Maryland (Apartment Investment and Management Company)
|
|
84-1259577
|
|
Delaware (AIMCO Properties, L.P.)
|
|
84-1275621
|
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
|
|
4582 South Ulster Street, Suite 1100
|
|
|
|
Denver, Colorado
|
|
80237
|
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(Address of principal executive offices)
|
|
(Zip Code)
|
|
(303) 757-8101
|
|||
(Registrant’s telephone number, including area code)
|
|||
Securities registered pursuant to Section 12(b) of the Act:
|
|||
|
|||
Title of Each Class
|
|
Name of Each Exchange on Which Registered
|
|
Class A Common Stock (Apartment Investment and Management Company)
|
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New York Stock Exchange
|
|
Class A Cumulative Preferred Stock (Apartment Investment and Management Company)
|
|
New York Stock Exchange
|
|
|
|
|
|
Securities registered pursuant to Section 12(g) of the Act:
|
|||
|
|
||
None (Apartment Investment and Management Company)
|
|||
Partnership Common Units (AIMCO Properties, L.P.)
|
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined by Rule 405 of the Securities Act.
|
||
|
Apartment Investment and Management Company
: Yes
x
No
o
|
AIMCO Properties, L.P.
: Yes
x
No
o
|
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
|
||
|
Apartment Investment and Management Company
: Yes
o
No
x
|
AIMCO Properties, L.P.
: Yes
o
No
x
|
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
|
||
|
Apartment Investment and Management Company
: Yes
x
No
o
|
AIMCO Properties, L.P.
: Yes
x
No
o
|
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
|
||
|
Apartment Investment and Management Company
: Yes
x
No
o
|
AIMCO Properties, L.P.
: Yes
x
No
o
|
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.
|
||
|
Apartment Investment and Management Company
: Yes
x
No
o
|
AIMCO Properties, L.P.
: Yes
x
No
o
|
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
|
||
|
Apartment Investment and Management Company
: Yes
o
No
x
|
AIMCO Properties, L.P.
: Yes
o
No
x
|
The aggregate market value of the voting and non-voting common stock of Apartment Investment and Management Company held by non-affiliates of Apartment Investment and Management Company was approximately $6.9 billion as of June 30, 2016. As of February 23, 2017, there were 157,017,376 shares of Class A Common Stock outstanding.
|
||
As of February 23, 2017, there were 164,649,570 Partnership Common Units outstanding.
|
_______________________________________________________
|
Documents Incorporated by Reference
|
Portions of Apartment Investment and Management Company’s definitive proxy statement to be issued in conjunction with Apartment Investment and Management Company’s annual meeting of stockholders to be held April 25, 2017, are incorporated by reference into Part III of this Annual Report.
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•
|
We present our business as a whole, in the same manner our management views and operates the business;
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•
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We eliminate duplicative disclosure and provide a more streamlined and readable presentation since a substantial portion of the disclosures apply to both Aimco and the Aimco Operating Partnership; and
|
•
|
We save time and cost through the preparation of a single combined report rather than two separate reports.
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Item
|
|
Page
|
|
|
|
1.
|
||
1A.
|
||
1B.
|
||
2.
|
||
3.
|
||
4.
|
||
|
|
|
|
|
|
5.
|
||
6.
|
||
7.
|
||
7A.
|
||
8.
|
||
9.
|
||
9A.
|
||
9B.
|
||
|
|
|
|
|
|
10.
|
||
11.
|
||
12.
|
||
13.
|
||
14.
|
||
|
|
|
|
|
|
15.
|
||
16.
|
•
|
Real estate and operating risks, including fluctuations in real estate values and the general economic climate in the markets in which we operate and competition for residents in such markets; national and local economic conditions, including the pace of job growth and the level of unemployment; the amount, location and quality of competitive new housing supply; the timing of acquisitions, dispositions, redevelopments and developments; and changes in operating costs, including energy costs;
|
•
|
Financing risks, including the availability and cost of capital markets financing and the risk that our cash flows from operations may be insufficient to meet required payments of principal and interest and the risk that our earnings may not be sufficient to maintain compliance with debt covenants;
|
•
|
Insurance risks, including the cost of insurance and natural disasters and severe weather such as hurricanes; and
|
•
|
Legal and regulatory risks, including costs associated with prosecuting or defending claims and any adverse outcomes; the terms of governmental regulations that affect us and interpretations of those regulations; and possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of apartment communities presently or previously owned by us.
|
•
|
operate our portfolio of desirable apartment homes with valued amenities, with a high level of focus on customer selection and customer satisfaction, and in an efficient manner that realizes the benefits of our corporate systems and local management expertise;
|
•
|
improve our portfolio of apartment communities, which is diversified both by geography and by price point, and which averages “B/B+” in quality (defined under the Portfolio Management heading in the Executive Overview in Item 7) by selling apartment communities with lower projected free cash flow returns and investing the proceeds from such sales through property upgrades, redevelopment, development and acquisitions with projected free cash flow returns higher than expected from the communities sold;
|
•
|
use financial leverage primarily in the form of non-recourse, long-dated, fixed-rate property debt and perpetual preferred equity, a combination which reduces our refunding and re-pricing risk and which provides a hedge against increases in interest rates; and
|
•
|
emphasize a collaborative, respectful and performance-oriented culture with high team engagement.
|
•
|
Customer Satisfaction.
Our operating culture is focused on our residents. We regularly monitor and evaluate our performance through a customer satisfaction tracking system, and we publicly report these results. Our goal is to provide our residents with a high level of service in clean, safe and attractive communities. We believe that higher customer satisfaction leads to higher resident retention, which in turn leads to higher revenue and reduced costs. We have automated certain aspects of our on-site operations to enable our current and future residents to interact with us using methods that are efficient and effective for them, such as making on-line requests for service work and executing leases and lease renewals on-line. In addition, we emphasize the quality of our on-site team members through recruiting, training and retention programs as well as providing continuous, real-time feedback, which we believe contributes to improved customer service and leads to increased occupancy rates and enhanced operational performance.
|
•
|
Resident Selection and Retention.
In apartment communities, neighbors are a meaningful part of the value provided, together with the location of the community and the physical quality of the apartment homes. Part of our property operations strategy is to focus on attracting and retaining credit-worthy residents who are also good neighbors. We have structured goals and coaching for all of our sales personnel, a tracking system for inquiries and a standardized renewal communication program. We have standardized residential financial stability requirements and have policies and monitoring practices to maintain our resident quality.
|
•
|
Revenue Management and Ancillary Services.
For our conventional apartment communities, we have a centralized revenue management system that leverages people, processes and technology to work in partnership with our area operational management teams to develop rental rate pricing. We seek to increase revenue, net operating income and free cash flow by optimizing the balance between rental and occupancy rates, as well as taking into consideration the cost of preparing an apartment home for a new resident. We are also focused on careful measurements of on-site operations, as we believe that timely and accurate collection of apartment community performance and resident profile data will enable us to maximize revenue through better property management and leasing decisions. We seek to maximize profit by performing timely data analysis of new and renewal pricing for each apartment home, thereby enabling us to adjust rents quickly in response to changes in supply and demand and minimize vacancy time. We also generate incremental revenue by providing services to our residents, including, at certain apartment communities, telecommunications services, parking options and storage space rental.
|
•
|
Controlling Expenses.
Cost controls are accomplished by local focus at the area level; centralizing tasks that can be more efficiently performed by specialists in our shared service center, which reduces costs and allows our site teams to focus on sales and service; taking advantage of economies of scale at the corporate level; through electronic procurement; and focusing on life cycle costs by investing in more durable, longer-lived materials, which reduce turn times and costs.
|
•
|
Improving and Maintaining Apartment Community Quality.
We believe that the physical condition and amenities of our apartment communities are important factors in our ability to maintain and increase rental rates. We invest in the maintenance and improvement of our apartment communities primarily through: Property Upgrades, which may include kitchen and bath remodeling, energy conservation projects and investments in longer-lived materials as described above, all of which are generally lesser in scope than redevelopment additions and do not significantly disrupt property operations; Capital Improvements, which are non-redevelopment capital additions that are made to enhance the value, profitability or useful life of an apartment community from its original purchase condition; and Capital Replacements, which are capital additions made to replace the portion of an apartment community consumed during our ownership period. During
2016
, we invested approximately
$2,000
per apartment home in Property Upgrades,
$400
per apartment home in Capital Improvements and
$1,100
per apartment home in Capital Replacements at our conventional apartment homes.
|
•
|
we may be unable to obtain, or experience delays in obtaining, necessary zoning, occupancy, or other required governmental or third-party permits and authorizations, which could result in increased costs or the delay or abandonment of opportunities;
|
•
|
we may incur costs that exceed our original estimates due to increased material, labor or other costs, such as litigation;
|
•
|
we may be unable to complete construction and lease-up of an apartment community on schedule, resulting in increased construction and financing costs and a decrease in expected rental revenues;
|
•
|
occupancy rates and rents at an apartment community may fail to meet our expectations for a number of reasons, including changes in market and economic conditions beyond our control and the development of competing communities;
|
•
|
we may be unable to obtain financing with favorable terms, or at all, which may cause us to delay or abandon an opportunity;
|
•
|
we may abandon opportunities that we have already begun to explore, or stop projects we have already commenced, for a number of reasons, including changes in local market conditions or increases in construction or financing costs, and, as a result, we may fail to recover costs already incurred in exploring those opportunities;
|
•
|
we may incur liabilities to third parties during the redevelopment or development process;
|
•
|
unexpected events or circumstances may arise during the redevelopment or development process that affect the timing of completion and the cost and profitability of the redevelopment or development; and
|
•
|
loss of a key member of a redevelopment or development team could adversely affect our ability to deliver redevelopments and developments on time and within our budget.
|
•
|
the general economic climate;
|
•
|
an inflationary environment in which the costs to operate and maintain our communities increase at a rate greater than our ability to increase rents, which we can only do upon renewal of existing leases or at the inception of new leases;
|
•
|
competition from other apartment communities and other housing options;
|
•
|
local conditions, such as loss of jobs, unemployment rates or an increase in the supply of apartments, that might adversely affect apartment occupancy or rental rates;
|
•
|
changes in governmental regulations and the related cost of compliance;
|
•
|
changes in tax laws and housing laws, including the enactment of rent control laws or other laws regulating multifamily housing; and
|
•
|
changes in interest rates and the availability of financing.
|
•
|
the transfer will be considered null and void;
|
•
|
we will not reflect the transaction on Aimco’s books;
|
•
|
we may institute legal action to enjoin the transaction;
|
•
|
we may demand repayment of any dividends received by the affected person on those shares;
|
•
|
we may redeem the shares;
|
•
|
the affected person will not have any voting rights for those shares; and
|
•
|
the shares (and all voting and dividend rights of the shares) will be held in trust for the benefit of one or more charitable organizations designated by Aimco.
|
•
|
may lose control over the power to dispose of such shares;
|
•
|
may not recognize profit from the sale of such shares if the market price of the shares increases;
|
•
|
may be required to recognize a loss from the sale of such shares if the market price decreases; and
|
•
|
may be required to repay to us any dividends received from us as a result of his or her ownership of the shares.
|
•
|
has at least three directors who are not officers or employees of the entity or related to an acquiring person; and
|
•
|
has a class of equity securities registered under the Securities Exchange Act of 1934, as amended,
|
•
|
the corporation will have a staggered board of directors;
|
•
|
any director may be removed only for cause and by the vote of two-thirds of the votes entitled to be cast in the election of directors generally, even if a lesser proportion is provided in the charter or bylaws;
|
•
|
the number of directors may only be set by the board of directors, even if the procedure is contrary to the charter or bylaws;
|
•
|
vacancies may only be filled by the remaining directors, even if the procedure is contrary to the charter or bylaws; and
|
•
|
the secretary of the corporation may call a special meeting of stockholders at the request of stockholders only on the written request of the stockholders entitled to cast at least a majority of all the votes entitled to be cast at the meeting, even if the procedure is contrary to the charter or bylaws.
|
|
Number of Apartment Communities
|
|
Number of Apartment Homes
|
|
Average Economic Ownership
|
|||
Conventional:
|
|
|
|
|
|
|||
Atlanta
|
5
|
|
|
817
|
|
|
100
|
%
|
Bay Area
|
12
|
|
|
2,632
|
|
|
100
|
%
|
Boston
|
15
|
|
|
4,689
|
|
|
100
|
%
|
Chicago
|
10
|
|
|
3,246
|
|
|
100
|
%
|
Denver
|
8
|
|
|
2,065
|
|
|
98
|
%
|
Greater Washington DC
|
13
|
|
|
5,325
|
|
|
99
|
%
|
Los Angeles
|
14
|
|
|
4,543
|
|
|
86
|
%
|
Miami
|
5
|
|
|
2,612
|
|
|
100
|
%
|
New York
|
18
|
|
|
1,040
|
|
|
100
|
%
|
Philadelphia
|
5
|
|
|
2,802
|
|
|
97
|
%
|
San Diego
|
12
|
|
|
2,423
|
|
|
97
|
%
|
Seattle
|
2
|
|
|
239
|
|
|
100
|
%
|
Total target markets
|
119
|
|
|
32,433
|
|
|
97
|
%
|
Other markets
|
15
|
|
|
5,489
|
|
|
99
|
%
|
Total conventional owned
|
134
|
|
|
37,922
|
|
|
97
|
%
|
Affordable
|
55
|
|
|
8,389
|
|
|
95
|
%
|
Total
|
189
|
|
|
46,311
|
|
|
98
|
%
|
Quarter Ended
|
High
|
|
Low
|
|
Dividends
Declared
(per share)
|
||||||
December 31, 2016
|
$
|
45.45
|
|
|
$
|
39.88
|
|
|
$
|
0.33
|
|
September 30, 2016
|
47.59
|
|
|
43.30
|
|
|
0.33
|
|
|||
June 30, 2016
|
44.16
|
|
|
39.57
|
|
|
0.33
|
|
|||
March 31, 2016
|
41.82
|
|
|
35.45
|
|
|
0.33
|
|
|||
|
|
|
|
|
|
||||||
December 31, 2015
|
$
|
40.83
|
|
|
$
|
35.88
|
|
|
$
|
0.30
|
|
September 30, 2015
|
40.43
|
|
|
34.71
|
|
|
0.30
|
|
|||
June 30, 2015
|
39.66
|
|
|
36.52
|
|
|
0.30
|
|
|||
March 31, 2015
|
41.55
|
|
|
36.59
|
|
|
0.28
|
|
|
For the fiscal years ended December 31,
|
|||||||||||||||||
Index
|
2011
|
2012
|
2013
|
2014
|
2015
|
2016
|
||||||||||||
Aimco (1)
|
$
|
100.00
|
|
$
|
121.68
|
|
$
|
120.41
|
|
$
|
178.25
|
|
$
|
198.12
|
|
$
|
232.37
|
|
MSCI US REIT (1)
|
100.00
|
|
117.77
|
|
120.68
|
|
157.34
|
|
161.30
|
|
175.17
|
|
||||||
NAREIT Apartment Index (2)
|
100.00
|
|
106.93
|
|
100.31
|
|
140.06
|
|
163.10
|
|
167.76
|
|
||||||
S&P 500 (1)
|
100.00
|
|
116.00
|
|
153.57
|
|
174.60
|
|
177.01
|
|
198.18
|
|
Quarter Ended
|
2016
|
|
2015
|
||||
December 31
|
$
|
0.33
|
|
|
$
|
0.30
|
|
September 30
|
0.33
|
|
|
0.30
|
|
||
June 30
|
0.33
|
|
|
0.30
|
|
||
March 31
|
0.33
|
|
|
0.28
|
|
Fiscal period
|
Total Number of Units Purchased
|
|
Average Price Paid per Unit
|
|
Total Number of Units Purchased as Part of Publicly Announced Plans or Programs (1)
|
|
Maximum Number of Units that May Yet Be Purchased Under Plans or Programs (1)
|
|||
October 1 - October 31, 2016
|
2,879
|
|
|
$
|
42.66
|
|
|
N/A
|
|
N/A
|
November 1 - November 30, 2016
|
2,048
|
|
|
43.23
|
|
|
N/A
|
|
N/A
|
|
December 1 - December 31, 2016
|
27,698
|
|
|
41.49
|
|
|
N/A
|
|
N/A
|
|
Total
|
32,625
|
|
|
$
|
41.70
|
|
|
|
|
|
(1)
|
The terms of the Aimco Operating Partnership’s Partnership Agreement do not provide for a maximum number of units that may be repurchased, and other than the express terms of the Aimco Operating Partnership’s Partnership Agreement, the Aimco Operating Partnership has no publicly announced plans or programs of repurchase. However, whenever Aimco repurchases its Common Stock, it is expected that Aimco will fund the repurchase with a concurrent repurchase by the Aimco Operating Partnership of common partnership units held by Aimco at a price per unit that is equal to the price per share paid for the Common Stock. Refer to the preceding discussion of Aimco’s authorization for equity repurchases.
|
|
For The Years Ended December 31,
|
||||||||||||||||||
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
|
(dollar amounts in thousands, except per share data)
|
||||||||||||||||||
OPERATING DATA:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total revenues (1)
|
$
|
995,854
|
|
|
$
|
981,310
|
|
|
$
|
984,363
|
|
|
$
|
974,053
|
|
|
$
|
958,511
|
|
Net income (1)
|
483,273
|
|
|
271,983
|
|
|
356,111
|
|
|
237,825
|
|
|
195,361
|
|
|||||
Net income attributable to Aimco/the Aimco Operating Partnership per common share/unit – diluted
|
$
|
2.67
|
|
|
$
|
1.52
|
|
|
$
|
2.06
|
|
|
$
|
1.40
|
|
|
$
|
0.61
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
BALANCE SHEET INFORMATION:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets (2)
|
$
|
6,232,818
|
|
|
$
|
6,118,681
|
|
|
$
|
6,068,631
|
|
|
$
|
6,046,579
|
|
|
$
|
6,363,366
|
|
Total indebtedness (2)
|
3,884,632
|
|
|
3,849,141
|
|
|
4,108,025
|
|
|
4,355,849
|
|
|
4,378,966
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
OTHER INFORMATION:
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividends/distributions declared per common share/unit
|
$
|
1.32
|
|
|
$
|
1.18
|
|
|
$
|
1.04
|
|
|
$
|
0.96
|
|
|
$
|
0.76
|
|
(1)
|
Effective January 1, 2014, we adopted a new accounting standard, which revised the definition of a discontinued operation. In the selected financial data presentation above, total revenues for the years ended December 31, 2013 and 2012 excludes revenue generated by discontinued operations of $62.2 million and $140.6 million, respectively. Net income for the years ended December 31, 2013 and 2012 includes income from discontinued operations, net of tax, of
$203.2 million
and
$214.1 million
, respectively.
|
(2)
|
Effective January 1, 2016, we adopted new accounting standards, which revised the presentation of debt issue costs. In the selected financial data presented above, the total assets and total indebtedness as of December 31, 2015, 2014, 2013 and 2012, have been recast to reflect the reclassification of unamortized debt issue costs related to property debt from total assets to total indebtedness.
|
|
Trailing Twelve Months Ended December 31,
|
||
|
2016
|
|
2015
|
Proportionate Debt to Adjusted EBITDA
|
6.3x
|
|
6.4x
|
Proportionate Debt and Preferred Equity to Adjusted EBITDA
|
6.7x
|
|
6.8x
|
Adjusted EBITDA to Adjusted Interest Expense
|
3.2x
|
|
3.1x
|
Adjusted EBITDA to Adjusted Interest Expense and Preferred Dividends
|
2.9x
|
|
2.8x
|
•
|
101
Conventional Same Store apartment communities with
30,893
apartment homes; and
|
•
|
29
Conventional Non-Same Store apartment communities with
6,887
apartment homes.
|
•
|
five conventional redevelopment apartment communities with 1,544 apartment homes that were reclassified into Conventional Non-Same Store;
|
•
|
one apartment community with 246 apartment homes reclassified into Conventional Non-Same Store as a result of a casualty event; and
|
•
|
five apartment communities with 1,727 apartment homes sold during the period.
|
|
Year Ended December 31,
|
|||||||||||||
(in thousands)
|
2016
|
|
2015
|
|
$ Change
|
|
% Change
|
|||||||
Rental and other property revenues:
|
|
|
|
|
|
|
|
|||||||
Conventional Same Store
|
$
|
635,472
|
|
|
$
|
606,952
|
|
|
$
|
28,520
|
|
|
4.7
|
%
|
Conventional Non-Same Store
|
168,863
|
|
|
145,189
|
|
|
23,674
|
|
|
16.3
|
%
|
|||
Total
|
804,335
|
|
|
752,141
|
|
|
52,194
|
|
|
6.9
|
%
|
|||
Property operating expenses:
|
|
|
|
|
|
|
|
|||||||
Conventional Same Store
|
192,280
|
|
|
189,658
|
|
|
2,622
|
|
|
1.4
|
%
|
|||
Conventional Non-Same Store
|
65,659
|
|
|
56,899
|
|
|
8,760
|
|
|
15.4
|
%
|
|||
Total
|
257,939
|
|
|
246,557
|
|
|
11,382
|
|
|
4.6
|
%
|
|||
Property net operating income:
|
|
|
|
|
|
|
|
|||||||
Conventional Same Store
|
443,192
|
|
|
417,294
|
|
|
25,898
|
|
|
6.2
|
%
|
|||
Conventional Non-Same Store
|
103,204
|
|
|
88,290
|
|
|
14,914
|
|
|
16.9
|
%
|
|||
Total
|
$
|
546,396
|
|
|
$
|
505,584
|
|
|
$
|
40,812
|
|
|
8.1
|
%
|
•
|
$7.8 million increase due to the NOI stabilization of three redeveloped communities (Lincoln Place, Ocean House on Prospect and Preserve at Marin);
|
•
|
$2.6 million due to completing lease-up of Vivo and nearing completion of the lease-up of Indigo and One Canal;
|
•
|
$3.4 million
due to apartment communities we acquired during 2015; and
|
•
|
$1.1 million due to other net increases in proportionate property NOI including the continued lease-up of redeveloped homes at Park Towne Place and The Sterling, offset by decreases due to apartment homes taken out of service for our current redevelopments.
