2017 Q4 Form 10-Q Financial Statement

#000092286417000043 Filed on November 01, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $255.2M $254.6M $248.9M
YoY Change 2.3% 2.3% 1.02%
Cost Of Revenue $88.80M $90.00M $91.50M
YoY Change 5.46% -1.64% 3.27%
Gross Profit $166.4M $164.6M $157.4M
YoY Change 0.67% 4.57% -0.25%
Gross Profit Margin 65.2% 64.64% 63.24%
Selling, General & Admin $11.60M $10.50M $12.30M
YoY Change -1.69% -14.63% -4.65%
% of Gross Profit 6.97% 6.38% 7.81%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $97.40M $92.50M $84.90M
YoY Change 11.06% 8.95% 9.97%
% of Gross Profit 58.53% 56.2% 53.94%
Operating Expenses $149.1M $195.4M $190.2M
YoY Change -21.28% 2.76% 4.28%
Operating Profit $17.28M $59.21M $58.73M
YoY Change -71.24% 0.81% -8.26%
Interest Expense -$47.10M $50.68M $49.38M
YoY Change -2.89% 2.64% 2.26%
% of Operating Profit -272.52% 85.6% 84.07%
Other Income/Expense, Net $300.9M $6.937M $558.0K
YoY Change 60080.0% 1143.19% -128.14%
Pretax Income $271.1M $17.51M $12.08M
YoY Change 2140.5% 44.97% -22.04%
Income Tax -$100.0K -$4.870M -$3.462M
% Of Pretax Income -0.04% -27.82% -28.67%
Net Earnings $286.2M $19.64M $15.51M
YoY Change 61.33% 26.57% -29.25%
Net Earnings / Revenue 112.13% 7.71% 6.23%
Basic Earnings Per Share $1.68 $0.11 $0.07
Diluted Earnings Per Share $1.67 $0.11 $0.07
COMMON SHARES
Basic Shares Outstanding 157.0M shares 156.3M shares 156.1M shares
Diluted Shares Outstanding 156.8M shares 156.5M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $77.00M $56.00M $48.00M
YoY Change 26.23% 16.67% 6.67%
Cash & Equivalents $76.79M $55.68M $47.91M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $18.00M $51.00M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $95.00M $56.00M $99.00M
YoY Change 55.74% -43.43% 52.31%
LONG-TERM ASSETS
Property, Plant & Equipment $5.630B $5.772B $5.756B
YoY Change -2.17% 0.28% 3.15%
Goodwill $37.80M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $66.00M $78.00M $110.0M
YoY Change -5.71% -29.09% 18.28%
Total Long-Term Assets $5.984B $6.113B $6.195B
YoY Change -3.04% -1.32% 0.69%
TOTAL ASSETS
Total Short-Term Assets $95.00M $56.00M $99.00M
Total Long-Term Assets $5.984B $6.113B $6.195B
Total Assets $6.079B $6.169B $6.294B
YoY Change -2.47% -1.98% 1.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $48.00M
YoY Change 29.73%
Accrued Expenses $220.0M $228.0M $212.0M
YoY Change -21.99% 7.55% -34.77%
Deferred Revenue
YoY Change
Short-Term Debt $250.0M $249.0M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $470.0M $477.0M $260.0M
YoY Change 66.67% 83.46% -28.18%
LONG-TERM LIABILITIES
Long-Term Debt $3.839B $4.141B $4.056B
YoY Change -1.18% 2.1% 3.05%
Other Long-Term Liabilities $12.00M $14.00M $48.00M
YoY Change -33.33% -70.83% -42.17%
Total Long-Term Liabilities $3.851B $4.155B $4.104B
YoY Change -1.33% 1.24% 2.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $470.0M $477.0M $260.0M
Total Long-Term Liabilities $3.851B $4.155B $4.104B
Total Liabilities $4.322B $4.632B $4.363B
YoY Change 3.28% 6.17% -0.41%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.572M $1.570M $1.569M
YoY Change 0.19% 0.06% 0.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.663B $1.454B $1.683B
YoY Change
Total Liabilities & Shareholders Equity $6.079B $6.169B $6.294B
YoY Change -2.47% -1.98% 1.23%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $286.2M $19.64M $15.51M
YoY Change 61.33% 26.57% -29.25%
Depreciation, Depletion And Amortization $97.40M $92.50M $84.90M
YoY Change 11.06% 8.95% 9.97%
Cash From Operating Activities $97.00M $117.6M $99.70M
YoY Change -4.15% 17.95% -1.38%
INVESTING ACTIVITIES
Capital Expenditures -$101.7M -$95.10M -$377.1M
YoY Change 11.51% -74.78% 253.42%
Acquisitions
YoY Change
Other Investing Activities $390.6M -$1.800M $297.6M
YoY Change 71.62% -100.6% -1285.66%
Cash From Investing Activities $288.9M -$97.00M -$79.60M
YoY Change 111.65% 21.86% -39.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -376.9M -20.50M -27.50M
YoY Change 67.96% -25.45% -194.5%
NET CHANGE
Cash From Operating Activities 97.00M 117.6M 99.70M
Cash From Investing Activities 288.9M -97.00M -79.60M
Cash From Financing Activities -376.9M -20.50M -27.50M
Net Change In Cash 9.000M 100.0K -7.400M
YoY Change -32.33% -101.35% 335.29%
FREE CASH FLOW
Cash From Operating Activities $97.00M $117.6M $99.70M
Capital Expenditures -$101.7M -$95.10M -$377.1M
Free Cash Flow $198.7M $212.7M $476.8M
YoY Change 3.27% -55.39% 129.45%

Facts In Submission

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NetIncomeLossAttributableToNoncontrollingInterest
2509000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
9505000 USD
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
11176000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
255781000 USD
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
17430000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
44764000 USD
