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APARTMENT INVESTMENT & MANAGEMEN


 SEC Form 10-Q filed 2010-07-30 for the period ending 2010-06-30




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Selected tables from the SEC filing


Table 0


Financial table in standard format


APARTMENT INVESTMENT AND MANAGEMENT COMPANY

TABLE OF CONTENTS

FORM 10-Q







     
     
     
     
     




     
     
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    37
     




    
 

     
     
     
     



 Exhibit 10.1


 Exhibit 31.1


 Exhibit 31.2


 Exhibit 32.1


 Exhibit 32.2


 Exhibit 99.1









APARTMENT INVESTMENT & MANAGEMEN
CIK:922864




Notes to Condensed Consolidated Financial Statements (Unaudited)5


ITEM 2. Managements Discussion and Analysis of Financial Condition and Results of Operations20


ITEM 3. Quantitative and Qualitative Disclosures About Market Risk33


ITEM 4. Controls and Procedures34


PART II. OTHER INFORMATION


ITEM 1A. Risk Factors35


ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds35


ITEM 6. Exhibits36


Signatures37


Exhibit 10.1


Exhibit 31.1


Exhibit 31.2


Exhibit 32.1


Exhibit 32.2


Exhibit 99.1





Data column 1: Unable to interpret date in column header

Row "Exhibit 10.1": Multi-column field in a numeric row

Row "Exhibit 31.1": Multi-column field in a numeric row

Row "Exhibit 31.2": Multi-column field in a numeric row

Row "Exhibit 32.1": Multi-column field in a numeric row

Row "Exhibit 32.2": Multi-column field in a numeric row

Row "Exhibit 99.1": Multi-column field in a numeric row


Table 1


Financial table in standard format


PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)







     
     
     
     
     
     
     
     
     




     
     
    June 30,
     
     
    December 31,
     




     
     
    2010
     
     
    2009
     








    
ASSETS

     
     
     
     
     
     
     
     




    
Real estate:

     
     
     
     
     
     
     
     




    
Buildings and improvements

     
    $
    7,461,121
     
     
    $
    7,326,284
     




    
Land

     
     
    2,179,744
     
     
     
    2,161,010
     




    
 

     
     
     
     
     
     




    
Total real estate

     
     
    9,640,865
     
     
     
    9,487,294
     




    
Less accumulated depreciation

     
     
    (2,830,752
    )
     
     
    (2,626,047
    )




    
 

     
     
     
     
     
     




    
Net real estate ($913,051 and $855,170 related to VIEs)

     
     
    6,810,113
     
     
     
    6,861,247
     




    
Cash and cash equivalents ($33,059 and $23,366 related to VIEs)

     
     
    78,318
     
     
     
    81,260
     




    
Restricted cash ($58,346 and $56,183 related to VIEs)

     
     
    211,795
     
     
     
    219,255
     




    
Accounts receivable, net ($19,782 and $20,766 related to VIEs)

     
     
    47,192
     
     
     
    59,822
     




    
Accounts receivable from affiliates, net

     
     
    13,191
     
     
     
    23,744
     




    
Deferred financing costs, net

     
     
    50,272
     
     
     
    51,611
     




    
Notes receivable from unconsolidated real estate partnerships, net

     
     
    12,280
     
     
     
    14,295
     




    
Notes receivable from non-affiliates, net

     
     
    129,427
     
     
     
    125,269
     




    
Investment in unconsolidated real estate partnerships ($109,463 and
$99,460 related to VIEs)

     
     
    114,549
     
     
     
    105,324
     




    
Other assets

     
     
    184,671
     
     
     
    185,890
     




    
Deferred income tax assets, net

     
     
    49,943
     
     
     
    42,015
     




    
Assets held for sale

     
     
    6,050
     
     
     
    136,736
     




    
 

     
     
     
     
     
     




    
Total assets

     
    $
    7,707,801
     
     
    $
    7,906,468
     




    
 

     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     




    
LIABILITIES AND EQUITY

     
     
     
     
     
     
     
     




    
Property tax-exempt bond financing ($215,236 and $211,691 related to VIEs)

     
    $
    548,973
     
     
    $
    574,926
     




    
Property loans payable ($462,363 and $390,601 related to VIEs)

     
     
    5,010,995
     
     
     
    4,884,233
     




    
Term loans

     
     
    25,000
     
     
     
    90,000
     




    
Other borrowings ($19,733 and $15,665 related to VIEs)

     
     
    58,943
     
     
     
    53,057
     




    
 

     
     
     
     
     
     




    
Total indebtedness

     
     
    5,643,911
     
     
     
    5,602,216
     




    
 

     
     
     
     
     
     




    
Accounts payable

     
     
    27,647
     
     
     
    29,819
     




    
Accrued liabilities and other ($92,638 and $62,503 related to VIEs)

     
     
    279,063
     
     
     
    286,326
     




    
Deferred income

     
     
    158,402
     
     
     
    180,656
     




    
Security deposits

     
     
    35,794
     
     
     
