APARTMENT INCOME REIT, L.P., 10-Q filed on 5/8/2024
Quarterly Report
v3.24.1.u1
Cover Page - shares
 3 Months Ended
Mar. 31, 2024
May 06, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2024  
Document Transition Report false  
Entity File Number 1-39686  
Entity Registrant Name APARTMENT INCOME REIT CORP.  
Entity Incorporation, State or Country Code MD  
Entity Tax Identification Number 84-1299717  
Entity Address, Address Line One 4582 South Ulster Street  
Entity Address, Address Line Two Suite 1700  
Entity Address, City or Town Denver  
Entity Address, State or Province CO  
Entity Address, Postal Zip Code 80237  
City Area Code 303  
Local Phone Number 757-8101  
Title of 12(b) Security Class A Common Stock (Apartment Income REIT Corp.)  
Trading Symbol AIRC  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   145,104,221
Entity Central Index Key 0001820877  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Apartment Income REIT, L.P.    
Document Information [Line Items]    
Entity File Number 0-24497  
Entity Registrant Name APARTMENT INCOME REIT, L.P.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 84-1275621  
Entity Address, Postal Zip Code 80237  
City Area Code 303  
Local Phone Number 757-8101  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0000926660  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
v3.24.1.u1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
ASSETS    
Buildings and improvements $ 6,428,478 $ 6,324,857
Land 1,297,414 1,285,710
Total real estate 7,725,892 7,610,567
Accumulated depreciation (2,319,064) (2,245,589)
Net real estate 5,406,828 5,364,978
Cash and cash equivalents 87,795 91,401
Restricted cash 26,942 26,090
Investment in unconsolidated real estate partnerships 324,876 336,077
Goodwill 32,286 32,286
Other assets, net 319,579 283,920
Total assets 6,198,306 6,134,752
LIABILITIES AND EQUITY    
Non-recourse property debt, net 2,217,191 2,223,791
Term loans, net 473,915 473,701
Revolving credit facility borrowings 260,000 115,000
Unsecured notes payable, net 397,943 397,852
Total indebtedness 3,349,049 3,210,344
Accrued liabilities and other 303,442 296,894
Total liabilities 3,652,491 3,507,238
Commitments and Contingencies
Preferred noncontrolling interests in AIR Operating Partnership 77,140 77,140
Equity:    
Perpetual Preferred Stock 2,000 2,000
Common Stock, $0.01 par value, 1,021,175,000 shares authorized at March 31, 2024 and December 31, 2023, and 145,104,220 and 144,925,604 shares issued/outstanding at March 31, 2024 and December 31, 2023, respectively 1,451 1,449
Additional paid-in capital 3,285,257 3,284,716
Accumulated other comprehensive income 20,473 22,392
Distributions in excess of earnings (1,029,944) (958,661)
Total AIR equity 2,279,237 2,351,896
Noncontrolling interests in consolidated real estate partnerships (89,261) (85,973)
Common noncontrolling interests in AIR Operating Partnership 278,699 284,451
Total equity 2,468,675 2,550,374
Total liabilities, preferred noncontrolling interests in AIR Operating Partnership, and equity $ 6,198,306 $ 6,134,752
v3.24.1.u1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized 1,021,175,000 1,021,175,000
Common stock, shares issued 145,104,220 144,925,604
Common stock, shares outstanding 145,104,220 144,925,604
v3.24.1.u1
Condensed Consolidated Statements of Operation - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
REVENUES    
Total revenues $ 195,622 $ 211,993
EXPENSES    
Property operating expenses 59,542 67,777
Property management expenses 8,197 7,676
Depreciation and amortization 79,754 95,666
General and administrative expenses 10,336 7,180
Other expenses, net 11,246 3,660
Operating expenses 169,075 181,959
Interest income 2,052 1,525
Interest expense (35,282) (36,187)