CY2016Q3 us-gaap Noncontrolling Interest In Net Income Loss Limited Partnerships Nonredeemable
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12489000 USD
us-gaap Noncontrolling Interest In Net Income Loss Limited Partnerships Nonredeemable
NoncontrollingInterestInNetIncomeLossLimitedPartnershipsNonredeemable
22096000 USD
CY2017Q3 us-gaap Noncontrolling Interest In Net Income Loss Limited Partnerships Nonredeemable
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-249000 USD
us-gaap Noncontrolling Interest In Net Income Loss Limited Partnerships Nonredeemable
NoncontrollingInterestInNetIncomeLossLimitedPartnershipsNonredeemable
1515000 USD
CY2016Q3 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Nonredeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable
192000 USD
us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Nonredeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable
12499000 USD
CY2017Q3 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Nonredeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable
820000 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 Segment
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
190172000 USD
us-gaap Operating Expenses
OperatingExpenses
559659000 USD
CY2017Q3 us-gaap Operating Expenses
OperatingExpenses
195430000 USD
us-gaap Operating Expenses
OperatingExpenses
573508000 USD
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
58732000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
186702000 USD
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
59205000 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-40000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
391000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
6075000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1050000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1029000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-390000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-1208000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-594000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-1349000 USD
CY2016Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
337000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-748000 USD
us-gaap Payments For Repurchase Of Preferred Stock And Preference Stock
PaymentsForRepurchaseOfPreferredStockAndPreferenceStock
0 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
154661000 USD
CY2016Q3 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
4323000 USD
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
9838000 USD
CY2017Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
75000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
168987000 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
29026000 USD
CY2017Q3 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
2148000 USD
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
6445000 USD
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
125000000 USD
CY2017Q3 us-gaap Preferred Stock Value
PreferredStockValue
125000000 USD
us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
190714000 USD
us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
165785000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-847000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-280000 USD
CY2016Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
1543000 USD
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
8639000 USD
CY2017Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
2344000 USD
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
6809000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
10530000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
14482000 USD
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
558000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
5541000 USD
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
6937000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
7602000 USD
CY2016Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
14000 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
384000 USD
CY2017Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
57000 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
176000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
259323000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
266623000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-10134000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
1086000 USD
us-gaap Payments For Repurchase Of Preferred Stock And Preference Stock
PaymentsForRepurchaseOfPreferredStockAndPreferenceStock
34791000 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
15829000 USD
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
7866000 USD
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
6445000 USD
us-gaap Payments To Acquire Additional Interest In Subsidiaries
PaymentsToAcquireAdditionalInterestInSubsidiaries
23051000 USD