|
•
|
102 Conventional Same Store apartment communities with 31,422 apartment homes; and
|
•
|
27 Conventional Non-Same Store apartment communities with 5,855 apartment homes.
|
|
Year Ended December 31,
|
|||||||||||||
(in thousands)
|
2015
|
|
2014
|
|
$ Change
|
|
% Change
|
|||||||
Rental and other property revenues:
|
|
|
|
|
|
|
|
|||||||
Conventional Same Store
|
$
|
622,031
|
|
|
$
|
594,501
|
|
|
$
|
27,530
|
|
|
4.6
|
%
|
Conventional Non-Same Store
|
130,110
|
|
|
89,290
|
|
|
40,820
|
|
|
45.7
|
%
|
|||
Total
|
752,141
|
|
|
683,791
|
|
|
68,350
|
|
|
10.0
|
%
|
|||
Property operating expenses:
|
|
|
|
|
|
|
|
|||||||
Conventional Same Store
|
194,283
|
|
|
190,517
|
|
|
3,766
|
|
|
2.0
|
%
|
|||
Conventional Non-Same Store
|
52,274
|
|
|
37,868
|
|
|
14,406
|
|
|
38.0
|
%
|
|||
Total
|
246,557
|
|
|
228,385
|
|
|
18,172
|
|
|
8.0
|
%
|
|||
Property net operating income:
|
|
|
|
|
|
|
|
|||||||
Conventional Same Store
|
427,748
|
|
|
403,984
|
|
|
23,764
|
|
|
5.9
|
%
|
|||
Conventional Non-Same Store
|
77,836
|
|
|
51,422
|
|
|
26,414
|
|
|
51.4
|
%
|
|||
Total
|
$
|
505,584
|
|
|
$
|
455,406
|
|
|
$
|
50,178
|
|
|
11.0
|
%
|
|
2016
|
|
2015
|
|
2014
|
|||
NOI capitalization rate
|
5.6
|
%
|
|
6.1
|
%
|
|
6.8
|
%
|
Free Cash Flow capitalization rate
|
4.9
|
%
|
|
4.9
|
%
|
|
5.3
|
%
|
|
2016
|
|
2015
|
|
2014
|
||||||
Net income attributable to Aimco common stockholders (1)
|
$
|
417,781
|
|
|
$
|
235,966
|
|
|
$
|
300,220
|
|
Adjustments:
|
|
|
|
|
|
||||||
Real estate depreciation and amortization, net of noncontrolling partners’ interest
|
314,840
|
|
|
288,611
|
|
|
265,548
|
|
|||
Gain on dispositions and other, net of noncontrolling partners’ interest
|
(381,131
|
)
|
|
(174,797
|
)
|
|
(299,219
|
)
|
|||
Income tax provision related to gain on disposition of real estate
|
6,374
|
|
|
1,758
|
|
|
36,058
|
|
|||
Common noncontrolling interests in Aimco Operating Partnership’s share of above adjustments (2)
|
2,782
|
|
|
(5,548
|
)
|
|
(777
|
)
|
|||
Amounts allocable to participating securities
|
88
|
|
|
(473
|
)
|
|
(5
|
)
|
|||
FFO attributable to Aimco common stockholders – diluted
|
$
|
360,734
|
|
|
$
|
345,517
|
|
|
$
|
301,825
|
|
Preferred equity redemption related amounts
|
1,877
|
|
|
658
|
|
|
—
|
|
|||
Pro forma FFO attributable to Aimco common stockholders – diluted
|
$
|
362,611
|
|
|
$
|
346,175
|
|
|
$
|
301,825
|
|
Capital Replacements, net of common noncontrolling interests in Aimco Operating Partnership and participating securities
|
(55,289
|
)
|
|
(53,925
|
)
|
|
(56,051
|
)
|
|||
AFFO attributable to Aimco common stockholders – diluted
|
$
|
307,322
|
|
|
$
|
292,250
|
|
|
$
|
245,774
|
|
|
|
|
|
|
|
||||||
Weighted average common shares outstanding – diluted (FFO, Pro forma FFO and
AFFO) (3)
|
156,391
|
|
|
155,570
|
|
|
146,002
|
|
|||
|
|
|
|
|
|
||||||
Net income attributable to Aimco per common share – diluted
|
$
|
2.67
|
|
|
$
|
1.52
|
|
|
$
|
2.06
|
|
FFO per share – diluted
|
$
|
2.31
|
|
|
$
|
2.22
|
|
|
$
|
2.07
|
|
Pro Forma FFO per share – diluted
|
$
|
2.32
|
|
|
$
|
2.23
|
|
|
$
|
2.07
|
|
AFFO per share – diluted
|
$
|
1.97
|
|
|
$
|
1.88
|
|
|
$
|
1.68
|
|
(1)
|
Represents the numerator for calculating Aimco’s earnings per common share in accordance with GAAP (see
Note 10
to the consolidated financial statements in Item 8).
|
(2)
|
During the years ended
December 31, 2016
,
2015
and
2014
, the Aimco Operating Partnership had outstanding, on average, 7,760,597, 7,656,626 and 7,723,822 common OP Units and equivalents.
|
(3)
|
Represents the denominator for Aimco’s earnings per common share – diluted, calculated in accordance with GAAP, plus common share equivalents that are dilutive for FFO, Pro forma FFO and AFFO.
|
|
September 30, 2016
|
|||||||||
Total equity
|
|
|
$
|
1,828
|
|
|||||
Fair value adjustment for real estate
|
|
|
|
|||||||
|
Less: real estate, at depreciated cost
|
$
|
(5,756
|
)
|
|
|
||||
|
Plus: fair value of real estate (1)
|
12,341
|
|
|
|
|||||
|
|
Adjustment to present real estate at fair value
|
|
|
6,585
|
|
||||
Fair value adjustment for total indebtedness
|
|
|
|
|||||||
|
Plus: total indebtedness, net
|
4,056
|
|
|
|
|||||
|
Less: fair value of indebtedness (2)
|
(3,851
|
)
|
|
|
|||||
|
|
Adjustment to present indebtedness at fair value
|
|
|
205
|
|
||||
Adjustments to present other tangible assets, liabilities and preferred equity at fair value (3)
|
|
|
(19
|
)
|
||||||
Estimated NAV
|
|
|
$
|
8,599
|
|
|||||
|
Total shares, units and dilutive share equivalents (4)
|
|
|
165
|
|
|||||
Estimated NAV per weighted average common share and unit - diluted
|
|
|
$
|
52
|
|
(1)
|
We compute NAV by estimating the value of our conventional communities and our affordable apartment communities that are not held through low-income housing tax credit partnerships using a variety of methods we believe are appropriate based on the characteristics of the communities, including applying market-based capitalization rates published by a third party to annualized apartment community NOI for the most recent quarter; discounted projected future cash flows; and contract price for apartment communities scheduled for sale.
|
(2)
|
We calculate the fair value of our debt based on the money-weighted average interest rate on our debt, which rate takes into account the timing of amortization and maturities, and a market rate that takes into account the duration of the property debt as well as loan-to-value and coverage ratios.
|
(3)
|
Other tangible assets and liabilities were generally valued at their carrying amounts and reduced by the noncontrolling interests’ portion of these amounts and exclude intangible assets and liabilities reflected on our consolidated balance sheet. Our affordable communities held in low-income housing tax credit partnerships are consolidated for GAAP purposes where we expect to receive substantially all of the operating cash as well as a significant portion of the residual cash in payment of various fees and loans under the governing agreements. Our interests in these affordable communities is valued at the discounted future cash flows we expect to receive pursuant to the governing agreements, and such value is included in the value of other tangible assets for our NAV computation. The fair value of our preferred equity includes a mark-to-market adjustment for listed securities based on their closing share price on the valuation date.
|
(4)
|
Total shares, units and dilutive share equivalents represents Common Stock, OP Units, participating unvested restricted shares and the dilutive effect of common stock equivalents outstanding as of
September 30, 2016
.
|
•
|
interest expense, preferred dividends and interest income we earn on our investment in the subordinate tranches of a securitization trust that holds certain of our property debt, to allow investors to compare a measure of our performance before the effects of our capital structure with that of other companies in the real estate industry;
|
•
|
income taxes, to allow investors to measure our performance independent of income taxes, which may vary significantly from other companies within our industry due to leverage and tax planning strategies, among other considerations;
|
•
|
depreciation and amortization, gains or losses on dispositions and impairment losses related to real estate, for reasons similar to those set forth in our discussion of FFO, Pro forma FFO and AFFO in the preceding section; and
|
•
|
other items, including gains on dispositions of non-depreciable assets, as these are items that periodically affect our operations but that are not necessarily representative of our ongoing ability to service our debt obligations.
|
•
|
debt prepayment penalties, which are items that, from time to time, affect our operating results, but are not representative of our scheduled interest obligations;
|
•
|
the amortization of debt issue costs, as these amounts have been expended in previous periods and are not representative of our current or prospective debt service requirements; and
|
•
|
the income we receive on our investment in the securitization trust that holds certain of our property debt, as this income is being generated indirectly from interest we pay with respect to property debt held by the trust.
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
Total indebtedness
|
$
|
3,884,632
|
|
|
$
|
3,849,141
|
|
Adjustments:
|
|
|
|
||||
Debt issue costs related to non-recourse property debt
|
22,945
|
|
|
24,019
|
|
||
Proportionate share adjustments related to debt obligations of consolidated and unconsolidated partnerships
|
(136,794
|
)
|
|
(139,295
|
)
|
||
Cash and restricted cash
|
(131,150
|
)
|
|
(137,745
|
)
|
||
Proportionate share adjustments related to cash and restricted cash held by consolidated and unconsolidated partnerships
|
2,320
|
|
|
2,893
|
|
||
Securitization trust investment and other
|
(74,294
|
)
|
|
(65,449
|
)
|
||
Proportionate Debt
|
$
|
3,567,659
|
|
|
$
|
3,533,564
|
|
|
|
|
|
||||
Preferred stock
|
$
|
125,000
|
|
|
$
|
159,126
|
|
Preferred OP Units
|
103,201
|
|
|
87,926
|
|
||
Preferred Equity
|
228,201
|
|
|
247,052
|
|
||
Proportionate Debt plus Preferred Equity
|
$
|
3,795,860
|
|
|
$
|
3,780,616
|
|
|
Year Ended December 31,
|
||||||
|
2016
|
|
2015
|
||||
Net income attributable to Aimco Common Stockholders
|
$
|
417,781
|
|
|
$
|
235,966
|
|
Adjustments:
|
|
|
|
||||
Interest expense, net of noncontrolling interest
|
191,548
|
|
|
194,423
|
|
||
Income tax benefit
|
(26,159
|
)
|
|
(29,549
|
)
|
||
Depreciation and amortization, net of noncontrolling interest
|
325,865
|
|
|
298,880
|
|
||
Gains on disposition and other, net of income taxes and noncontrolling partners’ interests
|
(374,757
|
)
|
|
(173,039
|
)
|
||
Preferred stock dividends
|
11,994
|
|
|
11,794
|
|
||
Interest income earned on securitization trust investment
|
(6,825
|
)
|
|
(6,092
|
)
|
||
Net income attributable to noncontrolling interests in Aimco Operating Partnership
|
28,242
|
|
|
19,447
|
|
||
Other items, net
|
(1,723
|
)
|
|
2,246
|
|
||
Adjusted EBITDA
|
$
|
565,966
|
|
|
$
|
554,076
|
|
|
Year Ended December 31,
|
||||||
|
2016
|
|
2015
|
||||
Interest expense
|
$
|
196,389
|
|
|
$
|
199,685
|
|
Adjustments:
|
|
|
|
||||
Proportionate share adjustments related to interest of consolidated and unconsolidated partnerships
|
(4,841
|
)
|
|
(5,262
|
)
|
||
Debt prepayment penalties and other non-interest items
|
(3,295
|
)
|
|
(6,068
|
)
|
||
Amortization of debt issue costs
|
(4,685
|
)
|
|
(4,227
|
)
|
||
Interest income earned on securitization trust investment
|
(6,825
|
)
|
|
(6,092
|
)
|
||
Adjusted Interest Expense
|
$
|
176,743
|
|
|
$
|
178,036
|
|
|
|
|
|
||||
Preferred stock dividends
|
$
|
11,994
|
|
|
$
|
11,794
|
|
Preferred stock redemption related amounts
|
(1,980
|
)
|
|
(695
|
)
|
||
Preferred OP Unit distributions
|
7,239
|
|
|
6,943
|
|
||
Preferred Dividends
|
17,253
|
|
|
18,042
|
|
||
Adjusted Interest Expense and Preferred Dividends
|
$
|
193,996
|
|
|
$
|
196,078
|
|
•
|
capital replacements, which represent capital additions made to replace the portion of acquired apartment communities consumed during our period of ownership;
|
•
|
capital improvements, which are non-redevelopment capital additions that are made to enhance the value, profitability or useful life of an apartment community from its original purchase condition;
|
•
|
property upgrades, which may include kitchen and bath remodeling, energy conservation projects and investments in longer-lived materials designed to reduce turnover and maintenance costs, all of which are generally lesser in scope than redevelopment additions and do not significantly disrupt property operations;
|
•
|
redevelopment additions, which represent capital additions intended to enhance the value of the apartment community through the ability to generate higher average rental rates, and may include costs related to entitlement, which enhance
|
•
|
development additions, which represent construction and related capitalized costs associated with ground-up development of apartment communities; and
|
•
|
casualty replacements spending, which represent construction and related capitalized costs incurred in connection with the restoration of an apartment community after a casualty event such as a severe snow storm, hurricane, tornado or flood.
|
|
2016
|
|
2015
|
|
2014
|
||||||
Capital replacements
|
$
|
46,821
|
|
|
$
|
45,786
|
|
|
$
|
48,523
|
|
Capital improvements
|
17,019
|
|
|
20,894
|
|
|
25,028
|
|
|||
Property upgrades
|
76,094
|
|
|
48,070
|
|
|
46,867
|
|
|||
Redevelopment additions
|
155,398
|
|
|
117,794
|
|
|
181,952
|
|
|||
Development additions
|
31,823
|
|
|
115,638
|
|
|
46,928
|
|
|||
Casualty replacements
|
8,473
|
|
|
5,803
|
|
|
5,799
|
|
|||
Total capital additions
|
335,628
|
|
|
353,985
|
|
|
355,097
|
|
|||
Plus: additions related to apartment communities sold or held for sale
|
2,886
|
|
|
8,963
|
|
|
12,357
|
|
|||
Consolidated capital additions
|
338,514
|
|
|
362,948
|
|
|
367,454
|
|
|||
Plus: net change in accrued capital spending
|
8,131
|
|
|
4,232
|
|
|
(130
|
)
|
|||
Capital expenditures per consolidated statement of cash flows
|
$
|
346,645
|
|
|
$
|
367,180
|
|
|
$
|
367,324
|
|
•
|
Bay Parc Plaza, a
471
apartment home community located in Miami, Florida. This phase of redevelopment includes improvements to lobby areas, redesign of the retail space, updates to the landscaping and expansion of the pool deck;
|
•
|
The Palazzo at Park La Brea, a
521
apartment home community located in the Mid-Wilshire district of Los Angeles, California. This phase of redevelopment includes the renovation of 389 apartment homes on the first three floors, or 75% of the homes in the community. The redevelopment also includes enhancements to the corridors on these floors. As of
December 31, 2016
, 123 of the 389 apartment homes approved for redevelopment were completed at a cost consistent with underwriting and 79% of the completed homes were leased at rates ahead of underwriting;
|
•
|
Saybrook Pointe, a
324
apartment home community located in San Jose, California. Redevelopment of this community includes redesigned kitchens and open living space within the apartment homes; and
|
•
|
Yorktown, a
364
apartment home community located in Lombard, Illinois. Redevelopment of Yorktown will include upgrading apartment homes, expansion of the fitness center and renovation of common areas.
|
(1)
|
$10.0 million
represented distributions to Aimco, and
$7.2 million
represented distributions paid to holders of OP Units.
|
(2)
|
$206.3 million
represented distributions to Aimco, and
$10.2 million
represented distributions paid to holders of OP Units.
|
|
Total
|
Less than One Year
|
1-3 Years
|
3-5 Years
|
More than Five Years
|
||||||||||
Non-recourse property debt (1)
|
$
|
3,889,647
|
|
$
|
346,519
|
|
$
|
856,830
|
|
$
|
1,189,941
|
|
$
|
1,496,357
|
|
Revolving credit facility borrowings (2)
|
17,930
|
|
—
|
|
—
|
|
—
|
|
17,930
|
|
|||||
Interest related to long-term debt (3)
|
1,052,441
|
|
185,303
|
|
300,991
|
|
185,360
|
|
380,787
|
|
|||||
Office space lease obligations
|
4,234
|
|
2,559
|
|
1,522
|
|
153
|
|
—
|
|
|||||
Ground lease obligations (4)
|
88,057
|
|
1,093
|
|
2,486
|
|
3,094
|
|
81,384
|
|
|||||
Construction obligations (5)
|
89,488
|
|
83,498
|
|
5,990
|
|
—
|
|
—
|
|
|||||
Total
|
$
|
5,141,797
|
|
$
|
618,972
|
|
$
|
1,167,819
|
|
$
|
1,378,548
|
|
$
|
1,976,458
|
|
|
|
|
|
|
|
(1)
|
Includes scheduled principal amortization and maturity payments related to our non-recourse property debt. Excludes long-term debt collateralized by assets classified as held for sale as of
December 31, 2016
.
|
(2)
|
Includes outstanding borrowings on our revolving credit facility assuming repayment at the contractual maturity date. Our revolving credit facility is subject to an annual commitment fee (
0.25%
of aggregate commitments), which is not included in the amounts above.
|
(3)
|
Includes interest related to both fixed-rate and variable-rate non-recourse property debt and our variable rate revolving credit facility borrowings. Interest related to variable-rate debt is estimated based on the rate effective at
December 31, 2016
. Refer to
Note 4
to the consolidated financial statements in Item 8 for a description of average interest rates associated with our debt.
|
(4)
|
These ground leases expire in years ranging from 2056 to 2087.
|
(5)
|
Represents estimated obligations pursuant to construction contracts related to our redevelopment, development and other capital spending. Refer to
Note 5
to the consolidated financial statements in Item 8 for additional information regarding these obligations.
|
•
|
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of assets;
|
•
|
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of our management and directors; and
|
•
|
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on the financial statements.
|
•
|
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of assets;
|
•
|
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of our management and directors; and
|
•
|
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on the financial statements.
|
(a)(1)
|
The financial statements listed in the Index to Financial Statements on Page F-1 of this report are filed as part of this report and incorporated herein by reference.
|
(a)(2)
|
The financial statement schedule listed in the Index to Financial Statements on Page F-1 of this report is filed as part of this report and incorporated herein by reference.
|
(a)(3)
|
The Exhibit Index is incorporated herein by reference.
|
EXHIBIT NO.
|
DESCRIPTION
|
3.1
|
Charter (Exhibit 3.1 to Aimco’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2016, is incorporated herein by this reference)
|
3.2
|
Amended and Restated Bylaws (Exhibit 3.1 to Aimco’s Current Report on Form 8-K dated January 26, 2016, is incorporated herein by this reference)
|
10.1
|
Fourth Amended and Restated Agreement of Limited Partnership of the Aimco Operating Partnership, dated as of July 29, 1994, as amended and restated as of February 28, 2007 (Exhibit 10.1 to Aimco’s Annual Report on Form 10-K for the year ended December 31, 2006, is incorporated herein by this reference)
|
10.2
|
First Amendment to Fourth Amended and Restated Agreement of Limited Partnership of the Aimco Operating Partnership, dated as of December 31, 2007 (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated December 31, 2007, is incorporated herein by this reference)
|
10.3
|
Second Amendment to the Fourth Amended and Restated Agreement of Limited Partnership of the Aimco Operating Partnership, dated as of July 30, 2009 (Exhibit 10.1 to Aimco’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2009, is incorporated herein by this reference)
|
10.4
|
Third Amendment to the Fourth Amended and Restated Agreement of Limited Partnership of the Aimco Operating Partnership, dated as of September 2, 2010 (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated September 3, 2010, is incorporated herein by this reference)
|
10.5
|
Fourth Amendment to the Fourth Amended and Restated Agreement of Limited Partnership of the Aimco Operating Partnership, dated as of July 26, 2011 (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated July 26, 2011, is incorporated herein by this reference)
|
10.6
|
Fifth Amendment to the Fourth Amended and Restated Agreement of Limited Partnership of the Aimco Operating Partnership, dated as of August 24, 2011 (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated August 24, 2011, is incorporated herein by this reference)
|
10.7
|
Sixth Amendment to the Fourth Amended and Restated Agreement of Limited Partnership of the Aimco Operating Partnership, dated as of December 31, 2011 (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated December 31, 2011, is incorporated herein by this reference)
|
10.8
|
Seventh Amendment to the Fourth Amended and Restated Agreement of Limited Partnership of the Aimco Operating Partnership, dated as of May 13, 2014 (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated May 15, 2014, is incorporated herein by this reference)
|
10.9
|
Eighth Amendment to the Fourth Amended and Restated Agreement of Limited Partnership of the Aimco Operating Partnership, dated as of October 31, 2014 (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated November 4, 2014, is incorporated herein by this reference)
|
10.10
|
Ninth Amendment to the Fourth Amended and Restated Agreement of Limited Partnership of the Aimco Operating Partnership, dated as of August 16, 2016 (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated August 16, 2016, is incorporated herein by this reference)
|
10.11
|
Tenth Amendment to the Fourth Amended and Restated Agreement of Limited Partnership of AIMCO Properties, L.P., dated as of January 31, 2017 (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated January 31, 2017, is incorporated herein by this reference)
|
10.12
|
Amended and Restated Senior Secured Credit Agreement, dated as of December 22, 2016, among Aimco, the Aimco Operating Partnership, AIMCO/Bethesda Holdings, Inc., the lenders from time to time party thereto, KeyBank National Association, as administrative agent, swing line lender and a letter of credit issuer, Wells Fargo Bank, N.A.and PNC Bank National Association, as syndication agents and Citibank, N.A., Bank of America, N.A. and Regions Bank, as co-documentation agents (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated December 22, 2016, is incorporated herein by this reference)
|
10.13
|
Master Indemnification Agreement, dated December 3, 2001, by and among Aimco, the Aimco Operating Partnership., XYZ Holdings LLC, and the other parties signatory thereto (Exhibit 10.2 to Aimco’s Current Report on Form 8-K, dated December 6, 2001, is incorporated herein by this reference)
|
10.14
|
Tax Indemnification and Contest Agreement, dated December 3, 2001, by and among Aimco, National Partnership Investments, Corp., and XYZ Holdings LLC and the other parties signatory thereto (Exhibit 10.3 to Aimco’s Current Report on Form 8-K, dated December 6, 2001, is incorporated herein by this reference)
|
10.15
|
Employment Contract executed on December 29, 2008, by and between the Aimco Operating Partnership and Terry Considine (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated December 29, 2008, is incorporated herein by this reference)*
|
10.16
|
2007 Stock Award and Incentive Plan (Appendix A to Aimco’s Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on March 20, 2007 is incorporated herein by this reference)*
|
10.17
|
Form of Restricted Stock Agreement (2007 Stock Award and Incentive Plan) (Exhibit 10.2 to Aimco’s Current Report on Form 8-K, dated April 30, 2007, is incorporated herein by this reference)*
|
10.18
|
Form of Non-Qualified Stock Option Agreement (2007 Stock Award and Incentive Plan) (Exhibit 10.3 to Aimco’s Current Report on Form 8-K, dated April 30, 2007, is incorporated herein by this reference)*
|
10.19
|
2007 Employee Stock Purchase Plan (Appendix B to Aimco’s Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on March 20, 2007, is incorporated herein by this reference)*
|
10.20
|
Apartment Investment and Management Company 2015 Stock Award and Incentive Plan (as amended and restated January 31, 2017) (Exhibit 10.2 to Aimco’s Current Report on Form 8-K, dated January 31, 2017, is incorporated herein by this reference)*
|
10.21
|
Form of Performance Restricted Stock Agreement (2015 Stock Award and Incentive Plan) (Exhibit 10.24 to Aimco’s Annual Report on Form 10-K for the year ended December 31, 2015, is incorporated herein by this reference)*
|
10.22
|
Form of Restricted Stock Agreement (2015 Stock Award and Incentive Plan) (Exhibit 10.25 to Aimco’s Annual Report on Form 10-K for the year ended December 31, 2015, is incorporated herein by this reference)*
|
10.23
|
Form of Non-Qualified Stock Option Agreement (2015 Stock Award and Incentive Plan) (Exhibit 10.26 to Aimco’s Annual Report on Form 10-K for the year ended December 31, 2015, is incorporated herein by this reference)*
|
10.24
|
Form of LTIP Unit Agreement (2015 Stock Award and Incentive Plan) (Exhibit 10.3 to Aimco’s Current Report on Form 8-K, dated January 31, 2017, is incorporated herein by this reference)*
|
10.25
|
Form of Performance Vesting LTIP Unit Agreement (2015 Stock Award and Incentive Plan) (Exhibit 10.4 to Aimco’s Current Report on Form 8-K, dated January 31, 2017, is incorporated herein by this reference)*
|
10.26
|
Form of Non-Qualified Stock Option Agreement (2015 Stock Award and Incentive Plan)*
|
21.1
|
List of Subsidiaries
|
23.1
|
Consent of Independent Registered Public Accounting Firm - Aimco
|
23.2
|
Consent of Independent Registered Public Accounting Firm - Aimco Operating Partnership
|
31.1
|
Certification of Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Aimco
|
31.2
|
Certification of Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Aimco
|
31.3
|
Certification of Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Aimco Operating Partnership
|
31.4
|
Certification of Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Aimco Operating Partnership
|
32.1
|
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 - Aimco
|
32.2
|
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 - Aimco
|
32.3
|
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 - Aimco Operating Partnership
|
32.4
|
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 - Aimco Operating Partnership
|
99.1
|
Agreement regarding disclosure of long-term debt instruments - Aimco
|
99.2
|
Agreement regarding disclosure of long-term debt instruments - Aimco Operating Partnership
|
101
|
XBRL (Extensible Business Reporting Language). The following materials from Aimco’s and the Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2016, formatted in XBRL: (i) consolidated balance sheets; (ii) consolidated statements of operations; (iii) consolidated statements of comprehensive income; (iv) consolidated statements of equity and consolidated statements of partners’ capital; (v) consolidated statements of cash flows; (vi) notes to the consolidated financial statements; and (vii) financial statement schedule (3).
