$AIV
APARTMENT INVESTMENT & MANAGEMENT CO

2020 Q1 Form 10-Q Financial Statement

#000156459020023679 Filed on May 11, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q4 2019 Q1
Revenue $38.31M $38.20M $35.79M
YoY Change 7.04% -83.54% -85.55%
Cost Of Revenue $15.30M $78.80M $79.20M
YoY Change -80.68% 4.51% -9.49%
Gross Profit $23.00M $151.3M $151.1M
YoY Change -84.78% -3.38% -5.68%
Gross Profit Margin 60.04% 396.06% 422.2%
Selling, General & Admin $1.800M $12.70M $10.40M
YoY Change -82.69% 39.56% -8.77%
% of Gross Profit 7.83% 8.39% 6.88%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $19.30M $97.20M $93.60M
YoY Change -79.38% 6.35% 1.19%
% of Gross Profit 83.91% 64.24% 61.95%
Operating Expenses $36.46M $114.6M $188.8M
YoY Change -80.69% 26.49% -2.84%
Operating Profit $1.851M $36.70M -$37.72M
YoY Change -104.91% -44.39% -170.67%
Interest Expense $5.651M -$41.50M $41.41M
YoY Change -86.35% -23.57% -13.36%
% of Operating Profit 305.29% -113.08%
Other Income/Expense, Net -$415.0K $200.0K $72.00K
YoY Change -676.39% -300.0% -67.86%
Pretax Income $2.532M $141.6M $294.3M
YoY Change -99.14% 112.93% 381.06%
Income Tax -$2.023M -$1.200M $2.981M
% Of Pretax Income -79.9% -0.85% 1.01%
Net Earnings $6.722M -$1.268M $274.1M
YoY Change -97.55% -112.89% 227.16%
Net Earnings / Revenue 17.55% -3.32% 765.97%
Basic Earnings Per Share $0.03 -$0.01 $0.01
Diluted Earnings Per Share $0.03 -$0.01 $0.01
COMMON SHARES
Basic Shares Outstanding 148.5M 148.9M 144.2M
Diluted Shares Outstanding 148.6M 144.4M

Balance Sheet

Concept 2020 Q1 2019 Q4 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $341.0M $143.0M $162.0M
YoY Change 110.49% 286.49% 131.43%
Cash & Equivalents $340.9M $5.403M $162.3M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $0.00 $0.00
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $341.0M $143.0M $162.0M
YoY Change 110.49% 81.01% 131.43%
LONG-TERM ASSETS
Property, Plant & Equipment $6.026B $6.081B $5.731B
YoY Change 5.15% 6.26% -0.07%
Goodwill $37.80M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $286.5M $280.3M
YoY Change
Other Assets $34.00M $35.00M $36.00M
YoY Change -5.56% -2.78% -47.83%
Total Long-Term Assets $6.707B $1.117B $6.122B
YoY Change 9.56% -81.72% -1.03%
TOTAL ASSETS
Total Short-Term Assets $341.0M $143.0M $162.0M
Total Long-Term Assets $6.707B $1.117B $6.122B
Total Assets $7.048B $1.260B $6.284B
YoY Change 12.17% -79.64% 0.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $349.0M $361.0M $293.0M
YoY Change 19.11% 59.73% 30.22%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $349.0M $361.0M $293.0M
YoY Change 19.11% 59.73% -38.32%
LONG-TERM LIABILITIES
Long-Term Debt $4.803B $4.506B $3.929B
YoY Change 22.24% 10.55% -1.9%
Other Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $4.803B $4.506B $3.929B
YoY Change 22.24% 9.93% -2.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $349.0M $361.0M $293.0M
Total Long-Term Liabilities $4.803B $4.506B $3.929B
Total Liabilities $5.152B $741.8M $4.222B
YoY Change 22.01% -82.85% -5.99%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.487M $0.00 $1.488M
YoY Change -0.07% -100.0% -5.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.717B $513.3M $1.884B
YoY Change
Total Liabilities & Shareholders Equity $7.048B $1.260B $6.284B
YoY Change 12.17% -79.64% 0.46%

Cashflow Statement

Concept 2020 Q1 2019 Q4 2019 Q1
OPERATING ACTIVITIES
Net Income $6.722M -$1.268M $274.1M
YoY Change -97.55% -112.89% 227.16%
Depreciation, Depletion And Amortization $19.30M $97.20M $93.60M
YoY Change -79.38% 6.35% 1.19%
Cash From Operating Activities $15.56M $95.80M $81.62M
YoY Change -80.94% 2.46% 0.36%
INVESTING ACTIVITIES
Capital Expenditures -$6.700M -$110.2M -$91.10M
YoY Change -92.65% -7.78% -62.23%
Acquisitions
YoY Change
Other Investing Activities -$4.665M -$79.30M -$1.422M
YoY Change 228.06% -3704.55% -752.29%
Cash From Investing Activities -$6.653M -$189.4M $252.4M
YoY Change -102.64% 61.47% -247.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $10.00M $20.68M
YoY Change -51.63%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.870M 178.1M -208.2M
YoY Change -95.74% -2354.43% -339.91%
NET CHANGE
Cash From Operating Activities 15.56M 95.80M 81.62M
Cash From Investing Activities -6.653M -189.4M 252.4M
Cash From Financing Activities -8.870M 178.1M -208.2M
Net Change In Cash 32.00K 84.50M 125.8M
YoY Change -99.97% -366.56% -3683.87%
FREE CASH FLOW
Cash From Operating Activities $15.56M $95.80M $81.62M
Capital Expenditures -$6.700M -$110.2M -$91.10M
Free Cash Flow $22.26M $206.0M $172.7M
YoY Change -87.11% -3.29% -46.45%