    34,855
     




    
Liabilities related to assets held for sale

     
     
    3,276
     
     
     
    121,237
     




    
 

     
     
     
     
     
     




    
Total liabilities

     
     
    6,148,093
     
     
     
    6,255,109
     




    
 

     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     




    
Preferred noncontrolling interests in Aimco Operating Partnership

     
     
    86,389
     
     
     
    86,656
     




    
Preferred stock subject to repurchase agreement (Note 5)

     
     
    20,000
     
     
     
    30,000
     




    
 

     
     
     
     
     
     
     
     




    
Commitments and contingencies (Note 5)

     
     
    
     
     
     
    
     




    
Equity:

     
     
     
     
     
     
     
     




    
Perpetual Preferred Stock

     
     
    660,500
     
     
     
    660,500
     




    
Class A Common Stock, $0.01 par value, 426,157,736 shares authorized,
117,039,659 and 116,479,791 shares issued and outstanding, at June 30,
2010 and December 31, 2009, respectively

     
     
    1,170
     
     
     
    1,165
     




    
Additional paid-in capital

     
     
    3,079,230
     
     
     
    3,072,665
     




    
Accumulated other comprehensive loss

     
     
    (2,872
    )
     
     
    (1,138
    )




    
Notes due on common stock purchases

     
     
    (911
    )
     
     
    (1,392
    )




    
Distributions in excess of earnings

     
     
    (2,597,379
    )
     
     
    (2,492,082
    )




    
 

     
     
     
     
     
     




    
Total Aimco equity

     
     
    1,139,738
     
     
     
    1,239,718
     




    
 

     
     
     
     
     
     




    
Noncontrolling interests in consolidated real estate partnerships

     
     
    341,707
     
     
     
    316,177
     




    
Common noncontrolling interests in Aimco Operating Partnership

     
     
    (28,126
    )
     
     
    (21,192
    )




    
 

     
     
     
     
     
     




    
Total equity

     
     
    1,453,319
     
     
     
    1,534,703
     




    
 

     
     
     
     
     
     




    
Total liabilities and equity

     
    $
    7,707,801
     
     
    $
    7,906,468
     




    
 

     
         
     
     
         
     










APARTMENT INVESTMENT & MANAGEMEN
CIK:922864


2010-06-30
2009-12-31

ASSETS


Real estate:


Buildings and improvements$7,461,121$7,326,284


Land2,179,7442,161,010


Total real estate9,640,8659,487,294


Less accumulated depreciation(2,830,752)(2,626,047)


Net real estate ($913,051 and $855,170 related to VIEs)6,810,1136,861,247


Cash and cash equivalents ($33,059 and $23,366 related to VIEs)78,31881,260


Restricted cash ($58,346 and $56,183 related to VIEs)211,795219,255


Accounts receivable, net ($19,782 and $20,766 related to VIEs)47,19259,822


Accounts receivable from affiliates, net13,19123,744


Deferred financing costs, net50,27251,611


Notes receivable from unconsolidated real estate partnerships, net12,28014,295


Notes receivable from non-affiliates, net129,427125,269


Investment in unconsolidated real estate partnerships ($109,463 and $99,460 related to VIEs)114,549105,324


Other assets184,671185,890


Deferred income tax assets, net49,94342,015


Assets held for sale6,050136,736


Total assets$7,707,801$7,906,468


LIABILITIES AND EQUITY


Property tax-exempt bond financing ($215,236 and $211,691 related to VIEs)$548,973$574,926


Property loans payable ($462,363 and $390,601 related to VIEs)5,010,9954,884,233


Term loans25,00090,000


Other borrowings ($19,733 and $15,665 related to VIEs)58,94353,057


Total indebtedness5,643,9115,602,216


Accounts payable27,64729,819


Accrued liabilities and other ($92,638 and $62,503 related to VIEs)279,063286,326


Deferred income158,402180,656


Security deposits35,79434,855


Liabilities related to assets held for sale3,276121,237


Total liabilities6,148,0936,255,109


Preferred noncontrolling interests in Aimco Operating Partnership86,38986,656


Preferred stock subject to repurchase agreement (Note 5)20,00030,000


Commitments and contingencies (Note 5)


Equity:


Perpetual Preferred Stock660,500660,500


Class A Common Stock, $0.01 par value, 426,157,736 shares authorized, 117,039,659 and 116,479,791 shares issued and outstanding, at June 30, 2010 and December 31, 2009, respectively1,1701,165


Additional paid-in capital3,079,2303,072,665


Accumulated other comprehensive loss(2,872)(1,138)


Notes due on common stock purchases(911)(1,392)


Distributions in excess of earnings(2,597,379)(2,492,082)


Total Aimco equity1,139,7381,239,718


Noncontrolling interests in consolidated real estate partnerships341,707316,177


Common noncontrolling interests in Aimco Operating Partnership(28,126)(21,192)


Total equity1,453,3191,534,703


Total liabilities and equity$7,707,801$7,906,468





Table 2


Financial table in standard format


APARTMENT INVESTMENT AND MANAGEMENT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)







