront premium is reflected in Purchase of interest rate options , and any proceeds are reflected in Proceeds from interest rate options in our Condensed Consolidated Statements of Cash Flows . As of September 30, 2023 and December 31, 2022, we have investments in stock of $ 2.3 million and $ 1.2 million, respectively, classified within Level 1 of the GAAP fair value hierarchy. In addition, as of September 30, 2023 and December 31, 2022, we have investments in property technology funds of $ 2.5 million and $ 3.1 million, respectively, in entities that develop technology related to the real estate industry. These investments are measured at net asset value (“NAV”) as a practical expedient. The following table summarizes the fair value for our interest rate options, investments in stock, our investments in real estate technology funds, and our investment in a treasury bill as of September 30, 2023 and December 31, 2022 (in thousands): As of September 30, 2023 As of December 31, 2022 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Interest rate options $ 9,122 $ — $ 9,122 $ — $ 62,259 $ — $ 62,259 $ — Investments in stock 2,346 2,346 — — 1,179 1,179 — — Investments in real estate technology funds (1) 2,480 — — — 3,117 — — — Investment in treasury bill 54,298 54,298 — — — — — — (1) Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy. Fair Value Disclosures We believe that the carrying value of the consolidated amounts of cash and cash equivalents, restricted cash, accounts receivable and payables approximated their fair value as of September 30, 2023, and December 31, 2022, due to their relatively short-term nature and high probability of realization. We estimate the fair value of our 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, debt service coverage ratios, and loan to value ratios. We classify the fair value of our non-recourse property debt and construction loans within Level 2 of the GAAP valuation hierarchy based on the significance of certain of the unobservable inputs used to estimate their fair value. The following table summarizes the carrying value and fair value of our non-recourse property debt, and construction loans as of September 30, 2023 and December 31, 2022 (in thousands): As of September 30, 2023 As of December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 876,166 $ 796,035 $ 938,476 $ 878,804 Construction loans 258,787 258,433 126,317 125,954 Total $ 1,134,953 $ 1,054,468 $ 1,064,793 $ 1,004,758

Variable Interest Entities

Variable Interest Entities	9 Months Ended
Variable Interest Entities	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Note 6 — Variable Interest Entities We evaluate our investments in limited partnerships and similar entities in accordance with applicable consolidation guidance to determine whether each such entity is a VIE. The accounting standards for the consolidation of VIEs require qualitative assessments to determine whether we are the primary beneficiary. The primary beneficiary analysis is based on power and economics. We conclude that we are the primary beneficiary and consolidate the VIE if we have both: (i) the power to direct the activities of the VIE that most significantly influence the VIE's economic performance, and (ii) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. Significant judgments and assumptions related to these determinations include, but are not limited to, estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions. We consolidate Aimco Operating Partnership, a VIE of which we are the primary beneficiary. Through Aimco Operating Partnership, we consolidate all VIEs for which we are the primary beneficiary. Substantially all of our assets and liabilities are those of Aimco Operating Partnership. Aimco Operating Partnership is the primary beneficiary of, and therefore consolidates, its five VIEs that own interests in real estate. Assets of our consolidated VIEs must first be used to settle the liabilities of those VIEs. The consolidated VIEs' creditors do not have recourse to the general credit of Aimco Operating Partnership. In addition, we have eight unconsolidated VIEs for which we are not the primary beneficiary because we are not their primary decision maker. The eight unconsolidated VIEs include four unconsolidated real estate partnerships that hold four apartment communities in San Diego, California, the Mezzanine Investment, our passive equity investment in IQHQ, and our two unconsolidated investments in land held for development in Miami, Florida and Bethesda, Maryland. Our maximum exposure to loss because of our involvement with the unconsolidated VIEs is limited to the carrying value of their assets. The details of our consolidated and unconsolidated VIEs, excluding those of Aimco Operating Partnership, are summarized in the table below as of September 30, 2023 and December 31, 2022 (in thousands, except for VIE count): As of September 30, 2023 As of December 31, 2022 Consolidated Unconsolidated Consolidated Unconsolidated Count of VIEs 5 8 5 8 Assets Real estate, net $ 440,801 $ — $ 258,529 $ — Cash and cash equivalents 3,055 — 5,075 — Restricted Cash — — 1,747 — Mezzanine investment — 158,173 — 158,558 Interest rate options 5,767 — 3,900 — Right-of-use lease assets 109,311 — 110,269 — Unconsolidated real estate partnerships — 22,667 — 15,789 Other assets, net 18,640 59,883 25,623 59,823 Liabilities Accrued liabilities and other 42,360 — 26,003 — Non-recourse property debt, net 22,824 — 22,689 — Construction loans, net 150,495 — 40,013 — Lease liabilities 117,666 — 114,625 — Mezzanine investment - participation sold — 34,402 — —

Lease Arrangements

Lease Arrangements	9 Months Ended
Lease Arrangements	Sep. 30, 2023
Leases [Abstract]
Lease Arrangements	Note 7 — Lease Arrangements Aimco as Lessor The majority of lease payments we receive from our residents and tenants are fixed. We receive variable payments from our residents and commercial tenants primarily for utility reimbursements and other services. For the three and nine months ended September 30, 2023 and 2022, our total lease income was comprised of the following amounts for all residential and commercial property leases (in thousands): Aimco as Lessee Three Months Ended Nine Months Ended 2023 2022 2023 2022 Fixed lease income $ 43,937 $ 44,239 $ 127,150 $ 137,519 Variable lease income 3,640 3,443 10,046 10,853 Total lease income $ 47,577 $ 47,682 $ 137,196 $ 148,372 Finance Lease Arrangements We are lessee to finance leases for the land underlying the development sites at Upton Place, Strathmore Square, and Oak Shore. As of September 30, 2023 and December 31, 2022, our finance leases had weighted-average remaining terms of 93.6 years and 94.2 years, respectively, and weighted-average discount rates of 6.1 % at each period end, respectively. For the three and nine months ended September 30, 2023, amortization related to our finance leases was $ 0.0 million for each period, respectively, net of amounts capitalized, compared to $ 0.0 million and $ 6.7 million, respectively, for the three and nine months ended September 30, 2022. For the three and nine months ended September 30, 2023, we capitalized $ 2.1 million and $ 6.3 million, respectively, of lease costs associated with active development and redevelopment projects on certain of the underlying property and ground lease assets, compared to $ 1.7 million and $ 6.5 million, respectively, for the three and nine months ended September 30, 2022. Operating Lease Arrangements We have operating leases primarily for corporate office space. Substantially all of the payments under our office leases are fixed. As of September 30, 2023 and December 31, 2022, our operating leases had weighted-average remaining terms of 5.4 years and 6.3 years, respectively, and weighted-average discount rates of 3.3 % , and 3.4 %, respectively. We record operating lease expense on a straight-line basis over the lease term. Total operating lease expense for the three and nine months ended September 30, 2023 was $ 0.4 million and $ 1.1 million, respectively, compared to $ 0.2 million and $ 0.5 million, respectively, for the three and nine months ended September 30, 2022. As of September 30, 2023 and December 31, 2022, operating lease right-of-use lease assets of $ 6.6 million and $ 6.7 million, respectively, are included in Other assets, net in our Condensed Consolidated Balance Sheets . As of September 30, 2023 and December 31, 2022, operating lease liabilities of $ 12.1 million and $ 12.8 million, respectively, are included in Accrued liabilities and other in our Condensed Consolidated Balance Sheets . For finance and operating leases, when the rate implicit in the lease cannot be determined, we estimate the value of our lease liabilities using discount rates equivalent to the rates we would pay on a secured borrowing with terms similar to the leases. We determine if an arrangement is or contains a lease at inception. We have lease agreements with lease and non-lease components, and have elected to not separate these components for all classes of underlying assets. Leases with an initial term of 12 months or less are not recorded in our Condensed Consolidated Balance Sheets . Leases with initial terms greater than 12 months are recorded as operating or finance leases in our Condensed Consolidated Balance Sheets. Office Space Sublease We have a sublease arrangement to provide space within our corporate office for fixed rents, which commenced on January 1, 2021 and expires on May 31, 2029 . For the three and nine months ended September 30, 2023, we recognized sublease income of $ 0.4 million and $ 1.1 million, respectively, compared to $ 0.4 million and $ 1.1 million, respectively, for the three and nine months ended September 30, 2022. Annual Future Minimum Lease Payments Combined minimum annual lease payments under operating and finance leases, a nd sublease income that offsets our operating lease rent, are as follows (in thousands): Sublease Income and Lease Modification Income Operating Lease Future Minimum Rent Finance Leases Future Minimum Payments Remainder of 2023 $ 351 $ 473 $ 725 2024 1,413 2,657 3,921 2025 1,423 2,355 4,437 2026 1,433 2,341 4,954 2027 1,443 2,380 5,483 Thereafter 2,083 3,024 1,433,296 Total $ 8,146 13,230 1,452,816 Less: Discount ( 1,179 ) ( 1,335,150 ) Total lease liabilities $ 12,051 $ 117,666

