Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Total Compensation Cost Recognized for Share-Based Awards

For the years ended December 31, 2022, 2021, and 2020, total compensation cost recognized for share-based awards was (in thousands):

	2022		2021		2020
Share-based compensation expense (1)	$	6,441	$	3,377	$	1,070
Capitalized share-based compensation (2)		1,016		340		138
Total share-based compensation (3)	$	7,457	$	3,717	$	1,208

(1)Amounts are recorded in General and administrative expenses in our Consolidated Statements of Operations.

(2)Amounts are recorded in Buildings and improvements in our Consolidated Balance Sheets.

(3)Amounts are recorded in Additional paid-in capital and Common noncontrolling interests in Aimco Operating Partnership in our Consolidated Balance Sheets, and in General Partner and Special Limited Partner and Limited Partners in Aimco Operating Partnership's Consolidated Balance Sheets.

Summary Activity for Equity Compensation

The following two tables summarize activity for equity compensation for the year ended December 31, 2022.

	TSR Stock Options				Time-Based Restricted Stock Awards						TSR Restricted Stock Awards
	Number of Options		Weighted-Average Exercise Price		Number of Shares			Weighted-Average Fair Value			Number of Shares			Weighted-Average Fair Value
Outstanding at beginning of year		317,200	$	6.66		1,941,125		$	6.84			283,503		$	10.14
Granted		212,767		6.96		328,941			7.16			183,320			7.25
Exercised		—		—	N/A			N/A			N/A			N/A
Vested	N/A		N/A			(30,618	)		14.61	(1)		(3,198	)		47.44	(1)
Forfeited		—		—		(85,310	)		6.90			(2,880	)		55.50	(1)
Outstanding at end of year		529,967	$	6.78		2,154,138		$	6.78			460,745		$	8.45

(1) Weighted-average grant date fair value is based off pre-Separation values when the awards were granted.

	LTIP I Units						TSR LTIP II Units				Time LTIP II Units
	Number of Units			Weighted-Average Fair Value			Number of Units		Weighted-Average Exercise Price		Number of Units		Weighted-Average Exercise Price
Outstanding at beginning of year		12,441		$	53.69	(1)		563,890	$	4.64		—	$	—
Granted		—			—			341,550		6.96		563,334		6.96
Exercised	N/A			N/A				—		—		—		—
Vested		(2,557	)		53.17	(1)	N/A		N/A		N/A		N/A
Forfeited		(2,698	)		55.17	(1)		—		—		—		—
Outstanding at end of year		7,186		$	53.33			905,440	$	5.52		563,334	$	6.96

(1) Weighted-average grant date fair value is based off pre-Separation values when the awards were granted.

Summary of Compensation Cost Not Yet Recognized for Share-Based Awards

The following table summarizes the unvested or outstanding shares issued to our employees and employees of AIR and are potentially dilutive to us and Aimco Operating Partnership as of December 31, 2022.

	Unvested Shares
Awards	Aimco		AIR		Unvested Compensation Not Yet Recognized (1)
Time-Based Stock Options (Outstanding shares)		—		786,413	$	—
TSR Stock Options (Outstanding shares)		529,967		25,563		874
Time-Based Restricted Stock Awards		2,154,138		18,000		9,143
TSR Restricted Stock Awards		460,745		47,516		2,007
LTIP I units		7,186		—		62
TSR LTIP II units (Outstanding shares)		1,468,774		1,089,691		1,415
Total awards		4,620,810		1,967,183	$	13,501

(1)Unvested compensation not yet recognized represents our compensation cost for our employees. Compensation costs related to shares issued to AIR employees are recognized by AIR.

Summary of Assumptions Used for Valuation of TSR-Based Awards Granted

The following table includes the assumptions used for the valuation of TSR-based awards that were granted in 2022 and 2021.

TSR-based Award Assumptions	2022	2021
Grant date market value of a common share	$6.96	$6.66-$7.10
Risk-free interest rate	0.19%-1.38%	0.02%-1.22%
Dividend yield	0%	0%
Expected volatility	32.09%-33.04%	30.4%-32.29%
Derived vesting period of TSR Restricted Stock	3.0	3.0
Weighted average expected term of TSR Stock Options and LTIP II units	4.9	5.4