     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




     
     
    Three Months Ended
     
     
    Six Months Ended
     




     
     
    June 30,
     
     
    June 30,
     




     
     
    2010
     
     
    2009
     
     
    2010
     
     
    2009
     








    
REVENUES:

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




    
Rental and other property revenues

     
    $
    285,395
     
     
    $
    279,041
     
     
    $
    570,622
     
     
    $
    559,303
     




    
Asset management and tax credit revenues

     
     
    9,596
     
     
     
    12,606
     
     
     
    13,853
     
     
     
    22,144
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Total revenues

     
     
    294,991
     
     
     
    291,647
     
     
     
    584,475
     
     
     
    581,447
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




    
OPERATING EXPENSES:

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




    
Property operating expenses

     
     
    132,946
     
     
     
    125,665
     
     
     
    271,354
     
     
     
    259,149
     




    
Investment management expenses

     
     
    5,141
     
     
     
    4,716
     
     
     
    8,370
     
     
     
    8,506
     




    
Depreciation and amortization

     
     
    108,667
     
     
     
    108,437
     
     
     
    217,006
     
     
     
    212,606
     




    
Provision for operating real estate impairment losses

     
     
    
     
     
     
    1,569
     
     
     
    
     
     
     
    2,079
     




    
General and administrative expenses

     
     
    15,184
     
     
     
    14,577
     
     
     
    26,919
     
     
     
    30,837
     




    
Other (income) expenses, net

     
     
    (6,693
    )
     
     
    3,748
     
     
     
    (3,592
    )
     
     
    5,229
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Total operating expenses

     
     
    255,245
     
     
     
    258,712
     
     
     
    520,057
     
     
     
    518,406
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Operating income

     
     
    39,746
     
     
     
    32,935
     
     
     
    64,418
     
     
     
    63,041
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




    
Interest income

     
     
    1,928
     
     
     
    2,225
     
     
     
    5,150
     
     
     
    5,532
     




    
Recovery of (provision for) losses on notes receivable, net

     
     
    148
     
     
     
    (1,534
    )
     
     
    (278
    )
     
     
    (1,685
    )




    
Interest expense

     
     
    (79,499
    )
     
     
    (81,771
    )
     
     
    (159,294
    )
     
     
    (162,068
    )




    
Equity in (losses) earnings of unconsolidated real estate partnerships

     
     
    (7,224
    )
     
     
    (1,696
    )
     
     
    727
     
     
     
    (3,736
    )




    
Gain on dispositions of unconsolidated real estate and other, net

     
     
    4,970
     
     
     
    3,463
     
     
     
    7,612
     
     
     
    14,327
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




    
Loss before income taxes and discontinued operations

     
     
    (39,931
    )
     
     
    (46,378
    )
     
     
    (81,665
    )
     
     
    (84,589
    )




    
Income tax benefit

     
     
    3,598
     
     
     
    2,473
     
     
     
    7,369
     
     
     
    4,949
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Loss from continuing operations

     
     
    (36,333
    )
     
     
    (43,905
    )
     
     
    (74,296
    )
     
     
    (79,640
    )




    
Income from discontinued operations, net

     
     
    26,163
     
     
     
    36,279
     
     
     
    47,366
     
     
     
    39,440
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Net loss

     
     
    (10,170
    )
     
     
    (7,626
    )
     
     
    (26,930
    )
     
     
    (40,200
    )




    
Noncontrolling interests:

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




    
Net loss (income) attributable to noncontrolling interests in
consolidated real estate partnerships

     
     
    2,716
     
     
     
    (11,695
    )
     
     
    (9,418
    )
     
     
    (5,422
    )




    
Net income attributable to preferred noncontrolling interests in
Aimco
Operating Partnership

     
     
    (1,683
    )
     
     
    (1,746
    )
     
     
    (3,376
    )
     
     
    (2,815
    )




    
Net loss attributable to common noncontrolling interests in
Aimco Operating Partnership

     
     
    1,312
     
     
     
    2,623
     
     
     
    4,381
     
     
     
    5,458
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Total noncontrolling interests

     
     
    2,345
     
     
     
    (10,818
    )
     
     
    (8,413
    )
     
     
    (2,779
    )




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Net loss attributable to Aimco

     
     
    (7,825
    )
     
     
    (18,444
    )
     
     
    (35,343
    )
     
     
    (42,979
    )




    
Net income attributable to Aimco preferred stockholders

     
     
    (10,128
    )
     
     
    (11,477
    )
     
     
    (23,050
    )
     
     
    (24,643
    )




    
Net income attributable to participating securities

     
     
    (42
    )
     
     
    
     
     
     
    
     
     
     
    
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Net loss attributable to Aimco common stockholders

     
    $
    (17,995
    )
     
    $
    (29,921
    )
     
    $
    (58,393
    )
     
    $
    (67,622
    )




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




    
Earnings (loss) attributable to Aimco per common share  basic and
diluted (Note 6):