us-gaap Payments To Acquire Additional Interest In Subsidiaries
PaymentsToAcquireAdditionalInterestInSubsidiaries
324265000 USD
us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
6472000 USD
us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
7358000 USD
us-gaap Payments To Acquire Residential Real Estate
PaymentsToAcquireResidentialRealEstate
287952000 USD
us-gaap Payments To Acquire Residential Real Estate
PaymentsToAcquireResidentialRealEstate
11706000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-4324000 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
267780000 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
338290000 USD
us-gaap Proceeds From Repayments Of Short Term Debt Maturing In More Than Three Months
ProceedsFromRepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths
0 USD
us-gaap Proceeds From Repayments Of Short Term Debt Maturing In More Than Three Months
ProceedsFromRepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths
250000000 USD
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
325344000 USD
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
11027000 USD
CY2016Q3 us-gaap Profit Loss
ProfitLoss
30036000 USD
us-gaap Profit Loss
ProfitLoss
305874000 USD
CY2017Q3 us-gaap Profit Loss
ProfitLoss
22144000 USD
us-gaap Profit Loss
ProfitLoss
60890000 USD
CY2016Q4 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
RedeemableNoncontrollingInterestEquityPreferredCarryingAmount
103201000 USD
CY2017Q3 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
RedeemableNoncontrollingInterestEquityPreferredCarryingAmount
101537000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
253328000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
250674000 USD
CY2016Q3 us-gaap Revenues
Revenues
248904000 USD
us-gaap Revenues
Revenues
746361000 USD
CY2017Q3 us-gaap Revenues
Revenues
254635000 USD
us-gaap Revenues
Revenues
750208000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
1793903000 USD
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
1454186000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1944966000 USD
CY2017Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1435689000 USD
us-gaap Stockholders Equity Other
StockholdersEquityOther
-127000 USD
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
156527000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
156341000 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
156835000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
156768000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
156079000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
155944000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
156306000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
156290000 shares
us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for the </font><font style="font-family:inherit;font-size:10pt;">three and nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;">, are not necessarily indicative of the results that may be expected for the year ending </font><font style="font-family:inherit;font-size:10pt;">December 31, 2017</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The balance sheets of Aimco and the Aimco Operating Partnership at </font><font style="font-family:inherit;font-size:10pt;">December 31, 2016</font><font style="font-family:inherit;font-size:10pt;">, 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&#8217;s and the Aimco Operating Partnership&#8217;s combined Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;">December 31, 2016</font><font style="font-family:inherit;font-size:10pt;">. Except where indicated, the footnotes refer to both Aimco and the Aimco Operating Partnership.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Effective in 2017, we modified our condensed consolidated balance sheets to present the assets and liabilities of consolidated partnerships served by our Asset Management business separately from those amounts relating to our Real Estate portfolio. We have similarly modified our condensed consolidated statements of operations to present separately the rental and other property revenues and property operating expenses of consolidated partnerships served by our Asset Management business. We have reclassified these items in the condensed consolidated balance sheets as of </font><font style="font-family:inherit;font-size:10pt;">December 31, 2016</font><font style="font-family:inherit;font-size:10pt;">, and in the condensed consolidated statements of operations for the </font><font style="font-family:inherit;font-size:10pt;">three and nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2016</font><font style="font-family:inherit;font-size:10pt;">, to conform to the current presentation. These reclassifications had no effect on previously reported total assets, total liabilities or net income amounts.</font></div></div>