Business Segments

Business Segments	9 Months Ended
Business Segments	Sep. 30, 2023
Segment Reporting [Abstract]
Business Segments	Note 8 — Business Segments We have three segments: (i) Development and Redevelopment; (ii) Operating; and (iii) Other. Our Development and Redevelopment segment consists of properties that are under construction or have not achieved stabilization, as well as land held for development. As of September 30, 2023, our Development and Redevelopment segment consists of 12 properties: three residential apartment communities with 1,185 apartment homes, of which 276 have been completed and an additional 909 are planned, a single family rental community with 16 planned homes plus eight accessory dwelling units, which we are actively developing or redeveloping; one hotel with 106 rooms and 18,000 square feet of event space completed in April 2023, and land parcels held for development. Our Operating segment includes 21 residential apartment communities with 5,600 apartment homes that have achieved a stabilized level of operations as of January 1, 2022 and maintained it throughout the current year and comparable period. We aggregate all our apartment communities that have reached stabilization into our Operating segment. During the first quarter of 2023, we reclassified one residential apartment community from the Other segment to the Operating segment because it reached stabilization. Prior period segment information has been recast based upon our current segment population, and is consistent with how our chief operating decision maker ("CODM") evaluates the business. The recast conforms with our reportable segment classification as of September 30, 2023. Our Other segment consists of properties currently owned that are not included in our Development and Redevelopment or Operating segments. Our Other segment includes 1001 Brickell Bay Drive, our only office building, and St. George Villas. Our CODM uses cash flow, construction timeline to completion, and actual versus budgeted results to evaluate our properties in our Development and Redevelopment segment. Our CODM uses proportionate property net operating income to assess the operating performance of our Operating segment. Proportionate property net operating income is defined as our share of rental and other property revenues, excluding utility reimbursements, less direct property operating expenses, including utility reimbursements, for the consolidated communities; but • excluding the results of four apartment communities with an aggregate 142 apartment homes that we neither manage nor consolidate, our investment in IQHQ and the Mezzanine Investment; and • excluding property management costs and casualty gains or losses, reported in consolidated amounts, in our assessment of segment performance. The following tables present the results of operations of consolidated properties with our segments reported on a proportionate basis for the three months ended September 30, 2023 and 2022 (in thousands): Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended September 30, 2023 Rental and other property revenues $ 4,691 $ 37,722 $ 3,542 $ 1,746 $ — $ 47,701 Property operating expenses 2,609 10,745 1,526 1,762 1,686 18,328 Other operating expenses not allocated (3) — — — — 26,002 26,002 Total operating expenses 2,609 10,745 1,526 1,762 27,688 44,330 Proportionate property net operating 2,082 26,977 2,016 ( 16 ) ( 27,688 ) 3,371 Other items included in income before (4) — — — — ( 7,907 ) ( 7,907 ) Income (loss) before income tax $ 2,082 $ 26,977 $ 2,016 $ ( 16 ) $ ( 35,595 ) $ ( 4,536 ) Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended September 30, 2022 Rental and other property revenues $ 123 $ 35,466 $ 3,466 $ 1,344 $ 7,284 $ 47,683 Property operating expenses 325 10,386 1,099 1,376 4,269 17,455 Other operating expenses not allocated (3) — — — — 96,247 96,247 Total operating expenses 325 10,386 1,099 1,376 100,516 113,702 Proportionate property net operating ( 202 ) 25,080 2,367 ( 32 ) ( 93,232 ) ( 66,019 ) Other items included in income before (4) — — — — 82,629 82,629 Income (loss) before income tax $ ( 202 ) $ 25,080 $ 2,367 $ ( 32 ) $ ( 10,603 ) $ 16,610 The following tables present the results of operations of consolidated properties with our segments reported on a proportionate basis for the nine months ended September 30, 2023 and 2022 (in thousands): Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Nine Months Ended September 30, 2023 Rental and other property revenues $ 10,539 $ 111,404 $ 10,664 $ 5,036 $ — $ 137,643 Property operating expenses 7,326 33,426 4,237 5,068 4,591 54,648 Other operating expenses not allocated (3) — — — — 75,593 75,593 Total operating expenses 7,326 33,426 4,237 5,068 80,184 130,241 Proportionate property net operating 3,213 77,978 6,427 ( 32 ) ( 80,184 ) 7,402 Other items included in income before (4) — — — — ( 22,177 ) ( 22,177 ) Income (loss) before income tax $ 3,213 $ 77,978 $ 6,427 $ ( 32 ) $ ( 102,361 ) $ ( 14,775 ) Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Nine Months Ended September 30, 2022 Rental and other property revenues $ 204 $ 102,206 $ 11,466 $ 4,466 $ 30,033 $ 148,375 Property operating expenses 901 31,345 3,656 4,448 16,034 56,384 Other operating expenses not allocated (3) — — — — 172,663 172,663 Total operating expenses 901 31,345 3,656 4,448 188,697 229,047 Proportionate property net operating ( 697 ) 70,861 7,810 18 ( 158,664 ) ( 80,672 ) Other items included in income before (4) — — — — 402,506 402,506 Income (loss) before income tax $ ( 697 ) $ 70,861 $ 7,810 $ 18 $ 243,842 $ 321,834 (1) Represents adjustments for noncontrolling interests in consolidated real estate partnerships' share of the results of consolidated communities in our segments, which are included in the related consolidated amounts, but excluded from proportionate property net operating income for our segment evaluation. Also includes the reclassification of utility reimbursements, which are included in Rental and other property revenues in our Condensed Consolidated Statements of Operations , in accordance with GAAP, from revenues to property operating expenses for the purpose of evaluating segment results. (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. 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 consist of depreciation and amortization and general and administrative expense. (4) Other items included in Income before income tax benefit consist primarily of lease modification income, gain on dispositions of real estate, interest expense, mezzanine investment income (loss), net realized and unrealized gains (losses) on interest rate options, and realized and unrealized gains (losses) on equity investments. Net real estate and non-recourse property debt, net, of our segments as of September 30, 2023 and December 31, 2022, were as follows (in thousands): Development and Redevelopment Operating Other Total As of September 30, 2023 Buildings and improvements $ 675,020 $ 706,569 $ 164,914 $ 1,546,503 Land 225,508 262,409 150,090 638,007 Total real estate 900,528 968,978 315,004 2,184,510 Accumulated depreciation ( 11,098 ) ( 480,983 ) ( 72,605 ) ( 564,686 ) Net real estate $ 889,430 $ 487,995 $ 242,399 $ 1,619,824 Non-recourse property debt and construction loans, net $ 273,454 $ 765,919 $ 80,843 $ 1,120,216 Development and Redevelopment Operating Other Total As of December 31, 2022: Buildings and improvements $ 449,316 $ 708,665 $ 164,400 $ 1,322,381 Land 228,568 262,409 150,125 641,102 Total real estate 677,884 971,074 314,525 1,963,483 Accumulated depreciation ( 2,378 ) ( 468,428 ) ( 59,916 ) ( 530,722 ) Net real estate $ 675,506 $ 502,646 $ 254,609 $ 1,432,761 Non-recourse property debt and construction loans, net $ 200,135 $ 767,513 $ 80,551 $ 1,048,199 In addition to the amounts disclosed in the tables above, as of September 30, 2023 the Development and Redevelopment segment right-of-use lease assets and lease liabilities aggregated to $ 109.3 million and $ 117.7 million, respectively, and as of December 31, 2022, aggregated to $ 110.3 million and $ 114.6 million, respectively. As of September 30, 2023 and December 31, 2022, right-of-use lease assets and lease liabilities primarily relate to our investments in Upton Place, Strathmore, and Oak Shore.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
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 generally accepted accounting principles in the U.S. ("GAAP") have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments, consisting of normal recurring items, considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2023, are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The Condensed Consolidated Balance Sheets of Aimco and Aimco Operating Partnership as of December 31, 2022 have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in Aimco’s and Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2022 . Except where indicated, the footnotes refer to both Aimco and Aimco Operating Partnership.
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Aimco, Aimco Operating Partnership, and their consolidated subsidiaries. Aimco Operating Partnership’s condensed consolidated financial statements include the accounts of Aimco Operating Partnership and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. We consolidate a variable interest entity (“VIE”) in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company. Certain reclassifications have been made to prior period amounts to conform to the current period condensed consolidated financial statement presentation with no effect on the Company’s previously reported results of operations, financial position, or cash flows.