Loss on extinguishment of debt 0 (2,008)
Gain (loss) on derivative instruments, net 9,574 (2,138)
Loss from unconsolidated real estate partnerships (6,850) (1,035)
Loss before income tax expense (3,959) (9,809)
Income tax expense (319) (139)
Net loss (4,278) (9,948)
Noncontrolling interests:    
Net income attributable to noncontrolling interests in consolidated real estate partnerships (1,101) (685)
Net income attributable to preferred noncontrolling interests in AIR Operating Partnership (1,570) (1,570)
Net loss attributable to common noncontrolling interests in AIR Operating Partnership 357 826
Net income attributable to noncontrolling interests (2,314) (1,429)
Net loss attributable to AIR (6,592) (11,377)
Net income attributable to AIR preferred stockholders (44) (43)
Net loss (income) attributable to participating securities 66 (37)
Net loss attributable to AIR common stockholders $ (6,570) $ (11,457)
Net loss attributable to AIR common stockholders per share - basic (in dollars per share) $ (0.05) $ (0.08)
Net loss attributable to AIR common stockholders per share - diluted (in dollars per share) $ (0.05) $ (0.08)
Weighted average common shares/units outstanding - basic (in shares) 144,550,000 148,810,000
Weighted average common shares/units outstanding - diluted 144,550,000 148,810,000
Rental and other property revenues    
REVENUES    
Total revenues $ 192,382 $ 209,923
Other revenues    
REVENUES    
Total revenues $ 3,240 $ 2,070
v3.24.1.u1
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement of Comprehensive Income [Abstract]    
Net loss $ (4,278) $ (9,948)
Unrealized loss on derivative instruments, net 0 (19,748)
Reclassification of interest rate derivative (gain) loss to net loss (2,101) 4,154
Comprehensive loss (6,379) (25,542)
Comprehensive income attributable to noncontrolling interests (2,132) (327)
Comprehensive loss attributable to the AIR Operating Partnership $ (8,511) $ (25,869)
v3.24.1.u1
Condensed Consolidated Statements of Equity (Unaudited) - USD ($)
$ in Thousands
Total
Total AIR Equity
Perpetual Preferred Stock
Common Stock
Additional  Paid- in Capital
Accumulated Other Comprehensive Income (Loss)
Distributions  in Excess  of Earnings
Noncontrolling Interests in Consolidated Real Estate Partnerships
Common Noncontrolling Interests in AIR Operating Partnership
Beginning balance (in shares) at Dec. 31, 2022     20            
Beginning balance (in shares) at Dec. 31, 2022       149,086,548          
Beginning balance at Dec. 31, 2022 $ 2,319,306 $ 2,156,417 $ 2,000 $ 1,491 $ 3,436,635 $ 43,562 $ (1,327,271) $ (78,785) $ 241,674
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Issuance of Common Stock 22,383               22,383
Redemption of AIR Operating Partnership units (10,529)               (10,529)
Amortization of share-based compensation cost 3,126 1,971     1,971       1,155
Effect of changes in ownership of consolidated entities 0 (6,102)     (6,102)     0 6,102
Contributions from noncontrolling interests in consolidated real estate partnerships 1,567             1,567  
Change in accumulated other comprehensive income (15,594) (14,492)       (14,492)     (1,102)
Net (loss) income (11,518) (11,377)         (11,377) 685 (826)
Common Stock dividends (66,939) (66,939)         (66,939)    
Distributions to noncontrolling interests (7,037)             (2,485) (4,552)
Other, net (in shares)       113,136          
Other, net 137 137   $ 1 69   67 1 (1)
Ending balance at Mar. 31, 2023 $ 2,234,902 2,059,615 $ 2,000 $ 1,492 3,432,573 29,070 (1,405,520) (79,017) 254,304
Ending balance (in shares) at Mar. 31, 2023       149,199,684          
Ending balance (in shares) at Mar. 31, 2023     20            
Beginning balance (in shares) at Dec. 31, 2023     20            
