Aimco Equity

12 Months Ended

Dec. 31, 2011

Aimco Equity [Abstract]

Aimco Equity

NOTE 14 — Aimco Equity

Preferred Stock

At December 31, 2011 and 2010, we had the following classes of perpetual preferred stock outstanding (dollars in thousands):

		September 30,		September 30,			September 30,		September 30,
	Redemption Date (1)		Annual Dividend Rate Per Share (paid quarterly)			Balance December  31,
						2011		2010
Class T Cumulative Preferred Stock, $0.01 par value, 6,000,000 shares authorized, 6,000,000 shares issued/outstanding		07/31/2008		8.000	%	$	150,000	$	150,000
Class U Cumulative Preferred Stock, $0.01 par value, 12,000,000 shares authorized, 12,000,000 shares issued/outstanding		03/24/2009		7.750	%		298,101		298,101
Class V Cumulative Preferred Stock, $0.01 par value, 3,450,000 shares authorized, 2,587,500 and 3,450,000 shares issued/outstanding, respectively		09/29/2009		8.000	%		64,688		86,250
Class Y Cumulative Preferred Stock, $0.01 par value, 3,450,000 shares authorized, 3,450,000 shares issued/outstanding		12/21/2009		7.875	%		86,250		86,250
Class Z Cumulative Preferred Stock, $0.01 par value, 4,800,000 and zero shares authorized, 869,153 and zero shares issued/outstanding, respectively		7/29/2016		7.000	%		21,075		—
Series A Community Reinvestment Act Preferred Stock, $0.01 par value per share, 240 shares authorized, 74 and 114 shares issued/outstanding, respectively (2)		06/30/2011		(2	)		37,000		57,000
Total							657,114		677,601
Less preferred stock subject to repurchase agreement (3)							—		(20,000	)
Preferred stock per consolidated balance sheets						$	657,114	$	657,601

(1) All classes of preferred stock are redeemable at our option on and after the dates specified.

(2) For the period from the date of original issuance through March 31, 2015, the dividend rate is a variable rate per annum equal to the Three-Month LIBOR Rate (as defined in the articles supplementary designating the Series A Community Reinvestment Act Perpetual Preferred Stock, or CRA Preferred Stock) plus 1.25%, calculated as of the beginning of each quarterly dividend period. The rate at December 31, 2011 and 2010 was 1.62% and 1.54%, respectively.

(3) At December 31, 2010, we had an agreement to repurchase from the holder up to $20.0 million in liquidation preference of our CRA Preferred Stock at a discount to the liquidation preference. Based on the holder’s ability to require us to repurchase shares of CRA Preferred Stock pursuant to this agreement, the liquidation value of the preferred stock subject to repurchase is classified within temporary equity in our consolidation balance sheet at December 31, 2010. At December 31, 2011, there were no remaining amounts of our CRA Preferred Stock subject to repurchase.

All classes of preferred stock are pari passu with each other and are senior to our Common Stock. The holders of each class of preferred stock are generally not entitled to vote on matters submitted to stockholders. Dividends on all shares of preferred stock are subject to declaration by our Board of Directors. All of the above outstanding classes of preferred stock have a liquidation preference per share of $25.00, with the exception of the CRA Preferred Stock, which has a liquidation preference per share of $500,000.

The following table summarizes issuances and redemptions of preferred stock during the years ended December 31, 2011 and 2010 (dollars in thousands, except per share amounts):

		September 30,		September 30,
	Years Ended December 31,
	2011		2010
Class of preferred stock redeemed		Class V		Class G
Number of shares of preferred stock redeemed		862,500		4,040,000
Redemption value of preferred stock redeemed	$	21,562	$	101,000
Accrued and unpaid dividends paid at redemption	$	249	$	2,200
Previously deferred issuance costs recognized as an adjustment of net income attributable to Aimco preferred stockholders	$	783	$	4,300
Class of preferred stock issued		Class Z		Class U
Number of shares of preferred stock issued		869,153		4,000,000
Price to public per share	$	24.25	$	24.86
Underwriting discounts, commissions and transaction costs per share	$	1.25	$	0.77
Net proceeds per share	$	23.00	$	24.09
Net proceeds to Aimco	$	19,990	$	96,100
Issuance costs (primarily underwriting commissions) recognized as an adjustment of additional paid-in capital	$	1,085	$	3,300

The proceeds from the sales of our Class Z and Class U Preferred Stock were primarily used for the redemptions of the Class V and Class G Preferred Stock. The per share amounts for the sales of our Class Z Preferred Stock represent averages from multiple sales transactions during the year.

The following table summarizes the repurchases of our CRA Preferred Stock pursuant to the repurchase agreement discussed above during the years ended December 31, 2011, 2010 and 2009 (dollars in thousands):

		September 30,		September 30,		September 30,
	Years Ended December 31,
	2011		2010		2009
Shares repurchased		40		20		12
Liquidation preference of preferred stock repurchased	$	20,000	$	10,000	$	6,000
Repurchase price	$	14,800	$	7,000	$	4,200
Discount to liquidation preference, net of previously deferred issuance costs, recognized as an adjustment of net income attributable to Aimco preferred stockholders	$	4,700	$	2,800	$	1,600

Common Stock

During the years ended December 31, 2011 and 2010, we sold 2,914,000 and 600,000 shares of our Common Stock, respectively, pursuant to an At-The-Market, or ATM, offering program we initiated during 2010, generating $71.9 million and $14.0 million of net proceeds, respectively.

As further discussed in Note 15, during 2011, 2010 and 2009, we issued shares of restricted Common Stock to certain officers, employees and independent directors.

Registration Statements

Pursuant to ATM offering programs active at December 31, 2011, we have the capacity to issue up to 3.5 million and 3.9 million additional shares of our Common Stock and Class Z Preferred Stock, respectively. Additionally, we and the Aimco Operating Partnership have a shelf registration statement that provides for the issuance of debt and equity securities by Aimco and debt securities by the Aimco Operating Partnership.