Common Noncontrolling Interests in Aimco Operating Partnership	Common Noncontrolling Interests in Aimco Operating Partnership Common noncontrolling interests in Aimco Operating Partnership consist of OP Units held by third parties, and are reflected in Aimco’s accompanying Condensed Consolidated Balance Sheets as Common Noncontrolling Interests in Aimco Operating Partnership . Aimco Operating Partnership’s income or loss is allocated to the holders of OP Units, other than Aimco, based on the weighted-average number of OP Units (including Aimco) outstanding during the period. For the periods ended September 30, 2023 and 2022, the holders of OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 5.1 % , and 5.0 %, respectively. Substantially all of the assets and liabilities of Aimco are held by Ai mco Operating Partnership. Redeemable Noncontrolling Interests in Consolidated Real Estate Partnerships Redeemable noncontrolling interests consist of equity interests held by a limited partner in a consolidated real estate partnership that has a finite life. If a consolidated real estate partnership includes redemption rights that are not within our control, the noncontrolling interest is included as temporary equity. Redeemable noncontrolling interests in consolidated real estate partnerships as of September 30, 2023, consists of the following: (i) a $ 102.0 million preferred equity interest in an entity that owns a portfolio of operating apartment communities and (ii) equity interests in two separate consolidated joint ventures that are actively developing residential apartment communities. Capital contributions, distributions, and net income attributable to redeemable noncontrolling interests in consolidated real estate partnerships are determined in accordance with the relevant partnership agreements. These interests are presented as Redeemable noncontrolling interests in consolidated real estate partnerships in our Condensed Consolidated Balance Sheets as of September 30, 2023. The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships from December 31, 2022 to September 30, 2023 (in thousands): Balance at December 31, 2022 $ 166,826 Capital contributions 125 Distributions ( 7,210 ) Net income 10,460 Balance at September 30, 2023 $ 170,201
Mezzanine Investment	Mezzanine Investment In November 2019, Aimco Predecessor made a five-year , $ 275.0 million mezzanine loan to the partnership owning the “Parkmerced Apartments” located in southwest San Francisco (the “Mezzanine Investment”). The loan bears interest at a 10 % annual rate, accruing if not paid from property operations. Legal ownership of the subsidiaries that originated and hold the Mezzanine Investment was retained by AIR following the Separation. The Separation Agreement with AIR provides for AIR to transfer ownership of the subsidiaries that originated and hold the Mezzanine Investment, and a related equity option to acquire a 30 % interest in the partnership owning Parkmerced Apartments. At the time of Separation and as of the date of this filing, legal title of these subsidiaries had not yet transferred to us. Until legal title of the subsidiaries is transferred, AIR is obligated to pass payments received on the Mezzanine Investment to us, and we are obligated to indemnify AIR against any costs and expenses related thereto. We have the risks and rewards of ownership of the Mezzanine Investment and have recognized an asset related to our right to receive the Mezzanine Investment from AIR. On a periodic basis, we evaluate our Mezzanine Investment for impairment. We assess whether there are any indicators that imply the value of our investment may be impaired. These include assessments of both the underlying property performance and general market conditions in place. An investment is considered impaired if we determine that its fair value is less than the net carrying value of the investment on an other-than-temporary basis. Cash flow projections for the investment consider property level factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. We consider various qualitative factors to determine if a decrease in the value of our investment is other-than-temporary. These factors include the loan’s maturity date, our intent and ability to retain our investment in the entity, and the financial condition and long-term prospects of the entity. Prior to recording a non-cash impairment charge during the three months ended December 31, 2022, we recognized as income the net amounts earned on the Mezzanine Investment by AIR on its equity investment that were due to be paid to us when collected to the extent the income was supported by the change in the counterparty’s claim to the net assets of the underlying borrower. The income recognized primarily represented the interest accrued under the terms of the underlying Mezzanine Investment. In June 2023, we closed on the sale of a 20 % non-controlling participation in the Mezzanine Investment for $ 33.5 million. Pursuant to the terms of the agreement, the purchaser has the option to acquire the remaining 80 % for an additional $ 134 million plus interest accruing at no less than 19 % annually through May 2024 when the option expires. The purchaser pre-paid $ 4 million of interest at the time of closing. So long as the purchaser's option remains unexercised, Aimco receives a first priority return from any payments made to service or pay down the Mezzanine Investment equal to $ 134 million plus no less than a 19 % annualized return as well as 80 % of any residual payments after the purchaser receives a 10 % annualized return on its subordinate investment. Additionally, Aimco is responsible for the servicing and administration of the Mezzanine Investment. Because Aimco receives first priority and a higher annualized return than the purchaser, the sale and transfer of the financial interest does not qualify for sale accounting in accordance with GAAP. Therefore, the portion of the Mezzanine Investment that was sold, which has a carrying amount of $ 31.5 million, remains in Mezzanine investment in our Condensed Consolidated Balance Sheets . We have also recorded the cash received from the purchaser as a liability, which is included in Mezzanine investment - participation sold in our Condensed Consolidated Balance Sheets . Transaction costs have been deferred and presented as a direct reduction from the related liability in Mezzanine investment - participation sold in our Condensed Consolidated Balance Sheets . The cash flows associated with the Mezzanine investment - participation sold have been included in Cash Flows from Financing Activities in the Condensed Consolidated Statements of Cash Flows.
Income Tax Benefit (Expense)	Income Tax Benefit (Expense) Certain aspects of our operations, including our development and redevelopment activities, are conducted through taxable REIT subsidiaries, or TRS entities. Additionally, our TRS entities hold investments in one of our apartment communities and 1001 Brickell Bay Drive. Our income tax benefit (expense) calculated in accordance with GAAP includes income taxes associated with the income or loss of our TRS entities. Income taxes, as well as changes in valuation allowance and incremental deferred tax items in conjunction with intercompany asset transfers and internal restructurings (if applicable), are included in Income tax benefit (expense) in our Condensed Consolidated Statements of Operations . Consolidated GAAP income or loss subject to tax consists of pretax income or loss of our taxable entities and gains retained by the REIT. For the three and nine months ended September 30, 2023, we had consolidated net losses subject to tax of $ 5.0 million and $ 12.4 million, respectively. For the three and nine months ended September 30, 2022, we had consolidated net losses of $ 75.6 million and net income of $ 91.0 million subject to tax, respectively. For the three months ended September 30, 2023, we recognized an income tax benefit of $ 6.2 million, compared to income tax benefit of $ 17.6 million during the same period in 2022. The change is due primarily to the income tax benefit associated with the depreciation taken related to the termination of four leases of four properties in the third quarter of 2022, as well as a change in estimate associated with finalizing the 2022 tax return in the third quarter of 2023. For the nine months ended September 30, 2023, we recognized an income tax benefit of $ 10.8 million compared to income tax expense of $ 24.3 million during the same period in 2022. The change is primarily due to the income tax benefit associated with the lease modification income recognized in the second quarter of 2022, as well as a change in the first quarter of 2023 to the effective state tax rate expected to apply to the reversal of deferred taxes and a change in estimate associated with finalizing the 2022 tax return in the third quarter of 2023.
Use of Estimates	Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates.
Cash Equivalents	Cash Equivalents We classify highly liquid investments with an original maturity of three months or less as cash equivalents. We maintain cash equivalents in financial institutions in excess of insured limits. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions.
Restricted Cash	Restricted Cash Restricted cash consists of tenant security deposits, capital replacement reserves, insurance reserves, and cash restricted as required by our debt agreements.
Other Assets, net	Other Assets, net Other assets were comprised of the following amounts as of September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 December 31, 2022 Other investments $ 64,515 $ 63,982 Treasury bill 54,298 — Deferred costs, deposits, and other 13,465 20,460 Prepaid expenses and real estate taxes 13,862 17,363 Intangible assets, net 13,573 14,160 Corporate fixed assets 10,008 8,371 Accounts receivable, net of allowances of $ 334 and $ 1,206 as of September 30, 2023 and December 31, 2022, respectively 3,264 4,079 Deferred tax assets 2,092 2,321 Due from third-party property manager 169 1,669 Due from affiliates 797 274 Total other assets, net $ 176,043 $ 132,679
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the FASB issued Accounting Standards Update ("ASU") No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” , which provides optional expedients to debt, derivatives, and other contracts that refer to LIBOR or another reference rate expected to be discontinued because of reference rate reform. The original ASU was effective as of its issuance date and provided temporary relief through December 31, 2022, which was extended through December 31, 2024 by ASU 2022-06, "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848" . We transitioned to the Secured Overnight Financing Rate ("SOFR") effective July 1, 2023. There is not a material impact on our consolidated financial statements as a result of this transition.
Fair Value of Financial Instruments	On a recurring basis, we measure at fair value our interest rate options. Our interest rate options are classified within Level 2 of the GAAP fair value hierarchy, and we estimate their fair value using pricing models that rely on observable market information, including contractual terms, market prices, and interest rate yield curves. The fair value adjustment is included in earnings in Realized and unrealized gains (losses) on interest rate options in our Condensed Consolidated Statements of Operations . Changes in fair value are reflected as a non-cash transaction in adjustments to arrive at cash flows from operations, any upfront premium is reflected in Purchase of interest rate options , and any proceeds are reflected in Proceeds from interest rate options in our Condensed Consolidated Statements of Cash Flows .