Beginning balance (in shares) at Dec. 31, 2023 144,925,604     144,925,604          
Beginning balance at Dec. 31, 2023 $ 2,550,374 2,351,896 $ 2,000 $ 1,449 3,284,716 22,392 (958,661) (85,973) 284,451
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Redemption of AIR Operating Partnership units (3,793)               (3,793)
Amortization of share-based compensation cost 3,717 2,300     2,300       1,417
Effect of changes in ownership of consolidated entities 0 (1,839)     (1,839)       1,839
Change in accumulated other comprehensive income (2,101) (1,919)       (1,919)     (182)
Net (loss) income (5,848) (6,592)         (6,592) 1,101 (357)
Common Stock dividends (64,649) (64,649)         (64,649)    
Distributions to noncontrolling interests (9,071)             (4,395) (4,676)
Other, net (in shares)       178,616          
Other, net 46 40   $ 2 80 0 (42) 6 0
Ending balance at Mar. 31, 2024 $ 2,468,675 $ 2,279,237 $ 2,000 $ 1,451 $ 3,285,257 $ 20,473 $ (1,029,944) $ (89,261) $ 278,699
Ending balance (in shares) at Mar. 31, 2024 145,104,220     145,104,220          
Ending balance (in shares) at Mar. 31, 2024     20            
v3.24.1.u1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ (4,278) $ (9,948)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 79,754 95,666
Loss on extinguishment of debt 0 2,008
Income tax expense 319 139
Other, net 13,784 5,955
Net changes in operating assets and operating liabilities (12,676) (4,926)
Net cash provided by operating activities 76,903 88,894
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of real estate (90,497) (180,673)
Capital expenditures (19,682) (34,278)
Other investing activities, net (3,207) 23,689
Net cash used in investing activities (113,386) (191,262)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from non-recourse property debt 0 320,000
Principal repayments of non-recourse property debt (7,179) (96,294)
Net borrowings on (repayments of) revolving credit facility 145,000 (217,000)
Repurchases of common partnership units held by General Partner and Special Limited Partner (24,595) 0
Payment of dividends to holders of Common Stock (65,105) (67,121)
Redemption of preferred units and other (3,793) (10,529)
Other financing activities, net (10,599) (13,007)
Net cash provided by (used in) financing activities 33,729 (83,951)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (2,754) (186,319)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD 117,491 301,405
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD $ 114,737 $ 115,086
v3.24.1.u1
Condensed Consolidated Balance Sheets OP - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
ASSETS    
Buildings and improvements $ 6,428,478 $ 6,324,857
Land 1,297,414 1,285,710
Total real estate 7,725,892 7,610,567
Accumulated depreciation (2,319,064) (2,245,589)
Net real estate 5,406,828 5,364,978
Cash and cash equivalents 87,795 91,401
Restricted cash 26,942 26,090
Investment in unconsolidated real estate partnerships 324,876 336,077
Goodwill 32,286 32,286
Other assets, net 319,579 283,920
Total assets 6,198,306 6,134,752
LIABILITIES AND EQUITY    
Non-recourse property debt, net 2,217,191 2,223,791
Term loans, net 473,915 473,701
Revolving credit facility borrowings 260,000 115,000
Unsecured notes payable, net 397,943 397,852
Total indebtedness 3,349,049 3,210,344
Accrued liabilities and other 303,442 296,894
Total liabilities 3,652,491 3,507,238
Commitments and Contingencies
Preferred noncontrolling interests in AIR Operating Partnership 77,140 77,140
Equity:    
Noncontrolling interests in consolidated real estate partnerships (89,261) (85,973)
Total equity 2,468,675 2,550,374
Total liabilities, preferred noncontrolling interests in AIR Operating Partnership, and equity 6,198,306 6,134,752
Apartment Income REIT, L.P.    
