2018 Q4 Form 10-Q Financial Statement

#000092286418000047 Filed on November 05, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $232.0M $242.5M $254.6M
YoY Change -9.09% -4.77% 2.3%
Cost Of Revenue $75.40M $80.90M $90.00M
YoY Change -15.09% -10.11% -1.64%
Gross Profit $156.6M $161.6M $164.6M
YoY Change -5.89% -1.82% 4.57%
Gross Profit Margin 67.49% 66.64% 64.64%
Selling, General & Admin $9.100M $12.50M $10.50M
YoY Change -21.55% 19.05% -14.63%
% of Gross Profit 5.81% 7.74% 6.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $91.40M $96.40M $92.50M
YoY Change -6.16% 4.22% 8.95%
% of Gross Profit 58.37% 59.65% 56.2%
Operating Expenses $90.60M $195.5M $195.4M
YoY Change -39.24% 0.05% 2.76%
Operating Profit $66.00M $46.95M $59.21M
YoY Change 281.88% -20.69% 0.81%
Interest Expense -$54.30M $45.49M $50.68M
YoY Change 15.29% -10.24% 2.64%
% of Operating Profit -82.27% 96.89% 85.6%
Other Income/Expense, Net -$100.0K -$283.0K $6.937M
YoY Change -100.03% -104.08% 1143.19%
Pretax Income $66.50M $630.1M $17.51M
YoY Change -75.47% 3499.26% 44.97%
Income Tax $56.70M $26.21M -$4.870M
% Of Pretax Income 85.26% 4.16% -27.82%
Net Earnings $9.840M $570.0M $19.64M
YoY Change -96.56% 2802.93% 26.57%
Net Earnings / Revenue 4.24% 235.07% 7.71%
Basic Earnings Per Share $0.04 $3.73 $0.11
Diluted Earnings Per Share $0.04 $3.73 $0.11
COMMON SHARES
Basic Shares Outstanding 155.6M shares 152.0M 156.3M shares
Diluted Shares Outstanding 152.2M 156.8M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $37.00M $58.00M $56.00M
YoY Change -51.95% 3.57% 16.67%
Cash & Equivalents $36.86M $104.3M $55.68M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $42.00M $0.00
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $79.00M $58.00M $56.00M
YoY Change -16.84% 3.57% -43.43%
LONG-TERM ASSETS
Property, Plant & Equipment $5.723B $5.731B $5.772B
YoY Change 1.65% -0.71% 0.28%
Goodwill $37.80M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change
Other Assets $36.00M $46.00M $78.00M
YoY Change -45.45% -41.03% -29.09%
Total Long-Term Assets $6.111B $6.127B $6.113B
YoY Change 2.12% 0.22% -1.32%
TOTAL ASSETS
Total Short-Term Assets $79.00M $58.00M $56.00M
Total Long-Term Assets $6.111B $6.127B $6.113B
Total Assets $6.190B $6.185B $6.169B
YoY Change 1.83% 0.25% -1.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $226.0M $243.0M $228.0M
YoY Change 2.73% 6.58% 7.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $249.0M
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $226.0M $243.0M $477.0M
YoY Change -51.91% -49.06% 83.46%
LONG-TERM LIABILITIES
Long-Term Debt $4.076B $3.647B $4.141B
YoY Change 6.17% -11.93% 2.1%
Other Long-Term Liabilities $23.00M $14.00M
YoY Change 91.67% -70.83%
Total Long-Term Liabilities $4.099B $3.647B $4.155B
YoY Change 6.44% -12.23% 1.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $226.0M $243.0M $477.0M
Total Long-Term Liabilities $4.099B $3.647B $4.155B
Total Liabilities $4.325B $3.890B $4.632B
YoY Change 0.08% -16.03% 6.17%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.446M $1.574M $1.570M
YoY Change -8.02% 0.25% 0.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.699B $2.126B $1.454B
YoY Change
Total Liabilities & Shareholders Equity $6.190B $6.185B $6.169B
YoY Change 1.83% 0.25% -1.98%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $9.840M $570.0M $19.64M
YoY Change -96.56% 2802.93% 26.57%
Depreciation, Depletion And Amortization $91.40M $96.40M $92.50M
YoY Change -6.16% 4.22% 8.95%
Cash From Operating Activities $93.50M $117.3M $117.6M
YoY Change -3.61% -0.26% 17.95%
INVESTING ACTIVITIES
Capital Expenditures -$119.5M -$98.90M -$95.10M
YoY Change 17.5% 4.0% -74.78%
Acquisitions
YoY Change
Other Investing Activities $2.200M $631.8M -$1.800M
YoY Change -99.44% -35200.0% -100.6%
Cash From Investing Activities -$117.3M $532.8M -$97.00M
YoY Change -140.6% -649.28% 21.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.900M -684.8M -20.50M
YoY Change -97.9% 3240.49% -25.45%
NET CHANGE
Cash From Operating Activities 93.50M 117.3M 117.6M
Cash From Investing Activities -117.3M 532.8M -97.00M
Cash From Financing Activities -7.900M -684.8M -20.50M
Net Change In Cash -31.70M -34.70M 100.0K
YoY Change -452.22% -34800.0% -101.35%
FREE CASH FLOW
Cash From Operating Activities $93.50M $117.3M $117.6M
Capital Expenditures -$119.5M -$98.90M -$95.10M
Free Cash Flow $213.0M $216.2M $212.7M
YoY Change 7.2% 1.65% -55.39%

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CY2017Q3 us-gaap Noncontrolling Interest In Net Income Loss Preferred Unit Holders Nonredeemable
NoncontrollingInterestInNetIncomeLossPreferredUnitHoldersNonredeemable
1938000 USD
us-gaap Noncontrolling Interest In Net Income Loss Preferred Unit Holders Nonredeemable
NoncontrollingInterestInNetIncomeLossPreferredUnitHoldersNonredeemable
5826000 USD
CY2018Q3 us-gaap Noncontrolling Interest In Net Income Loss Preferred Unit Holders Nonredeemable
NoncontrollingInterestInNetIncomeLossPreferredUnitHoldersNonredeemable
1934000 USD
us-gaap Noncontrolling Interest In Net Income Loss Preferred Unit Holders Nonredeemable
NoncontrollingInterestInNetIncomeLossPreferredUnitHoldersNonredeemable
5805000 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 Segment
CY2017Q3 us-gaap Operating Expenses
OperatingExpenses
195430000 USD
us-gaap Operating Expenses
OperatingExpenses
573508000 USD
CY2018Q3 us-gaap Operating Expenses
OperatingExpenses
195527000 USD
us-gaap Operating Expenses
OperatingExpenses
590696000 USD
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
59205000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
176700000 USD
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
46954000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
149692000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
381000 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-40000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
979000 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-72000 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
CY2018Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1736000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1319000 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
CY2018Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-757000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-1391000 USD
CY2017Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
75000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-280000 USD
CY2018Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
0 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
0 USD
CY2017Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
2272000 USD
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
6661000 USD
CY2018Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
5780000 USD
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
13624000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-398000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-11762000 USD
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
6937000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