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




    
Loss from continuing operations attributable to Aimco
common stockholders

     
    $
    (0.30
    )
     
    $
    (0.38
    )
     
    $
    (0.74
    )
     
    $
    (0.72
    )




    
Income from discontinued operations attributable to Aimco common
stockholders

     
     
    0.15
     
     
     
    0.12
     
     
     
    0.24
     
     
     
    0.12
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Net loss attributable to Aimco common stockholders

     
    $
    (0.15
    )
     
    $
    (0.26
    )
     
    $
    (0.50
    )
     
    $
    (0.60
    )




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




    
Weighted average common shares outstanding, basic and diluted

     
     
    116,323
     
     
     
    115,510
     
     
     
    116,179
     
     
     
    112,886
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Dividends declared per common share

     
    $
    0.10
     
     
    $
    0.10
     
     
    $
    0.10
     
     
    $
    0.10
     




    
 

     
         
     
     
         
     
     
         
     
     
         
     











APARTMENT INVESTMENT & MANAGEMEN
CIK:922864


2010-03-30
to
2010-06-30
(3-months)		
2009-03-30
to
2009-06-30
(3-months)		
2009-12-30
to
2010-06-30
(6-months)		
2008-12-30
to
2009-06-30
(6-months)		

REVENUES:


Rental and other property revenues$285,395$279,041$570,622$559,303


Asset management and tax credit revenues9,59612,60613,85322,144


Total revenues294,991291,647584,475581,447


OPERATING EXPENSES:


Property operating expenses132,946125,665271,354259,149


Investment management expenses5,1414,7168,3708,506


Depreciation and amortization108,667108,437217,006212,606


Provision for operating real estate impairment losses1,5692,079


General and administrative expenses15,18414,57726,91930,837


Other (income) expenses, net(6,693)3,748(3,592)5,229


Total operating expenses255,245258,712520,057518,406


Operating income39,74632,93564,41863,041


Interest income1,9282,2255,1505,532


Recovery of (provision for) losses on notes receivable, net148(1,534)(278)(1,685)


Interest expense(79,499)(81,771)(159,294)(162,068)


Equity in (losses) earnings of unconsolidated real estate partnerships(7,224)(1,696)727(3,736)


Gain on dispositions of unconsolidated real estate and other, net4,9703,4637,61214,327


Loss before income taxes and discontinued operations(39,931)(46,378)(81,665)(84,589)


Income tax benefit3,5982,4737,3694,949


Loss from continuing operations(36,333)(43,905)(74,296)(79,640)


Income from discontinued operations, net26,16336,27947,36639,440


Net loss(10,170)(7,626)(26,930)(40,200)


Noncontrolling interests:


Net loss (income) attributable to noncontrolling interests in consolidated real estate partnerships2,716(11,695)(9,418)(5,422)


Net income attributable to preferred noncontrolling interests in Aimco Operating Partnership(1,683)(1,746)(3,376)(2,815)


Net loss attributable to common noncontrolling interests in Aimco Operating Partnership1,3122,6234,3815,458


Total noncontrolling interests2,345(10,818)(8,413)(2,779)


Net loss attributable to Aimco(7,825)(18,444)(35,343)(42,979)


Net income attributable to Aimco preferred stockholders(10,128)(11,477)(23,050)(24,643)


Net income attributable to participating securities(42)


Net loss attributable to Aimco common stockholders$(17,995)$(29,921)$(58,393)$(67,622)


Earnings (loss) attributable to Aimco per common share basic and diluted (Note 6):


Loss from continuing operations attributable to Aimco common stockholders$(0.30)$(0.38)$(0.74)$(0.72)


Income from discontinued operations attributable to Aimco common stockholders0.150.120.240.12


Net loss attributable to Aimco common stockholders$(0.15)$(0.26)$(0.50)$(0.60)


Weighted average common shares outstanding, basic and diluted116,323115,510116,179112,886


Dividends declared per common share$0.10$0.10$0.10$0.10





Table 3


Table column format standardization was unsuccessful.


In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIEs economic performance and which party controls such activities; the amount and characteristics of our investment; the obligation or likelihood for us or other investors to provide financial support; and the similarity with and significance to the business activities of us and the other investors. Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.

As a result of our adoption of ASU 2009-17, we concluded we are the primary beneficiary of, and therefore consolidated, approximately 49 previously unconsolidated partnerships. Those partnerships own, or control other entities that own, 31 apartment properties. Our direct and indirect interests in the profits and losses of those partnerships range from less than 1% to 35%, and average approximately 7%. We applied the practicability exception for initial measurement of consolidated VIEs to partnerships that own 13 properties and accordingly recognized the consolidated assets, liabilities and noncontrolling interests at fair value effective January 1, 2010 (refer to the Fair Value Measurements section for further information regarding certain of the fair value amounts recognized upon consolidation). We deconsolidated partnerships that own ten apartment properties in which we hold an average interest of approximately 55%. The initial consolidation and deconsolidation of these partnerships resulted in increases (decreases), net of intercompany eliminations, in amounts included in our consolidated balance sheet as of January 1, 2010, as follows (in thousands):