ASSETS    
Buildings and improvements 6,428,478 6,324,857
Land 1,297,414 1,285,710
Total real estate 7,725,892 7,610,567
Accumulated depreciation (2,319,064) (2,245,589)
Net real estate 5,406,828 5,364,978
Cash and cash equivalents 87,795 91,401
Restricted cash 26,942 26,090
Investment in unconsolidated real estate partnerships 324,876 336,077
Goodwill 32,286 32,286
Other assets, net 319,579 283,920
Total assets 6,198,306 6,134,752
LIABILITIES AND EQUITY    
Non-recourse property debt, net 2,217,191 2,223,791
Term loans, net 473,915 473,701
Revolving credit facility borrowings 260,000 115,000
Unsecured notes payable, net 397,943 397,852
Total indebtedness 3,349,049 3,210,344
Accrued liabilities and other 303,442 296,894
Total liabilities 3,652,491 3,507,238
Commitments and Contingencies
Preferred noncontrolling interests in AIR Operating Partnership 77,140 77,140
Equity:    
Preferred units 2,000 2,000
General Partner and Special Limited Partner 2,277,237 2,349,896
Limited Partners 278,699 284,451
Partners’ capital attributable to the AIR Operating Partnership 2,557,936 2,636,347
Noncontrolling interests in consolidated real estate partnerships (89,261) (85,973)
Total equity 2,468,675 2,550,374
Total liabilities, preferred noncontrolling interests in AIR Operating Partnership, and equity $ 6,198,306 $ 6,134,752
v3.24.1.u1
Condensed Consolidated Statements of Operations OP - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
REVENUES    
Total revenues $ 195,622 $ 211,993
EXPENSES    
Property operating expenses 59,542 67,777
Property management expenses 8,197 7,676
Depreciation and amortization 79,754 95,666
General and administrative expenses 10,336 7,180
Other expenses, net 11,246 3,660
Operating expenses 169,075 181,959
Interest income 2,052 1,525
Interest expense (35,282) (36,187)
Loss on extinguishment of debt 0 (2,008)
Gain (loss) on derivative instruments, net 9,574 (2,138)
Loss from unconsolidated real estate partnerships (6,850) (1,035)
Loss before income tax expense (3,959) (9,809)
Income tax expense (319) (139)
Net income (loss) (4,278) (9,948)
Net income attributable to noncontrolling interests in consolidated real estate partnerships (1,101) (685)
Net loss attributable to AIR (6,592) (11,377)
Net income attributable to AIR preferred stockholders (44) (43)
Net loss (income) attributable to participating securities 66 (37)
Net loss attributable to AIR common stockholders $ (6,570) $ (11,457)
Net loss attributable to AIR common stockholders per share - basic (in dollars per share) $ (0.05) $ (0.08)
Net loss attributable to AIR common stockholders per share - diluted (in dollars per share) $ (0.05) $ (0.08)
Weighted average common shares/units outstanding - basic (in shares) 144,550,000 148,810,000
Weighted average common shares/units outstanding - diluted 144,550,000 148,810,000
Rental and other property revenues    
REVENUES    
Total revenues $ 192,382 $ 209,923
Other revenues    
REVENUES    
Total revenues 3,240 2,070
Apartment Income REIT, L.P.    
REVENUES    
Total revenues 195,622 211,993
EXPENSES    
Property operating expenses 59,542 67,777
Property management expenses 8,197 7,676
Depreciation and amortization 79,754 95,666
General and administrative expenses 10,336 7,180
Other expenses, net 11,246 3,660
Operating expenses 169,075 181,959
Interest income 2,052 1,525
Interest expense (35,282) (36,187)
Loss on extinguishment of debt 0 (2,008)
Gain (loss) on derivative instruments, net 9,574 (2,138)
Loss from unconsolidated real estate partnerships (6,850) (1,035)
Loss before income tax expense (3,959) (9,809)
Income tax expense (319) (139)
Net income (loss) (4,278) (9,948)
Net income attributable to noncontrolling interests in consolidated real estate partnerships (1,101) (685)
Net loss attributable to AIR (5,379) (10,633)
Net income attributable to AIR preferred stockholders (1,614) (1,613)
Net loss (income) attributable to participating securities 66 (37)
Net loss attributable to AIR common stockholders $ (6,927) $ (12,283)
Net loss attributable to AIR common stockholders per share - basic (in dollars per share) $ (0.04) $ (0.08)
Net loss attributable to AIR common stockholders per share - diluted (in dollars per share) $ (0.04) $ (0.08)
Weighted average common shares/units outstanding - basic (in shares) 154,323,000 159,284,000
Weighted average common shares/units outstanding - diluted 154,323,000 159,284,000
Apartment Income REIT, L.P. | Rental and other property revenues    
REVENUES    
Total revenues $ 192,382 $ 209,923
Apartment Income REIT, L.P. | Other revenues    
REVENUES    
Total revenues $ 3,240 $ 2,070
v3.24.1.u1
Condensed Consolidated Statements of Comprehensive Loss OP - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Net loss $ (4,278) $ (9,948)
Unrealized loss on derivative instruments, net 0 (19,748)
Reclassification of interest rate derivative (gain) loss to net loss (2,101) 4,154
Comprehensive loss (6,379) (25,542)
Comprehensive income attributable to noncontrolling interests (2,132) (327)
Comprehensive loss attributable to the AIR Operating Partnership (8,511) (25,869)
Apartment Income REIT, L.P.    