7602000 USD
CY2018Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-283000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
141000 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
CY2018Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
814000 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
1004000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
266623000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
253149000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
1086000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-1695000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
168987000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
178937000 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
15829000 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
22549000 USD
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
6445000 USD
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
6445000 USD
us-gaap Payments To Acquire Additional Interest In Subsidiaries
PaymentsToAcquireAdditionalInterestInSubsidiaries
324265000 USD
us-gaap Payments To Acquire Additional Interest In Subsidiaries
PaymentsToAcquireAdditionalInterestInSubsidiaries
12256000 USD
us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
7358000 USD
us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
5530000 USD
us-gaap Payments To Acquire Residential Real Estate
PaymentsToAcquireResidentialRealEstate
11706000 USD
us-gaap Payments To Acquire Residential Real Estate
PaymentsToAcquireResidentialRealEstate
212358000 USD
CY2017Q3 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
2148000 USD
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
6445000 USD
CY2018Q3 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
2148000 USD
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
6445000 USD
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
125000000 USD
CY2018Q3 us-gaap Preferred Stock Value
PreferredStockValue
125000000 USD
us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
165785000 USD
us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
360613000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-4693000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-415000 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
338290000 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-67160000 USD
us-gaap Proceeds From Repayments Of Short Term Debt Maturing In More Than Three Months
ProceedsFromRepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths
250000000 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
10888000 USD
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
708464000 USD
CY2017Q3 us-gaap Profit Loss
ProfitLoss
22144000 USD
us-gaap Profit Loss
ProfitLoss
60890000 USD
CY2018Q3 us-gaap Profit Loss
ProfitLoss
603917000 USD
us-gaap Profit Loss
ProfitLoss
706763000 USD
CY2017Q4 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
RedeemableNoncontrollingInterestEquityPreferredCarryingAmount
101537000 USD
CY2018Q3 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
RedeemableNoncontrollingInterestEquityPreferredCarryingAmount
101320000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
250674000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
403141000 USD
CY2017Q3 us-gaap Revenues
Revenues
254635000 USD
us-gaap Revenues
Revenues
750208000 USD
CY2018Q3 us-gaap Revenues
Revenues
242481000 USD
us-gaap Revenues
Revenues
740388000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
1663144000 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
2125682000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1655753000 USD
CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2194130000 USD
us-gaap Stockholders Equity Other
StockholdersEquityOther
-119000 USD
CY2017Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
500000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
500000 shares
CY2018Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
200000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
200000 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
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
156938000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
156836000 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
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
156711000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
156674000 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, 2018</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&#160;31, 2018</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&#160;31, 2017</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 </font><font style="font-family:inherit;font-size:10pt;">year ended December 31, 2017</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;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;"></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;padding-top: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;padding-top: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 several of the largest markets in the United States.</font></div><div style="line-height:120%;padding-bottom:12px;padding-top: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, 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&#160;30, 2018</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;">166,384,727</font><font style="font-family:inherit;font-size:10pt;"> common partnership units outstanding. As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, Aimco owned </font><font style="font-family:inherit;font-size:10pt;">157,352,109</font><font style="font-family:inherit;font-size:10pt;"> of the common partnership units (</font><font style="font-family:inherit;font-size:10pt;">94.6%</font><font style="font-family:inherit;font-size:10pt;"> of the common partnership units) 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;padding-top: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;padding-top: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&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, we owned an equity interest in </font><font style="font-family:inherit;font-size:10pt;">133</font><font style="font-family:inherit;font-size:10pt;"> apartment communities with </font><font style="font-family:inherit;font-size:10pt;">36,481</font><font style="font-family:inherit;font-size:10pt;"> apartment homes in our Real Estate portfolio. Our Real Estate portfolio is diversified by both price point and geography and consists primarily of market rate apartment communities in which we own a substantial interest. We consolidated </font><font style="font-family:inherit;font-size:10pt;">129</font><font style="font-family:inherit;font-size:10pt;"> of these apartment communities with </font><font style="font-family:inherit;font-size:10pt;">36,339</font><font style="font-family:inherit;font-size:10pt;"> apartment homes and these communities comprise our reportable segment.</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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