|
(1)
|
Schedule and supplemental materials to the exhibits have been omitted but will be provided to the Securities and Exchange Commission upon request.
|
(2)
|
The Commission file numbers for exhibits is 001-13232 (Aimco) and 0-24497 (the Aimco Operating Partnership), and all such exhibits remain available pursuant to the Records Control Schedule of the Securities and Exchange Commission.
|
(3)
|
As provided in Rule 406T of Regulation S-T, this information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934.
|
*
|
Management contract or compensatory plan or arrangement
|
APARTMENT INVESTMENT AND
MANAGEMENT COMPANY
|
|
|
|
By:
|
/s/ TERRY CONSIDINE
|
|
Terry Considine
|
|
Chairman of the Board and
Chief Executive Officer |
Date:
|
February 24, 2017
|
AIMCO PROPERTIES, L.P.
|
|
|
|
By:
|
AIMCO-GP, Inc., its General Partner
|
|
|
By:
|
/s/ TERRY CONSIDINE
|
|
Terry Considine
|
|
Chairman of the Board and
Chief Executive Officer |
Date:
|
February 24, 2017
|
Signature
|
|
Title
|
Date
|
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
|
|
||
|
|
|
|
AIMCO PROPERTIES, L.P.
|
|
||
By: AIMCO-GP, Inc., its General Partner
|
|
|
|
|
|
|
|
/s/ TERRY CONSIDINE
|
|
Chairman of the Board and
|
February 24, 2017
|
Terry Considine
|
|
Chief Executive Officer
(principal executive officer)
|
|
|
|
|
|
/s/ PAUL BELDIN
|
|
Executive Vice President and
|
February 24, 2017
|
Paul Beldin
|
|
Chief Financial Officer
(principal financial officer)
|
|
|
|
|
|
/s/ ANDREW HIGDON
|
|
Senior Vice President and
|
February 24, 2017
|
Andrew Higdon
|
|
Chief Accounting Officer
(principal accounting officer)
|
|
|
|
|
|
/s/ THOMAS L. KELTNER
|
|
Director
|
February 24, 2017
|
Thomas L. Keltner
|
|
|
|
|
|
|
|
/s/ J. LANDIS MARTIN
|
|
Director
|
February 24, 2017
|
J. Landis Martin
|
|
|
|
|
|
|
|
/s/ ROBERT A. MILLER
|
|
Director
|
February 24, 2017
|
Robert A. Miller
|
|
|
|
|
|
|
|
/s/ KATHLEEN M. NELSON
|
|
Director
|
February 24, 2017
|
Kathleen M. Nelson
|
|
|
|
|
|
|
|
/s/ MICHAEL A. STEIN
|
|
Director
|
February 24, 2017
|
Michael A. Stein
|
|
|
|
|
|
|
|
/s/ NINA A. TRAN
|
|
Director
|
February 24, 2017
|
Nina A. Tran
|
|
|
|
|
Page
|
Financial Statements:
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statement Schedule:
|
|
|
|
All other schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto.
|
|
|
2016
|
|
2015
|
||||
ASSETS
|
|
|
|
||||
Buildings and improvements
|
$
|
6,627,374
|
|
|
$
|
6,446,326
|
|
Land
|
1,858,792
|
|
|
1,861,157
|
|
||
Total real estate
|
8,486,166
|
|
|
8,307,483
|
|
||
Accumulated depreciation
|
(2,730,758
|
)
|
|
(2,778,022
|
)
|
||
Net real estate
|
5,755,408
|
|
|
5,529,461
|
|
||
Cash and cash equivalents
|
61,244
|
|
|
50,789
|
|
||
Restricted cash
|
69,906
|
|
|
86,956
|
|
||
Other assets
|
344,915
|
|
|
448,405
|
|
||
Assets held for sale
|
1,345
|
|
|
3,070
|
|
||
Total assets
|
$
|
6,232,818
|
|
|
$
|
6,118,681
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Non-recourse property debt, net
|
$
|
3,866,702
|
|
|
$
|
3,822,141
|
|
Revolving credit facility borrowings
|
17,930
|
|
|
27,000
|
|
||
Total indebtedness
|
3,884,632
|
|
|
3,849,141
|
|
||
Accounts payable
|
36,677
|
|
|
36,123
|
|
||
Accrued liabilities and other
|
212,318
|
|
|
317,481
|
|
||
Deferred income
|
49,366
|
|
|
64,052
|
|
||
Liabilities related to assets held for sale
|
1,658
|
|
|
53
|
|
||
Total liabilities
|
4,184,651
|
|
|
4,266,850
|
|
||
Preferred noncontrolling interests in Aimco Operating Partnership (Note 7)
|
103,201
|
|
|
87,926
|
|
||
Commitments and contingencies (Note 5)
|
|
|
|
||||
Equity:
|
|
|
|
||||
Perpetual Preferred Stock (Note 6)
|
125,000
|
|
|
159,126
|
|
||
Common Stock, $0.01 par value, 500,787,260 shares authorized, 156,888,381 and 156,326,416 shares issued/outstanding at December 31, 2016 and 2015, respectively
|
1,569
|
|
|
1,563
|
|
||
Additional paid-in capital
|
4,051,722
|
|
|
4,064,659
|
|
||
Accumulated other comprehensive income (loss)
|
1,011
|
|
|
(6,040
|
)
|
||
Distributions in excess of earnings
|
(2,385,399
|
)
|
|
(2,596,917
|
)
|
||
Total Aimco equity
|
1,793,903
|
|
|
1,622,391
|
|
||
Noncontrolling interests in consolidated real estate partnerships
|
151,121
|
|
|
151,365
|
|
||
Common noncontrolling interests in Aimco Operating Partnership
|
(58
|
)
|
|
(9,851
|
)
|
||
Total equity
|
1,944,966
|
|
|
1,763,905
|
|
||
Total liabilities and equity
|
$
|
6,232,818
|
|
|
$
|
6,118,681
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
REVENUES:
|
|
|
|
|
|
||||||
Rental and other property revenues
|
$
|
974,531
|
|
|
$
|
956,954
|
|
|
$
|
952,831
|
|
Tax credit and asset management revenues
|
21,323
|
|
|
24,356
|
|
|
31,532
|
|
|||
Total revenues
|
995,854
|
|
|
981,310
|
|
|
984,363
|
|
|||
OPERATING EXPENSES:
|
|
|
|
|
|
||||||
Property operating expenses
|
352,427
|
|
|
359,393
|
|
|
373,654
|
|
|||
Investment management expenses
|
4,333
|
|
|
5,855
|
|
|
7,310
|
|
|||
Depreciation and amortization
|
333,066
|
|
|
306,301
|
|
|
282,608
|
|
|||
General and administrative expenses
|
44,937
|
|
|
43,178
|
|
|
44,092
|
|
|||
Other expenses, net
|
14,295
|
|
|
10,368
|
|
|
14,349
|
|
|||
Total operating expenses
|
749,058
|
|
|
725,095
|
|
|
722,013
|
|
|||
Operating income
|
246,796
|
|
|
256,215
|
|
|
262,350
|
|
|||
Interest income
|
7,797
|
|
|
6,949
|
|
|
6,878
|
|
|||
Interest expense
|
(196,389
|
)
|
|
(199,685
|
)
|
|
(220,971
|
)
|
|||
Other, net
|
6,071
|
|
|
387
|
|
|
(829
|
)
|
|||
Income before income taxes and gain on dispositions
|
64,275
|
|
|
63,866
|
|
|
47,428
|
|
|||
Income tax benefit
|
25,208
|
|
|
27,524
|
|
|
20,047
|
|
|||
Income before gain on dispositions
|
89,483
|
|
|
91,390
|
|
|
67,475
|
|
|||
Gain on dispositions of real estate, net of tax
|
393,790
|
|
|
180,593
|
|
|
288,636
|
|
|||
Net income
|
483,273
|
|
|
271,983
|
|
|
356,111
|
|
|||
Noncontrolling interests:
|
|
|
|
|
|
||||||
Net income attributable to noncontrolling interests in consolidated real estate partnerships
|
(25,256
|
)
|
|
(4,776
|
)
|
|
(24,595
|
)
|
|||
Net income attributable to preferred noncontrolling interests in Aimco Operating Partnership
|
(7,239
|
)
|
|
(6,943
|
)
|
|
(6,497
|
)
|
|||
Net income attributable to common noncontrolling interests in Aimco Operating Partnership
|
(20,368
|
)
|
|
(11,554
|
)
|
|
(15,770
|
)
|
|||
Net income attributable to noncontrolling interests
|
(52,863
|
)
|
|
(23,273
|
)
|
|
(46,862
|
)
|
|||
Net income attributable to Aimco
|
430,410
|
|
|
248,710
|
|
|
309,249
|
|
|||
Net income attributable to Aimco preferred stockholders
|
(11,994
|
)
|
|
(11,794
|
)
|
|
(7,947
|
)
|
|||
Net income attributable to participating securities
|
(635
|
)
|
|
(950
|
)
|
|
(1,082
|
)
|
|||
Net income attributable to Aimco common stockholders
|
$
|
417,781
|
|
|
$
|
235,966
|
|
|
$
|
300,220
|
|
|
|
|
|
|
|
||||||
Net income attributable to Aimco per common share – basic (Note 10)
|
$
|
2.68
|
|
|
$
|
1.52
|
|
|
$
|
2.06
|
|
Net income attributable to Aimco per common share – diluted (Note 10)
|
$
|
2.67
|
|
|
$
|
1.52
|
|
|
$
|
2.06
|
|
|
|
|
|
|
|
||||||
Weighted average common shares outstanding – basic
|
156,001
|
|
|
155,177
|
|
|
145,639
|
|
|||
Weighted average common shares outstanding – diluted
|
156,391
|
|
|
155,570
|
|
|
146,002
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
|
|
|
|
|
||||||
Net income
|
$
|
483,273
|
|
|
$
|
271,983
|
|
|
$
|
356,111
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
||||||
Unrealized gains (losses) on interest rate swaps
|
221
|
|
|
(1,299
|
)
|
|
(2,306
|
)
|
|||
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive income (loss)
|
1,586
|
|
|
1,678
|
|
|
1,685
|
|
|||
Unrealized gains (losses) on debt securities classified as available-for-sale
|
5,855
|
|
|
214
|
|
|
(1,192
|
)
|
|||
Other comprehensive income (loss)
|
7,662
|
|
|
593
|
|
|
(1,813
|
)
|
|||
Comprehensive income
|
490,935
|
|
|
272,576
|
|
|
354,298
|
|
|||
Comprehensive income attributable to noncontrolling interests
|
(53,474
|
)
|
|
(23,450
|
)
|
|
(46,903
|
)
|
|||
Comprehensive income attributable to Aimco
|
$
|
437,461
|
|
|
$
|
249,126
|
|
|
$
|
307,395
|
|
|
Preferred Stock
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
Shares Issued
|
|
Amount
|
|
Shares Issued
|
|
Amount
|
|
Additional Paid-in Capital
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Distributions in Excess of Earnings
|
|
Total Aimco Equity
|
|
Noncontrolling Interests
|
|
Total Equity
|
||||||||||||||||||
Balances at December 31, 2013
|
1,274
|
|
|
$
|
68,114
|
|
|
145,917
|
|
|
$
|
1,459
|
|
|
$
|
3,701,339
|
|
|
$
|
(4,602
|
)
|
|
$
|
(2,798,853
|
)
|
|
$
|
967,457
|
|
|
$
|
205,287
|
|
|
$
|
1,172,744
|
|
Issuance of Preferred Stock
|
5,117
|
|
|
128,012
|
|
|
—
|
|
|
—
|
|
|
(4,460
|
)
|
|
—
|
|
|
—
|
|
|
123,552
|
|
|
—
|
|
|
123,552
|
|
||||||||
Repurchase of Preferred Stock
|
—
|
|
|
(10,000
|
)
|
|
—
|
|
|
—
|
|
|
257
|
|
|
—
|
|
|
227
|
|
|
(9,516
|
)
|
|
—
|
|
|
(9,516
|
)
|
||||||||
Redemption of Aimco Operating Partnership units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,756
|
)
|
|
(7,756
|
)
|
||||||||
Amortization of share-based compensation cost
|
—
|
|
|
—
|
|
|
33
|
|
|
—
|
|
|
6,139
|
|
|
—
|
|
|
—
|
|
|
6,139
|
|
|
—
|
|
|
6,139
|
|
||||||||
Contributions from noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,559
|
|
|
11,559
|
|
||||||||
Effect of changes in ownership for consolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,097
|
)
|
|
—
|
|
|
—
|
|
|
(8,097
|
)
|
|
8,809
|
|
|
712
|
|
||||||||
Change in accumulated other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,854
|
)
|
|
—
|
|
|
(1,854
|
)
|
|
41
|
|
|
(1,813
|
)
|
||||||||
Other, net
|
—
|
|
|
—
|
|
|
453
|
|
|
5
|
|
|
965
|
|
|
—
|
|
|
—
|
|
|
970
|
|
|
(21
|
)
|
|
949
|
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
309,249
|
|
|
309,249
|
|
|
40,365
|
|
|
349,614
|
|
||||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(43,914
|
)
|
|
(43,914
|
)
|
||||||||
Common Stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(151,991
|
)
|
|
(151,991
|
)
|
|
—
|
|
|
(151,991
|
)
|
||||||||
Preferred Stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,174
|
)
|
|
(8,174
|
)
|
|
—
|
|
|
(8,174
|
)
|
||||||||
Balances at December 31, 2014
|
6,391
|
|
|
186,126
|
|
|
146,403
|
|
|
1,464
|
|
|
3,696,143
|
|
|
(6,456
|
)
|
|
(2,649,542
|
)
|
|
1,227,735
|
|
|
214,370
|
|
|
1,442,105
|
|
||||||||
Issuance of Common Stock
|
—
|
|
|
—
|
|
|
9,430
|
|
|
94
|
|
|
366,486
|
|
|
—
|
|
|
—
|
|
|
366,580
|
|
|
—
|
|
|
366,580
|
|
||||||||
Redemption of Preferred Stock
|
—
|
|
|
(27,000
|
)
|
|
—
|
|
|
—
|
|
|
695
|
|
|
—
|
|
|
(695
|
)
|
|
(27,000
|
)
|
|
—
|
|
|
(27,000
|
)
|
||||||||
Redemption of Aimco Operating Partnership units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,181
|
)
|
|
(4,181
|
)
|
||||||||
Amortization of share-based compensation cost
|
—
|
|
|
—
|
|
|
27
|
|
|
—
|
|
|
7,096
|
|
|
—
|
|
|
—
|
|
|
7,096
|
|
|
—
|
|
|
7,096
|
|
||||||||
Effect of changes in ownership for consolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,008
|
)
|
|
—
|
|
|
—
|
|
|
(6,008
|
)
|
|
4,189
|
|
|
(1,819
|
)
|
||||||||
Change in accumulated other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
416
|
|
|
—
|
|
|
416
|
|
|
177
|
|
|
593
|
|
||||||||
Other, net
|
—
|
|
|
—
|
|
|
466
|
|
|
5
|
|
|
247
|
|
|
—
|
|
|
100
|
|
|
352
|
|
|
—
|
|
|
352
|
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
248,710
|
|
|
248,710
|
|
|
16,330
|
|
|
265,040
|
|
||||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(89,371
|
)
|
|
(89,371
|
)
|
||||||||
Common Stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(184,391
|
)
|
|
(184,391
|
)
|
|
—
|
|
|
(184,391
|
)
|
||||||||
Preferred Stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,099
|
)
|
|
(11,099
|
)
|
|
—
|
|
|
(11,099
|
)
|
||||||||
Balances at December 31, 2015
|
6,391
|
|
|
159,126
|
|
|
156,326
|
|
|
1,563
|
|
|
4,064,659
|
|
|
(6,040
|
)
|
|
(2,596,917
|
)
|
|
1,622,391
|
|
|
141,514
|
|
|
1,763,905
|
|
||||||||
Redemption of Preferred Stock
|
(1,391
|
)
|
|
(34,126
|
)
|
|
—
|
|
|
—
|
|
|
1,307
|
|
|
—
|
|
|
(1,980
|
)
|
|
(34,799
|
)
|
|
—
|
|
|
(34,799
|
)
|
||||||||
Redemption of Aimco Operating Partnership units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,819
|
)
|
|
(10,819
|
)
|
||||||||
Amortization of share-based compensation cost
|
—
|
|
|
—
|
|
|
31
|
|
|
—
|
|
|
8,610
|
|
|
—
|
|
|
—
|
|
|
8,610
|
|
|
—
|
|
|
8,610
|
|
||||||||
Effect of changes in ownership for consolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26,171
|
)
|
|
—
|
|
|
—
|
|
|
(26,171
|
)
|
|
10,107
|
|
|
(16,064
|
)
|
||||||||
Change in accumulated other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,051
|
|
|
—
|
|
|
7,051
|
|
|
611
|
|
|
7,662
|
|
||||||||
Other, net
|
—
|
|
|
—
|
|
|
531
|
|
|
6
|
|
|
3,317
|
|
|
—
|
|
|
—
|
|
|
3,323
|
|
|
—
|
|
|
3,323
|
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
430,410
|
|
|
430,410
|
|
|
45,624
|
|
|
476,034
|
|
||||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(35,974
|
)
|
|
(35,974
|
)
|
||||||||
Common Stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(206,898
|
)
|
|
(206,898
|
)
|
|
—
|
|
|
(206,898
|
)
|
||||||||
Preferred Stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
(10,014
|
)
|
|
(10,014
|
)
|
|
—
|
|
|
(10,014
|
)
|
|||||||
Balances at December 31, 2016
|
5,000
|
|
|
$
|
125,000
|
|
|
156,888
|
|
|
$
|
1,569
|
|
|
$
|
4,051,722
|
|
|
$
|
1,011
|
|
|
$
|
(2,385,399
|
)
|
|
$
|
1,793,903
|
|
|
$
|
151,063
|
|
|
$
|
1,944,966
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
||||||
Net income
|
$
|
483,273
|
|
|
$
|
271,983
|
|
|
$
|
356,111
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
333,066
|
|
|
306,301
|
|
|
282,608
|
|
|||
Gain on dispositions of real estate, net of tax
|
(393,790
|
)
|
|
(180,593
|
)
|
|
(288,636
|
)
|
|||
Income tax benefit
|
(25,208
|
)
|
|
(27,524
|
)
|
|
(20,047
|
)
|
|||
Share-based compensation expense
|
7,629
|
|
|
6,640
|
|
|
5,781
|
|
|||
Amortization of debt issue costs and other
|
5,060
|
|
|
5,186
|
|
|
3,814
|
|
|||
Other, net
|
(6,071
|
)
|
|
(387
|
)
|
|
2,649
|
|
|||
Changes in operating assets and operating liabilities:
|
|
|
|
|
|
||||||
Accounts receivable and other assets
|
(20,680
|
)
|
|
619
|
|
|
9,039
|
|
|||
Accounts payable, accrued liabilities and other
|
(5,555
|
)
|
|
(22,334
|
)
|
|
(29,895
|
)
|
|||
Total adjustments
|
(105,549
|
)
|
|
87,908
|
|
|
(34,687
|
)
|
|||
Net cash provided by operating activities
|
377,724
|
|
|
359,891
|
|
|
321,424
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
||||||
Purchases of real estate and deposits related to purchases of real estate
|
(290,729
|
)
|
|
(169,447
|
)
|
|
(284,041
|
)
|
|||
Capital expenditures
|
(346,645
|
)
|
|
(367,180
|
)
|
|
(367,324
|
)
|
|||
Proceeds from dispositions of real estate
|
535,513
|
|
|
367,571
|
|
|
640,044
|
|
|||
Purchases of corporate assets
|
(7,540
|
)
|
|
(6,665
|
)
|
|
(8,479
|
)
|
|||
Changes in restricted cash
|
1,374
|
|
|
(429
|
)
|
|
26,315
|
|
|||
Other investing activities
|
10,254
|
|
|
5,253
|
|
|
7,163
|
|
|||
Net cash (used in) provided by investing activities
|
(97,773
|
)
|
|
(170,897
|
)
|
|
13,678
|
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
||||||
Proceeds from non-recourse property debt
|
417,714
|
|
|
352,602
|
|
|
188,503
|
|
|||
Principal repayments on non-recourse property debt
|
(371,947
|
)
|
|
(514,294
|
)
|
|
(513,599
|
)
|
|||
Net (repayments) borrowings on revolving credit facility
|
(9,070
|
)
|
|
(85,330
|
)
|
|
61,930
|
|
|||
Proceeds from issuance of Common Stock
|
—
|
|
|
366,580
|
|
|
—
|
|
|||
Proceeds from issuance of Preferred Stock
|
—
|
|
|
—
|
|
|
123,551
|
|
|||
Redemptions and repurchases of Preferred Stock
|
(34,799
|
)
|
|
(27,000
|
)
|
|
(9,516
|
)
|
|||
Payment of dividends to holders of Preferred Stock
|
(10,014
|
)
|
|
(11,099
|
)
|
|
(7,073
|
)
|
|||
Payment of dividends to holders of Common Stock
|
(206,279
|
)
|
|
(184,082
|
)
|
|
(152,002
|
)
|
|||
Payment of distributions to noncontrolling interests
|
(35,706
|
)
|
|
(57,401
|
)
|
|
(49,972
|
)
|
|||
Purchases and redemptions of noncontrolling interests
|
(26,485
|
)
|
|
(4,517
|
)
|
|
(8,178
|
)
|
|||
Other financing activities
|
7,090
|
|
|
(2,635
|
)
|
|
4,474
|
|
|||
Net cash used in financing activities
|
(269,496
|
)
|
|
(167,176
|
)
|
|
(361,882
|
)
|
|||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
10,455
|
|
|
21,818
|
|
|
(26,780
|
)
|
|||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
50,789
|
|
|
28,971
|
|
|
55,751
|
|
|||
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
$
|
61,244
|
|
|
$
|
50,789
|
|
|
$
|
28,971
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
SUPPLEMENTAL CASH FLOW INFORMATION:
|
|
|
|
|
|
||||||
Interest paid
|
$
|
200,278
|
|
|
$
|
207,087
|
|
|
$
|
231,887
|
|
Cash paid for income taxes
|
2,152
|
|
|
2,033
|
|
|
1,657
|
|
|||
Non-cash transactions associated with the acquisition or disposition of real estate:
|
|
|
|
|
|
||||||
Non-recourse property debt assumed in connection with our acquisition of real estate
|
—
|
|
|
—
|
|
|
65,200
|
|
|||
Non-recourse property debt assumed by buyer in connection with our disposition of real estate
|
—
|
|
|
6,068
|
|
|
58,410
|
|
|||
Issuance of preferred OP Units in connection with acquisition of real estate
|
17,000
|
|
|
—
|
|
|
9,117
|
|
|||
Other non-cash investing and financing transactions:
|
|
|
|
|
|
||||||
Accrued capital expenditures (at end of period)
|
35,594
|
|
|
43,725
|
|
|
45,701
|
|
|||
Accrued dividends on TSR restricted stock (at end of period) (Note 8)
|
927
|
|
|
309
|
|
|
—
|
|
|
2016
|
|
2015
|
||||
ASSETS
|
|
|
|
||||
Buildings and improvements
|
$
|
6,627,374
|
|
|
$
|
6,446,326
|
|
Land
|
1,858,792
|
|
|
1,861,157
|
|
||
Total real estate
|
8,486,166
|
|
|
8,307,483
|
|
||
Accumulated depreciation
|
(2,730,758
|
)
|
|
(2,778,022
|
)
|
||
Net real estate
|
5,755,408
|
|
|
5,529,461
|
|
||
Cash and cash equivalents
|
61,244
|
|
|
50,789
|
|
||
Restricted cash
|
69,906
|
|
|
86,956
|
|
||
Other assets
|
344,915
|
|
|
448,405
|
|
||
Assets held for sale
|
1,345
|
|
|
3,070
|
|
||
Total assets
|
$
|
6,232,818
|
|
|
$
|
6,118,681
|
|
LIABILITIES AND PARTNERS’ CAPITAL
|
|
|
|
||||
Non-recourse property debt, net
|
$
|
3,866,702
|
|
|
$
|
3,822,141
|
|
Revolving credit facility borrowings
|
17,930
|
|
|
27,000
|
|
||
Total indebtedness
|
3,884,632
|
|
|
3,849,141
|
|
||
Accounts payable
|
36,677
|
|
|
36,123
|
|
||
Accrued liabilities and other
|
212,318
|
|
|
317,481
|
|
||
Deferred income
|
49,366
|
|
|
64,052
|
|
||
Liabilities related to assets held for sale
|
1,658
|
|
|
53
|
|
||
Total liabilities
|
4,184,651
|
|
|
4,266,850
|
|
||
Redeemable preferred units (Note 7)
|
103,201
|
|
|
87,926
|
|
||
Commitments and contingencies (Note 5)
|
|
|
|
||||
Partners’ Capital:
|
|
|
|
||||
Preferred units (Note 7)
|
125,000
|
|
|
159,126
|
|
||
General Partner and Special Limited Partner
|
1,668,903
|
|
|
1,463,265
|
|
||
Limited Partners
|
(58
|
)
|
|
(9,851
|
)
|
||
Partners’ capital attributable to the Aimco Operating Partnership
|
1,793,845
|
|
|
1,612,540
|
|
||
Noncontrolling interests in consolidated real estate partnerships
|
151,121
|
|
|
151,365
|
|
||
Total partners’ capital
|
1,944,966
|
|
|
1,763,905
|
|
||
Total liabilities and partners’ capital
|
$
|
6,232,818
|
|
|
$
|
6,118,681
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
REVENUES:
|
|
|
|
|
|
||||||
Rental and other property revenues
|
$
|
974,531
|
|
|
$
|
956,954
|
|
|
$
|
952,831
|
|
Tax credit and asset management revenues
|
21,323
|
|
|
24,356
|
|
|
31,532
|
|
|||
Total revenues
|
995,854
|
|
|
981,310
|
|
|
984,363
|
|
|||
OPERATING EXPENSES:
|
|
|
|
|
|
||||||
Property operating expenses
|
352,427
|
|
|
359,393
|
|
|
373,654
|
|
|||
Investment management expenses
|
4,333
|
|
|
5,855
|
|
|
7,310
|
|
|||
Depreciation and amortization
|
333,066
|
|
|
306,301
|
|
|
282,608
|
|
|||
General and administrative expenses
|
44,937
|
|
|
43,178
|
|
|
44,092
|
|
|||
Other expenses, net
|
14,295
|
|
|
10,368
|
|
|
14,349
|
|
|||
Total operating expenses
|
749,058
|
|
|
725,095
|
|
|
722,013
|
|
|||
Operating income
|
246,796
|
|
|
256,215
|
|
|
262,350
|
|
|||
Interest income
|
7,797
|
|
|
6,949
|
|
|
6,878
|
|
|||
Interest expense
|
(196,389
|
)
|
|
(199,685
|
)
|
|
(220,971
|
)
|
|||
Other, net
|
6,071
|
|
|
387
|
|
|
(829
|
)
|
|||
Income before income taxes and gain on dispositions
|
64,275
|
|
|
63,866
|
|
|
47,428
|
|
|||
Income tax benefit
|
25,208
|
|
|
27,524
|
|
|
20,047
|
|
|||
Income before gain on dispositions
|
89,483
|
|
|
91,390
|
|
|
67,475
|
|
|||
Gain on dispositions of real estate, net of tax
|
393,790
|
|
|
180,593
|
|
|
288,636
|
|
|||
Net income
|
483,273
|
|
|
271,983
|
|
|
356,111
|
|
|||
Net income attributable to noncontrolling interests in consolidated real estate partnerships
|
(25,256
|
)
|
|
(4,776
|
)
|
|
(24,595
|
)
|
|||
Net income attributable to the Aimco Operating Partnership
|
458,017
|
|
|
267,207
|
|
|
331,516
|
|
|||
Net income attributable to the Aimco Operating Partnership’s preferred unitholders
|
(19,233
|
)
|
|
(18,737
|
)
|
|
(14,444
|
)
|
|||
Net income attributable to participating securities
|
(635
|
)
|
|
(950
|
)
|
|
(1,082
|
)
|
|||
Net income attributable to the Aimco Operating Partnership’s common unitholders
|
$
|
438,149
|
|
|
$
|
247,520
|
|
|
$
|
315,990
|
|
|
|
|
|
|
|
||||||
Net income attributable to the Aimco Operating Partnership per common unit – basic (Note 10)
|
$
|
2.68
|
|
|
$
|
1.52
|
|
|
$
|
2.06
|
|
Net income attributable to the Aimco Operating Partnership per common unit – diluted (Note 10)
|
$
|
2.67
|
|
|
$
|
1.52
|
|
|
$
|
2.06
|
|
|
|
|
|
|
|
||||||
Weighted average common units outstanding – basic
|
163,761
|
|
|
162,834
|
|
|
153,363
|
|
|||
Weighted average common units outstanding – diluted
|
164,151
|
|
|
163,227
|
|
|
153,726
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
|
|
|
|
|
||||||
Net income
|
$
|
483,273
|
|
|
$
|
271,983
|
|
|
$
|
356,111
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
||||||
Unrealized gains (losses) on interest rate swaps
|
221
|
|
|
(1,299
|
)
|
|
(2,306
|
)
|
|||
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive income (loss)
|
1,586
|
|
|
1,678
|
|
|
1,685
|
|
|||
Unrealized gains (losses) on debt securities classified as available-for-sale
|
5,855
|
|
|
214
|
|
|
(1,192
|
)
|
|||
Other comprehensive income (loss)
|
7,662
|
|
|
593
|
|
|
(1,813
|
)
|
|||
Comprehensive income
|
490,935
|
|
|
272,576
|
|
|
354,298
|
|
|||
Comprehensive income attributable to noncontrolling interests
|
(25,516
|
)
|
|
(4,932
|
)
|
|
(24,733
|
)
|
|||
Comprehensive income attributable to the Aimco Operating Partnership
|
$
|
465,419
|
|
|
$
|
267,644
|
|
|
$
|
329,565
|
|
|
Preferred
Units
|
|
General Partner
and Special
Limited Partner
|
|
Limited Partners
|
|
Partners’ Capital Attributable to the Partnership
|
|
Noncontrolling Interests
|
|
Total
Partners’ Capital |
||||||||||||
Balances at December 31, 2013
|
$
|
68,114
|
|
|
$
|
899,343
|
|
|
$
|
(27,721
|
)
|
|
$
|
939,736
|
|
|
$
|
233,008
|
|
|
$
|
1,172,744
|
|
Issuance of preferred units to Aimco
|
128,012
|
|
|
(4,460
|
)
|
|
—
|
|
|
123,552
|
|
|
—
|
|
|
123,552
|
|
||||||
Repurchase of preferred units held by Aimco
|
(10,000
|
)
|
|
484
|
|
|
—
|
|
|
(9,516
|
)
|
|
—
|
|
|
(9,516
|
)
|
||||||
Redemption of partnership units held by non-Aimco partners
|
—
|
|
|
—
|
|
|
(7,756
|
)
|
|
(7,756
|
)
|
|
—
|
|
|
(7,756
|
)
|
||||||
Amortization of Aimco share-based compensation
|
—
|
|
|
6,139
|
|
|
—
|
|
|
6,139
|
|
|
—
|
|
|
6,139
|
|
||||||
Contributions from noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,559
|
|
|
11,559
|
|
||||||
Effect of changes in ownership for consolidated entities
|
—
|
|
|
(8,097
|
)
|
|
8,888
|
|
|
791
|
|
|
(79
|
)
|
|
712
|
|
||||||
Change in accumulated other comprehensive income (loss)
|
—
|
|
|
(1,854
|
)
|
|
(97
|
)
|
|
(1,951
|
)
|
|
138
|
|
|
(1,813
|
)
|
||||||
Other, net
|
—
|
|
|
970
|
|
|
—
|
|
|
970
|
|
|
(21
|
)
|
|
949
|
|
||||||
Net income
|
—
|
|
|
309,249
|
|
|
15,770
|
|
|
325,019
|
|
|
24,595
|
|
|
349,614
|
|
||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(35,904
|
)
|
|
(35,904
|
)
|
||||||
Distributions to common unitholders
|
—
|
|
|
(151,991
|
)
|
|
(8,010
|
)
|
|
(160,001
|
)
|
|
—
|
|
|
(160,001
|
)
|
||||||
Distributions to preferred unitholders
|
—
|
|
|
(8,174
|
)
|
|
—
|
|
|
(8,174
|
)
|
|
—
|
|
|
(8,174
|
)
|
||||||
Balances at December 31, 2014
|
186,126
|
|
|
1,041,609
|
|
|
(18,926
|
)
|
|
1,208,809
|
|
|
233,296
|
|
|
1,442,105
|
|
||||||
Issuance of common partnership units to Aimco
|
—
|
|
|
366,580
|
|
|
—
|
|
|
366,580
|
|
|
—
|
|
|
366,580
|
|
||||||
Redemption of preferred units held by Aimco
|
(27,000
|
)
|
|
—
|
|
|
—
|
|
|
(27,000
|
)
|
|
—
|
|
|
(27,000
|
)
|
||||||
Redemption of partnership units held by non-Aimco partners
|
—
|
|
|
—
|
|
|
(4,181
|
)
|
|
(4,181
|
)
|
|
—
|
|
|
(4,181
|
)
|
||||||
Amortization of Aimco share-based compensation
|
—
|
|
|
7,096
|
|
|
—
|
|
|
7,096
|
|
|
—
|
|
|
7,096
|
|
||||||
Effect of changes in ownership for consolidated entities
|
—
|
|
|
(6,008
|
)
|
|
10,739
|
|
|
4,731
|
|
|
(6,550
|
)
|
|
(1,819
|
)
|
||||||
Change in accumulated other comprehensive income (loss)
|
—
|
|
|
416
|
|
|
21
|
|
|
437
|
|
|
156
|
|
|
593
|
|
||||||
Other, net
|
—
|
|
|
352
|
|
|
—
|
|
|
352
|
|
|
—
|
|
|
352
|
|
||||||
Net income
|
—
|
|
|
248,710
|
|
|
11,554
|
|
|
260,264
|
|
|
4,776
|
|
|
265,040
|
|
||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(80,313
|
)
|
|
(80,313
|
)
|
||||||
Distributions to common unitholders
|
—
|
|
|
(184,391
|
)
|
|
(9,058
|
)
|
|
(193,449
|
)
|
|
—
|
|
|
(193,449
|
)
|
||||||
Distributions to preferred unitholders
|
—
|
|
|
(11,099
|
)
|
|
—
|
|
|
(11,099
|
)
|
|
—
|
|
|
(11,099
|
)
|
||||||
Balances at December 31, 2015
|
159,126
|
|
|
1,463,265
|
|
|
(9,851
|
)
|
|
1,612,540
|
|
|
151,365
|
|
|
1,763,905
|
|
||||||
Redemption of preferred units held by Aimco
|
(34,126
|
)
|
|
(673
|
)
|
|
—
|
|
|
(34,799
|
)
|
|
—
|
|
|
(34,799
|
)
|
||||||
Redemption of partnership units held by non-Aimco partners
|
—
|
|
|
—
|
|
|
(10,819
|
)
|
|
(10,819
|
)
|
|
—
|
|
|
(10,819
|
)
|
||||||
Amortization of Aimco share-based compensation
|
—
|
|
|
8,610
|
|
|
—
|
|
|
8,610
|
|
|
—
|
|
|
8,610
|
|
||||||
Effect of changes in ownership for consolidated entities
|
—
|
|
|
(26,171
|
)
|
|
10,107
|
|
|
(16,064
|
)
|
|
—
|
|
|
(16,064
|
)
|
||||||
Change in accumulated other comprehensive income (loss)
|
—
|
|
|
7,051
|
|
|
351
|
|
|
7,402
|
|
|
260
|
|
|
7,662
|
|
||||||
Other, net
|
—
|
|
|
3,323
|
|
|
—
|
|
|
3,323
|
|
|
—
|
|
|
3,323
|
|
||||||
Net income
|
—
|
|
|
430,410
|
|
|
20,368
|
|
|
450,778
|
|
|
25,256
|
|
|
476,034
|
|
||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(25,760
|
)
|
|
(25,760
|
)
|
||||||
Distributions to common unitholders
|
—
|
|
|
(206,898
|
)
|
|
(10,214
|
)
|
|
(217,112
|
)
|
|
—
|
|
|
(217,112
|
)
|
||||||
Distributions to preferred unitholders
|
—
|
|
|
(10,014
|
)
|
|
—
|
|
|
(10,014
|
)
|
|
—
|
|
|
(10,014
|
)
|
||||||
Balances at December 31, 2016
|
$
|
125,000
|
|
|
$
|
1,668,903
|
|
|
$
|
(58
|
)
|
|
$
|
1,793,845
|
|
|
$
|
151,121
|
|
|
$
|
1,944,966
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
||||||
Net income
|
$
|
483,273
|
|
|
$
|
271,983
|
|
|
$
|
356,111
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
333,066
|
|
|
306,301
|
|
|
282,608
|
|
|||
Gain on dispositions of real estate, net of tax
|
(393,790
|
)
|
|
(180,593
|
)
|
|
(288,636
|
)
|
|||
Income tax benefit
|
(25,208
|
)
|
|
(27,524
|
)
|
|
(20,047
|
)
|
|||
Share-based compensation expense
|
7,629
|
|
|
6,640
|
|
|
5,781
|
|
|||
Amortization of debt issue costs and other
|
5,060
|
|
|
5,186
|
|
|
3,814
|
|
|||
Other, net
|
(6,071
|
)
|
|
(387
|
)
|
|
2,649
|
|
|||
Changes in operating assets and operating liabilities:
|
|
|
|
|
|
||||||
Accounts receivable and other assets
|
(20,680
|
)
|
|
619
|
|
|
9,039
|
|
|||
Accounts payable, accrued liabilities and other
|
(5,555
|
)
|
|
(22,334
|
)
|
|
(29,895
|
)
|
|||
Total adjustments
|
(105,549
|
)
|
|
87,908
|
|
|
(34,687
|
)
|
|||
Net cash provided by operating activities
|
377,724
|
|
|
359,891
|
|
|
321,424
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
||||||
Purchases of real estate and deposits related to purchases of real estate
|
(290,729
|
)
|
|
(169,447
|
)
|
|
(284,041
|
)
|
|||
Capital expenditures
|
(346,645
|
)
|
|
(367,180
|
)
|
|
(367,324
|
)
|
|||
Proceeds from dispositions of real estate
|
535,513
|
|
|
367,571
|
|
|
640,044
|
|
|||
Purchases of corporate assets
|
(7,540
|
)
|
|
(6,665
|
)
|
|
(8,479
|
)
|
|||
Changes in restricted cash
|
1,374
|
|
|
(429
|
)
|
|
26,315
|
|
|||
Other investing activities
|
10,254
|
|
|
5,253
|
|
|
7,163
|
|
|||
Net cash (used in) provided by investing activities
|
(97,773
|
)
|
|
(170,897
|
)
|
|
13,678
|
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
||||||
Proceeds from non-recourse property debt
|
417,714
|
|
|
352,602
|
|
|
188,503
|
|
|||
Principal repayments on non-recourse property debt
|
(371,947
|
)
|
|
(514,294
|
)
|
|
(513,599
|
)
|
|||
Net (repayments) borrowings on revolving credit facility
|
(9,070
|
)
|
|
(85,330
|
)
|
|
61,930
|
|
|||
Proceeds from issuance of common partnership units to Aimco
|
—
|
|
|
366,580
|
|
|
—
|
|
|||
Proceeds from issuance of preferred partnership units to Aimco
|
—
|
|
|
—
|
|
|
123,551
|
|
|||
Redemption and repurchase of preferred units from Aimco
|
(34,799
|
)
|
|
(27,000
|
)
|
|
(9,516
|
)
|
|||
Payment of distributions to preferred units
|
(17,253
|
)
|
|
(18,042
|
)
|
|
(13,482
|
)
|
|||
Payment of distributions to General Partner and Special Limited Partner
|
(206,279
|
)
|
|
(184,082
|
)
|
|
(152,002
|
)
|
|||
Payment of distributions to Limited Partners
|
(10,214
|
)
|
|
(6,701
|
)
|
|
(8,008
|
)
|
|||
Payment of distributions to noncontrolling interests
|
(18,253
|
)
|
|
(43,757
|
)
|
|
(35,555
|
)
|
|||
Purchases of noncontrolling interests in consolidated real estate partnerships
|
(13,941
|
)
|
|
(320
|
)
|
|
(101
|
)
|
|||
Other financing activities
|
(5,454
|
)
|
|
(6,832
|
)
|
|
(3,603
|
)
|
|||
Net cash used in financing activities
|
(269,496
|
)
|
|
(167,176
|
)
|
|
(361,882
|
)
|
|||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
10,455
|
|
|
21,818
|
|
|
(26,780
|
)
|
|||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
50,789
|
|
|
28,971
|
|
|
55,751
|
|
|||
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
$
|
61,244
|
|
|
$
|
50,789
|
|
|
$
|
28,971
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
SUPPLEMENTAL CASH FLOW INFORMATION:
|
|
|
|
|
|
||||||
Interest paid
|
$
|
200,278
|
|
|
$
|
207,087
|
|
|
$
|
231,887
|
|
Cash paid for income taxes
|
2,152
|
|
|
2,033
|
|
|
1,657
|
|
|||
Non-cash transactions associated with the acquisition or disposition of real estate:
|
|
|
|
|
|
||||||
Non-recourse property debt assumed in connection with our acquisition of real estate
|
—
|
|
|
—
|
|
|
65,200
|
|
|||
Non-recourse property debt assumed by buyer in connection with our disposition of real estate
|
—
|
|
|
6,068
|
|
|
58,410
|
|
|||
Issuance of preferred OP Units in connection with acquisition of real estate
|
17,000
|
|
|
—
|
|
|
9,117
|
|
|||
Other non-cash investing and financing transactions:
|
|
|
|
|
|
||||||
Accrued capital expenditures (at end of period)
|
35,594
|
|
|
43,725
|
|
|
45,701
|
|
|||
Accrued dividends on TSR restricted stock awards (at end of period) (Note 8)
|
927
|
|
|
309
|
|
|
—
|
|
|
2016
|
|
2015
|
||||
Investments in securitization trust that holds Aimco property debt
|
$
|
76,063
|
|
|
$
|
65,502
|
|
Intangible assets, net
|
40,668
|
|
|
45,447
|
|
||
Investments in unconsolidated real estate partnerships
|
14,983
|
|
|
15,401
|
|
||
Debt issue costs related to revolving credit facility borrowings, net
|
5,250
|
|
|
2,107
|
|
||
Deferred tax asset, net (Note 9)
|
5,076
|
|
|
26,117
|
|
||
Accumulated unrecognized deferred tax expense from intercompany transfers (Note 9)
|
62,468
|
|
|
15,099
|
|
||
Deposits for apartment community acquisitions
|
1,404
|
|
|
26,632
|
|
||
Assets related to the legacy asset management business (Note 3)
|
34,397
|
|
|
154,895
|
|
||
Prepaid expenses, accounts and notes receivable, and other
|
104,606
|
|
|
97,205
|
|
||
Other assets per consolidated balance sheets
|
$
|
344,915
|
|
|
$
|
448,405
|
|
|
Year Ended December 31,
|
||||||
|
2015
|
|
2014
|
||||
Number of apartment communities
|
3
|
|
|
6
|
|
||
Number of apartment homes
|
300
|
|
|
1,182
|
|
||
Acquisition price
|
$
|
129,150
|
|
|
$
|
291,925
|
|
Non-recourse property debt assumed (outstanding principal balance)
|
—
|
|
|
65,200
|
|
||
Non-recourse property debt assumed (fair value)
|
—
|
|
|
64,817
|
|
||
Total fair value allocated to land
|
10,742
|
|
|
70,961
|
|
||
Total fair value allocated to buildings and improvements
|
118,366
|
|
|
217,851
|
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
Fixed-rate property debt
|
$
|
3,806,003
|
|
|
$
|
3,761,238
|
|
Variable-rate property debt
|
83,644
|
|
|
84,922
|
|
||
Debt issue costs, net of accumulated amortization
|
(22,945
|
)
|
|
(24,019
|
)
|
||
Total non-recourse property debt, net
|
$
|
3,866,702
|
|
|
$
|
3,822,141
|
|
|
Amortization
|
|
Maturities
|
|
Total
|
||||||
2017
|
$
|
86,357
|
|
|
$
|
260,162
|
|
|
$
|
346,519
|
|
2018
|
86,644
|
|
|
207,616
|
|
|
294,260
|
|
|||
2019
|
81,434
|
|
|
481,136
|
|
|
562,570
|
|
|||
2020
|
74,955
|
|
|
303,741
|
|
|
378,696
|
|
|||
2021
|
57,862
|
|
|
753,383
|
|
|
811,245
|
|
|||
Thereafter
|
|
|
|
|
1,496,357
|
|
|||||
|
|
|
|
|
$
|
3,889,647
|
|
|
Office and Equipment Lease Obligations
|
|
Ground Lease Obligations
|
|
Total Operating Lease Obligations
|
||||||
2017
|
$
|
2,559
|
|
|
$
|
1,093
|
|
|
$
|
3,652
|
|
2018
|
1,278
|
|
|
1,193
|
|
|
2,471
|
|
|||
2019
|
244
|
|
|
1,293
|
|
|
1,537
|
|
|||
2020
|
153
|
|
|
1,529
|
|
|
1,682
|
|
|||
2021
|
—
|
|
|
1,565
|
|
|
1,565
|
|
|||
Thereafter
|
—
|
|
|
81,384
|
|
|
81,384
|
|
|||
Total
|
$
|
4,234
|
|
|
$
|
88,057
|
|
|
$
|
92,291
|
|
|
Redemption
|
|
Annual Dividend Rate Per Share
(paid quarterly)
|
|
Balance at December 31,
|
||||||
|
Date (1)
|
|
|
2016
|
|
2015
|
|||||
Class A Cumulative Preferred Stock, 5,000,000 shares authorized and 5,000,000 shares issued/outstanding
|
5/17/2019
|
|
6.88%
|
|
$
|
125,000
|
|
|
$
|
125,000
|
|
Class Z Cumulative Preferred Stock, 4,800,000 shares authorized and zero and 1,391,643 shares issued/outstanding, respectively
|
7/29/2016
|
|
7.00%
|
|
—
|
|
|
34,126
|
|
||
Preferred stock per consolidated balance sheets
|
|
|
|
|
$
|
125,000
|
|
|
$
|
159,126
|
|
(1)
|
All classes of preferred stock are or were redeemable at our option on and after the dates specified.