     
     
     
     
     
     
     
     
     




     
     
    Consolidation
     
     
    Deconsolidation
     








    
Real estate, net

     
    $
    144,292
     
     
    $
    (86,151
    )




    
Cash and cash equivalents and restricted cash

     
     
    25,047
     
     
     
    (7,425
    )




    
Accounts and notes receivable

     
     
    (13,456
    )
     
     
    6,002
     




    
Investment in unconsolidated real estate partnerships

     
     
    47,974
     
     
     
    11,302
     




    
Other assets

     
     
    4,190
     
     
     
    (1,084
    )




    
 

     
     
     
     
     
     




    
Total assets

     
    $
    208,047
     
     
    $
    (77,356
    )




    
 

     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     




    
Total indebtedness

     
    $
    131,710
     
     
    $
    (56,938
    )




    
Accrued and other liabilities

     
     
    37,504
     
     
     
    (15,005
    )




    
 

     
     
     
     
     
     




    
Total liabilities

     
     
    169,214
     
     
     
    (71,943
    )




    
 

     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     




    
Cumulative effect of a change in accounting principle:

     
     
     
     
     
     
     
     




    
Noncontrolling interests

     
     
    76,120
     
     
     
    (8,501
    )




    
Aimco

     
     
    (37,287
    )
     
     
    3,088
     




    
 

     
     
     
     
     
     




    
Total equity

     
     
    38,833
     
     
     
    (5,413
    )




    
 

     
     
     
     
     
     




    
Total liabilities and equity

     
    $
    208,047
     
     
    $
    (77,356
    )




    
 

     
         
     
     
         
     







Unable to find the column headers.


Table internal representation dump (debug use)
First numeric data row: 0
First row with column header attributes: 
Last row with column header attributes:  

Row 0

Row 1
    (2..3)   [1..1] (stub): 'Consolidation'
    (6..7)   [2..2] (stub): 'Deconsolidation'

Row 2
    [0..0)   [0..0] (stub): 'Real estate, net'
    [2..3]   [1..1] ( num): '$144,292'
      Attributes: num=>292 [1..1]  
    [6..8)   [2..2] ( num): '$(86,151)'

Row 3
    [0..0)   [0..0] (stub): 'Cash and cash equivalents and restricted cash'
    (3..3]   [1..1] ( num): '25,047'
      Attributes: num=>25 [1..1]  num=>047 [1..1]  
    (7..8)   [2..2] ( num): '(7,425)'

Row 4
    [0..0)   [0..0] (stub): 'Accounts and notes receivable'
    (3..4)   [1..1] ( num): '(13,456)'
    (7..7]   [2..2] ( num): '6,002'
      Attributes: num=>6 [2..2]  num=>002 [2..2]  

Row 5
    [0..0)   [0..0] (stub): 'Investment in unconsolidated real estate partnerships'
    (3..3]   [1..1] ( num): '47,974'
      Attributes: num=>47 [1..1]  num=>974 [1..1]  
    (7..7]   [2..2] ( num): '11,302'
      Attributes: num=>11 [2..2]  num=>302 [2..2]  

Row 6
    [0..0)   [0..0] (stub): 'Other assets'
    (3..3]   [1..1] ( num): '4,190'
      Attributes: num=>4 [1..1]  num=>190 [1..1]  
    (7..8)   [2..2] ( num): '(1,084)'

Row 7

Row 8
    [0..0)   [0..0] (stub): 'Total assets'
    [2..3]   [1..1] ( num): '$208,047'
      Attributes: num=>047 [1..1]  
    [6..8)   [2..2] ( num): '$(77,356)'

Row 9

Row 10

Row 11
    [0..0)   [0..0] (stub): 'Total indebtedness'
    [2..3]   [1..1] ( num): '$131,710'
      Attributes: num=>710 [1..1]  
    [6..8)   [2..2] ( num): '$(56,938)'

Row 12
    [0..0)   [0..0] (stub): 'Accrued and other liabilities'
    (3..3]   [1..1] ( num): '37,504'
      Attributes: num=>37 [1..1]  num=>504 [1..1]  
    (7..8)   [2..2] ( num): '(15,005)'

Row 13

Row 14
    [0..0)   [0..0] (stub): 'Total liabilities'
    (3..3]   [1..1] ( num): '169,214'
      Attributes: num=>169 [1..1]  num=>214 [1..1]  
    (7..8)   [2..2] ( num): '(71,943)'

Row 15

Row 16

Row 17
    [0..0)   [0..0] (stub): 'Cumulative effect of a change in accounting principle:'

Row 18
    [0..0)   [0..0] (stub): 'Noncontrolling interests'
    (3..3]   [1..1] ( num): '76,120'
      Attributes: num=>76 [1..1]  num=>120 [1..1]  
    (7..8)   [2..2] ( num): '(8,501)'

Row 19
    [0..0)   [0..0] (stub): 'Aimco'
    (3..4)   [1..1] ( num): '(37,287)'
    (7..7]   [2..2] ( num): '3,088'
      Attributes: num=>3 [2..2]  num=>088 [2..2]  