Net loss (4,278) (9,948)
Unrealized loss on derivative instruments, net 0 (19,748)
Reclassification of interest rate derivative (gain) loss to net loss (2,101) 4,154
Comprehensive loss (6,379) (25,542)
Comprehensive income attributable to noncontrolling interests (1,101) (685)
Comprehensive loss attributable to the AIR Operating Partnership $ (7,480) $ (26,227)
v3.24.1.u1
Condensed Consolidated Statements of Partners' Capital - USD ($)
$ in Thousands
Total
Apartment Income REIT, L.P.
Apartment Income REIT, L.P.
Preferred Units
Apartment Income REIT, L.P.
General Partner and Special Limited Partner
Apartment Income REIT, L.P.
Limited Partners
Apartment Income REIT, L.P.
Partners' Capital Attributable to the AIR Operating Partnership
Apartment Income REIT, L.P.
Noncontrolling Interests in Consolidated Real Estate Partnerships
Beginning balance at Dec. 31, 2022   $ 2,319,306 $ 2,000 $ 2,154,417 $ 241,674 $ 2,398,091 $ (78,785)
Increase (Decrease) in Partners' Capital [Roll Forward]              
Issuance of AIR Operating Partnership units   22,383     22,383 22,383  
Redemption of common partnership units   (10,529)     (10,529) (10,529)  
Amortization of share-based compensation cost   3,126   1,971 1,155 3,126  
Effect of changes in ownership of consolidated entities $ 0     (6,102) 6,102 0 0
Contributions from noncontrolling interests in consolidated real estate partnerships 1,567 1,567         1,567
Change in accumulated other comprehensive income (15,594) (15,594)   (14,492) (1,102) (15,594)  
Net (loss) income (11,518) (11,518)   (11,377) (826) (12,203) 685
Distributions to noncontrolling interests   (71,491)   (66,939) (4,552) (71,491)  
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders (7,037) (2,485)         (2,485)
Other, net   137   137 (1) 136 1
Ending balance at Mar. 31, 2023   2,234,902 2,000 2,057,615 254,304 2,313,919 (79,017)
Beginning balance at Dec. 31, 2023   2,550,374 2,000 2,349,896 284,451 2,636,347 (85,973)
Increase (Decrease) in Partners' Capital [Roll Forward]              
Redemption of common partnership units   (3,793)     (3,793) (3,793)  
Amortization of share-based compensation cost   3,717   2,300 1,417 3,717  
Effect of changes in ownership of consolidated entities 0     (1,839) 1,839 0 0
Change in accumulated other comprehensive income (2,101) (2,101)   (1,919) (182) (2,101)  
Net (loss) income (5,848) (5,848)   (6,592) (357) (6,949) 1,101
Distributions to noncontrolling interests   (64,649)   (64,649) 0 (64,649)  
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders $ (9,071) (9,071)     (4,676) (4,676) (4,395)
Other, net   46   40 0 40 6
Ending balance at Mar. 31, 2024   $ 2,468,675 $ 2,000 $ 2,277,237 $ 278,699 $ 2,557,936 $ (89,261)
v3.24.1.u1
Condensed Consolidated Statements of Cash Flows OP - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ (4,278) $ (9,948)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 79,754 95,666
Loss on extinguishment of debt 0 2,008
Income tax expense 319 139
Other, net 13,784 5,955
Net changes in operating assets and operating liabilities (12,676) (4,926)
Net cash provided by operating activities 76,903 88,894
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of real estate (90,497) (180,673)
Capital expenditures (19,682) (34,278)
Other investing activities, net (3,207) 23,689
Net cash used in investing activities (113,386) (191,262)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from non-recourse property debt 0 320,000
Principal repayments of non-recourse property debt (7,179) (96,294)
Net borrowings on (repayments of) revolving credit facility 145,000 (217,000)
Repurchases of common partnership units held by General Partner and Special Limited Partner (24,595) 0
Redemption of preferred units and other (3,793) (10,529)
Other financing activities, net (10,599) (13,007)
Net cash provided by (used in) financing activities 33,729 (83,951)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (2,754) (186,319)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD 117,491 301,405
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD 114,737 115,086
Apartment Income REIT, L.P.    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) (4,278) (9,948)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 79,754 95,666
Loss on extinguishment of debt 0 2,008
Income tax expense 319 139
Other, net 13,784 5,955
Net changes in operating assets and operating liabilities (12,676) (4,926)
Net cash provided by operating activities 76,903 88,894
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of real estate (90,497) (180,673)
Capital expenditures (19,682) (34,278)
Other investing activities, net (3,207) 23,689
Net cash used in investing activities (113,386) (191,262)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from non-recourse property debt 0 320,000
Principal repayments of non-recourse property debt (7,179) (96,294)
Net borrowings on (repayments of) revolving credit facility 145,000 (217,000)
