Basis of Presentation and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 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 September 30, 2020 (in thousands):

Balance at December 31, 2019	$	97,064
Preferred distributions		(5,415	)
Redemption of preferred units		(17,615	)
Net income		5,415
Balance at September 30, 2020	$	79,449

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 nine months ended September 30, 2020 and 2019, our total lease income was comprised of the following amounts for all operating leases (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020			2019
Fixed lease income	$	200,295	$	213,945	$	619,447		$	639,359
Variable lease income		14,578		15,005		40,842			42,814
Straight-line rent write-off (1)		—		—		(2,927	)		—
Total lease income	$	214,873	$	228,950	$	657,362		$	682,173

(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 nine months ended September 30, 2020. Additionally, we wrote-off the related deferred leasing costs of $2.4 million during the nine months ended September 30, 2020. The write-offs of deferred leasing costs are recorded in depreciation and amortization in our condensed consolidated statements of operations.