XML 30 R17.htm IDEA: XBRL DOCUMENT v3.20.2
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Reconciliation of Preferred OP Units

As described in Note 5, the preferred OP Units may be redeemed at the holder’s option and are therefore presented within temporary equity in Aimco’s condensed consolidated balance sheets and within temporary capital in the Aimco Operating Partnership’s condensed consolidated balance sheets. The following table presents a reconciliation of the Aimco Operating Partnership’s preferred OP Units from December 31, 2019, to June 30, 2020 (in thousands):

Balance at December 31, 2019

 

$

97,064

 

Preferred distributions

 

 

(3,728

)

Redemption of preferred units

 

 

(615

)

Net income

 

 

3,728

 

Balance at June 30, 2020

 

$

96,449

 

 
Lease Income for Operating Leases

The majority of lease payments we receive from our residents and tenants are fixed. We receive variable payments from our residents and commercial tenants primarily for utility reimbursements. For the three and six months ended June 30, 2020 and 2019, our total lease income was comprised of the following amounts for all operating leases (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Fixed lease income

 

$

205,736

 

 

$

209,890

 

 

$

419,152

 

 

$

425,471

 

Variable lease income

 

 

12,649

 

 

 

13,608

 

 

 

26,264

 

 

 

27,752

 

Straight-line rent write-off (1)

 

 

(19

)

 

 

—

 

 

 

(2,927

)

 

 

—

 

   Total lease income

 

$

218,366

 

 

$

223,498

 

 

$

442,489

 

 

$

453,223

 

(1)

We monitor the collectability of all unpaid rent amounts. The onset of COVID-19 and the anticipated economic slowdown resulted in a $2.9 million write-off of accrued straight-line rent during the three months ended March 31, 2020. Additionally, we wrote-off the related deferred leasing costs of $2.2 million during the three months ended March 31, 2020. The write-offs of deferred leasing costs are recorded in depreciation and amortization in our condensed consolidated statements of operations.