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Summary of Reconciliation of Redeemable Noncontrolling Interests in Real Estate Partnerships	The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships from December 31, 2022 to September 30, 2023 (in thousands): Balance at December 31, 2022 $ 166,826 Capital contributions 125 Distributions ( 7,210 ) Net income 10,460 Balance at September 30, 2023 $ 170,201
Summary of Other Assets	Other assets were comprised of the following amounts as of September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 December 31, 2022 Other investments $ 64,515 $ 63,982 Treasury bill 54,298 — Deferred costs, deposits, and other 13,465 20,460 Prepaid expenses and real estate taxes 13,862 17,363 Intangible assets, net 13,573 14,160 Corporate fixed assets 10,008 8,371 Accounts receivable, net of allowances of $ 334 and $ 1,206 as of September 30, 2023 and December 31, 2022, respectively 3,264 4,079 Deferred tax assets 2,092 2,321 Due from third-party property manager 169 1,669 Due from affiliates 797 274 Total other assets, net $ 176,043 $ 132,679

Earnings per Share and per Un_2

Earnings per Share and per Unit (Tables)	9 Months Ended
Earnings per Share and per Unit (Tables)	Sep. 30, 2023
Earnings Per Share [Abstract]
Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings per Share and per Unit	Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the three and nine months ended September 30, 2023 and 2022, are as follows (in thousands, except per share and per unit data): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Earnings per share Numerator: Net income (loss) attributable to Aimco $ ( 2,260 ) $ 29,472 $ ( 14,697 ) $ 276,817 Net income allocated to Aimco participating securities — ( 405 ) — ( 3,806 ) Net income (loss) attributable to Aimco common stockholders $ ( 2,260 ) $ 29,067 $ ( 14,697 ) $ 273,011 Denominator - shares: Basic weighted-average common stock outstanding 143,299 149,611 144,431 149,706 Diluted share equivalents outstanding — 1,586 — 1,370 Diluted weighted-average common stock outstanding 143,299 151,197 144,431 151,076 Earnings (loss) per share - basic $ ( 0.02 ) $ 0.19 $ ( 0.10 ) $ 1.82 Earnings (loss) per share - diluted $ ( 0.02 ) $ 0.19 $ ( 0.10 ) $ 1.81 Earnings per unit Numerator: Net income (loss) attributable to Aimco Operating Partnership $ ( 2,383 ) $ 31,026 $ ( 15,472 ) $ 291,465 Net income allocated to Aimco Operating Partnership participating securities — ( 421 ) — ( 3,964 ) Net income (loss) attributable to Aimco Operating Partnership's common unit holders $ ( 2,383 ) $ 30,605 $ ( 15,472 ) $ 287,501 Denominator - units Basic weighted-average common partnership units outstanding 151,027 157,530 152,199 157,627 Diluted partnership unit equivalents outstanding — 1,606 — 1,390 Diluted weighted-average common partnership units outstanding 151,027 159,136 152,199 159,017 Earnings (loss) per unit - basic $ ( 0.02 ) $ 0.19 $ ( 0.10 ) $ 1.82 Earnings (loss) per unit - diluted $ ( 0.02 ) $ 0.19 $ ( 0.10 ) $ 1.81

Fair Value Measurements and D_2

Fair Value Measurements and Disclosures (Tables)	9 Months Ended
Fair Value Measurements and Disclosures (Tables)	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Summary of Fair Value for Interest Rate Options and Investments in Real Estate Technology Funds and Treasury Bill	The following table summarizes the fair value for our interest rate options, investments in stock, our investments in real estate technology funds, and our investment in a treasury bill as of September 30, 2023 and December 31, 2022 (in thousands): As of September 30, 2023 As of December 31, 2022 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Interest rate options $ 9,122 $ — $ 9,122 $ — $ 62,259 $ — $ 62,259 $ — Investments in stock 2,346 2,346 — — 1,179 1,179 — — Investments in real estate technology funds (1) 2,480 — — — 3,117 — — — Investment in treasury bill 54,298 54,298 — — — — — — (1) Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy.
Summary of Carrying Value and Fair Value of Non-recourse Property Debt, Construction Loans	The following table summarizes the carrying value and fair value of our non-recourse property debt, and construction loans as of September 30, 2023 and December 31, 2022 (in thousands): As of September 30, 2023 As of December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 876,166 $ 796,035 $ 938,476 $ 878,804 Construction loans 258,787 258,433 126,317 125,954 Total $ 1,134,953 $ 1,054,468 $ 1,064,793 $ 1,004,758