|
|
Class A Cumulative Preferred Stock
|
|
Class Z Cumulative Preferred Stock
|
||||
Number of shares of preferred stock issued
|
5,000,000
|
|
|
117,400
|
|
||
Price to public per share
|
$
|
25.00
|
|
|
$
|
25.65
|
|
Underwriting discounts, commissions and transaction costs per share
|
$
|
0.85
|
|
|
$
|
0.51
|
|
Net proceeds per share
|
$
|
24.15
|
|
|
$
|
25.14
|
|
Net proceeds to Aimco
|
$
|
120,757
|
|
|
$
|
2,901
|
|
Issuance costs (primarily underwriting commissions) recognized as an adjustment of additional paid-in capital
|
$
|
4,350
|
|
|
$
|
110
|
|
|
Distributions per Annum
|
|
Units Issued and Outstanding
|
|
Redemption Values
|
|||||||||||||||
Class of Preferred Units
|
Percent
|
|
Per Unit
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||||||
Class One
|
8.75
|
%
|
|
$
|
8.00
|
|
|
90,000
|
|
|
90,000
|
|
|
$
|
8,229
|
|
|
$
|
8,229
|
|
Class Two
|
1.92
|
%
|
|
$
|
0.48
|
|
|
17,750
|
|
|
18,124
|
|
|
444
|
|
|
453
|
|
||
Class Three
|
7.88
|
%
|
|
$
|
1.97
|
|
|
1,341,289
|
|
|
1,341,289
|
|
|
33,532
|
|
|
33,532
|
|
||
Class Four
|
8.00
|
%
|
|
$
|
2.00
|
|
|
644,954
|
|
|
644,954
|
|
|
16,124
|
|
|
16,124
|
|
||
Class Six
|
8.50
|
%
|
|
$
|
2.13
|
|
|
780,036
|
|
|
790,883
|
|
|
19,501
|
|
|
19,772
|
|
||
Class Seven
|
7.87
|
%
|
|
$
|
1.97
|
|
|
27,960
|
|
|
27,960
|
|
|
699
|
|
|
699
|
|
||
Class Nine
|
6.00
|
%
|
|
$
|
1.50
|
|
|
306,890
|
|
|
364,668
|
|
|
7,672
|
|
|
9,117
|
|
||
Class Ten
|
6.00
|
%
|
|
$
|
1.50
|
|
|
680,000
|
|
|
—
|
|
|
17,000
|
|
|
—
|
|
||
Total
|
|
|
|
|
3,888,879
|
|
|
3,277,878
|
|
|
$
|
103,201
|
|
|
$
|
87,926
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Balance at January 1
|
$
|
87,926
|
|
|
$
|
87,937
|
|
|
$
|
79,953
|
|
Preferred distributions
|
(7,239
|
)
|
|
(6,943
|
)
|
|
(6,409
|
)
|
|||
Redemption of preferred units and other
|
(1,725
|
)
|
|
(11
|
)
|
|
(1,221
|
)
|
|||
Issuance of preferred units
|
17,000
|
|
|
—
|
|
|
9,117
|
|
|||
Net income
|
7,239
|
|
|
6,943
|
|
|
6,497
|
|
|||
Balance at December 31
|
$
|
103,201
|
|
|
$
|
87,926
|
|
|
$
|
87,937
|
|
|
2016
|
|
2015
|
|
2014
|
|||||||||||||||
|
Number of Options
|
|
Weighted
Average Exercise Price |
|
Number of Options
|
|
Weighted
Average Exercise Price |
|
Number of Options
|
|
Weighted
Average Exercise Price |
|||||||||
Outstanding at beginning of year
|
1,394
|
|
|
$
|
30.85
|
|
|
1,640
|
|
|
$
|
28.91
|
|
|
2,991
|
|
|
$
|
28.48
|
|
Granted
|
216
|
|
|
38.73
|
|
|
239
|
|
|
39.05
|
|
|
—
|
|
|
—
|
|
|||
Exercised
|
(934
|
)
|
|
33.61
|
|
|
(484
|
)
|
|
28.33
|
|
|
(1,347
|
)
|
|
27.97
|
|
|||
Forfeited
|
(1
|
)
|
|
29.11
|
|
|
(1
|
)
|
|
25.78
|
|
|
(4
|
)
|
|
25.45
|
|
|||
Outstanding at end of year
|
675
|
|
|
$
|
29.55
|
|
|
1,394
|
|
|
$
|
30.85
|
|
|
1,640
|
|
|
$
|
28.91
|
|
Exercisable at end of year
|
280
|
|
|
$
|
16.38
|
|
|
1,155
|
|
|
$
|
29.16
|
|
|
1,640
|
|
|
$
|
28.91
|
|
|
2016
|
|
2015
|
|
2014
|
|||||||||||||||
|
Number of Shares
|
|
Weighted
Average Grant-Date Fair Value |
|
Number of Shares
|
|
Weighted
Average Grant-Date Fair Value |
|
Number of Shares
|
|
Weighted
Average Grant-Date Fair Value |
|||||||||
Unvested at beginning of year
|
339
|
|
|
$
|
29.96
|
|
|
513
|
|
|
$
|
26.34
|
|
|
575
|
|
|
$
|
25.28
|
|
Granted
|
91
|
|
|
40.03
|
|
|
145
|
|
|
39.39
|
|
|
196
|
|
|
26.69
|
|
|||
Vested
|
(181
|
)
|
|
29.99
|
|
|
(259
|
)
|
|
27.54
|
|
|
(238
|
)
|
|
24.07
|
|
|||
Forfeited
|
—
|
|
|
—
|
|
|
(60
|
)
|
|
32.29
|
|
|
(20
|
)
|
|
26.26
|
|
|||
Unvested at end of year
|
249
|
|
|
$
|
33.61
|
|
|
339
|
|
|
$
|
29.96
|
|
|
513
|
|
|
$
|
26.34
|
|
|
2016
|
|
2015
|
||||||||||
|
Number of Shares
|
|
Weighted
Average Grant-Date Fair Value |
|
Number of Shares
|
|
Weighted
Average Grant-Date Fair Value |
||||||
Unvested at beginning of year
|
123
|
|
|
$
|
39.72
|
|
|
—
|
|
|
$
|
—
|
|
Granted
|
91
|
|
|
39.59
|
|
|
142
|
|
|
39.72
|
|
||
Forfeited
|
—
|
|
|
—
|
|
|
(19
|
)
|
|
39.72
|
|
||
Unvested at end of year
|
214
|
|
|
$
|
39.66
|
|
|
123
|
|
|
$
|
39.72
|
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
Deferred tax liabilities:
|
|
|
|
||||
Real estate and real estate partnership basis differences
|
$
|
72,726
|
|
|
$
|
31,726
|
|
Deferred tax assets:
|
|
|
|
||||
Net operating, capital and other loss carryforwards
|
$
|
8,873
|
|
|
$
|
8,024
|
|
Accruals and expenses
|
7,537
|
|
|
4,917
|
|
||
Tax credit carryforwards
|
65,559
|
|
|
49,036
|
|
||
Management contracts and other
|
300
|
|
|
333
|
|
||
Total deferred tax assets
|
82,269
|
|
|
62,310
|
|
||
Valuation allowance
|
(4,467
|
)
|
|
(4,467
|
)
|
||
Net deferred tax assets
|
$
|
5,076
|
|
|
$
|
26,117
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Balance at January 1
|
$
|
2,897
|
|
|
$
|
2,286
|
|
|
$
|
2,871
|
|
Additions (reductions) based on tax positions related to prior years and current year excess benefits related to stock-based compensation
|
(611
|
)
|
|
611
|
|
|
(585
|
)
|
|||
Balance at December 31
|
$
|
2,286
|
|
|
$
|
2,897
|
|
|
$
|
2,286
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Current:
|
|
|
|
|
|
||||||
Federal
|
$
|
5,038
|
|
|
$
|
1,310
|
|
|
$
|
—
|
|
State
|
2,916
|
|
|
1,357
|
|
|
970
|
|
|||
Total current
|
7,954
|
|
|
2,667
|
|
|
970
|
|
|||
|
|
|
|
|
|
||||||
Deferred:
|
|
|
|
|
|
||||||
Federal
|
(26,173
|
)
|
|
(27,382
|
)
|
|
11,556
|
|
|||
State
|
(623
|
)
|
|
(1,052
|
)
|
|
3,485
|
|
|||
Total deferred
|
(26,796
|
)
|
|
(28,434
|
)
|
|
15,041
|
|
|||
Total (benefit) expense
|
$
|
(18,842
|
)
|
|
$
|
(25,767
|
)
|
|
$
|
16,011
|
|
Classification:
|
|
|
|
|
|
||||||
Income before gain on dispositions
|
$
|
(25,208
|
)
|
|
$
|
(27,524
|
)
|
|
$
|
(20,047
|
)
|
Gain on dispositions of real estate
|
$
|
6,366
|
|
|
$
|
1,757
|
|
|
$
|
36,058
|
|
|
2016
|
|
2015
|
|
2014
|
|||||||||||||||
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|||||||||
Tax at United States statutory rates on consolidated income or loss subject to tax
|
$
|
38,257
|
|
|
35.0
|
%
|
|
$
|
(10,947
|
)
|
|
35.0
|
%
|
|
$
|
47,950
|
|
|
35.0
|
%
|
State income tax expense, net of federal tax (benefit) expense
|
7,152
|
|
|
6.5
|
%
|
|
(361
|
)
|
|
1.2
|
%
|
|
4,364
|
|
|
3.2
|
%
|
|||
Effect of permanent differences
|
(132
|
)
|
|
(0.1
|
)%
|
|
(27
|
)
|
|
0.1
|
%
|
|
(154
|
)
|
|
(0.1
|
)%
|
|||
Tax effect of intercompany transactions (1)
|
(47,369
|
)
|
|
(43.3
|
)%
|
|
(1,515
|
)
|
|
4.8
|
%
|
|
(23,969
|
)
|
|
(17.5
|
)%
|
|||
Tax credits
|
(16,750
|
)
|
|
(15.3
|
)%
|
|
(13,583
|
)
|
|
43.4
|
%
|
|
(12,271
|
)
|
|
(9.0
|
)%
|
|||
Increase in valuation allowance
|
—
|
|
|
—
|
%
|
|
666
|
|
|
(2.1
|
)%
|
|
91
|
|
|
0.1
|
%
|
|||
Total income tax (benefit) expense
|
$
|
(18,842
|
)
|
|
(17.2
|
)%
|
|
$
|
(25,767
|
)
|
|
82.4
|
%
|
|
$
|
16,011
|
|
|
11.7
|
%
|
(1)
|
Includes the effect of intercompany asset transfers between the Aimco Operating Partnership and TRS entities, for which tax is deferred and recognized as the assets affect GAAP income or loss, for example, through depreciation, impairment, or upon the sale of the asset to a third-party. As discussed in
Note 2
, we expect to adopt the new accounting standard applicable to intercompany asset transfers effective January 1, 2017. As a result, the accumulated unrecognized deferred tax expense associated with historical intercompany transfers will be recognized as a cumulative effect adjustment through retained earnings at that time.
|
|
2016
|
|
2015
|
|
2014
|
|||||||||||||||
|
Amount
|
|
Percentage
|
|
Amount
|
|
Percentage
|
|
Amount
|
|
Percentage
|
|||||||||
Ordinary income
|
$
|
0.45
|
|
|
34.2
|
%
|
|
$
|
0.36
|
|
|
30.2
|
%
|
|
$
|
0.01
|
|
|
0.6
|
%
|
Capital gains
|
0.47
|
|
|
35.4
|
%
|
|
0.37
|
|
|
31.3
|
%
|
|
0.53
|
|
|
51.6
|
%
|
|||
Qualified dividends
|
0.13
|
|
|
9.9
|
%
|
|
0.17
|
|
|
14.5
|
%
|
|
—
|
|
|
—
|
%
|
|||
Unrecaptured Section 1250 gain
|
0.27
|
|
|
20.5
|
%
|
|
0.28
|
|
|
24.0
|
%
|
|
0.50
|
|
|
47.8
|
%
|
|||
|
$
|
1.32
|
|
|
100.0
|
%
|
|
$
|
1.18
|
|
|
100.0
|
%
|
|
$
|
1.04
|
|
|
100.0
|
%
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Beginning liability balance
|
$
|
(4,938
|
)
|
|
$
|
(5,273
|
)
|
|
$
|
(4,604
|
)
|
Unrealized losses included in interest expense
|
(44
|
)
|
|
(44
|
)
|
|
(48
|
)
|
|||
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss
|
1,586
|
|
|
1,678
|
|
|
1,685
|
|
|||
Unrealized gains (losses) included in equity and partners’ capital
|
221
|
|
|
(1,299
|
)
|
|
(2,306
|
)
|
|||
Ending liability balance
|
$
|
(3,175
|
)
|
|
$
|
(4,938
|
)
|
|
$
|
(5,273
|
)
|
|
Conventional
Real Estate
Operations
|
|
Affordable
Real Estate
Operations
|
|
Proportionate
Adjustments (1)
|
|
Corporate and
Amounts Not
Allocated to
Segments (2)
|
|
Consolidated
|
||||||||||
Year Ended December 31, 2016:
|
|
|
|
|
|
|
|
|
|
||||||||||
Rental and other property revenues
|
$
|
804,335
|
|
|
$
|
100,745
|
|
|
$
|
29,250
|
|
|
$
|
40,201
|
|
|
$
|
974,531
|
|
Tax credit and asset management revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
21,323
|
|
|
21,323
|
|
|||||
Total revenues
|
804,335
|
|
|
100,745
|
|
|
29,250
|
|
|
61,524
|
|
|
995,854
|
|
|||||
Property operating expenses
|
257,939
|
|
|
38,644
|
|
|
8,517
|
|
|
47,327
|
|
|
352,427
|
|
|||||
Investment management expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
4,333
|
|
|
4,333
|
|
|||||
Depreciation and amortization
|
—
|
|
|
—
|
|
|
—
|
|
|
333,066
|
|
|
333,066
|
|
|||||
General and administrative expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
44,937
|
|
|
44,937
|
|
|||||
Other expenses, net
|
—
|
|
|
—
|
|
|
—
|
|
|
14,295
|
|
|
14,295
|
|
|||||
Total operating expenses
|
257,939
|
|
|
38,644
|
|
|
8,517
|
|
|
443,958
|
|
|
749,058
|
|
|||||
Net operating income
|
546,396
|
|
|
62,101
|
|
|
20,733
|
|
|
(382,434
|
)
|
|
246,796
|
|
|||||
Other items included in income before gain on dispositions (3)
|
—
|
|
|
—
|
|
|
—
|
|
|
(157,313
|
)
|
|
(157,313
|
)
|
|||||
Income before gain on dispositions
|
$
|
546,396
|
|
|
$
|
62,101
|
|
|
$
|
20,733
|
|
|
$
|
(539,747
|
)
|
|
$
|
89,483
|
|
|
Conventional
Real Estate
Operations
|
|
Affordable
Real Estate
Operations
|
|
Proportionate
Adjustments (1)
|
|
Corporate and
Amounts Not
Allocated to
Segments (2)
|
|
Consolidated
|
||||||||||
Year Ended December 31, 2015:
|
|
|
|
|
|
|
|
|
|
||||||||||
Rental and other property revenues
|
$
|
752,141
|
|
|
$
|
93,433
|
|
|
$
|
29,602
|
|
|
$
|
81,778
|
|
|
$
|
956,954
|
|
Tax credit and asset management revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
24,356
|
|
|
24,356
|
|
|||||
Total revenues
|
752,141
|
|
|
93,433
|
|
|
29,602
|
|
|
106,134
|
|
|
981,310
|
|
|||||
Property operating expenses
|
246,557
|
|
|
37,445
|
|
|
9,076
|
|
|
66,315
|
|
|
359,393
|
|
|||||
Investment management expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
5,855
|
|
|
5,855
|
|
|||||
Depreciation and amortization
|
—
|
|
|
—
|
|
|
—
|
|
|
306,301
|
|
|
306,301
|
|
|||||
General and administrative expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
43,178
|
|
|
43,178
|
|
|||||
Other expenses, net
|
—
|
|
|
—
|
|
|
—
|
|
|
10,368
|
|
|
10,368
|
|
|||||
Total operating expenses
|
246,557
|
|
|
37,445
|
|
|
9,076
|
|
|
432,017
|
|
|
725,095
|
|
|||||
Net operating income
|
505,584
|
|
|
55,988
|
|
|
20,526
|
|
|
(325,883
|
)
|
|
256,215
|
|
|||||
Other items included in income before gain on dispositions (3)
|
—
|
|
|
—
|
|
|
—
|
|
|
(164,825
|
)
|
|
(164,825
|
)
|
|||||
Income before gain on dispositions
|
$
|
505,584
|
|
|
$
|
55,988
|
|
|
$
|
20,526
|
|
|
$
|
(490,708
|
)
|
|
$
|
91,390
|
|
|
Conventional
Real Estate
Operations
|
|
Affordable
Real Estate
Operations
|
|
Proportionate
Adjustments (1)
|
|
Corporate and
Amounts Not
Allocated to
Segments (2)
|
|
Consolidated
|
||||||||||
Year Ended December 31, 2014:
|
|
|
|
|
|
|
|
|
|
||||||||||
Rental and other property revenues
|
$
|
683,791
|
|
|
$
|
91,549
|
|
|
$
|
28,228
|
|
|
$
|
149,263
|
|
|
$
|
952,831
|
|
Tax credit and asset management revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
31,532
|
|
|
31,532
|
|
|||||
Total revenues
|
683,791
|
|
|
91,549
|
|
|
28,228
|
|
|
180,795
|
|
|
984,363
|
|
|||||
Property operating expenses
|
228,385
|
|
|
37,123
|
|
|
8,329
|
|
|
99,817
|
|
|
373,654
|
|
|||||
Investment management expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
7,310
|
|
|
7,310
|
|
|||||
Depreciation and amortization
|
—
|
|
|
—
|
|
|
—
|
|
|
282,608
|
|
|
282,608
|
|
|||||
General and administrative expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
44,092
|
|
|
44,092
|
|
|||||
Other expenses, net
|
—
|
|
|
—
|
|
|
—
|
|
|
14,349
|
|
|
14,349
|
|
|||||
Total operating expenses
|
228,385
|
|
|
37,123
|
|
|
8,329
|
|
|
448,176
|
|
|
722,013
|
|
|||||
Net operating income
|
455,406
|
|
|
54,426
|
|
|
19,899
|
|
|
(267,381
|
)
|
|
262,350
|
|
|||||
Other items included in income before gain on dispositions (3)
|
—
|
|
|
—
|
|
|
—
|
|
|
(194,875
|
)
|
|
(194,875
|
)
|
|||||
Income before gain on dispositions
|
$
|
455,406
|
|
|
$
|
54,426
|
|
|
$
|
19,899
|
|
|
$
|
(462,256
|
)
|
|
$
|
67,475
|
|
(1)
|
Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the results of our consolidated apartment communities which are excluded from proportionate property net operating income for our segment evaluation, but included in the related consolidated amounts.
|
(2)
|
Includes operating results for consolidated communities that we do not manage and operating results for apartment communities sold or classified as held for sale during
2016
,
2015
or
2014
. Corporate and Amounts Not Allocated to Segments also includes property management revenues (which are included in consolidated rental and other property revenues), property management expenses and casualty gains and losses (which are included in consolidated property operating expenses) and depreciation and amortization, which are not part of our segment performance.
|
(3)
|
Other items included in income before gain on dispositions primarily consist of interest expense and income tax benefit.
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
Conventional
|
$
|
5,374,999
|
|
|
$
|
4,981,915
|
|
Affordable
|
399,188
|
|
|
418,924
|
|
||
Proportionate adjustments (1)
|
172,831
|
|
|
174,645
|
|
||
Corporate and other assets (2)
|
285,800
|
|
|
543,197
|
|
||
Total consolidated assets
|
$
|
6,232,818
|
|
|
$
|
6,118,681
|
|
(1)
|
Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the assets of our consolidated apartment communities, which are excluded from our measurement of segment financial condition, and our share of the assets of our unconsolidated real estate partnerships, which are included in our measure of segment financial condition.
|
(2)
|
Our basis for assessing segment performance excludes the results of apartment communities sold or classified as held for sale. Accordingly, assets related to apartment communities sold or classified as held for sale during the periods are included within Corporate and other assets for comparative periods presented.
|
|
December 31,
|
||||
|
2016
|
|
2015
|
||
VIEs with interests in conventional apartment communities
|
11
|
|
|
13
|
|
Conventional apartment communities held by VIEs
|
13
|
|
|
17
|
|
Apartment homes in conventional communities held by VIEs
|
5,313
|
|
|
6,089
|
|
VIEs with interests in affordable apartment communities
|
56
|
|
|
62
|
|
Affordable apartment communities held by VIEs
|
44
|
|
|
48
|
|
Apartment homes in affordable communities held by VIEs
|
6,890
|
|
|
7,556
|
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
Assets
|
|
|
|
||||
Net real estate
|
$
|
1,133,430
|
|
|
$
|
1,201,998
|
|
Cash and cash equivalents
|
30,803
|
|
|
28,118
|
|
||
Restricted cash
|
40,523
|
|
|
44,813
|
|
||
Liabilities
|
|
|
|
||||
Non-recourse property debt
|
954,571
|
|
|
959,523
|
|
||
Accrued liabilities and other
|
31,204
|
|
|
28,846
|
|
|
Quarter
|
||||||||||||||
2016
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
||||||||
Total revenues
|
$
|
246,239
|
|
|
$
|
251,218
|
|
|
$
|
248,904
|
|
|
$
|
249,493
|
|
Total operating expenses
|
182,705
|
|
|
186,782
|
|
|
190,172
|
|
|
189,399
|
|
||||
Operating income
|
63,534
|
|
|
64,436
|
|
|
58,732
|
|
|
60,094
|
|
||||
Income before gain on dispositions
|
23,698
|
|
|
29,412
|
|
|
15,538
|
|
|
20,835
|
|
||||
Gain on dispositions of real estate, net of tax
|
6,187
|
|
|
216,541
|
|
|
14,498
|
|
|
156,564
|
|
||||
Net income
|
29,885
|
|
|
245,953
|
|
|
30,036
|
|
|
177,399
|
|
||||
Net income attributable to Aimco common stockholders
|
23,223
|
|
|
221,382
|
|
|
11,176
|
|
|
162,000
|
|
||||
Earnings per common share - basic:
|
|
|
|
|
|
|
|
||||||||
Net income attributable to Aimco common stockholders
|
$
|
0.15
|
|
|
$
|
1.42
|
|
|
$
|
0.07
|
|
|
$
|
1.04
|
|
Earnings per common share - diluted:
|
|
|
|
|
|
|
|
||||||||
Net income attributable to Aimco common stockholders
|
$
|
0.15
|
|
|
$
|
1.41
|
|
|
$
|
0.07
|
|
|
$
|
1.03
|
|
Weighted average common shares outstanding - basic
|
155,791
|
|
|
156,375
|
|
|
156,079
|
|
|
156,171
|
|
||||
Weighted average common shares outstanding - diluted
|
156,117
|
|
|
156,793
|
|
|
156,527
|
|
|
156,540
|
|
|
Quarter
|
||||||||||||||
2015
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
||||||||
Total revenues
|
$
|
244,265
|
|
|
$
|
244,783
|
|
|
$
|
246,387
|
|
|
$
|
245,875
|
|
Total operating expenses
|
183,198
|
|
|
179,140
|
|
|
182,366
|
|
|
180,391
|
|
||||
Operating income
|
61,067
|
|
|
65,643
|
|
|
64,021
|
|
|
65,484
|
|
||||
Income before gain on dispositions
|
18,457
|
|
|
23,907
|
|
|
23,769
|
|
|
25,257
|
|
||||
Gain on dispositions of real estate, net of tax
|
85,693
|
|
|
44,781
|
|
|
—
|
|
|
50,119
|
|
||||
Net income
|
104,150
|
|
|
68,688
|
|
|
23,769
|
|
|
75,376
|
|
||||
Net income attributable to Aimco common stockholders
|
89,344
|
|
|
60,804
|
|
|
19,179
|
|
|
66,639
|
|
||||
Earnings per common share - basic and diluted:
|
|
|
|
|
|
|
|
||||||||
Net income attributable to Aimco common stockholders
|
$
|
0.58
|
|
|
$
|
0.39
|
|
|
$
|
0.12
|
|
|
$
|
0.43
|
|
Weighted average common shares outstanding - basic
|
153,821
|
|
|
155,524
|
|
|
155,639
|
|
|
155,725
|
|
||||
Weighted average common shares outstanding - diluted
|
154,277
|
|
|
155,954
|
|
|
156,008
|
|
|
156,043
|
|
|
Quarter
|
||||||||||||||
2016
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
||||||||
Total revenues
|
$
|
246,239
|
|
|
$
|
251,218
|
|
|
$
|
248,904
|
|
|
$
|
249,493
|
|
Total operating expenses
|
182,705
|
|
|
186,782
|
|
|
190,172
|
|
|
189,399
|
|
||||
Operating income
|
63,534
|
|
|
64,436
|
|
|
58,732
|
|
|
60,094
|
|
||||
Income before gain on dispositions
|
23,698
|
|
|
29,412
|
|
|
15,538
|
|
|
20,835
|
|
||||
Gain on dispositions of real estate, net of tax
|
6,187
|
|
|
216,541
|
|
|
14,498
|
|
|
156,564
|
|
||||
Net income
|
29,885
|
|
|
245,953
|
|
|
30,036
|
|
|
177,399
|
|
||||
Net income attributable to the Partnership’s common unitholders
|
24,395
|
|
|
232,517
|
|
|
11,368
|
|
|
169,869
|
|
||||
Earnings per common unit - basic:
|
|
|
|
|
|
|
|
||||||||
Net income attributable to the Partnership’s common unitholders
|
$
|
0.15
|
|
|
$
|
1.42
|
|
|
$
|
0.07
|
|
|
$
|
1.04
|
|
Earnings per common unit - diluted:
|
|
|
|
|
|
|
|
||||||||
Net income attributable to the Partnership’s common unitholders
|
$
|
0.15
|
|
|
$
|
1.41
|
|
|
$
|
0.07
|
|
|
$
|
1.03
|
|
Weighted average common units outstanding - basic
|
163,639
|
|
|
164,188
|
|
|
163,832
|
|
|
163,799
|
|
||||
Weighted average common units outstanding - diluted
|
163,965
|
|
|
164,606
|
|
|
164,280
|
|
|
164,168
|
|
|
Quarter
|
||||||||||||||
2015
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
||||||||
Total revenues
|
$
|
244,265
|
|
|
$
|
244,783
|
|
|
$
|
246,387
|
|
|
$
|
245,875
|
|
Total operating expenses
|
183,198
|
|
|
179,140
|
|
|
182,366
|
|
|
180,391
|
|
||||
Operating income
|
61,067
|
|
|
65,643
|
|
|
64,021
|
|
|
65,484
|
|
||||
Income before gain on dispositions
|
18,457
|
|
|
23,907
|
|
|
23,769
|
|
|
25,257
|
|
||||
Gain on dispositions of real estate, net of tax
|
85,693
|
|
|
44,781
|
|
|
—
|
|
|
50,119
|
|
||||
Net income
|
104,150
|
|
|
68,688
|
|
|
23,769
|
|
|
75,376
|
|
||||
Net income attributable to the Partnership’s common unitholders
|
93,742
|
|
|
63,776
|
|
|
20,072
|
|
|
69,930
|
|
||||
Earnings per common unit - basic and diluted:
|
|
|
|
|
|
|
|
||||||||
Net income attributable to the Partnership’s common unitholders
|
$
|
0.58
|
|
|
$
|
0.39
|
|
|
$
|
0.12
|
|
|
$
|
0.43
|
|
Weighted average common units outstanding - basic
|
161,461
|
|
|
163,149
|
|
|
163,241
|
|
|
163,485
|
|
||||
Weighted average common units outstanding - diluted
|
161,917
|
|
|
163,579
|
|
|
163,610
|
|
|
163,803
|
|
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
|
||||||||||||
AIMCO PROPERTIES, L.P.
