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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Total Compensation Cost Recognized for Share-Based Awards | For the years ended December 31, 2023, 2022, and 2021, total compensation cost recognized for share-based awards was (in thousands):
|  | 2023 |  |  | 2022 |  |  | 2021 |
Share-based compensation expense (1) |  | $ | 9,221 |  |  | $ | 6,441 |  |  | $ | 3,377 |
Capitalized share-based compensation (2) |  |  | 1,274 |  |  |  | 1,016 |  |  |  | 340 |
Total share-based compensation (3) |  | $ | 10,495 |  |  | $ | 7,457 |  |  | $ | 3,717 |
(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, 2023.
|  | Unvested 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 |  |  | 529,967 |  |  | $ | 6.78 |  |  |  | 2,154,138 |  |  | $ | 6.78 |  |  |  | 460,745 |  |  | $ | 8.45 |  |
Granted |  |  | — |  |  |  | — |  |  |  | 442,162 |  |  |  | 7.52 |  |  |  | 525,704 |  |  |  | 7.51 |  |
Exercised |  |  | — |  |  |  | — |  |  | N/A |  |  | N/A |  |  | N/A |  |  | N/A |  |
Vested |  |  | — |  |  |  | — |  |  |  | (87,587 | ) |  |  | 7.68 |  |  |  | (4,995 | ) |  |  | 54.31 |  | (1)
Forfeited |  |  | — |  |  |  | — |  |  |  | (33,533 | ) |  |  | 7.23 |  |  |  | — |  |  |  | — |  | (1)
Outstanding at end of year |  |  | 529,967 |  |  | $ | 6.78 |  |  |  | 2,475,180 |  |  | $ | 6.87 |  |  |  | 981,454 |  |  | $ | 7.71 |  |
(1) Weighted-average grant date fair value is based off pre-Separation values when the awards were granted.
|  | Unvested LTIP I Units |  |  | Unvested TSR LTIP II Units |  |  | Unvested Time LTIP II Units |  |  | Convertible LTIP II Units |
|  | Number of Units |  |  | Weighted-Average Fair Value (1) |  |  | Number of Units |  |  | Weighted-Average Conversion Metric |  |  | Number of Units |  |  | Weighted-Average Conversion Metric |  |  | Number of Units |  |  | Weighted-Average Conversion Metric |
Outstanding at beginning of year |  |  | 7,186 |  |  | $ | 53.33 |  |  |  | 905,440 |  |  | $ | 5.52 |  |  |  | 563,334 |  |  | $ | 6.96 |  |  |  | 743,861 |  |  | $ | 7.44 |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Exercised |  | N/A |  |  | N/A |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Vested |  |  | (4,188 | ) |  |  | 53.28 |  |  |  | (3,429 | ) |  |  | 6.12 |  |  |  | (563,334 | ) |  |  | 6.96 |  |  |  | 566,763 |  |  |  | 6.95 |
Forfeited |  |  | (704 | ) |  |  | 53.44 |  |  |  | (1,476 | ) |  |  | 6.12 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Outstanding at end of year |  |  | 2,294 |  |  | $ | 53.39 |  |  |  | 900,535 |  |  | $ | 5.51 |  |  |  | — |  |  | $ | — |  |  |  | 1,310,624 |  |  | $ | 7.23 |
(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 | issued to our employees and employees of AIR that are potentially dilutive to Aimco and Aimco Operating Partnership as of December 31, 2023 (in thousands, except shares):
Awards | Aimco |  |  | AIR |  |  |  | Unvested Compensation Not Yet Recognized (1) |
Time-Based Stock Options |  | — |  |  |  | 786,413 |  |  |  | $ | — |
TSR Stock Options (2) |  | 529,967 |  |  |  | 21,035 |  |  |  |  | 371 |
Time-Based Restricted Stock Awards |  | 2,475,180 |  |  |  | 3,457 |  |  |  |  | 7,812 |
TSR Restricted Stock Awards |  | 981,454 |  |  |  | 9,773 |  |  |  |  | 3,574 |
TSR LTIP I Units |  | 2,294 |  |  |  | — |  |  |  |  | — |
TSR LTIP II Units (2) |  | 900,535 |  |  |  | 1,000,045 |  |  |  |  | 25 |
Total awards |  | 4,889,430 |  |  |  | 1,820,723 |  |  |  | $ | 11,782 |
(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. (2) The weighted-average exercise price for stock options held by AIR employees is $4.59 per share. The weighted-average conversion metric for LTIP II Units held by AIR employees is $5.49 per unit.
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 2023 and 2022.
TSR Award Assumptions |  | 2023 |  | 2022
Grant date market value of a common share |  | $7.59 |  | $6.96
Risk-free interest rate |  | 3.89%-4.73% |  | 0.19%-1.38%
Dividend yield |  | 0% |  | 0%
Expected volatility |  | 34.08%-36.19% |  | 32.09%-33.04%
Derived vesting period of TSR Restricted Stock |  | 3.0 |  | 3.0
Weighted average expected term of TSR Stock Options, TSR LTIP I Units, and TSR LTIP II Units |  | N/A |  | 4.9

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