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
Variable Interest Entities (Tables)	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The details of our consolidated and unconsolidated VIEs, excluding those of Aimco Operating Partnership, are summarized in the table below as of September 30, 2023 and December 31, 2022 (in thousands, except for VIE count): As of September 30, 2023 As of December 31, 2022 Consolidated Unconsolidated Consolidated Unconsolidated Count of VIEs 5 8 5 8 Assets Real estate, net $ 440,801 $ — $ 258,529 $ — Cash and cash equivalents 3,055 — 5,075 — Restricted Cash — — 1,747 — Mezzanine investment — 158,173 — 158,558 Interest rate options 5,767 — 3,900 — Right-of-use lease assets 109,311 — 110,269 — Unconsolidated real estate partnerships — 22,667 — 15,789 Other assets, net 18,640 59,883 25,623 59,823 Liabilities Accrued liabilities and other 42,360 — 26,003 — Non-recourse property debt, net 22,824 — 22,689 — Construction loans, net 150,495 — 40,013 — Lease liabilities 117,666 — 114,625 — Mezzanine investment - participation sold — 34,402 — —

Lease Arrangements (Tables)

Lease Arrangements (Tables)	9 Months Ended
Lease Arrangements (Tables)	Sep. 30, 2023
Leases [Abstract]
Lease Income for Residential and Commercial Property Leases	For the three and nine months ended September 30, 2023 and 2022, our total lease income was comprised of the following amounts for all residential and commercial property leases (in thousands): Aimco as Lessee Three Months Ended Nine Months Ended 2023 2022 2023 2022 Fixed lease income $ 43,937 $ 44,239 $ 127,150 $ 137,519 Variable lease income 3,640 3,443 10,046 10,853 Total lease income $ 47,577 $ 47,682 $ 137,196 $ 148,372
Minimum Annual Lease Payments Under Operating, Financing Leases and Sublease Income	Combined minimum annual lease payments under operating and finance leases, a nd sublease income that offsets our operating lease rent, are as follows (in thousands): Sublease Income and Lease Modification Income Operating Lease Future Minimum Rent Finance Leases Future Minimum Payments Remainder of 2023 $ 351 $ 473 $ 725 2024 1,413 2,657 3,921 2025 1,423 2,355 4,437 2026 1,433 2,341 4,954 2027 1,443 2,380 5,483 Thereafter 2,083 3,024 1,433,296 Total $ 8,146 13,230 1,452,816 Less: Discount ( 1,179 ) ( 1,335,150 ) Total lease liabilities $ 12,051 $ 117,666

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
Business Segments (Tables)	Sep. 30, 2023
Segment Reporting [Abstract]
Summary of Information for Reportable Segments	The following tables present the results of operations of consolidated properties with our segments reported on a proportionate basis for the three months ended September 30, 2023 and 2022 (in thousands): Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended September 30, 2023 Rental and other property revenues $ 4,691 $ 37,722 $ 3,542 $ 1,746 $ — $ 47,701 Property operating expenses 2,609 10,745 1,526 1,762 1,686 18,328 Other operating expenses not allocated (3) — — — — 26,002 26,002 Total operating expenses 2,609 10,745 1,526 1,762 27,688 44,330 Proportionate property net operating 2,082 26,977 2,016 ( 16 ) ( 27,688 ) 3,371 Other items included in income before (4) — — — — ( 7,907 ) ( 7,907 ) Income (loss) before income tax $ 2,082 $ 26,977 $ 2,016 $ ( 16 ) $ ( 35,595 ) $ ( 4,536 ) Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three Months Ended September 30, 2022 Rental and other property revenues $ 123 $ 35,466 $ 3,466 $ 1,344 $ 7,284 $ 47,683 Property operating expenses 325 10,386 1,099 1,376 4,269 17,455 Other operating expenses not allocated (3) — — — — 96,247 96,247 Total operating expenses 325 10,386 1,099 1,376 100,516 113,702 Proportionate property net operating ( 202 ) 25,080 2,367 ( 32 ) ( 93,232 ) ( 66,019 ) Other items included in income before (4) — — — — 82,629 82,629 Income (loss) before income tax $ ( 202 ) $ 25,080 $ 2,367 $ ( 32 ) $ ( 10,603 ) $ 16,610 The following tables present the results of operations of consolidated properties with our segments reported on a proportionate basis for the nine months ended September 30, 2023 and 2022 (in thousands): Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Nine Months Ended September 30, 2023 Rental and other property revenues $ 10,539 $ 111,404 $ 10,664 $ 5,036 $ — $ 137,643 Property operating expenses 7,326 33,426 4,237 5,068 4,591 54,648 Other operating expenses not allocated (3) — — — — 75,593 75,593 Total operating expenses 7,326 33,426 4,237 5,068 80,184 130,241 Proportionate property net operating 3,213 77,978 6,427 ( 32 ) ( 80,184 ) 7,402 Other items included in income before (4) — — — — ( 22,177 ) ( 22,177 ) Income (loss) before income tax $ 3,213 $ 77,978 $ 6,427 $ ( 32 ) $ ( 102,361 ) $ ( 14,775 ) Development and Redevelopment Operating Other Proportionate (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Nine Months Ended September 30, 2022 Rental and other property revenues $ 204 $ 102,206 $ 11,466 $ 4,466 $ 30,033 $ 148,375 Property operating expenses 901 31,345 3,656 4,448 16,034 56,384 Other operating expenses not allocated (3) — — — — 172,663 172,663 Total operating expenses 901 31,345 3,656 4,448 188,697 229,047 Proportionate property net operating ( 697 ) 70,861 7,810 18 ( 158,664 ) ( 80,672 ) Other items included in income before (4) — — — — 402,506 402,506 Income (loss) before income tax $ ( 697 ) $ 70,861 $ 7,810 $ 18 $ 243,842 $ 321,834 (1) Represents adjustments for noncontrolling interests in consolidated real estate partnerships' share of the results of consolidated communities in our segments, which are included in the related consolidated amounts, but excluded from proportionate property net operating income for our segment evaluation. Also includes the reclassification of utility reimbursements, which are included in Rental and other property revenues in our Condensed Consolidated Statements of Operations , in accordance with GAAP, from revenues to property operating expenses for the purpose of evaluating segment results. (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. 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 consist of depreciation and amortization and general and administrative expense. (4) Other items included in Income before income tax benefit consist primarily of lease modification income, gain on dispositions of real estate, interest expense, mezzanine investment income (loss), net realized and unrealized gains (losses) on interest rate options, and realized and unrealized gains (losses) on equity investments.
Schedule of Net Real Estate and Non-Recourse Property Debt, Net, by Segment	Net real estate and non-recourse property debt, net, of our segments as of September 30, 2023 and December 31, 2022, were as follows (in thousands): Development and Redevelopment Operating Other Total As of September 30, 2023 Buildings and improvements $ 675,020 $ 706,569 $ 164,914 $ 1,546,503 Land 225,508 262,409 150,090 638,007 Total real estate 900,528 968,978 315,004 2,184,510 Accumulated depreciation ( 11,098 ) ( 480,983 ) ( 72,605 ) ( 564,686 ) Net real estate $ 889,430 $ 487,995 $ 242,399 $ 1,619,824 Non-recourse property debt and construction loans, net $ 273,454 $ 765,919 $ 80,843 $ 1,120,216 Development and Redevelopment Operating Other Total As of December 31, 2022: Buildings and improvements $ 449,316 $ 708,665 $ 164,400 $ 1,322,381 Land 228,568 262,409 150,125 641,102 Total real estate 677,884 971,074 314,525 1,963,483 Accumulated depreciation ( 2,378 ) ( 468,428 ) ( 59,916 ) ( 530,722 ) Net real estate $ 675,506 $ 502,646 $ 254,609 $ 1,432,761 Non-recourse property debt and construction loans, net $ 200,135 $ 767,513 $ 80,551 $ 1,048,199