Row 20

Row 21
    [0..0)   [0..0] (stub): 'Total equity'
    (3..3]   [1..1] ( num): '38,833'
      Attributes: num=>38 [1..1]  num=>833 [1..1]  
    (7..8)   [2..2] ( num): '(5,413)'

Row 22

Row 23
    [0..0)   [0..0] (stub): 'Total liabilities and equity'
    [2..3]   [1..1] ( num): '$208,047'
      Attributes: num=>047 [1..1]  
    [6..8)   [2..2] ( num): '$(77,356)'

Row 24



Prototype ranges:
14 rows: 23 21 19 18 14 12 11 8 6 5 4 3 2 24 
    [0..0)   [0..0] (stub): ''
    [2..4)   [1..1] ( num): ''
    [6..8)   [2..2] ( num): ''

Best data column prototype:
14 rows: 23 21 19 18 14 12 11 8 6 5 4 3 2 24 
    [0..0)   [0..0] (stub): ''
    [2..4)   [1..1] ( num): ''
    [6..8)   [2..2] ( num): ''

Table attributes: assets,balancesheet,date,liabilities,cash



Table 4


Financial table in standard format


Our consolidated statements of operations for the three and six months ended June 30, 2010, include the following amounts for the entities and related real estate properties consolidated as of January 1, 2010, in accordance with ASU 2009-17 (in thousands):







     
     
     
     
     
     
     
     
     




     
     
    Three Months
     
     
    Six Months
     




     
     
    Ended
     
     
    Ended
     




     
     
    June 30, 2010
     
     
    June 30, 2010
     








    
Rental and other property revenues

     
    $
    8,222
     
     
    $
    16,272
     




    
Operating expenses

     
     
    (4,577
    )
     
     
    (9,203
    )




    
Depreciation and amortization

     
     
    (2,458
    )
     
     
    (4,685
    )




    
Other income (expenses)

     
     
    258
     
     
     
    (328
    )




    
 

     
     
     
     
     
     




    
Operating income

     
     
    1,445
     
     
     
    2,056
     




    
Interest income

     
     
    
     
     
     
    16
     




    
Interest expense

     
     
    (2,258
    )
     
     
    (4,423
    )




    
Equity in losses of unconsolidated real estate partnerships

     
     
    (5,787
    )
     
     
    (7,005
    )




    
Gain on disposition of unconsolidated real estate and other

     
     
    3,819
     
     
     
    5,167
     




    
 

     
     
     
     
     
     




    
Net loss

     
     
    (2,781
    )
     
     
    (4,189
    )




    
Net loss attributable to noncontrolling interests in
consolidated real estate partnerships

     
     
    3,546
     
     
     
    4,855
     




    
Net income attributable to noncontrolling interests in the
Aimco Operating Partnership

     
     
    (54
    )
     
     
    (47
    )




    
 

     
     
     
     
     
     




    
Net income attributable to Aimco

     
    $
    711
     
     
    $
    619
     




    
 

     
         
     
     
         
     










APARTMENT INVESTMENT & MANAGEMEN
CIK:922864


2010-03-30
to
2010-06-30
(3-months)		
2009-12-30
to
2010-06-30
(6-months)		

Rental and other property revenues$8,222$16,272


Operating expenses(4,577)(9,203)


Depreciation and amortization(2,458)(4,685)


Other income (expenses)258(328)


Operating income1,4452,056


Interest income16


Interest expense(2,258)(4,423)


Equity in losses of unconsolidated real estate partnerships(5,787)(7,005)


Gain on disposition of unconsolidated real estate and other3,8195,167


Net loss(2,781)(4,189)


Net loss attributable to noncontrolling interests in consolidated real estate partnerships3,5464,855


Net income attributable to noncontrolling interests in the Aimco Operating Partnership(54)(47)


Net income attributable to Aimco$711$619





Table 5


Table column format standardization was unsuccessful.







     
     
     




    (2)
     
    
Total rate of return swaps have contractually-defined termination values generally equal
to the difference between the fair value and the counterpartys purchased value of the
underlying borrowings. We calculate the termination value, which we believe is
representative of the fair value, of total rate of return swaps using a market approach by
reference to estimates of the fair value of the underlying borrowings, which are discussed
below, and an evaluation of potential changes in the credit quality of the counterparties to
these arrangements.





 




    (3)
     
    
This represents changes in fair value of debt subject to our total rate of return swaps.
We estimate the fair value of debt instruments using an income and market approach,
including comparison of the contractual terms to observable and unobservable inputs such as
market interest rate risk spreads, collateral quality and loan-to-value ratios on similarly
encumbered assets within our portfolio. These borrowings are collateralized and
non-recourse to us; therefore, we believe changes in our credit rating will not materially
affect a market participants estimate of the borrowings fair value.





 




    (4)
     
    
Unrealized gains (losses) relate to periodic revaluations of fair value and have not
resulted from the settlement of a swap position.





