Income Taxes - (Tables)
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12 Months Ended |
Dec. 31, 2015 |
Income Tax Disclosure [Abstract] |
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Components of deferred tax liabilities and assets |
Significant components of our deferred tax liabilities and assets are as follows (in thousands): | | | | | | | | | | December 31, | | 2015 | | 2014 | Deferred tax liabilities: | | | | Real estate and real estate partnership basis differences | $ | 31,726 |
| | $ | 38,231 |
| | | | | Deferred tax assets: | | | | Net operating, capital and other loss carryforwards | $ | 8,024 |
| | $ | 6,699 |
| Accruals and expenses | 4,917 |
| | 5,430 |
| Tax credit carryforwards | 49,036 |
| | 29,714 |
| Management contracts and other | 333 |
| | 267 |
| Total deferred tax assets | 62,310 |
| | 42,110 |
| Valuation allowance | (4,467 | ) | | (3,627 | ) | Net deferred income tax assets | $ | 26,117 |
| | $ | 252 |
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Reconciliation of unrecognized tax benefits |
A reconciliation of the beginning and ending balance of our unrecognized tax benefits is presented below (in thousands): | | | | | | | | | | | | | | 2015 | | 2014 | | 2013 | Balance at January 1 | $ | 2,286 |
| | $ | 2,871 |
| | $ | 3,536 |
| Reductions as a result of a lapse of the applicable statutes | — |
| | — |
| | (764 | ) | Additions (reductions) based on tax positions related to prior years and current year excess benefits related to stock-based compensation | 611 |
| | (585 | ) | | 99 |
| Balance at December 31 | $ | 2,897 |
| | $ | 2,286 |
| | $ | 2,871 |
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Components of the provision (benefit) for income taxes |
Significant components of the income tax benefit or expense are as follows and are classified within income tax benefit in continuing operations, income from discontinued operations, net of tax, and gain on dispositions or real estate, net of tax, in our statements of operations for the years ended December 31, 2015, 2014 and 2013 (in thousands): | | | | | | | | | | | | | | 2015 | | 2014 | | 2013 | Current: | | | | | | Federal | $ | 1,310 |
| | $ | — |
| | $ | — |
| State | 1,357 |
| | 970 |
| | 63 |
| Total current | 2,667 |
| | 970 |
| | 63 |
| | | | | | | Deferred: | | | | | | Federal | (27,382 | ) | | 11,556 |
| | 7,621 |
| State | (1,052 | ) | | 3,485 |
| | 1,685 |
| Total deferred | (28,434 | ) | | 15,041 |
| | 9,306 |
| Total (benefit) expense | $ | (25,767 | ) | | $ | 16,011 |
| | $ | 9,369 |
| Classification: | | | | | | Continuing operations | $ | (27,524 | ) | | $ | (20,047 | ) | | $ | (1,959 | ) | Discontinued operations | $ | — |
| | $ | — |
| | $ | 11,328 |
| Gain on dispositions of real estate | $ | 1,757 |
| | $ | 36,058 |
| | $ | — |
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Reconciliation of income tax attributable to continuing and discontinued operations |
The reconciliation of income tax attributable to continuing and discontinued operations computed at the United States statutory rate to income tax (benefit) expense is shown below (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | 2015 | | 2014 | | 2013 | | Amount | | Percent | | Amount | | Percent | | Amount | | Percent | Tax at United States statutory rates on consolidated income or loss subject to tax | $ | (10,947 | ) | | 35.0 | % | | $ | 47,950 |
| | 35.0 | % | | $ | 16,326 |
| | 35.0 | % | State income tax expense, net of Federal tax (benefit) expense | (361 | ) | | 1.2 | % | | 4,364 |
| | 3.2 | % | | 1,748 |
| | 3.7 | % | Effect of permanent differences | (27 | ) | | 0.1 | % | | (154 | ) | | (0.1 | )% | | (296 | ) | | (0.6 | )% | Tax effect of intercompany transfers of assets between the REIT and TRS entities (1) | (1,515 | ) | | 4.8 | % | | (23,969 | ) | | (17.5 | )% | | (4,272 | ) | | (9.2 | )% | Tax credits | (13,583 | ) | | 43.4 | % | | (12,271 | ) | | (9.0 | )% | | (4,137 | ) | | (8.9 | )% | Increase in valuation allowance | 666 |
| | (2.1 | )% | | 91 |
| | 0.1 | % | | — |
| | — | % | Total income tax (benefit) expense | $ | (25,767 | ) | | 82.4 | % | | $ | 16,011 |
| | 11.7 | % | | $ | 9,369 |
| | 20.0 | % |
| | (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. |
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Dividends paid to holders of Common Stock |
For the years ended December 31, 2015, 2014 and 2013, dividends per share held for the entire year were estimated to be taxable as follows: | | | | | | | | | | | | | | | | | | | | | | | 2015 | | 2014 | | 2013 | | Amount | | Percentage | | Amount | | Percentage | | Amount | | Percentage | Ordinary income | $ | 0.36 |
| | 30.2 | % | | $ | 0.01 |
| | 0.6 | % | | $ | 0.17 |
| | 17.9 | % | Capital gains | 0.37 |
| | 31.3 | % | | 0.53 |
| | 51.6 | % | | 0.13 |
| | 13.9 | % | Qualified dividends | 0.17 |
| | 14.5 | % | | — |
| | — | % | | — |
| | — | % | Unrecaptured Section 1250 gain | 0.28 |
| | 24.0 | % | | 0.50 |
| | 47.8 | % | | 0.66 |
| | 68.2 | % | | $ | 1.18 |
| | 100.0 | % | | $ | 1.04 |
| | 100.0 | % | | $ | 0.96 |
| | 100.0 | % |
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