|
||||||||||||
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
|
||||||||||||
December 31, 2016
|
||||||||||||
(In Thousands Except Apartment Home Data)
|
|
|
|
|
|
|
|
(2)
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
(1)
|
|
|
|
Initial Cost
|
Cost Capitalized
|
December 31, 2016
|
|||||||||||||||||||||||||
|
Apartment
|
Date
|
|
Year
|
Apartment
|
|
Buildings and
|
Subsequent to
|
|
Buildings and
|
(3)
|
Accumulated
|
Total Cost
|
|
|||||||||||||||||||
Apartment Community Name
|
Type
|
Consolidated
|
Location
|
Built
|
Homes
|
Land
|
Improvements
|
Consolidation
|
Land
|
Improvements
|
Total
|
Depreciation (AD)
|
Net of AD
|
Encumbrances
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Columbus Avenue
|
Mid Rise
|
Sep 2003
|
New York, NY
|
1880
|
59
|
|
35,527
|
|
9,450
|
|
5,707
|
|
35,527
|
|
15,157
|
|
50,684
|
|
(8,737
|
)
|
41,947
|
|
26,327
|
|
|||||||||
Creekside
|
Garden
|
Jan 2000
|
Denver, CO
|
1974
|
328
|
|
3,189
|
|
12,698
|
|
5,986
|
|
3,189
|
|
18,684
|
|
21,873
|
|
(12,157
|
)
|
9,716
|
|
11,802
|
|
|||||||||
Crescent at West Hollywood, The
|
Mid Rise
|
Mar 2002
|
West Hollywood, CA
|
1985
|
130
|
|
15,765
|
|
10,215
|
|
10,872
|
|
15,765
|
|
21,087
|
|
36,852
|
|
(14,386
|
)
|
22,466
|
|
—
|
|
|||||||||
Eastpointe
|
Garden
|
Dec 2014
|
Boulder, CO
|
1970
|
140
|
|
15,300
|
|
2,705
|
|
1,868
|
|
15,300
|
|
4,573
|
|
19,873
|
|
(201
|
)
|
19,672
|
|
—
|
|
|||||||||
Elm Creek
|
Mid Rise
|
Dec 1997
|
Elmhurst, IL
|
1987
|
400
|
|
5,910
|
|
30,830
|
|
29,140
|
|
5,910
|
|
59,970
|
|
65,880
|
|
(28,201
|
)
|
37,679
|
|
—
|
|
|||||||||
Evanston Place
|
High Rise
|
Dec 1997
|
Evanston, IL
|
1990
|
190
|
|
3,232
|
|
25,546
|
|
12,484
|
|
3,232
|
|
38,030
|
|
41,262
|
|
(17,136
|
)
|
24,126
|
|
19,659
|
|
|||||||||
Farmingdale
|
Mid Rise
|
Oct 2000
|
Darien, IL
|
1975
|
240
|
|
11,763
|
|
15,174
|
|
8,408
|
|
11,763
|
|
23,582
|
|
35,345
|
|
(11,117
|
)
|
24,228
|
|
14,397
|
|
|||||||||
Flamingo Towers
|
High Rise
|
Sep 1997
|
Miami Beach, FL
|
1960
|
1,268
|
|
32,427
|
|
48,808
|
|
288,908
|
|
32,427
|
|
337,716
|
|
370,143
|
|
(148,984
|
)
|
221,159
|
|
107,457
|
|
|||||||||
Four Quarters Habitat
|
Garden
|
Jan 2006
|
Miami, FL
|
1976
|
336
|
|
2,379
|
|
17,199
|
|
22,966
|
|
2,379
|
|
40,165
|
|
42,544
|
|
(22,762
|
)
|
19,782
|
|
5,742
|
|
|||||||||
Foxchase
|
Garden
|
Dec 1997
|
Alexandria, VA
|
1940
|
2,113
|
|
15,496
|
|
96,062
|
|
40,988
|
|
15,496
|
|
137,050
|
|
152,546
|
|
(75,841
|
)
|
76,705
|
|
233,383
|
|
|||||||||
Georgetown
|
Garden
|
Aug 2002
|
Framingham, MA
|
1964
|
207
|
|
12,351
|
|
13,168
|
|
3,249
|
|
12,351
|
|
16,417
|
|
28,768
|
|
(7,366
|
)
|
21,402
|
|
6,867
|
|
|||||||||
Georgetown II
|
Mid Rise
|
Aug 2002
|
Framingham, MA
|
1958
|
72
|
|
4,577
|
|
4,057
|
|
1,454
|
|
4,577
|
|
5,511
|
|
10,088
|
|
(2,821
|
)
|
7,267
|
|
2,301
|
|
|||||||||
Heritage Park Escondido
|
Garden
|
Oct 2000
|
Escondido, CA
|
1986
|
196
|
|
1,055
|
|
7,565
|
|
2,095
|
|
1,055
|
|
9,660
|
|
10,715
|
|
(6,404
|
)
|
4,311
|
|
6,610
|
|
|||||||||
Heritage Park Livermore
|
Garden
|
Oct 2000
|
Livermore, CA
|
1988
|
167
|
|
—
|
|
10,209
|
|
1,640
|
|
—
|
|
11,849
|
|
11,849
|
|
(7,426
|
)
|
4,423
|
|
6,838
|
|
|||||||||
Heritage Village Anaheim
|
Garden
|
Oct 2000
|
Anaheim, CA
|
1986
|
196
|
|
1,832
|
|
8,541
|
|
1,810
|
|
1,832
|
|
10,351
|
|
12,183
|
|
(6,401
|
)
|
5,782
|
|
8,024
|
|
|||||||||
Hidden Cove
|
Garden
|
Jul 1998
|
Escondido, CA
|
1983
|
334
|
|
3,043
|
|
17,616
|
|
10,783
|
|
3,043
|
|
28,399
|
|
31,442
|
|
(14,933
|
)
|
16,509
|
|
34,563
|
|
|||||||||
Hidden Cove II
|
Garden
|
Jul 2007
|
Escondido, CA
|
1986
|
118
|
|
12,849
|
|
6,530
|
|
7,109
|
|
12,849
|
|
13,639
|
|
26,488
|
|
(7,600
|
)
|
18,888
|
|
14,005
|
|
|||||||||
Hillcreste
|
Garden
|
Mar 2002
|
Century City, CA
|
1989
|
315
|
|
35,862
|
|
47,216
|
|
12,798
|
|
35,862
|
|
60,014
|
|
95,876
|
|
(26,435
|
)
|
69,441
|
|
66,372
|
|
|||||||||
Hillmeade
|
Garden
|
Nov 1994
|
Nashville, TN
|
1986
|
288
|
|
2,872
|
|
16,070
|
|
16,535
|
|
2,872
|
|
32,605
|
|
35,477
|
|
(17,769
|
)
|
17,708
|
|
15,891
|
|
|||||||||
Horizons West Apartments
|
Mid Rise
|
Dec 2006
|
Pacifica, CA
|
1970
|
78
|
|
8,887
|
|
6,377
|
|
2,279
|
|
8,887
|
|
8,656
|
|
17,543
|
|
(3,902
|
)
|
13,641
|
|
14,319
|
|
|||||||||
Hunt Club
|
Garden
|
Sep 2000
|
Gaithersburg, MD
|
1986
|
336
|
|
17,859
|
|
13,149
|
|
11,954
|
|
17,859
|
|
25,103
|
|
42,962
|
|
(13,256
|
)
|
29,706
|
|
—
|
|
|||||||||
Hunter's Chase
|
Garden
|
Jan 2001
|
Midlothian, VA
|
1985
|
320
|
|
7,935
|
|
7,915
|
|
2,743
|
|
7,935
|
|
10,658
|
|
18,593
|
|
(4,909
|
)
|
13,684
|
|
14,347
|
|
|||||||||
Hunters Glen
|
Garden
|
Oct 1999
|
Plainsboro, NJ
|
1976
|
896
|
|
8,778
|
|
47,259
|
|
38,780
|
|
8,778
|
|
86,039
|
|
94,817
|
|
(64,072
|
)
|
30,745
|
|
61,073
|
|
|||||||||
Hyde Park Tower
|
High Rise
|
Oct 2004
|
Chicago, IL
|
1990
|
155
|
|
4,731
|
|
14,927
|
|
10,782
|
|
4,731
|
|
25,709
|
|
30,440
|
|
(6,459
|
)
|
23,981
|
|
13,219
|
|
|||||||||
Indian Oaks
|
Garden
|
Mar 2002
|
Simi Valley, CA
|
1986
|
254
|
|
24,523
|
|
15,801
|
|
5,819
|
|
24,523
|
|
21,620
|
|
46,143
|
|
(11,010
|
)
|
35,133
|
|
—
|
|
|||||||||
Indigo
|
Garden
|
Aug 2016
|
Redwood City, CA
|
2016
|
463
|
|
26,944
|
|
296,104
|
|
481
|
|
26,944
|
|
296,585
|
|
323,529
|
|
(3,889
|
)
|
319,640
|
|
144,294
|
|
|||||||||
Island Club
|
Garden
|
Oct 2000
|
Oceanside, CA
|
1986
|
592
|
|
18,027
|
|
28,654
|
|
15,868
|
|
18,027
|
|
44,522
|
|
62,549
|
|
(27,851
|
)
|
34,698
|
|
57,691
|
|
|||||||||
Key Towers
|
High Rise
|
Apr 2001
|
Alexandria, VA
|
1964
|
140
|
|
1,526
|
|
7,050
|
|
6,647
|
|
1,526
|
|
13,697
|
|
15,223
|
|
(10,176
|
)
|
5,047
|
|
9,748
|
|
|||||||||
Lakeside
|
Garden
|
Oct 1999
|
Lisle, IL
|
1972
|
568
|
|
5,840
|
|
27,937
|
|
24,090
|
|
5,840
|
|
52,027
|
|
57,867
|
|
(33,575
|
)
|
24,292
|
|
26,288
|
|
|||||||||
Latrobe
|
High Rise
|
Jan 2003
|
Washington, DC
|
1980
|
175
|
|
3,459
|
|
9,103
|
|
13,142
|
|
3,459
|
|
22,245
|
|
25,704
|
|
(14,555
|
)
|
11,149
|
|
27,923
|
|
|||||||||
Lincoln Place (4)
|
Garden
|
Oct 2004
|
Venice, CA
|
1951
|
795
|
|
128,332
|
|
10,439
|
|
332,696
|
|
44,197
|
|
343,135
|
|
387,332
|
|
(68,663
|
)
|
318,669
|
|
194,280
|
|
|||||||||
Lodge at Chattahoochee, The
|
Garden
|
Oct 1999
|
Sandy Springs, GA
|
1970
|
312
|
|
2,335
|
|
16,370
|
|
17,039
|
|
2,335
|
|
33,409
|
|
35,744
|
|
(21,211
|
)
|
14,533
|
|
20,163
|
|
|||||||||
Malibu Canyon
|
Garden
|
Mar 2002
|
Calabasas, CA
|
1986
|
698
|
|
69,834
|
|
53,438
|
|
24,778
|
|
69,834
|
|
78,216
|
|
148,050
|
|
(38,744
|
)
|
109,306
|
|
109,803
|
|
|||||||||
Maple Bay
|
Garden
|
Dec 1999
|
Virginia Beach, VA
|
1971
|
414
|
|
2,597
|
|
16,141
|
|
23,069
|
|
2,597
|
|
39,210
|
|
41,807
|
|
(26,882
|
)
|
14,925
|
|
—
|
|
|||||||||
Mariner's Cove
|
Garden
|
Mar 2002
|
San Diego, CA
|
1984
|
500
|
|
—
|
|
66,861
|
|
7,572
|
|
—
|
|
74,433
|
|
74,433
|
|
(34,371
|
)
|
40,062
|
|
—
|
|
|||||||||
Meadow Creek
|
Garden
|
Jul 1994
|
Boulder, CO
|
1968
|
332
|
|
1,435
|
|
24,533
|
|
5,785
|
|
1,435
|
|
30,318
|
|
31,753
|
|
(16,363
|
)
|
15,390
|
|
41,984
|
|
|||||||||
Merrill House
|
High Rise
|
Jan 2000
|
Falls Church, VA
|
1964
|
159
|
|
1,836
|
|
10,831
|
|
7,621
|
|
1,836
|
|
18,452
|
|
20,288
|
|
(9,840
|
)
|
10,448
|
|
17,584
|
|
|||||||||
Mezzo
|
High Rise
|
Mar 2015
|
Atlanta, GA
|
2008
|
94
|
|
4,292
|
|
34,178
|
|
664
|
|
4,292
|
|
34,842
|
|
39,134
|
|
(2,723
|
)
|
36,411
|
|
24,490
|
|
|||||||||
Monterey Grove
|
Garden
|
Jun 2008
|
San Jose, CA
|
1999
|
224
|
|
34,325
|
|
21,939
|
|
5,732
|
|
34,325
|
|
27,671
|
|
61,996
|
|
(10,254
|
)
|
51,742
|
|
—
|
|
|||||||||
Ocean House on Prospect
|
Mid Rise
|
Apr 2013
|
La Jolla, CA
|
1970
|
53
|
|
12,528
|
|
18,805
|
|
14,788
|
|
12,528
|
|
33,593
|
|
46,121
|
|
(2,597
|
)
|
43,524
|
|
13,621
|
|
|||||||||
One Canal
|
High Rise
|
Sep 2013
|
Boston, MA
|
2016
|
310
|
|
—
|
|
15,873
|
|
176,087
|
|
—
|
|
191,960
|
|
191,960
|
|
(4,269
|
)
|
187,691
|
|
110,085
|
|
|||||||||
Pacific Bay Vistas (4)
|
Garden
|
Mar 2001
|
San Bruno, CA
|
1987
|
308
|
|
28,694
|
|
62,460
|
|
36,905
|
|
23,354
|
|
99,365
|
|
122,719
|
|
(21,682
|
)
|
101,037
|
|
69,547
|
|
|||||||||
Pacifica Park
|
Garden
|
Jul 2006
|
Pacifica, CA
|
1977
|
104
|
|
12,970
|
|
6,579
|
|
7,496
|
|
12,970
|
|
14,075
|
|
27,045
|
|
(4,894
|
)
|
22,151
|
|
11,447
|
|
|||||||||
Palazzo at Park La Brea, The
|
Mid Rise
|
Feb 2004
|
Los Angeles, CA
|
2002
|
521
|
|
48,362
|
|
125,464
|
|
31,959
|
|
48,362
|
|
157,423
|
|
205,785
|
|
(65,393
|
)
|
140,392
|
|
170,000
|
|
|||||||||
Palazzo East at Park La Brea, The
|
Mid Rise
|
Mar 2005
|
Los Angeles, CA
|
2005
|
611
|
|
72,578
|
|
136,503
|
|
15,257
|
|
72,578
|
|
151,760
|
|
224,338
|
|
(61,449
|
)
|
162,889
|
|
114,524
|
|
|||||||||
Park Towne Place
|
High Rise
|
Apr 2000
|
Philadelphia, PA
|
1959
|
948
|
|
10,472
|
|
47,301
|
|
272,057
|
|
10,472
|
|
319,358
|
|
329,830
|
|
(73,876
|
)
|
255,954
|
|
—
|
|
|||||||||
Parkway
|
Garden
|
Mar 2000
|
Willamsburg, VA
|
1971
|
148
|
|
386
|
|
2,834
|
|
2,748
|
|
386
|
|
5,582
|
|
5,968
|
|
(3,504
|
)
|
2,464
|
|
—
|
|
|||||||||
Pathfinder Village
|
Garden
|
Jan 2006
|
Fremont, CA
|
1973
|
246
|
|
19,595
|
|
14,838
|
|
12,323
|
|
19,595
|
|
27,161
|
|
46,756
|
|
(12,248
|
)
|
34,508
|
|
38,889
|
|
|
|
|
|
|
|
|
(2)
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
(1)
|
|
|
|
Initial Cost
|
Cost Capitalized
|
December 31, 2016
|
|||||||||||||||||||||||||
|
Apartment
|
Date
|
|
Year
|
Apartment
|
|
Buildings and
|
Subsequent to
|
|
Buildings and
|
(3)
|
Accumulated
|
Total Cost
|
|
|||||||||||||||||||
Apartment Community Name
|
Type
|
Consolidated
|
Location
|
Built
|
Homes
|
Land
|
Improvements
|
Consolidation
|
Land
|
Improvements
|
Total
|
Depreciation (AD)
|
Net of AD
|
Encumbrances
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Biltmore Towers
|
High Rise
|
Mar 2002
|
Dayton, OH
|
1980
|
230
|
|
1,814
|
|
6,411
|
|
13,459
|
|
1,814
|
|
19,870
|
|
21,684
|
|
(13,254
|
)
|
8,430
|
|
9,981
|
|
|||||||||
Butternut Creek
|
Mid Rise
|
Jan 2006
|
Charlotte, MI
|
1980
|
100
|
|
505
|
|
3,617
|
|
4,028
|
|
505
|
|
7,645
|
|
8,150
|
|
(6,134
|
)
|
2,016
|
|
4,044
|
|
|||||||||
Carriage House
|
Mid Rise
|
Dec 2006
|
Petersburg, VA
|
1885
|
118
|
|
716
|
|
2,886
|
|
4,298
|
|
716
|
|
7,184
|
|
7,900
|
|
(4,263
|
)
|
3,637
|
|
1,801
|
|
|||||||||
City Line
|
Garden
|
Mar 2002
|
Newport News, VA
|
1976
|
200
|
|
500
|
|
2,014
|
|
8,150
|
|
500
|
|
10,164
|
|
10,664
|
|
(5,369
|
)
|
5,295
|
|
4,214
|
|
|||||||||
Copperwood I Apartments
|
Garden
|
Apr 2006
|
The Woodlands, TX
|
1980
|
150
|
|
383
|
|
8,373
|
|
5,969
|
|
383
|
|
14,342
|
|
14,725
|
|
(12,522
|
)
|
2,203
|
|
5,066
|
|
|||||||||
Copperwood II Apartments
|
Garden
|
Oct 2005
|
The Woodlands, TX
|
1981
|
150
|
|
459
|
|
5,553
|
|
3,745
|
|
459
|
|
9,298
|
|
9,757
|
|
(5,780
|
)
|
3,977
|
|
5,227
|
|
|||||||||
Country Club Heights
|
Garden
|
Mar 2004
|
Quincy, IL
|
1976
|
200
|
|
676
|
|
5,715
|
|
5,178
|
|
676
|
|
10,893
|
|
11,569
|
|
(6,518
|
)
|
5,051
|
|
5,365
|
|
|||||||||
Crevenna Oaks
|
Town Home
|
Jan 2006
|
Burke, VA
|
1979
|
50
|
|
—
|
|
5,203
|
|
486
|
|
—
|
|
5,689
|
|
5,689
|
|
(3,422
|
)
|
2,267
|
|
2,320
|
|
|||||||||
Fountain Place
|
Mid Rise
|
Jan 2006
|
Connersville, IN
|
1980
|
102
|
|
378
|
|
2,091
|
|
3,238
|
|
378
|
|
5,329
|
|
5,707
|
|
(2,386
|
)
|
3,321
|
|
869
|
|
|||||||||
Hopkins Village
|
Mid Rise
|
Sep 2003
|
Baltimore, MD
|
1979
|
165
|
|
549
|
|
5,973
|
|
3,896
|
|
549
|
|
9,869
|
|
10,418
|
|
(4,897
|
)
|
5,521
|
|
9,100
|
|
|||||||||
Ingram Square
|
Garden
|
Jan 2006
|
San Antonio, TX
|
1980
|
120
|
|
800
|
|
3,136
|
|
5,961
|
|
800
|
|
9,097
|
|
9,897
|
|
(6,009
|
)
|
3,888
|
|
3,120
|
|
|||||||||
Kirkwood House
|
High Rise
|
Sep 2004
|
Baltimore, MD
|
1979
|
261
|
|
1,337
|
|
9,358
|
|
9,161
|
|
1,337
|
|
18,519
|
|
19,856
|
|
(9,502
|
)
|
10,354
|
|
16,000
|
|
|||||||||
La Salle
|
Garden
|
Oct 2000
|
San Francisco, CA
|
1976
|
145
|
|
1,866
|
|
19,567
|
|
18,188
|
|
1,866
|
|
37,755
|
|
39,621
|
|
(27,002
|
)
|
12,619
|
|
17,293
|
|
|||||||||
La Vista
|
Garden
|
Jan 2006
|
Concord, CA
|
1981
|
75
|
|
581
|
|
4,449
|
|
4,694
|
|
581
|
|
9,143
|
|
9,724
|
|
(4,271
|
)
|
5,453
|
|
4,839
|
|
|||||||||
Loring Towers
|
High Rise
|
Oct 2002
|
Minneapolis, MN
|
1975
|
230
|
|
886
|
|
7,445
|
|
8,508
|
|
886
|
|
15,953
|
|
16,839
|
|
(8,418
|
)
|
8,421
|
|
9,407
|
|
|||||||||
Loring Towers Apartments
|
High Rise
|
Sep 2003
|
Salem, MA
|
1973
|
250
|
|
187
|
|
14,050
|
|
8,162
|
|
187
|
|
22,212
|
|
22,399
|
|
(11,245
|
)
|
11,154
|
|
9,725
|
|
|||||||||
New Baltimore
|
Mid Rise
|
Mar 2002
|
New Baltimore, MI
|
1980
|
101
|
|
896
|
|
2,360
|
|
5,419
|
|
896
|
|
7,779
|
|
8,675
|
|
(4,685
|
)
|
3,990
|
|
1,936
|
|
|||||||||
Northpoint
|
Garden
|
Jan 2000
|
Chicago, IL
|
1921
|
304
|
|
2,510
|
|
14,334
|
|
15,960
|
|
2,510
|
|
30,294
|
|
32,804
|
|
(22,496
|
)
|
10,308
|
|
17,382
|
|
|||||||||
Panorama Park
|
Garden
|
Mar 2002
|