Repurchases of common partnership units held by General Partner and Special Limited Partner (24,595) 0
Payment of distributions to General Partner and Special Limited Partner (65,105) (67,121)
Redemption of preferred units and other (3,793) (10,529)
Other financing activities, net (10,599) (13,007)
Net cash provided by (used in) financing activities 33,729 (83,951)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (2,754) (186,319)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD 117,491 301,405
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD $ 114,737 $ 115,086
v3.24.1.u1
Basis of Presentation and Organization
 3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Organization Basis of Presentation and Organization
Basis of Presentation
The accompanying condensed consolidated financial statements include the accounts of Apartment Income REIT Corp. (“AIR”), Apartment Income REIT, L.P. (“AIR Operating Partnership”), and their consolidated subsidiaries. The AIR Operating Partnership’s condensed consolidated financial statements include the accounts of the AIR Operating Partnership and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company. Interests in the AIR Operating Partnership that are held by limited partners other than AIR are reflected in AIR’s accompanying condensed consolidated balance sheets as noncontrolling interests in the AIR Operating Partnership. Interests in partnerships consolidated by the AIR Operating Partnership that are held by third parties are reflected in AIR’s and AIR Operating Partnership’s accompanying condensed consolidated balance sheets as noncontrolling interests in consolidated real estate partnerships.
Except as the context otherwise requires, “we,” “our,” and “us” refer to AIR, the AIR Operating Partnership, and their consolidated subsidiaries, collectively.
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments, consisting of normal recurring items, considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.
The condensed consolidated balance sheets of AIR, the AIR Operating Partnership, and their consolidated subsidiaries as of December 31, 2023, have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in AIR’s and the AIR Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2023. Except where indicated, the footnotes refer to AIR, the AIR Operating Partnership and their consolidated subsidiaries, collectively.
Reclassifications
Certain prior period balances in the condensed consolidated statements of operations and statements of cash flows have been combined or reclassified to conform to current period presentation pursuant to Rule 10-01(a)(2) of Regulation S-X of the SEC. These changes had no impact on net income (loss), cash flows, assets and liabilities, equity or partners’ capital previously reported.
Organization and Business
AIR is a self-administered and self-managed REIT. AIR owns, through its wholly-owned subsidiaries, the general partner interest and special limited partner interest in AIR Operating Partnership. AIR Operating Partnership conducts all of the business of AIR, which is focused on the ownership of stabilized multi-family properties located in top markets including eight important geographic concentrations: Boston; Philadelphia; Washington, D.C.; Miami; Denver; the San Francisco Bay Area; Los Angeles; and San Diego.
We own and operate a portfolio of stabilized apartment communities, diversified by both geography and price point, in 10 states and the District of Columbia. As of March 31, 2024, our portfolio included 76 apartment communities with 27,015 apartment homes, in which we held an average ownership of approximately 82%.
Interests in the AIR Operating Partnership that are held by limited partners other than AIR are referred to as OP Units. OP Units include common partnership units, which we refer to as common OP Units, as well as preferred partnership units, which we refer to as preferred OP Units. As of March 31, 2024, after elimination of units held by consolidated subsidiaries, the AIR Operating Partnership had 158,247,357 common OP Units and equivalents outstanding. As of March 31, 2024, AIR owned 145,104,220 of the common OP Units of the AIR Operating Partnership and AIR had an equal number of shares of its Class A Common Stock outstanding, which we refer to as Common Stock. AIR’s ownership of the total common OP Units outstanding represents a 91.7% legal interest in the AIR Operating Partnership and a 93.7% economic interest.
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Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Principles of Consolidation
We consolidate variable interest entities (“VIE”), in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. As of March 31, 2024 and December 31, 2023, AIR consolidated five VIEs, including the AIR Operating Partnership. Please see Note 10 for further discussion regarding our consolidated VIEs.