Organization (Details Textual)

Organization (Details Textual)	9 Months Ended
Organization (Details Textual)	Sep. 30, 2023 Dwelling ApartmentHome Room OfficeBuilding Home Property Community Hotel
Continuing Operations [Member]
Organization [Line Items]
Number of real estate properties \| Property	26
Number of units in real estate property	1,185
Continuing Operations [Member] \| Commercial Office Building [Member]
Organization [Line Items]
Number of real estate properties \| OfficeBuilding	1
Continuing Operations [Member] \| Residential Apartment Communities in Redevelopment [Member]
Organization [Line Items]
Number of real estate properties \| Community	3
Continuing Operations [Member] \| Hotel [Member]
Organization [Line Items]
Number of real estate properties \| Hotel	1
Continuing Operations [Member] \| Planned Apartment Homes [Member]
Organization [Line Items]
Number of units in real estate property	909
Continuing Operations [Member] \| Rooms [Member]
Organization [Line Items]
Number of units in real estate property \| Room	106
Continuing Operations [Member] \| Apartment Homes Redevelopment Completed [Member]
Organization [Line Items]
Number of units in real estate property	276
Continuing Operations [Member] \| Planned Homes [Member]
Organization [Line Items]
Number of real estate properties \| Home	16
Continuing Operations [Member] \| Accessory Dwelling Units [Member]
Organization [Line Items]
Number of units in real estate property \| Dwelling	8
Continuing Operations [Member] \| Consolidated Properties [Member]
Organization [Line Items]
Number of real estate properties \| Property	22
Number of units in real estate property	5,640
Continuing Operations [Member] \| Unconsolidated Properties[ Member]
Organization [Line Items]
Number of real estate properties \| OfficeBuilding	4
Aimco Operating Partnership [Member]
Organization [Line Items]
Percentage of the Aimco Operating Partnership common partnership units and equivalents owned by Aimco	92.40%
Percentage of economic interest in Aimco Operating Partnership owned by Aimco	94.80%
Percentage of Aimco Operating Partnership common partnership units and equivalents owned by other limited partners	7.60%

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Jun. 30, 2023	Nov. 30, 2019	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Weighted average ownership interest					5.10%	5%
Percentage of noncontrolling position sold	20%
Proceeds from sale of noncontrolling position	$ 33,500
Percentage of noncontrolling position remaining	80%
Additional proceeds from sale of noncontrolling position	$ 134,000
Minimum interest accruing percentage	19%
Interest prepayment received	$ 4,000
Mezzanine investment			$ 158,173		$ 158,173		$ 158,558
Consolidated income (loss) subject to tax			(5,000)	$ (75,600)	(12,400)	$ 91,000
Preferred equity, investment amount			102,000		102,000
Income tax benefit (expense)			6,210	17,563	10,823	(24,338)
Aimco OP L.P. [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Payment made to mezzaine investment	$ 134,000
Minimum annualized returns percentage	19%
Percentage of residual payments	80%
Percentage of annualized return on subordinate investment	10%
Mezzanine investment			158,173		158,173		$ 158,558
Income tax benefit (expense)			6,210	$ 17,563	$ 10,823	$ (24,338)
Parkmerced Investment [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Equity method investment aggregate cost		$ 275,000
Equity method investment term		5 years
Equity method investment interest rate		10%
Option to acquire equity interest in partnership, percentage					30%
Mezzanine investment			$ 31,500		$ 31,500

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Reconciliation of Redeemable Noncontrolling Interests in Real Estate Partnerships (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Redeemable Noncontrolling Interest [Line Items]
Balance at December 31, 2022	$ 166,826
Balance at September 30, 2023	170,201
Real Estate Partnership [Member]
Redeemable Noncontrolling Interest [Line Items]
Balance at December 31, 2022	166,826
Capital contributions	125
Distributions	(7,210)
Net income	10,460
Balance at September 30, 2023	$ 170,201

Basis of Presentation and Sum_6

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Other investments	$ 64,515	$ 63,982
Treasury bill	54,298
Deferred costs, deposits, and other	13,465	20,460
Prepaid expenses and real estate taxes	13,862	17,363
Intangible assets, net	13,573	14,160
Corporate fixed assets	10,008	8,371
Accounts receivable, net of allowances of $334 and $1,206 as of September 30, 2023 and December 31, 2022, respectively	3,264	4,079
Deferred tax assets	2,092	2,321
Due from third-party property manager	169	1,669
Total other assets, net	176,043	132,679
Related Party [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Due from affiliates	$ 797	$ 274

Basis of Presentation and Sum_7

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Other Assets (Parenthetical) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable, net of allowances	$ 334	$ 1,206

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Long-term Purchase Commitment [Line Items]
Construction related contracts, amount	$ 120.2
Undrawn construction loans	173.8
Unconsolidated Joint Ventures [Member]
Long-term Purchase Commitment [Line Items]
Remaining commitments	$ 3.1
Commitments related to development, redevelopment and capital improvement activities [Member]
Long-term Purchase Commitment [Line Items]
Time Period of Long-term Purchase Commitment	24 months
Commitments related to development, redevelopment and capital improvement activities [Member] \| RET Ventures [Member]
Long-term Purchase Commitment [Line Items]
Remaining commitments	$ 2.1
Commitments related to operations [Member] \| Maximum [Member]
Long-term Purchase Commitment [Line Items]
Time Period of Long-term Purchase Commitment	1 year

Earnings per Share and per Un_3

Earnings per Share and per Unit - Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings per Share and per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule of Earnings Per Share and Dividends Per Share [Line Items]
Net income (loss) attributable to Aimco	$ (2,260)	$ 29,472	$ (14,697)	$ 276,817
Net income allocated to Aimco participating securities	0	(405)	0	(3,806)
Net income (loss) attributable to Aimco common stockholders	$ (2,260)	$ 29,067	$ (14,697)	$ 273,011
Basic weighted-average common stock outstanding	143,299	149,611	144,431	149,706
Diluted share equivalents outstanding	0	1,586	0	1,370
Diluted weighted-average common stock outstanding	143,299	151,197	144,431	151,076
Earnings (loss) per share - basic	$ (0.02)	$ 0.19	$ (0.1)	$ 1.82
Earnings (loss) per share - diluted	$ (0.02)	$ 0.19	$ (0.1)	$ 1.81
Aimco OP L.P. [Member]
Schedule of Earnings Per Share and Dividends Per Share [Line Items]
Net income (loss) attributable to Aimco	$ (2,383)	$ 31,026	$ (15,472)	$ 291,465
Net income allocated to Aimco participating securities	0	(421)	0	(3,964)
Net income (loss) attributable to Aimco common stockholders	$ (2,383)	$ 30,605	$ (15,472)	$ 287,501
Basic weighted-average common stock outstanding	151,027	157,530	152,199	157,627
Diluted share equivalents outstanding	0	1,606	0	1,390
Diluted weighted-average common stock outstanding	151,027	159,136	152,199	159,017
Earnings (loss) per share - basic	$ (0.02)	$ 0.19	$ (0.1)	$ 1.82
Earnings (loss) per share - diluted	$ (0.02)	$ 0.19	$ (0.1)	$ 1.81