Bakersfield, CA
|
1982
|
66
|
|
521
|
|
5,520
|
|
1,245
|
|
521
|
|
6,765
|
|
7,286
|
|
(3,904
|
)
|
3,382
|
|
1,678
|
|
|||||||||
Park Place
|
Mid Rise
|
Jun 2005
|
St Louis, MO
|
1977
|
242
|
|
705
|
|
6,327
|
|
8,333
|
|
705
|
|
14,660
|
|
15,365
|
|
(11,235
|
)
|
4,130
|
|
8,301
|
|
|||||||||
Parkways, The
|
Garden
|
Jun 2004
|
Chicago, IL
|
1925
|
446
|
|
3,426
|
|
23,257
|
|
21,981
|
|
3,426
|
|
45,238
|
|
48,664
|
|
(27,276
|
)
|
21,388
|
|
15,951
|
|
|||||||||
Pleasant Hills
|
Garden
|
Apr 2005
|
Austin, TX
|
1982
|
100
|
|
1,229
|
|
2,631
|
|
4,112
|
|
1,229
|
|
6,743
|
|
7,972
|
|
(4,194
|
)
|
3,778
|
|
2,899
|
|
|||||||||
Plummer Village
|
Mid Rise
|
Mar 2002
|
North Hills, CA
|
1983
|
75
|
|
666
|
|
2,647
|
|
1,349
|
|
666
|
|
3,996
|
|
4,662
|
|
(2,863
|
)
|
1,799
|
|
2,282
|
|
|||||||||
Riverwoods
|
High Rise
|
Jan 2006
|
Kankakee, IL
|
1983
|
125
|
|
598
|
|
4,931
|
|
3,675
|
|
598
|
|
8,606
|
|
9,204
|
|
(4,041
|
)
|
5,163
|
|
3,453
|
|
|||||||||
Round Barn Manor
|
Garden
|
Mar 2002
|
Champaign, IL
|
1979
|
156
|
|
810
|
|
5,134
|
|
6,171
|
|
810
|
|
11,305
|
|
12,115
|
|
(4,736
|
)
|
7,379
|
|
3,999
|
|
|||||||||
San Jose Apartments
|
Garden
|
Sep 2005
|
San Antonio, TX
|
1970
|
220
|
|
234
|
|
5,770
|
|
12,782
|
|
234
|
|
18,552
|
|
18,786
|
|
(10,962
|
)
|
7,824
|
|
4,259
|
|
|||||||||
San Juan Del Centro
|
Mid Rise
|
Sep 2005
|
Boulder, CO
|
1971
|
150
|
|
439
|
|
7,110
|
|
13,218
|
|
439
|
|
20,328
|
|
20,767
|
|
(11,721
|
)
|
9,046
|
|
11,553
|
|
|||||||||
Shoreview
|
Garden
|
Oct 1999
|
San Francisco, CA
|
1976
|
156
|
|
1,476
|
|
19,071
|
|
20,034
|
|
1,476
|
|
39,105
|
|
40,581
|
|
(28,570
|
)
|
12,011
|
|
18,716
|
|
|||||||||
South Bay Villa
|
Garden
|
Mar 2002
|
Los Angeles, CA
|
1981
|
80
|
|
1,352
|
|
2,770
|
|
3,759
|
|
1,352
|
|
6,529
|
|
7,881
|
|
(5,456
|
)
|
2,425
|
|
2,689
|
|
|||||||||
St. George Villas
|
Garden
|
Jan 2006
|
St. George, SC
|
1984
|
40
|
|
107
|
|
1,025
|
|
393
|
|
107
|
|
1,418
|
|
1,525
|
|
(1,178
|
)
|
347
|
|
357
|
|
|||||||||
Summit Oaks
|
Town Home
|
Jan 2006
|
Burke, VA
|
1980
|
50
|
|
—
|
|
5,311
|
|
506
|
|
—
|
|
5,817
|
|
5,817
|
|
(3,308
|
)
|
2,509
|
|
2,302
|
|
|||||||||
Tamarac Pines Apartments I
|
Garden
|
Nov 2004
|
Woodlands, TX
|
1980
|
144
|
|
363
|
|
2,775
|
|
3,643
|
|
363
|
|
6,418
|
|
6,781
|
|
(3,872
|
)
|
2,909
|
|
3,591
|
|
|||||||||
Tamarac Pines Apartments II
|
Garden
|
Nov 2004
|
Woodlands, TX
|
1980
|
156
|
|
266
|
|
3,195
|
|
4,145
|
|
266
|
|
7,340
|
|
7,606
|
|
(4,397
|
)
|
3,209
|
|
3,890
|
|
|||||||||
Terry Manor
|
Mid Rise
|
Oct 2005
|
Los Angeles, CA
|
1977
|
170
|
|
1,997
|
|
5,848
|
|
5,361
|
|
1,997
|
|
11,209
|
|
13,206
|
|
(8,893
|
)
|
4,313
|
|
6,111
|
|
|||||||||
Tompkins Terrace
|
Garden
|
Oct 2002
|
Beacon, NY
|
1974
|
193
|
|
872
|
|
6,827
|
|
14,478
|
|
872
|
|
21,305
|
|
22,177
|
|
(11,354
|
)
|
10,823
|
|
6,470
|
|
|||||||||
University Square
|
High Rise
|
Mar 2005
|
Philadelphia, PA
|
1978
|
442
|
|
702
|
|
12,201
|
|
13,049
|
|
702
|
|
25,250
|
|
25,952
|
|
(9,785
|
)
|
16,167
|
|
—
|
|
|||||||||
Van Nuys Apartments
|
High Rise
|
Mar 2002
|
Los Angeles, CA
|
1981
|
299
|
|
3,576
|
|
21,226
|
|
23,576
|
|
3,576
|
|
44,802
|
|
48,378
|
|
(21,151
|
)
|
27,227
|
|
23,851
|
|
|||||||||
Wah Luck House
|
High Rise
|
Jan 2006
|
Washington, DC
|
1982
|
153
|
|
—
|
|
7,772
|
|
472
|
|
—
|
|
8,244
|
|
8,244
|
|
(2,976
|
)
|
5,268
|
|
4,715
|
|
|||||||||
Walnut Hills
|
High Rise
|
Jan 2006
|
Cincinnati, OH
|
1983
|
198
|
|
820
|
|
5,608
|
|
5,720
|
|
820
|
|
11,328
|
|
12,148
|
|
(6,186
|
)
|
5,962
|
|
5,048
|
|
|||||||||
Washington Square West
|
Mid Rise
|
Sep 2004
|
Philadelphia, PA
|
1982
|
132
|
|
582
|
|
11,169
|
|
5,448
|
|
582
|
|
16,617
|
|
17,199
|
|
(11,617
|
)
|
5,582
|
|
3,389
|
|
|||||||||
Whitefield Place
|
Garden
|
Apr 2005
|
San Antonio, TX
|
1980
|
80
|
|
219
|
|
3,151
|
|
2,336
|
|
219
|
|
5,487
|
|
5,706
|
|
(3,344
|
)
|
2,362
|
|
1,981
|
|
|||||||||
Winter Gardens
|
High Rise
|
Mar 2004
|
St Louis, MO
|
1920
|
112
|
|
300
|
|
3,072
|
|
4,773
|
|
300
|
|
7,845
|
|
8,145
|
|
(2,946
|
)
|
5,199
|
|
3,237
|
|
|||||||||
Woodland Hills
|
Garden
|
Oct 2005
|
Jackson, MI
|
1980
|
125
|
|
320
|
|
3,875
|
|
4,113
|
|
327
|
|
7,989
|
|
8,316
|
|
(4,955
|
)
|
3,361
|
|
3,188
|
|
|||||||||
Total Affordable Apartment Communities
|
|
|
|
7,650
|
|
40,042
|
|
356,151
|
|
361,468
|
|
40,049
|
|
717,620
|
|
757,669
|
|
(432,488
|
)
|
325,181
|
|
315,236
|
|
||||||||||
Other (5)
|
|
|
|
|
—
|
|
76,034
|
|
10,474
|
|
1,958
|
|
76,034
|
|
12,432
|
|
88,466
|
|
(2,883
|
)
|
85,583
|
|
—
|
|
|||||||||
Total
|
|
|
|
|
45,430
|
|
$
|
1,948,260
|
|
$
|
3,615,256
|
|
$
|
3,012,117
|
|
$
|
1,858,792
|
|
$
|
6,627,374
|
|
$
|
8,486,166
|
|
$
|
(2,730,758
|
)
|
$
|
5,755,408
|
|
$
|
3,889,647
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Real Estate
Balance at beginning of year
|
$
|
8,307,483
|
|
|
$
|
8,144,958
|
|
|
$
|
8,214,081
|
|
Additions during the year:
|
|
|
|
|
|
||||||
Acquisitions
|
333,174
|
|
|
147,077
|
|
|
379,187
|
|
|||
Capital additions
|
338,606
|
|
|
362,948
|
|
|
367,454
|
|
|||
Casualty and other write-offs (1)
|
(166,703
|
)
|
|
(79,561
|
)
|
|
(111,068
|
)
|
|||
Amounts related to assets held for sale
|
(2,801
|
)
|
|
(7,036
|
)
|
|
(38,744
|
)
|
|||
Sales
|
(323,593
|
)
|
|
(260,903
|
)
|
|
(665,952
|
)
|
|||
Balance at end of year
|
$
|
8,486,166
|
|
|
$
|
8,307,483
|
|
|
$
|
8,144,958
|
|
Accumulated Depreciation
Balance at beginning of year
|
$
|
2,778,022
|
|
|
$
|
2,672,179
|
|
|
$
|
2,822,872
|
|
Additions during the year:
|
|
|
|
|
|
||||||
Depreciation
|
312,365
|
|
|
285,514
|
|
|
265,060
|
|
|||
Deductions during the year:
|
|
|
|
|
|
||||||
Casualty and other write-offs (1)
|
(163,009
|
)
|
|
(78,838
|
)
|
|
(106,802
|
)
|
|||
Amounts related to assets held for sale
|
(1,525
|
)
|
|
(4,427
|
)
|
|
(12,304
|
)
|
|||
Sales
|
(195,095
|
)
|
|
(96,406
|
)
|
|
(296,647
|
)
|
|||
Balance at end of year
|
$
|
2,730,758
|
|
|
$
|
2,778,022
|
|
|
$
|
2,672,179
|
|
(1)
|
Includes the write-off of fully depreciated assets totaling
$161.6 million
,
$76.9 million
and
$106.3 million
, during the years ended
December 31, 2016
,
2015
and
2014
, respectively.
|
ENTITY NAME
|
STATE CODE
|
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
|
|
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
|
MD
|
AIMCO-GP, INC.
|
DE
|
AIMCO-LP TRUST
|
DE
|
|
|
APARTMENT INVESTMENT AND MANAGEMENT COMPANY and AIMCO PROPERTIES, L.P.
|
|
AIMCO PROPERTIES, L.P.
|
DE
|
ACTC VI MANAGER, LLC
|
DE
|
AHP ACQUISITION COMPANY, LLC
|
ME
|
AIC REIT PROPERTIES LLC
|
DE
|
AIMCO 1582 FIRST AVENUE, LLC
|
DE
|
AIMCO 159 FIRST STREET, LLC
|
DE
|
AIMCO 173 EAST 90TH STREET, LLC
|
DE
|
AIMCO 182-188 COLUMBUS AVENUE, LLC
|
DE
|
AIMCO 21 FITZSIMONS, LLC
|
DE
|
AIMCO 234 EAST 88TH ST, LLC
|
DE
|
AIMCO 237 NINTH AVENUE, LLC
|
DE
|
AIMCO 240 WEST 73RD STREET CO-OWNER, LLC
|
DE
|
AIMCO 240 WEST 73RD STREET, LLC
|
DE
|
AIMCO 270 THIRD STREET, LLC
|
DE
|
AIMCO 306 EAST 89TH STREET, LLC
|
DE
|
AIMCO 311/313 EAST 73RD STREET, LLC
|
DE
|
AIMCO 322 EAST 61ST STREET, LLC
|
DE
|
AIMCO 452 EAST 78TH STREET PROPERTY, LLC
|
DE
|
AIMCO 464-466 AMSTERDAM 200-210 WEST 83RD STREET, LLC
|
DE
|
AIMCO 510 EAST 88TH STREET PROPERTY, LLC
|
DE
|
AIMCO 514 EAST 88TH STREET, LLC
|
DE
|
AIMCO 518 EAST 88TH ST, LLC
|
DE
|
AIMCO 88TH STREET/SECOND AVENUE PROPERTIES, LLC
|
DE
|
AIMCO ALL HALLOWS, LLC
|
DE
|
AIMCO ANGELES GP, LLC
|
DE
|
AIMCO ARVADA HOUSE, LLC
|
DE
|
AIMCO BAYVIEW, LLC
|
DE
|
AIMCO BEACON HILL PRESERVATION GP, LLC
|
DE
|
AIMCO BILTMORE, LLC
|
DE
|
AIMCO BOSTON LOFTS, L.P.
|
DE
|
AIMCO BRIAR RIDGE GP, LLC
|
DE
|
AIMCO BRIAR RIDGE, L.P.
|
DE
|
AIMCO BROADWAY LOFTS GP, LLC
|
DE
|
AIMCO BROADWAY LOFTS, L.P.
|
DE
|
AIMCO BUENA VISTA APARTMENTS GP, LLC
|
DE
|
AIMCO BUENA VISTA APARTMENTS, L.P.
|
DE
|
AIMCO BURKSHIRE COMMONS GP, LLC
|
DE
|
AIMCO BUTTERNUT CREEK PRESERVATION GP, LLC
|
DE
|
AIMCO CALHOUN CLUB, L.L.C.
|
DE
|
AIMCO CALHOUN, INC.
|
DE
|
AIMCO CALHOUN, L.L.C.
|
DE
|
ENTITY NAME
|
STATE CODE
|
AIMCO CANYON TERRACE GP, LLC
|
DE
|
AIMCO CANYON TERRACE, L.P.
|
DE
|
AIMCO CAPITAL HOLDINGS FUND VI, LLC
|
DE
|
AIMCO CAPITAL HOLDINGS FUND VII, LLC
|
DE
|
AIMCO CAPITAL TAX CREDIT FUND I, LIMITED PARTNERSHIP
|
CA
|
AIMCO CAPITAL TAX CREDIT FUND II, LLC
|
DE
|
AIMCO CAPITAL TAX CREDIT FUND III, LLC
|
DE
|
AIMCO CAPITAL TAX CREDIT FUND IV, LLC
|
DE
|
AIMCO CAPITAL TAX CREDIT FUND IX, LLC
|
DE
|
AIMCO CAPITAL TAX CREDIT FUND V, LLC
|
DE
|
AIMCO CAPITAL TAX CREDIT FUND VI, LLC
|
DE
|
AIMCO CAPITAL TAX CREDIT FUND VII, LLC
|
DE
|
AIMCO CAPITAL TAX CREDIT FUND VIII, LLC
|
DE
|
AIMCO CAPITAL TAX CREDIT I, LLC
|
CA
|
AIMCO CAPITAL TAX CREDIT MANAGEMENT II, LLC
|
DE
|
AIMCO CAPITAL, LLC
|
DE
|
AIMCO CARRIAGE HOUSE GP, LLC
|
DE
|
AIMCO CASA DEL NORTE GP, LLC
|
DE
|
AIMCO CASA DEL NORTE LP, LLC
|
DE
|
AIMCO CHELSEA LAND, L.L.C.
|
DE
|
AIMCO CHESTNUT HALL GP, LLC
|
DE
|
AIMCO CHESTNUT HALL LIMITED PARTNERSHIP
|
DE
|
AIMCO CHESTNUT HILL GP, LLC
|
DE
|
AIMCO CK PROPERTIES, LLC
|
DE
|
AIMCO CLEARING ACCOUNT, LLC
|
DE
|
AIMCO COLUMBUS AVE., LLC
|
DE
|
AIMCO CONSTRUCTION SERVICES, LLC
|
DE
|
AIMCO COPPERWOOD, LLC
|
DE
|
AIMCO COUNTRY CLUB HEIGHTS, LLC
|
DE
|
AIMCO CREVENNA OAKS GP, LLC
|
DE
|
AIMCO EASTPOINTE, LLC
|
DE
|
AIMCO EIGHTEENTH UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO EIGHTH UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO ELEVENTH UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO ELM CREEK, L.P.
|
DE
|
AIMCO ELM CREEK, LLC
|
DE
|
AIMCO EQUITY SERVICES, LLC
|
VA
|
AIMCO ESPLANADE AVENUE APARTMENTS, LLC
|
DE
|
AIMCO FIFTEENTH UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO FIFTH UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO FIRST UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO FLAMINGO HEALTH CLUB, LLC
|
DE
|
AIMCO FOUNTAIN PLACE PRESERVATION GP, LLC
|
DE
|
AIMCO FOURTEENTH UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO FOURTH UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO FOXCHASE GP, LLC
|
DE
|
ENTITY NAME
|
STATE CODE
|
AIMCO FOXCHASE, L.P.
|
DE
|
AIMCO FRAMINGHAM, LLC
|
DE
|
AIMCO GARDENS GP LLC
|
DE
|
AIMCO GP LA, L.P.
|
DE
|
AIMCO GRANADA, L.L.C.
|
DE
|
AIMCO HEMET DEVCO, LLC
|
DE
|
AIMCO HERMOSA TERRACE GP, LLC
|
DE
|
AIMCO HERMOSA TERRACE LP, LLC
|
DE
|
AIMCO HILLMEADE, LLC
|
DE
|
AIMCO HOLDINGS I, LLC
|
DE
|
AIMCO HOLDINGS II, LLC
|
DE
|
AIMCO HOLDINGS QRS, INC.
|
DE
|
AIMCO HOLDINGS, L.P.
|
DE
|
AIMCO HOPKINS VILLAGE PRESERVATION GP, LLC
|
DE
|
AIMCO HORIZONS WEST APARTMENTS, LLC
|
DE
|
AIMCO HYDE PARK TOWER, L.L.C.
|
DE
|
AIMCO INDIGO GP, LLC
|
DE
|
AIMCO INDIGO, L.P.
|
DE
|
AIMCO INDIO DEVCO, LLC
|
DE
|
AIMCO INGRAM SQUARE PRESERVATION GP, LLC
|
DE
|
AIMCO IPLP, L.P.
|
DE
|
AIMCO KEY TOWERS, L.P.
|
DE
|
AIMCO KIRKWOOD HOUSE PRESERVATION SLP, LLC
|
DE
|
AIMCO LA JOLLA TERRACE GP, LLC
|
DE
|
AIMCO LA JOLLA TERRACE LP, LLC
|
DE
|
AIMCO LA QRS, INC.
|
DE
|
AIMCO LA SALLE, LLC
|
DE
|
AIMCO LA VISTA, LLC
|
DE
|
AIMCO LEAHY SQUARE APARTMENTS, LLC
|
DE
|
AIMCO LIHTC HOLDINGS, LLC
|
DE
|
AIMCO LJC, LLC
|
DE
|
AIMCO LORING TOWERS, LLC
|
DE
|
AIMCO LP LA, LP
|
DE
|
AIMCO MADERA VISTA, LLC
|
DE
|
AIMCO MALIBU CANYON, LLC
|
DE
|
AIMCO MAPLE BAY, L.L.C.
|
DE
|
AIMCO MERRILL HOUSE, L.L.C.
|
DE
|
AIMCO MEZZO, LLC
|
DE
|
AIMCO MILAN, LLC
|
DE
|
AIMCO MONTEREY GROVE APARTMENTS TIC 2, LLC
|
DE
|
AIMCO MONTEREY GROVE APARTMENTS, LLC
|
DE
|
AIMCO N.P. LOFTS, L.P.
|
DE
|
AIMCO NEW BALTIMORE, LLC
|
DE
|
AIMCO NINETEENTH UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO NINTH UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO NORTH ANDOVER, L.L.C.
|
DE
|
ENTITY NAME
|
STATE CODE
|
AIMCO NORTHPOINT, L.L.C.
|
DE
|
AIMCO ONE CANAL, LLC
|
DE
|
AIMCO PACIFICA GP, LLC
|
DE
|
AIMCO PACIFICA PARK, L.P.
|
DE
|
AIMCO PALM SPRINGS DEVCO, LLC
|
DE
|
AIMCO PANORAMA PARK PRESERVATION GP, LLC
|
DE
|
AIMCO PARK AND 12TH, LLC
|
DE
|
AIMCO PARK LA BREA HOLDINGS, LLC
|
DE
|
AIMCO PARK LA BREA SERVICES, LLC
|
DE
|
AIMCO PARK LA BREA, INC.
|
MD
|
AIMCO PARK PLACE, LLC
|
DE
|
AIMCO PARKVIEW DEVCO, LLC
|
DE
|
AIMCO PARKWAYS GP, LLC
|
DE
|
AIMCO PATHFINDER VILLAGE APARTMENTS GP, LLC
|
DE
|
AIMCO PATHFINDER VILLAGE APARTMENTS, L.P.
|
DE
|
AIMCO PAVILION PRESERVATION GP, L.L.C.
|
DE
|
AIMCO PLEASANT HILL, LLC
|
DE
|
AIMCO PLEASANT STREET, LLC
|
DE
|
AIMCO PLUMMER VILLAGE, LLC
|
DE
|
AIMCO PROPERTIES FINANCE CORP.
|
DE
|
AIMCO PROPERTIES FINANCE PARTNERSHIP, L.P.
|
DE
|
AIMCO PROPERTIES, LLC
|
DE
|
AIMCO PROSPECT 400 GP, LLC
|
DE
|
AIMCO PROSPECT 400, L.P.
|
DE
|
AIMCO QRS GP, LLC
|
DE
|
AIMCO RAMBLEWOOD, L.L.C.
|
DE
|
AIMCO REFLECTIONS, LLC
|
DE
|
AIMCO RIDGEWOOD LA LOMA DEVCO, LLC
|
DE
|
AIMCO RIVER CLUB, LLC
|
DE
|
AIMCO RIVERWOODS GP, LLC
|
DE
|
AIMCO ROBIN DRIVE GP, LLC
|
DE
|
AIMCO ROBIN DRIVE, L.P.
|
DE
|
AIMCO ROUND BARN MANOR GP, LLC
|
DE
|
AIMCO ROYAL CREST - NASHUA, L.L.C.
|
DE
|
AIMCO RUSCOMBE GARDENS SLP, LLC
|
DE
|
AIMCO SALEM PRESERVATION GP, LLC
|
DE
|
AIMCO SAN BRUNO APARTMENTS PARTNERS, L.P.