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5104000
CY2019Q1 aiv Payments To Acquire Purchases Of Corporate Assets Investing Activities
PaymentsToAcquirePurchasesOfCorporateAssetsInvestingActivities
3319000
CY2020Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-4665000
CY2019Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-1422000
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-98014000
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
252404000
CY2020Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
22622000
CY2019Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
19580000
CY2020Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
318845000
CY2019Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-90360000
CY2020Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
10004000
CY2019Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
20682000
CY2020Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
0
CY2019Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
2148000
CY2020Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
61116000
CY2019Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
67405000
CY2020Q1 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
5442000
CY2019Q1 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
5701000
CY2020Q1 us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
1584000
CY2019Q1 us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
2653000
CY2020Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-365000
CY2019Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
302000
CY2020Q1 us-gaap Nature Of Operations
NatureOfOperations
<p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Note 1 — Organization</p> <p style="text-align:justify;margin-bottom:9pt;margin-top:9pt;text-indent:2.81%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Apartment Investment and Management Company, or Aimco, is a Maryland corporation incorporated on January 10, 1994. Aimco is a self-administered and self-managed real estate investment trust, or REIT. AIMCO Properties, L.P., or the Aimco Operating Partnership, is a Delaware limited partnership formed on May 16, 1994, to conduct our business, which is focused on the ownership, management, redevelopment, and some development of quality apartment communities located in several of the largest markets in the United States.</p> <p style="text-align:justify;margin-bottom:9pt;margin-top:9pt;text-indent:2.81%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Aimco, through its wholly-owned subsidiaries, AIMCO-GP, Inc. and AIMCO-LP Trust, holds 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 preferred partnership units, which we refer to as preferred OP Units. As of March 31, 2020, after elimination of units held by consolidated subsidiaries, the Aimco Operating Partnership had 159,196,780 common OP Units outstanding. As of March 31, 2020, Aimco owned 148,700,407 of the common OP Units of the Aimco Operating Partnership and Aimco had an equal number of shares of its Class A Common Stock outstanding, which we refer to as Common Stock. Aimco’s ownership of the total common OP units outstanding represents a 93.4% legal interest in the Aimco Operating Partnership and a 94.8% economic interest.</p> <p style="text-align:justify;margin-bottom:9pt;margin-top:9pt;text-indent:2.81%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Except as the context otherwise requires, “we,” “our,” and “us” refer to Aimco, the Aimco Operating Partnership, and their consolidated subsidiaries, collectively.</p> <p style="text-align:justify;margin-bottom:9pt;margin-top:9pt;text-indent:2.81%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We own and operate a portfolio of apartment communities, diversified by both geography and price point, in 17 states and the District of Columbia. As of March 31, 2020, our portfolio included 124 apartment communities with 32,846 apartment homes in which we held an average ownership of approximately 99%. We consolidated 120 of these apartment communities with 32,704 apartment homes.</p>
CY2020Q1 aiv Number Of Variable Interest Entities
NumberOfVariableInterestEntities
6
CY2019Q4 aiv Number Of Variable Interest Entities
NumberOfVariableInterestEntities
6
CY2020Q1 us-gaap Revenue Recognition Leases Operating
RevenueRecognitionLeasesOperating
<p style="text-align:justify;margin-bottom:9pt;margin-top:9pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Revenue from Leases</p> <p style="text-align:justify;margin-bottom:9pt;margin-top:9pt;text-indent:2.81%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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. For the three months ended March 31, 2020 and 2019, our total lease income was comprised of the following amounts for all operating leases (in thousands):</p> <div> <table border="0" cellpadding="0" cellspacing="0" style="margin:auto;border-collapse:collapse; width:100%;"> <tr> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:60.26%; border-bottom:solid 0.75pt transparent;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.48%; border-bottom:solid 0.75pt transparent;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td colspan="2" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.36%; border-bottom:solid 0.75pt #000000;" valign="bottom"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.48%;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td colspan="2" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.36%; border-bottom:solid 0.75pt #000000;" valign="bottom"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> </tr> <tr> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:60.26%;" valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Fixed lease income</p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.48%;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:16.36%; border-top:solid 0.75pt #000000;white-space:nowrap;" valign="bottom"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">213,416</p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.48%;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:16.36%; border-top:solid 0.75pt #000000;white-space:nowrap;" valign="bottom"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">215,581</p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> </tr> <tr> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:60.26%; border-bottom:solid 0.75pt transparent;" valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Variable lease income</p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.48%; border-bottom:solid 0.75pt transparent;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:16.36%; border-bottom:solid 0.75pt #000000;white-space:nowrap;" valign="bottom"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13,615</p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.48%; border-bottom:solid 0.75pt transparent;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:16.36%; border-bottom:solid 0.75pt #000000;white-space:nowrap;" valign="bottom"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,144</p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> </tr> <tr> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:60.26%; border-bottom:double 2.5pt transparent;" valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">   Total lease income</p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.48%; border-bottom:double 2.5pt transparent;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">$</p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:16.36%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;" valign="bottom"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">227,031</p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.48%; border-bottom:double 2.5pt transparent;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">$</p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:16.36%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;" valign="bottom"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">229,725</p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:1pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> </tr> </table></div> <p style="text-align:justify;margin-bottom:9pt;margin-top:9pt;text-indent:2.68%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We monitor the collectability of unpaid rent obligations and due to the impact of COVID-19 and the resulting economic impact on our commercial tenants, we recognized a write-off of straight-line rent receivables and deferred leasing costs of $2.9 million and $2.2 million, respectively. The write-off of the straight-line rent receivables is not included in the fixed lease income in the table above.</p>
CY2020Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
213416000
CY2019Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
215581000
CY2020Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
13615000
CY2019Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
14144000
CY2020Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
227031000
CY2019Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
229725000
CY2020Q1 aiv Write Off Of Straight Line Rent Receivables
WriteOffOfStraightLineRentReceivables
2900000
CY2020Q1 us-gaap Deferred Costs Leasing Net
DeferredCostsLeasingNet
2200000
CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-align:justify;margin-bottom:9pt;margin-top:9pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-bottom:9pt;margin-top:9pt;text-indent:2.81%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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. </p>
CY2020Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="text-align:justify;margin-bottom:9pt;margin-top:9pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Reclassifications and Revisions</p> <p style="text-align:justify;margin-bottom:9pt;margin-top:9pt;text-indent:2.68%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For the 2020 presentation of our condensed consolidated statements of operations, we have added a caption for investment management expenses. We have reclassified certain items from property operating expenses, general and administrative expenses, and other expenses, net, in our 2019 presentation to conform to the current presentation. </p>
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
213000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
148786000
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
144445000
CY2020Q1 us-gaap Accounts And Financing Receivable Allowance For Credit Loss
AccountsAndFinancingReceivableAllowanceForCreditLoss
0
CY2017Q2 aiv Environmental Remediation Number Of Potentially Responsible Parties
EnvironmentalRemediationNumberOfPotentiallyResponsibleParties
4
CY2020Q1 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
6679000
CY2019Q1 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
271568000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
148518000
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
144232000
CY2020Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
268000
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.88
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.88
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
97000
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
36000
CY2020Q1 aiv Number Of Shares Of Common Stock Required To Redeem Preferred Op Units Tendered For Redemption If Parent Chooses To Redeem In Shares Rather Than Cash
NumberOfSharesOfCommonStockRequiredToRedeemPreferredOPUnitsTenderedForRedemptionIfParentChoosesToRedeemInSharesRatherThanCash
2700000
CY2020Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.41
CY2020Q1 us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
0.41
CY2019Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
2.02
CY2019Q1 us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
2.02
CY2020Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
1.03119
CY2020Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
91700000
CY2019Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
90000000.0
CY2020Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4
CY2020Q1 us-gaap Revenues
Revenues
224552000
CY2020Q1 aiv Property Operating Expenses
PropertyOperatingExpenses
75480000
CY2020Q1 aiv Other Operating Expenses Not Allocated To Reportable Segment
OtherOperatingExpensesNotAllocatedToReportableSegment
113410000
CY2020Q1 us-gaap Operating Expenses
OperatingExpenses
188890000
CY2020Q1 aiv Operating Income Loss Property
OperatingIncomeLossProperty
35662000
CY2020Q1 aiv Other Items Included In Continuing Operations
OtherItemsIncludedInContinuingOperations
29918000
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
5744000
CY2019Q1 us-gaap Revenues
Revenues
230235000
CY2019Q1 aiv Property Operating Expenses
PropertyOperatingExpenses
78959000
CY2019Q1 aiv Other Operating Expenses Not Allocated To Reportable Segment
OtherOperatingExpensesNotAllocatedToReportableSegment
109862000
CY2019Q1 us-gaap Operating Expenses
OperatingExpenses
188821000
CY2019Q1 aiv Operating Income Loss Property
OperatingIncomeLossProperty
41414000
CY2019Q1 aiv Other Items Included In Continuing Operations
OtherItemsIncludedInContinuingOperations
-252862000
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
294276000
CY2020Q1 us-gaap Assets
Assets
7048245000
CY2019Q4 us-gaap Assets
Assets
6828739000
CY2020Q1 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
93884000
CY2019Q1 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
75390000
CY2020Q1 dei Document Quarterly Report
DocumentQuarterlyReport
true
CY2020Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
100476000
CY2020Q1 dei Security12b Title
Security12bTitle
Class A Common Stock (Aimco Investment and Management Company)
CY2020Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
6025659000
CY2020Q1 us-gaap Equity Method Investments
EquityMethodInvestments
286472000

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