Earnings per Share and per Un_4

Earnings per Share and per Unit (Details Textual) shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) shares
Schedule Of Earnings Per Share And Dividends Per Share [Line Items]
Participating securities that could potentially dilute basic earnings per share \| $	$ 2.5
Common Stock [Member]
Schedule Of Earnings Per Share And Dividends Per Share [Line Items]
Securities that could potentially dilute basic earnings per share or unit in future periods	3.7
OP Unit Equivalents [Member]
Schedule Of Earnings Per Share And Dividends Per Share [Line Items]
Securities that could potentially dilute basic earnings per share or unit in future periods	8

Fair Value Measurements and D_3

Fair Value Measurements and Disclosures (Details Textual) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments acquired	$ 5,800
Common Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment	2,346	$ 1,179
Common Stock [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment	2,346	1,179
Property Technology Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment	2,500	$ 3,100
Interest Rate Swaption [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Notional Amount	1,500,000
Investment	54,300
Gross proceeds from investments	54,200
Interest Rate Swaps and Caps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Notional Amount	$ 627,400

Fair Value Measurements and D_4

Fair Value Measurements and Disclosures - Summary of Fair Value for Interest Rate Options and Investments in Real Estate Technology Funds and Treasury Bill (Details) - Fair Value, Recurring - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate options		$ 9,122	$ 62,259
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate options		0	0
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate options		9,122	62,259
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate options		0	0
Common Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		2,346	1,179
Common Stock [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		2,346	1,179
Common Stock [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		0	0
Common Stock [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		0	0
Treasury Bill [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		54,298	0
Treasury Bill [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		54,298	0
Treasury Bill [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		0	0
Treasury Bill [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		0	0
Real Estate Technology Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	[1]	2,480	3,117
Real Estate Technology Funds [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	[1]	0	0
Real Estate Technology Funds [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	[1]	0	0
Real Estate Technology Funds [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	[1]	$ 0	$ 0

[1] Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy.

Fair Value Measurements and D_5

Fair Value Measurements and Disclosures - Summary of Carrying Value and Fair Value of Non-recourse Property Debt, Construction Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt, Fair Value	$ 1,134,953	$ 1,064,793
Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt, Fair Value	1,054,468	1,004,758
Non-recourse Property Debt [Member] \| Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt, Fair Value	876,166	938,476
Non-recourse Property Debt [Member] \| Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt, Fair Value	796,035	878,804
Construction Loans [Member] \| Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt, Fair Value	258,787	126,317
Construction Loans [Member] \| Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt, Fair Value	$ 258,433	$ 125,954

Variable Interest Entities (Det

Variable Interest Entities (Details Textual)	Sep. 30, 2023 Entity ApartmentHome	Dec. 31, 2022 Entity
Consolidated Entities [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Number Of Variable Interest Entities	5	5
Unconsolidated Entities [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Number Of Variable Interest Entities	8	8
San Diego Communities [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Number of apartment communities \| ApartmentHome	4

Variable Interest Entities (D_2

Variable Interest Entities (Details) $ in Thousands	Sep. 30, 2023 USD ($) Entity	Dec. 31, 2022 USD ($) Entity
Real estate, net	$ 1,619,824	$ 1,432,761
Cash and cash equivalents	95,680	206,460
Mezzanine investment	158,173	158,558
Right-of-use lease assets	6,600	6,700
Unconsolidated real estate partnerships	22,667	15,789
Accrued liabilities and other	111,049	106,600
Non-recourse property debt, net	869,586	929,501
Construction loans, net	250,630	118,698
Total lease liabilities	117,666	114,625
Interest Rate Options
Interest rate options	$ 9,161	$ 62,387
Consolidated Entities [Member]
Count of VIEs \| Entity	5	5
Real estate, net	$ 440,801	$ 258,529
Cash and cash equivalents	3,055	5,075
Restricted Cash	0	1,747
Mezzanine investment	0	0
Right-of-use lease assets	109,311	110,269
Unconsolidated real estate partnerships	0	0
Other assets, net	18,640	25,623
Accrued liabilities and other	42,360	26,003
Non-recourse property debt, net	22,824	22,689
Construction loans, net	150,495	40,013
Total lease liabilities	117,666	114,625
Mezzanine investment - participation sold	0	0
Consolidated Entities [Member] \| Interest Rate Options
Interest rate options	$ 5,767	$ 3,900
Unconsolidated Entities [Member]
Count of VIEs \| Entity	8	8
Real estate, net	$ 0	$ 0
Cash and cash equivalents	0	0
Restricted Cash	0	0
Mezzanine investment	158,173	158,558
Right-of-use lease assets	0	0
Unconsolidated real estate partnerships	22,667	15,789
Other assets, net	59,883	59,823
Accrued liabilities and other	0	0
Non-recourse property debt, net	0	0
Construction loans, net	0	0
Total lease liabilities	0	0
Mezzanine investment - participation sold	34,402	0
Unconsolidated Entities [Member] \| Interest Rate Options
Interest rate options	$ 0	$ 0

Lease Arrangements - Lease Inco

Lease Arrangements - Lease Income for Residential and Commercial Property Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Fixed lease income	$ 43,937	$ 44,239	$ 127,150	$ 137,519
Variable lease income	3,640	3,443	10,046	10,853
Total lease income	$ 47,577	$ 47,682	$ 137,196	$ 148,372

Lease Arrangements (Details Tex

Lease Arrangements (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Financing leases weighted average remaining term	93 years 7 months 6 days		93 years 7 months 6 days		94 years 2 months 12 days
Financing leases, weighted average discount rate, percent	6.10%		6.10%		6.10%
Finance lease, amortization	$ 0	$ 0	$ 0	$ 6,700
Operating leases weighted average remaining term	5 years 4 months 24 days		5 years 4 months 24 days		6 years 3 months 18 days
Operating leases, weighted average discount rate, percent	3.30%		3.30%		3.40%
Operating lease expenses	$ 400	200	$ 1,100	500
Operating right-of-use lease assets	$ 6,600		$ 6,600		$ 6,700
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets		Other Assets		Other Assets
Operating lease liability	$ 12,051		$ 12,051		$ 12,800
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	us-gaap:OtherLiabilities		us-gaap:OtherLiabilities		us-gaap:OtherLiabilities
Sub lease commencement date			Jan. 01, 2021
Sublease expiration date			May 31, 2029
Sublease income	$ 400	400	$ 1,100	1,100
Ground Lease [Member]
Lessee, Lease, Description [Line Items]
Lease cost capitalized	$ 2,100	$ 1,700	$ 6,300	$ 6,500

Lease Arrangements - Minimum An

Lease Arrangements - Minimum Annual Lease Payments Under Operating and Financing Leases and Sublease Income (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Sublease Lease, Liability, Payment, Due [Abstract]
Remainder of 2023	$ 351
2024	1,413
2025	1,423
2026	1,433
2027	1,443
Thereafter	2,083
Total	8,146
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remainder of 2023	473
2024	2,657
2025	2,355
2026	2,341
2027	2,380
Thereafter	3,024
Total	13,230
Less: Discount	(1,179)
Total lease liabilities	$ 12,051	$ 12,800
Operating Lease Liability Statement Of Financial Position [Extensible List]	us-gaap:OtherLiabilities	us-gaap:OtherLiabilities
Finance Lease, Liability, Payment, Due [Abstract]
Remainder of 2023	$ 725
2024	3,921
2025	4,437
2026	4,954
2027	5,483
Thereafter	1,433,296
Total	1,452,816
Less: Discount	(1,335,150)
Total lease liabilities	$ 117,666	$ 114,625
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Total lease liabilities