 




    (5)
     
    
These amounts are included in interest expense in the accompanying condensed consolidated
statements of operations.









Unable to find the column headers.


Table internal representation dump (debug use)
First numeric data row: 0
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Row 0

Row 1
    [0..0)   [0..0] ( num): '(2)'
    [2..2)   [1..1] (stub): 'Total rate of return swaps have contractually-defined termination values generally equal to the difference between the fair value and the counterpartys purchased value of the underlying borrowings. We calculate the termination value, which we believe is representative of the fair value, of total rate of return swaps using a market approach by reference to estimates of the fair value of the underlying borrowings, which are discussed below, and an evaluation of potential changes in the credit quality of the counterparties to these arrangements.'

Row 2

Row 3
    [0..0)   [0..0] ( num): '(3)'
    [2..2)   [1..1] (stub): 'This represents changes in fair value of debt subject to our total rate of return swaps. We estimate the fair value of debt instruments using an income and market approach, including comparison of the contractual terms to observable and unobservable inputs such as market interest rate risk spreads, collateral quality and loan-to-value ratios on similarly encumbered assets within our portfolio. These borrowings are collateralized and non-recourse to us; therefore, we believe changes in our credit rating will not materially affect a market participants estimate of the borrowings fair value.'

Row 4

Row 5
    [0..0)   [0..0] ( num): '(4)'
    [2..2)   [1..1] (stub): 'Unrealized gains (losses) relate to periodic revaluations of fair value and have not resulted from the settlement of a swap position.'

Row 6

Row 7
    [0..0)   [0..0] ( num): '(5)'
    [2..2)   [1..1] (stub): 'These amounts are included in interest expense in the accompanying condensed consolidated statements of operations.'



Prototype ranges:
4 rows: 7 5 3 1 
    [0..0)   [0..0] ( num): ''
    [2..2)   [1..1] (stub): ''

Best data column prototype:
4 rows: 7 5 3 1 
    [0..0)   [0..0] ( num): ''
    [2..2)   [1..1] (stub): ''

Table attributes: assets,incomestatement



Table 6


Table column format standardization was unsuccessful.


 

 

 

(2)

 

Total rate of return swaps have contractually-defined termination values generally equal to the difference between the fair value and the counterpartys purchased value of the underlying borrowings. We calculate the termination value, which we believe is representative of the fair value, of total rate of return swaps using a market approach by reference to estimates of the fair value of the underlying borrowings, which are discussed below, and an evaluation of potential changes in the credit quality of the counterparties to these arrangements.

 

(3)

 

This represents changes in fair value of debt subject to our total rate of return swaps. We estimate the fair value of debt instruments using an income and market approach, including comparison of the contractual terms to observable and unobservable inputs such as market interest rate risk spreads, collateral quality and loan-to-value ratios on similarly encumbered assets within our portfolio. These borrowings are collateralized and non-recourse to us; therefore, we believe changes in our credit rating will not materially affect a market participants estimate of the borrowings fair value.

 

(4)

 

Unrealized gains (losses) relate to periodic revaluations of fair value and have not resulted from the settlement of a swap position.

 

(5)

 

These amounts are included in interest expense in the accompanying condensed consolidated statements of operations.

The table below presents information regarding amounts measured at fair value in our consolidated financial statements on a nonrecurring basis during the six months ended June 30, 2010, all of which were based, in part, on significant unobservable inputs classified within Level 3 of the valuation hierarchy (in thousands):







     
     
     
     
     
     
     
     
     




     
     
    Fair value
     
     
    Total
     




     
     
    measurement
     
     
    gain (loss)
     








    
Real estate (impairments losses) (1)

     
    $
    29,050
     
     
    $
    (6,883
    )




    
Real estate (newly consolidated) (2)(3)

     
     
    117,083
     
     
     
    236
     




    
Property debt (newly consolidated) (2)(4)

     
     
    83,890
     
     
     
    
     







Unable to find the column headers.


Table internal representation dump (debug use)
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Row 0

Row 1
    (2..3)   [1..1] (stub): 'Fair value'
    (6..7)   [2..2] (stub): 'Total'

Row 2
    (2..3)   [1..1] (stub): 'measurement'
    (6..7)   [2..2] (stub): 'gain (loss)'

Row 3
    [0..0)   [0..0] (stub): 'Real estate (impairments losses) (1)'
    [2..3]   [1..1] ( num): '$29,050'
      Attributes: num=>050 [1..1]  
    [6..8)   [2..2] ( num): '$(6,883)'

Row 4
    [0..0)   [0..0] (stub): 'Real estate (newly consolidated) (2)(3)'
    (3..3]   [1..1] ( num): '117,083'
      Attributes: num=>117 [1..1]  num=>083 [1..1]  
    (7..7]   [2..2] ( num): '236'
      Attributes: num=>236 [2..2]  

Row 5
    [0..0)   [0..0] (stub): 'Property debt (newly consolidated) (2)(4)'
    (3..3]   [1..1] ( num): '83,890'
      Attributes: num=>83 [1..1]  num=>890 [1..1]  