us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Apartment Investment and Management Company, or Aimco, is a Maryland corporation incorporated on January 10, 1994. Aimco is a self-administered and self-managed real estate investment trust, or REIT. AIMCO Properties, L.P., or the Aimco Operating Partnership, is a Delaware limited partnership formed on May 16, 1994, to conduct our business, which is focused on the ownership, management, redevelopment and limited development of quality apartment communities located in the largest markets in the United States.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Aimco, through its wholly-owned subsidiaries, AIMCO-GP, Inc. and AIMCO-LP Trust, owns a majority of the ownership interests in the Aimco Operating Partnership. Aimco conducts all of its business and owns all of its assets through the Aimco Operating Partnership. Interests in the Aimco Operating Partnership that are held by limited partners other than Aimco are referred to as OP Units. OP Units include common partnership units and high performance partnership units, which we refer to as common OP Units, as well as partnership preferred units, which we refer to as preferred OP Units. As of </font><font style="font-family:inherit;font-size:10pt;">September 30, 2017</font><font style="font-family:inherit;font-size:10pt;">, after eliminations for units held by consolidated subsidiaries, the Aimco Operating Partnership had </font><font style="font-family:inherit;font-size:10pt;">164,459,517</font><font style="font-family:inherit;font-size:10pt;"> common partnership units and equivalents outstanding. As of </font><font style="font-family:inherit;font-size:10pt;">September 30, 2017</font><font style="font-family:inherit;font-size:10pt;">, Aimco owned </font><font style="font-family:inherit;font-size:10pt;">157,023,314</font><font style="font-family:inherit;font-size:10pt;"> of the common partnership units (</font><font style="font-family:inherit;font-size:10pt;">95.5%</font><font style="font-family:inherit;font-size:10pt;"> of the common partnership units and equivalents) of the Aimco Operating Partnership and Aimco had outstanding an equal number of shares of its Class A Common Stock, which we refer to as Common Stock.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Except as the context otherwise requires, &#8220;we,&#8221; &#8220;our&#8221; and &#8220;us&#8221; refer to Aimco, the Aimco Operating Partnership and their consolidated subsidiaries, collectively.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">September 30, 2017</font><font style="font-family:inherit;font-size:10pt;">, we owned an equity interest in</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">141</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;"> </font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">apartment communiti</font><font style="font-family:inherit;font-size:10pt;">es with </font><font style="font-family:inherit;font-size:10pt;">39,184</font><font style="font-family:inherit;font-size:10pt;"> apartment homes in our real estate portfolio. Our Real Estate portfolio, which comprises our reportable segment, is diversified by both price point and geography and consists primarily of market rate apartment communities in which we own a substantial interest. We consolidated </font><font style="font-family:inherit;font-size:10pt;">137</font><font style="font-family:inherit;font-size:10pt;"> of these apartment communities with </font><font style="font-family:inherit;font-size:10pt;">39,042</font><font style="font-family:inherit;font-size:10pt;"> apartment homes. </font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">September 30, 2017</font><font style="font-family:inherit;font-size:10pt;">, we also owned nominal ownership positions in partnerships holding </font><font style="font-family:inherit;font-size:10pt;">46</font><font style="font-family:inherit;font-size:10pt;"> low-income housing tax credit apartment communities with </font><font style="font-family:inherit;font-size:10pt;">6,898</font><font style="font-family:inherit;font-size:10pt;"> apartment homes. We provide services to these partnerships and receive fees and other payments in return. Our relationship with these partnerships is different than real estate ownership and is better described as an asset management business, or Asset Management. In accordance with accounting principles generally accepted in the United States of America, or GAAP, we are required to consolidate partnerships owning an aggregate of </font><font style="font-family:inherit;font-size:10pt;">39</font><font style="font-family:inherit;font-size:10pt;"> apartment communities with </font><font style="font-family:inherit;font-size:10pt;">6,211</font><font style="font-family:inherit;font-size:10pt;"> apartment homes.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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.</font></div></div>

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