|
DE
|
AIMCO SAN JOSE, LLC
|
DE
|
AIMCO SAN JUAN DEL CENTRO GP, LLC
|
DE
|
AIMCO SCHAUMBURG-OXFORD, LLC
|
DE
|
AIMCO SCOTCHOLLOW APARTMENTS GP, LLC
|
DE
|
AIMCO SCOTCHOLLOW APARTMENTS, L.P.
|
DE
|
AIMCO SECOND UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO SELECT PROPERTIES, L.P.
|
DE
|
AIMCO SERVICE COMPANY, LLC
|
DE
|
AIMCO SEVENTEENTH UNIVERSITY SQUARE, LLC
|
CO
|
ENTITY NAME
|
STATE CODE
|
AIMCO SEVENTH UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO SHOREVIEW, LLC
|
DE
|
AIMCO SIXTEENTH UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO SIXTH UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO SOUTH BAY VILLA, LLC
|
DE
|
AIMCO STAFFORD STUDENT APARTMENTS GP, LLC
|
DE
|
AIMCO STERLING VILLAGE DEVCO, LLC
|
DE
|
AIMCO SUBSIDIARY REIT I, LLC
|
DE
|
AIMCO SUMMIT OAKS GP, LLC
|
DE
|
AIMCO SUNSET ESCONDIDO, L.L.C.
|
DE
|
AIMCO TAMARAC PINES, LLC
|
DE
|
AIMCO TENTH UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO TERRY MANOR, LLC
|
DE
|
AIMCO THIRD UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO THIRTEENTH UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO THIRTIETH UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO THIRTY EIGHTH UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO THIRTY FIFTH UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO THIRTY FIRST UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO THIRTY FOURTH UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO THIRTY SECOND UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO THIRTY SEVENTH UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO THIRTY SIXTH UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO THIRTY THIRD UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO TOMPKINS TERRACE GP, LLC
|
DE
|
AIMCO TOWNSHIP AT HIGHLANDS APARTMENTS, LLC
|
DE
|
AIMCO TREMONT, LLC
|
DE
|
AIMCO TWELFTH UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO TWENTIETH UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO TWENTY EIGHTH UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO TWENTY FIFTH UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO TWENTY FIRST UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO TWENTY FOURTH UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO TWENTY NINTH UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO TWENTY SECOND UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO TWENTY SEVENTH UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO TWENTY SIXTH UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO TWENTY THIRD UNIVERSITY SQUARE, LLC
|
CO
|
AIMCO UBS ACQUISITIONS, L.P.
|
DE
|
AIMCO UBS, LLC
|
DE
|
AIMCO VAN NUYS PRESERVATION, LLC
|
DE
|
AIMCO VANTAGE POINTE, L.L.C.
|
DE
|
AIMCO VENEZIA, LLC
|
DE
|
AIMCO VILLA DEL SOL, L.P.
|
DE
|
AIMCO WALNUT HILLS PRESERVATION GP, LLC
|
DE
|
AIMCO WARWICK, L.L.C.
|
DE
|
ENTITY NAME
|
STATE CODE
|
AIMCO WASHINGTON SQUARE WEST GP, LLC
|
DE
|
AIMCO WATERWAYS VILLAGE, LLC
|
DE
|
AIMCO WAVERLY, LLC
|
DE
|
AIMCO WESTCHESTER PARK, LLC
|
DE
|
AIMCO WEXFORD VILLAGE II, L.L.C.
|
DE
|
AIMCO WEXFORD VILLAGE, L.L.C.
|
DE
|
AIMCO WHITEFIELD PLACE, LLC
|
DE
|
AIMCO WINTER GARDEN, LLC
|
DE
|
AIMCO WOODLAND HILLS, LLC
|
DE
|
AIMCO YACHT CLUB AT BRICKELL, LLC
|
DE
|
AIMCO YORKTOWN, L.P.
|
DE
|
AIMCO/BETHESDA EMPLOYEE, L.L.C.
|
DE
|
AIMCO/BETHESDA HOLDINGS, INC.
|
DE
|
AIMCO/BLUFFS, L.L.C.
|
DE
|
AIMCO/BRANDERMILL, L.L.C.
|
DE
|
AIMCO/BRANDYWINE, L.P.
|
DE
|
AIMCO/FARMINGDALE, L.L.C.
|
DE
|
AIMCO/IPT, INC.
|
DE
|
AIMCO/LAKE RIDGE, L.L.C.
|
DE
|
AIMCO/LEXINGTON, L.L.C.
|
DE
|
AIMCO/NASHUA, L.L.C.
|
DE
|
AIMCO/NHP PARTNERS, L.P.
|
DE
|
AIMCO/NHP PROPERTIES, INC.
|
DE
|
AIMCO/PARK TOWNE PLACE ASSOCIATES GP, LLC
|
DE
|
AIMCO/RAVENSWORTH ASSOCIATES GP, LLC
|
DE
|
AIMCO/RIVERSIDE PARK ASSOCIATES GP, LLC
|
DE
|
AIMCO/SOUTHRIDGE, L.L.C.
|
DE
|
AIMCO/SWAP, L.L.C.
|
DE
|
AIMCO/TIDEWATER, L.L.C.
|
DE
|
AIMCO/WESTRIDGE, L.L.C.
|
DE
|
ALL HALLOWS PRESERVATION, L.P.
|
CA
|
AMBASSADOR APARTMENTS, L.P.
|
DE
|
AMBASSADOR IX, INC.
|
DE
|
AMBASSADOR IX, L.P.
|
DE
|
AMREAL CORPORATION
|
SC
|
ANGELES INCOME PROPERTIES 6, LP
|
DE
|
ANGELES PARTNERS XII, LP
|
DE
|
ANGELES REALTY CORPORATION II
|
CA
|
AP XII TWIN LAKE TOWERS, LLC
|
DE
|
ARVADA HOUSE PRESERVATION LIMITED PARTNERSHIP
|
CO
|
BAY PARC PLAZA APARTMENTS, L.P.
|
DE
|
BAYBERRY HILL, L.L.C.
|
DE
|
BAYVIEW PRESERVATION, L.P.
|
CA
|
BEACON HILL PRESERVATION LIMITED DIVIDEND HOUSING ASSOCIATION LIMITED PARTNERSHIP
|
MI
|
BETHESDA HOLDINGS III, LLC
|
DE
|
BILTMORE APARTMENTS, LTD.
|
OH
|
ENTITY NAME
|
STATE CODE
|
BRANDERMILL-OXFORD ASSOCIATES LIMITED PARTNERSHIP
|
MD
|
BRIARCLIFFE-OXFORD ASSOCIATES LIMITED PARTNERSHIP
|
MI
|
BROAD RIVER PROPERTIES, L.L.C.
|
DE
|
BROOKWOOD LIMITED PARTNERSHIP
|
IL
|
BURKSHIRE COMMONS APARTMENTS PARTNERS, L.P.
|
DE
|
BUTTERNUT CREEK PRESERVATION LIMITED DIVIDEND HOUSING ASSOCIATION LIMITED PARTNERSHIP
|
MI
|
CALMARK HERITAGE PARK II LIMITED PARTNERSHIP
|
CA
|
CALMARK INVESTORS, LTD., A CALIFORNIA LIMITED PARTNERSHIP
|
CA
|
CAMARILLO-ROSEWOOD ASSOCIATES LIMITED PARTNERSHIP
|
CA
|
CARRIAGE HOUSE PRESERVATION, L.P.
|
DE
|
CCIP PLANTATION GARDENS, L.L.C.
|
DE
|
CCIP STERLING, L.L.C.
|
DE
|
CCIP STERLING, L.P.
|
PA
|
CCP IV ASSOCIATES, LTD.
|
TX
|
CCP IV KNOLLWOOD, LLC
|
DE
|
CCP/IV RESIDENTIAL GP, L.L.C.
|
SC
|
CEDAR RIM APARTMENTS, LLC
|
DE
|
CHANTILLY PARTNERS LIMITED PARTNERSHIP
|
VA
|
CHC SAN JUAN DEL CENTRO PRESERVATION LP
|
CO
|
CHESTNUT HILL ASSOCIATES LIMITED PARTNERSHIP
|
DE
|
CHURCH STREET ASSOCIATES LIMITED PARTNERSHIP
|
IL
|
CITY LINE ASSOCIATES LIMITED PARTNERSHIP
|
VA
|
CONCAP EQUITIES, INC.
|
DE
|
CONGRESS REALTY COMPANIES LIMITED PARTNERSHIP
|
MA
|
CONGRESS REALTY CORP.
|
MA
|
CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES, LP
|
DE
|
CONSOLIDATED CAPITAL PROPERTIES IV, LP
|
DE
|
COOPER RIVER PROPERTIES, L.L.C.
|
DE
|
COPPERWOOD PRESERVATION, LP
|
TX
|
COVE PROPERTIES, INC
|
CA
|
CPF CREEKSIDE, LLC
|
DE
|
CRC CONGRESS REALTY CORP.
|
MA
|
CREVENNA OAKS PRESERVATION, L.P.
|
DE
|
FARMINGDALE-OXFORD ASSOCIATES LIMITED PARTNERSHIP
|
IL
|
FINLAY INTERESTS 2, LTD.
|
FL
|
FINLAY INTERESTS MT 2, LTD.
|
FL
|
FLAMINGO SOUTH ACQUISITIONS, LLC
|
DE
|
FOUNTAIN PLACE PRESERVATION, L.P.
|
DE
|
FOUR QUARTERS HABITAT APARTMENTS ASSOCIATES, LTD.
|
FL
|
FOX CAPITAL MANAGEMENT CORPORATION
|
CA
|
FOX PARTNERS
|
CA
|
FOX PARTNERS II
|
CA
|
FOX PARTNERS VIII
|
CA
|
FOX REALTY INVESTORS
|
CA
|
GEORGETOWN 20Y APARTMENTS, L.L.C.
|
DE
|
GP REAL ESTATE SERVICES II INC.
|
DE
|
ENTITY NAME
|
STATE CODE
|
GP-OP PROPERTY MANAGEMENT, LLC
|
DE
|
HC/OAC, L.L.C.
|
MD
|
HERITAGE PARK II INC.
|
DE
|
HERITAGE PARK INVESTORS, INC.
|
CA
|
HOPKINS VILLAGE PRESERVATION LIMITED PARTNERSHIP
|
DE
|
HUNT CLUB PARTNERS, L.L.C.
|
MD
|
HUNTER'S GLEN AP XII GP, LLC
|
DE
|
HUNTERS GLEN AP XII LIMITED PARTNERSHIP
|
SC
|
INGRAM SQUARE PRESERVATION, L.P.
|
TX
|
IPLP ACQUISITION I LLC
|
DE
|
ISTC CORPORATION
|
DE
|
JAMES-OXFORD LIMITED PARTNERSHIP
|
MD
|
KIRKWOOD HOUSE PRESERVATION LIMITED PARTNERSHIP
|
DE
|
LA BROADCAST CENTER GP LLC
|
DE
|
LA BROADCAST CENTER QRS INC.
|
DE
|
LA CRESCENT GARDENS GP LLC
|
DE
|
LA CRESCENT GARDENS LP
|
DE
|
LA CRESCENT GARDENS QRS INC.
|
DE
|
LA HILLCRESTE APARTMENTS LLC
|
DE
|
LA INDIAN OAKS GP LLC
|
DE
|
LA INDIAN OAKS LP
|
DE
|
LA INDIAN OAKS QRS INC.
|
DE
|
LA JOLLA COVE MOTEL AND HOTEL APARTMENTS
|
CA
|
LA LAKES GP LLC
|
DE
|
LA LAKES LP
|
DE
|
LA LAKES QRS INC.
|
DE
|
LA MALIBU CANYON GP LLC
|
DE
|
LA MALIBU CANYON LP
|
DE
|
LA MALIBU CANYON QRS INC.
|
DE
|
LA PARK LA BREA A LLC
|
DE
|
LA PARK LA BREA B LLC
|
DE
|
LA PARK LA BREA C LLC
|
DE
|
LA PARK LA BREA LLC
|
DE
|
LA SALLE PRESERVATION, L.P.
|
CA
|
LA VISTA PRESERVATION, L.P.
|
CA
|
LAC PROPERTIES GP II LIMITED PARTNERSHIP
|
DE
|
LAC PROPERTIES GP III LIMITED PARTNERSHIP
|
DE
|
LAC PROPERTIES OPERATING PARTNERSHIP, L.P.
|
DE
|
LAC PROPERTIES QRS II INC.
|
DE
|
LAC PROPERTIES QRS III INC.
|
DE
|
LAFAYETTE MANOR ASSOCIATES LIMITED PARTNERSHIP
|
VA
|
LAKE RIDGE-OXFORD ASSOCIATES LIMITED PARTNERSHIP
|
MD
|
LAKERIDGE-ISLAND CLUB APARTMENTS PARTNERS, L.P.
|
DE
|
LARGO PARTNERS, L.L.C.
|
MD
|
LARGO/OAC, L.L.C.
|
MD
|
LAZY HOLLOW PARTNERS
|
CA
|
ENTITY NAME
|
STATE CODE
|
LEXINGTON-OXFORD ASSOCIATES L.P.
|
IN
|
LINCOLN MARINERS ASSOCIATES LIMITED
|
CA
|
LINCOLN PROPERTY COMPANY NO. 409, LTD.
|
CA
|
LJC ACQUISITIONS, LLC
|
DE
|
LORING TOWERS PRESERVATION LIMITED PARTNERSHIP
|
DE
|
LORING TOWERS SALEM PRESERVATION LIMITED PARTNERSHIP
|
MA
|
MADISON RIVER PROPERTIES, L.L.C.
|
DE
|
MAERIL, INC.
|
DE
|
MAYER BEVERLY PARK LIMITED PARTNERSHIP
|
CA
|
MCZ/CENTRUM FLAMINGO II, L.L.C.
|
DE
|
MCZ/CENTRUM FLAMINGO III, L.L.C.
|
DE
|
MONROE CORPORATION
|
MD
|
MONROE-OXFORD ASSOCIATES LIMITED PARTNERSHIP
|
MD
|
MORTON TOWERS APARTMENTS, L.P.
|
DE
|
MORTON TOWERS HEALTH CLUB, LLC
|
DE
|
NASHUA-OXFORD-BAY ASSOCIATES LIMITED PARTNERSHIP
|
MD
|
NATIONAL BOSTON LOFTS ASSOCIATES, LLLP
|
CO
|
NATIONAL CORPORATION FOR HOUSING PARTNERSHIPS
|
DC
|
NATIONAL PROPERTY INVESTORS III, LP
|
DE
|
NEW BALTIMORE SENIOR PRESERVATION LIMITED PARTNERSHIP
|
MI
|
NHP A&R SERVICES, LLC
|
VA
|
NHP MID-ATLANTIC PARTNERS TWO L.P.
|
DE
|
NHP PARKWAY ASSOCIATES L.P.
|
DE
|
NHP PARKWAYS L.P.
|
DE
|
NHP PARTNERS TWO LIMITED PARTNERSHIP
|
DE
|
NHP-HDV ELEVEN, INC.
|
DE
|
NHP-HDV SEVENTEEN, INC.
|
DE
|
NHP-HDV TEN, INC.
|
DE
|
NHP-HG FOUR, INC.
|
VA
|
NHPMN MANAGEMENT, L.P.
|
DE
|
NHPMN MANAGEMENT, LLC
|
DE
|
NHPMN-GP, INC.
|
DE
|
NORTHPOINT PRESERVATION LIMITED PARTNERSHIP
|
DE
|
NP BANK LOFTS ASSOCIATES, L.P.
|
CO
|
NPI EQUITY INVESTMENTS II, INC.
|
FL
|
NPI EQUITY INVESTMENTS, INC.
|
FL
|
OAC INVESTMENT, INC.
|
MD
|
OAC L.L.C.
|
MD
|
OAC LIMITED PARTNERSHIP
|
MD
|
OAMCO VII, L.L.C.
|
DE
|
OAMCO XI, L.L.C.
|
DE
|
OAMCO XIX, L.L.C.
|
DE
|
OAMCO XIX, L.P.
|
DE
|
OAMCO XV, L.L.C.
|
DE
|
OAMCO XVI, L.L.C.
|
DE
|
OAMCO XXIII, L.L.C.
|
DE
|
ENTITY NAME
|
STATE CODE
|
OP PROPERTY MANAGEMENT, L.P.
|
DE
|
OP PROPERTY MANAGEMENT, LLC
|
DE
|
OXFORD APARTMENT COMPANY, INC.
|
MD
|
OXFORD ASSOCIATES '82 LIMITED PARTNERSHIP
|
IN
|
OXFORD ASSOCIATES '83 LIMITED PARTNERSHIP
|
IN
|
OXFORD ASSOCIATES '84 LIMITED PARTNERSHIP
|
MD
|
OXFORD ASSOCIATES '85 LIMITED PARTNERSHIP
|
MD
|
OXFORD CORPORATION
|
IN
|
OXFORD DEVELOPMENT CORPORATION
|
IN
|
OXFORD EQUITIES CORPORATION
|
IN
|
OXFORD EQUITIES CORPORATION II
|
DE
|
OXFORD EQUITIES CORPORATION III
|
DE
|
OXFORD HOLDING CORPORATION
|
MD
|
OXFORD INVESTMENT CORPORATION
|
MD
|
OXFORD INVESTMENT II CORPORATION
|
MD
|
OXFORD MANAGERS I LIMITED PARTNERSHIP
|
MD
|
OXFORD PARTNERS X, L.L.C.
|
MD
|
OXFORD REALTY FINANCIAL GROUP, INC.
|
MD
|
OXFORD-COLUMBIA ASSOCIATES, A MARYLAND LIMITED PARTNERSHIP
|
MD
|
PANORAMA PARK PRESERVATION, L.P.
|
CA
|
PARK LA BREA ACQUISITION, LLC
|
DE
|
PARK PLACE PRESERVATION, L.P.
|
MO
|
PARK TOWNE PLACE ASSOCIATES LIMITED PARTNERSHIP
|
DE
|
PARKWAYS PRESERVATION, L.P.
|
DE
|
PLEASANT HILL PRESERVATION, LP
|
TX
|
PLUMMER VILLAGE PRESERVATION, L.P.
|
CA
|
POST RIDGE ASSOCIATES, LTD., LIMITED PARTNERSHIP
|
TN
|
QUINCY AFFORDABLE HOUSING L.P.
|
IL
|
RAMBLEWOOD LIMITED PARTNERSHIP
|
MI
|
RAVENSWORTH ASSOCIATES LIMITED PARTNERSHIP
|
DE
|
RAVENSWORTH ASSOCIATES, LLC
|
DE
|
REEDY RIVER PROPERTIES, L.L.C.
|
DE
|
RESCORP DEVELOPMENT, INC.
|
IL
|
RI-15 GP, LLC
|
DE
|
RI-15 LIMITED PARTNERSHIP
|
DC
|
RIVER LOFT APARTMENTS LIMITED PARTNERSHIP
|
PA
|
RIVER LOFT ASSOCIATES LIMITED PARTNERSHIP
|
MA
|
RIVERCREST APARTMENTS, L.P.
|
SC
|
RIVERSIDE PARK ASSOCIATES LIMITED PARTNERSHIP
|
DE
|
RIVERWOODS PRESERVATION, L.P.
|
DE
|
ROUND BARN MANOR PRESERVATION, L.P.
|
DE
|
ROYAL CREST ESTATES (MARLBORO), L.L.C.
|
DE
|
SAN JOSE PRESERVATION, L.P.
|
TX
|
SHOREVIEW PRESERVATION, L.P.
|
CA
|
SOUTH BAY VILLA PRESERVATION, L.P.
|
CA
|
SOUTHRIDGE-OXFORD LIMITED PARTNERSHIP
|
MD
|
ENTITY NAME
|
STATE CODE
|
ST. GEORGE VILLAS LIMITED PARTNERSHIP
|
SC
|
SUMMIT OAKS PRESERVATION, L.P.
|
DE
|
TAMARAC PINES PRESERVATION, LP
|
TX
|
TERRY MANOR PRESERVATION, L.P.
|
CA
|
THE NATIONAL HOUSING PARTNERSHIP
|
DC
|
THE OAK PARK PARTNERSHIP LIMITED PARTNERSHIP
|
IL
|
TIDEWATER-OXFORD LIMITED PARTNERSHIP
|
MD
|
TOMPKINS TERRACE PRESERVATION, L.P.
|
DE
|
TOMPKINS TERRACE, INC.
|
NY
|
TUJUNGA GARDENS LIMITED PARTNERSHIP
|
CA
|
UNIVERSAL BOOT SHOPS, A CALIFORNIA GENERAL PARTNERSHIP
|
CA
|
UNIVERSITY PLAZA ASSOCIATES
|
PA
|
VAN NUYS PRESERVATION MT, L.P.
|
CA
|
VAN NUYS PRESERVATION, L.P.
|
CA
|
WALNUT HILLS PRESERVATION, L.P.
|
DE
|
WASHINGTON CHINATOWN ASSOCIATES LIMITED PARTNERSHIP
|
DC
|
WASHINGTON SQUARE WEST PRESERVATION, L.P.
|
DE
|
WATERFORD VILLAGE, L.L.C.
|
DE
|
WATERS LANDING PARTNERS, L.L.C.
|
MD
|
WESTRIDGE-OXFORD LIMITED PARTNERSHIP
|
MD
|
WF-AC TAX CREDIT FUND I, L.P.
|
DE
|
WF-AC TAX CREDIT FUND I, LLC
|
DE
|
WF-AC TAX CREDIT FUND II, L.P.
|
DE
|
WF-AC TAX CREDIT FUND III, L.P.
|
DE
|
WHITEFIELD PLACE PRESERVATION, LP
|
TX
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WILLIAMSBURG LIMITED PARTNERSHIP
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IL
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WINTER GARDEN PRESERVATION, L.P.
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MO
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WL/OAC, L.L.C.
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MD
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WOODLAND HILLS PRESERVATION LIMITED PARTNERSHIP
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MI
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ZIMCO XI L.L.C.
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MD
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ZIMCO XVIII L.L.C.
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MD
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ZIMCO/CHANTILLY CORPORATION
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MD
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ZIMCO/MONROE CORPORATION XI
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MD
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1.
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I have reviewed this
annual report
on Form
10-K
of Apartment Investment and Management Company;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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(a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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(b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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(a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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(b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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/s/ Terry Considine
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Terry Considine
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Chairman and Chief Executive Officer
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1.
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I have reviewed this
annual report
on Form
10-K
of Apartment Investment and Management Company;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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(a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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(b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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(b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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/s/ Paul Beldin
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Paul Beldin
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Executive Vice President and Chief
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Financial Officer
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1.
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I have reviewed this
annual report
on Form
10-K
of AIMCO Properties, L.P.;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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(b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
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/s/ Terry Considine
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Terry Considine
|
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Chairman and Chief Executive Officer
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1.
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I have reviewed this
annual report
on Form
10-K
of AIMCO Properties, L.P.;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
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The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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(b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
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/s/ Paul Beldin
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Paul Beldin
|
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Executive Vice President and Chief Financial Officer
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(1)
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The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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/s/ Terry Considine
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Terry Considine
|
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Chairman and Chief Executive Officer
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February 24, 2017
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(1)
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The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.
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/s/ Paul Beldin
|
|
Paul Beldin
|
|
Executive Vice President and Chief Financial Officer
|
|
February 24, 2017
|
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(1)
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The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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/s/ Terry Considine
|
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Terry Considine
|
|
Chairman and Chief Executive Officer
|
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February 24, 2017
|
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(1)
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The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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/s/ Paul Beldin
|
|
Paul Beldin
|
|
Executive Vice President and Chief Financial Officer
|
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February 24, 2017
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By:
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/s/ Paul Beldin
|
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Paul Beldin
|
|
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Executive Vice President and Chief Financial Officer
|
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February 24, 2017
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By:
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/s/ Paul Beldin
|
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Paul Beldin
|
|
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Executive Vice President and Chief Financial Officer
|
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February 24, 2017
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