Prototype ranges:
3 rows: 4 3 5 
    [0..0)   [0..0] (stub): ''
    [2..3]   [1..1] ( num): ''
    [6..8)   [2..2] ( num): ''

Best data column prototype:
3 rows: 4 3 5 
    [0..0)   [0..0] (stub): ''
    [2..3]   [1..1] ( num): ''
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Table attributes: assets,date,incomestatement



Table 7


Financial table in standard format


 

 

 

 

 

 

 

 

 

 

 

Fair value

 

 

Total

 

 

 

measurement

 

 

gain (loss)

 

Real estate (impairments losses) (1)

 

$

29,050

 

 

$

(6,883

)

Real estate (newly consolidated) (2)(3)

 

 

117,083

 

 

 

236

 

Property debt (newly consolidated) (2)(4)

 

 

83,890

 

 

 

 







     
     
     




    (1)
     
    
During the six months ended June 30, 2010, we reduced the carrying amounts of real estate
assets classified as held for sale to their estimated fair value, less estimated costs to
sell. 





 




    (2)
     
    
In connection with our adoption of ASU 2009-17 (see preceding discussion of Variable
Interest Entities) and reconsideration events during the six months ended June 30, 2010, we
consolidated 17 partnerships at fair value. With the exception of such partnerships
investments in real estate properties and related non-recourse property debt obligations, we
determined the carrying amounts of the related assets and liabilities approximated their
fair values. The difference between our recorded investments in such partnerships and the
fair value of the assets and liabilities recognized in consolidation, resulted in an
adjustment of consolidated equity (allocated between Aimco and noncontrolling interests) for
those partnerships consolidated in connection with our adoption of ASU 2009-17. For the
partnerships we consolidated at fair value due to reconsideration events during the six
months ended June 30, 2010, the difference between our recorded investments in such
partnerships and the fair value of the assets, liabilities and noncontrolling interests
recognized upon consolidation resulted in our recognition of a gain, which is included in
gain on disposition of unconsolidated real estate and other in our consolidated statement of
operations for the six months ended June 30, 2010.





 




    (3)
     
    
We estimate the fair value of real estate using income and market valuation techniques
using information such as broker estimates, purchase prices for recent transactions on
comparable assets and net operating income capitalization analyses using observable and
unobservable inputs such as capitalization rates, asset quality grading, geographic location
analysis, and local supply and demand observations.





 




    (4)
     
    
Refer to the recurring fair value measurements table for an explanation of the valuation
techniques we use to estimate the fair value of debt.












APARTMENT INVESTMENT & MANAGEMEN
CIK:922864




(3)


(4)





Data column 1: "numyear" is ambiguous (2010 or 2010 or 2010 or 2010)

Data column 1: "month" is ambiguous (6 or 6 or 6 or 6)

Data column 1: "dayofmonth" is ambiguous (30 or 30 or 30 or 30)

Data column 1: Unable to interpret date in column header


Table 8


Financial table in standard format


NOTE 3 Real Estate Dispositions

Real Estate Dispositions (Discontinued Operations)

We are currently marketing for sale certain real estate properties that are inconsistent with our long-term investment strategy. At the end of each reporting period, we evaluate whether such properties meet the criteria to be classified as held for sale, including whether such properties are expected to be sold within 12 months. Additionally, certain properties that do not meet all of the criteria to be classified as held for sale at the balance sheet date may nevertheless be sold and included in discontinued operations in the subsequent 12 months; thus, the number of properties that may be sold during the subsequent 12 months could exceed the number classified as held for sale. At June 30, 2010 and December 31, 2009, we had one and 24 properties, with an aggregate of 198 and 3,745 units, respectively, classified as held for sale. Amounts classified as held for sale in the accompanying condensed consolidated balance sheets are as follows (in thousands):







     
     
     
     
     
     
     
     
     




     
     
    June 30,
     
     
    December 31,
     




     
     
    2010
     
     
    2009
     








    
Real estate, net

     
    $
    5,725
     
     
    $
    133,886
     




    
Other assets

     
     
    325
     
     
     
    2,850
     




    
 

     
     
     
     
     
     




    
Assets held for sale

     
    $
    6,050
     
     
    $
    136,736
     




    
 

     
     
     
     
     
     



 

    
Property debt

     
    $
    3,135
     
     
    $
    117,271
     




    
Other liabilities

     
     
    141
     
     
     
    3,966
     




    
 

     
     
     
     
     
     




    
Liabilities related to assets held for sale

     
    $
    3,276
     
     
    $
    121,237
     




    
 

     
         
     
     
         
     










APARTMENT INVESTMENT & MANAGEMEN
CIK:922864


2010-06-30
2009-12-31

Real estate, net$5,725$133,886


Other assets3252,850


Assets held for sale$6,050$136,736


Property debt$3,135$117,271


Other liabilities1413,966


Liabilities related to assets held for sale$3,276$121,237





Original filing from SEC EDGAR system.