Business Segments (Details Text

Business Segments (Details Textual) $ in Millions	3 Months Ended	9 Months Ended
Business Segments (Details Textual) $ in Millions	Mar. 31, 2023 Community	Sep. 30, 2023 USD ($) ft² Dwelling ApartmentHome Segment Home Community Property Hotel Room	Dec. 31, 2022 USD ($)	Jan. 01, 2022 Property ApartmentHome
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment		3
Development and Redevelopment [Member]
Segment Reporting Information [Line Items]
Right-of-use lease assets \| $		$ 109.3	$ 110.3
Lease liabilities \| $		$ 117.7	$ 114.6
Continuing Operations [Member]
Segment Reporting Information [Line Items]
Number of real estate properties \| Property		26
Number of units in real estate property		1,185
Residential Apartment Communities in Redevelopment [Member] \| Continuing Operations [Member]
Segment Reporting Information [Line Items]
Number of real estate properties \| Community		3
Apartment Homes Redevelopment Completed [Member] \| Continuing Operations [Member]
Segment Reporting Information [Line Items]
Number of units in real estate property		276
Planned Apartment Homes [Member] \| Continuing Operations [Member]
Segment Reporting Information [Line Items]
Number of units in real estate property		909
Planned Homes [Member] \| Continuing Operations [Member]
Segment Reporting Information [Line Items]
Number of real estate properties \| Home		16
Accessory Dwelling Units [Member] \| Continuing Operations [Member]
Segment Reporting Information [Line Items]
Number of units in real estate property \| Dwelling		8
Hotel [Member] \| Continuing Operations [Member]
Segment Reporting Information [Line Items]
Number of real estate properties \| Hotel		1
Wholly And Partially Owned Consolidated Properties [Member] \| Development and Redevelopment [Member]
Segment Reporting Information [Line Items]
Number of units in real estate property \| Room		106
Event space square foot \| ft²		18,000
Wholly And Partially Owned Consolidated Properties [Member] \| Operating Portfolio Segment [Member]
Segment Reporting Information [Line Items]
Number of real estate properties \| Property				21
Number of residential apartment community reclassified upon reaching stabilization \| Community	1
Wholly And Partially Owned Consolidated Properties [Member] \| Residential Apartment Communities in Redevelopment [Member] \| Continuing Operations [Member] \| Development and Redevelopment [Member]
Segment Reporting Information [Line Items]
Number of real estate properties \| Property		3
Wholly And Partially Owned Consolidated Properties [Member] \| Planned Apartment Homes [Member] \| Operating Portfolio Segment [Member]
Segment Reporting Information [Line Items]
Number of units in real estate property				5,600
Wholly And Partially Owned Consolidated Properties [Member] \| Real Estate Partnership [Member] \| Development and Redevelopment [Member]
Segment Reporting Information [Line Items]
Number of real estate properties \| Community		12
Number of units in real estate property		1,185
Wholly And Partially Owned Consolidated Properties [Member] \| Real Estate Partnership [Member] \| Apartment Homes Redevelopment Completed [Member] \| Development and Redevelopment [Member]
Segment Reporting Information [Line Items]
Number of units in real estate property		276
Wholly And Partially Owned Consolidated Properties [Member] \| Real Estate Partnership [Member] \| Planned Apartment Homes [Member] \| Development and Redevelopment [Member]
Segment Reporting Information [Line Items]
Number of units in real estate property		909
Wholly And Partially Owned Consolidated Properties [Member] \| Real Estate Partnership [Member] \| Planned Homes [Member]
Segment Reporting Information [Line Items]
Number of units in real estate property \| Home		16
Unconsolidated Investment in IQHQ and Mezzanine Investment [Member]
Segment Reporting Information [Line Items]
Number of apartment communities \| Community		4
Number of apartment homes		142

Business Segments - Summary of

Business Segments - Summary of Information for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Summary information for the reportable segments
Rental and other property revenues	$ 47,701	$ 47,683	$ 137,643	$ 148,375
Property operating expenses	18,328	17,455	54,648	56,384
Other operating expenses not allocated to segments	26,002	96,247	75,593	172,663
Total operating expenses	44,330	113,702	130,241	229,047
Proportionate property net operating income (loss)	3,371	(66,019)	7,402	(80,672)
Other items included in income before income tax	(7,907)	82,629	(22,177)	402,506
Income (loss) before income tax	(4,536)	16,610	(14,775)	321,834
Segment Reconciling Items [Member]
Summary information for the reportable segments
Rental and other property revenues	1,746	1,344	5,036	4,466
Property operating expenses	1,762	1,376	5,068	4,448
Total operating expenses	1,762	1,376	5,068	4,448
Proportionate property net operating income (loss)	(16)	(32)	(32)	18
Income (loss) before income tax	(16)	(32)	(32)	18
Corporate Non-Segment [Member]
Summary information for the reportable segments
Rental and other property revenues		7,284		30,033
Property operating expenses	1,686	4,269	4,591	16,034
Other operating expenses not allocated to segments	26,002	96,247	75,593	172,663
Total operating expenses	27,688	100,516	80,184	188,697
Proportionate property net operating income (loss)	(27,688)	(93,232)	(80,184)	(158,664)
Other items included in income before income tax	(7,907)	82,629	(22,177)	402,506
Income (loss) before income tax	(35,595)	(10,603)	(102,361)	243,842
Development and Redevelopment [Member] \| Operating Segments [Member]
Summary information for the reportable segments
Rental and other property revenues	4,691	123	10,539	204
Property operating expenses	2,609	325	7,326	901
Total operating expenses	2,609	325	7,326	901
Proportionate property net operating income (loss)	2,082	(202)	3,213	(697)
Income (loss) before income tax	2,082	(202)	3,213	(697)
Operating Portfolio Segment [Member] \| Operating Segments [Member]
Summary information for the reportable segments
Rental and other property revenues	37,722	35,466	111,404	102,206
Property operating expenses	10,745	10,386	33,426	31,345
Total operating expenses	10,745	10,386	33,426	31,345
Proportionate property net operating income (loss)	26,977	25,080	77,978	70,861
Income (loss) before income tax	26,977	25,080	77,978	70,861
Other [Member] \| Operating Segments [Member]
Summary information for the reportable segments
Rental and other property revenues	3,542	3,466	10,664	11,466
Property operating expenses	1,526	1,099	4,237	3,656
Total operating expenses	1,526	1,099	4,237	3,656
Proportionate property net operating income (loss)	2,016	2,367	6,427	7,810
Income (loss) before income tax	$ 2,016	$ 2,367	$ 6,427	$ 7,810

Business Segments - Schedule of

Business Segments - Schedule of Net Real Estate and Non-Recourse Property Debt, Net, by Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Land	$ 638,007	$ 641,102
Net real estate	1,619,824	1,432,761
Non-recourse property debt and construction loans, net	1,120,216	1,048,199
Operating Segments [Member]
Segment Reporting Information [Line Items]
Buildings and improvements	1,546,503	1,322,381
Land	638,007	641,102
Total real estate	2,184,510	1,963,483
Accumulated depreciation	(564,686)	(530,722)
Net real estate	1,619,824	1,432,761
Non-recourse property debt and construction loans, net	1,120,216	1,048,199
Development and Redevelopment [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Buildings and improvements	675,020	449,316
Land	225,508	228,568
Total real estate	900,528	677,884
Accumulated depreciation	(11,098)	(2,378)
Net real estate	889,430	675,506
Non-recourse property debt and construction loans, net	273,454	200,135
Operating Portfolio Segment [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Buildings and improvements	706,569	708,665
Land	262,409	262,409
Total real estate	968,978	971,074
Accumulated depreciation	(480,983)	(468,428)
Net real estate	487,995	502,646
Non-recourse property debt and construction loans, net	765,919	767,513
Other [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Buildings and improvements	164,914	164,400
Land	150,090	150,125
Total real estate	315,004	314,525
Accumulated depreciation	(72,605)	(59,916)
Net real estate	242,399	254,609
Non-recourse property debt and construction loans, net	$ 80,843	$ 80,551