Redeemable Preferred OP Units
The AIR Operating Partnership has various classes of preferred OP Units. Each class of preferred OP Units is currently redeemable at the holders’ option. The AIR Operating Partnership, at its sole discretion, may settle such redemption requests in cash or cause AIR to issue shares of its Common Stock with a value equal to the redemption price. The preferred OP Units are therefore presented within temporary equity in AIR’s condensed consolidated balance sheets and within temporary partners’ capital in the AIR Operating Partnership’s condensed consolidated balance sheets.
The following table presents a rollforward of the AIR Operating Partnership’s preferred OP Units’ redemption value (in thousands):
Balance at January 1, 2024
$77,140 
Preferred distributions(1,570)
Net income allocated to preferred units1,570 
Balance at March 31, 2024
$77,140 
The AIR Operating Partnership has outstanding various classes of redeemable preferred OP Units. As of March 31, 2024 and December 31, 2023, the AIR Operating Partnership had 2,846,524 redeemable preferred OP Units issued and outstanding. Distributions per annum range from 1.92% to 8.75% per class and $0.48 to $8.00 per unit, respectively.
Use of Estimates
The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the condensed consolidated financial statements and accompanying notes thereto. Actual results could differ from those estimates.
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Significant Transactions
 3 Months Ended
Mar. 31, 2024
Significant Transactions [Abstract]  
Significant Transactions Significant Transactions
Apartment Community Acquisitions
During the three months ended March 31, 2024, we acquired one apartment community located in Raleigh, North Carolina with 384 apartment homes. Summarized information regarding this acquisition is set forth in the table below (dollars in thousands):
Three Months Ended March 31, 2024
Purchase price$86,500 
Capitalized transaction costs713 
Total consideration$87,213 
Land$11,704 
Building and improvements73,102 
Intangible assets (1)2,482 
Below-market lease liabilities (1)(75)
Total consideration $87,213 
(1)Intangible assets and below-market lease liabilities for the Raleigh, North Carolina apartment community acquisition have a weighted-average term of 0.5 years.
Subsequent to March 31, 2024, we acquired one apartment community located in Bethesda, Maryland with 359 apartment homes and 50,500 square feet of commercial space for $150.0 million. In connection with the acquisition, AIR placed $97.3 million of non-recourse property debt on the property.
Dividends and Distributions
For the three months ended March 31, 2024 and 2023, dividends and distributions paid per share of Common Stock and per common unit were $0.45. As a result of the announced Plan of Merger with Blackstone Real Estate as described in Note 12, payment of additional quarterly dividends has been suspended, effective immediately, other than for the purpose of meeting REIT status, and any such dividends would result in an offsetting decrease to the Common Stock Merger Consideration. Subject to and upon consummation of the Merger, the Company’s Class A common stock will no longer be listed on the New York Stock Exchange.
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Leases
 3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Leases Leases
Tenant Lessor Arrangements
The majority of lease payments we receive from our residents are fixed. We receive variable payments from our residents primarily for utility reimbursements. Our total lease income was comprised of the following amounts for all operating leases (in thousands):
Three Months Ended March 31,
20242023
Fixed lease income$179,359 $196,336 
Variable lease income12,826 13,288 
Total lease income$192,185 $209,624 
Generally, our residential leases do not provide extension options and, as of March 31, 2024, have an average remaining term of 7.2 months. In general, our commercial leases have options to extend for a certain period of time at the
tenant’s option. As of March 31, 2024, future minimum annual rental payments we are contractually obligated to receive under residential and commercial leases, excluding such extension options, are as follows (in thousands):
2024 (remaining)$344,334 
2025148,584 
202621,498 
202711,713 
20289,604 
Thereafter30,872 
Total$566,605 
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Debt
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
The following table summarizes our total indebtedness (in thousands):
March 31, 2024December 31, 2023
Secured debt:
Fixed-rate property debt due May 2025 to January 2055 (1)
$2,229,842 $2,236,975 
Debt issuance costs, net of accumulated amortization(12,651)(13,184)
Total non-recourse property debt, net$2,217,191 $2,223,791 
Unsecured debt:
Term loans due December 2024 to April 2026 (2) $475,000 $475,000 
Revolving credit facility borrowings due April 2025 (3)260,000 115,000 
4.58% Notes payable due June 2027
100,000 100,000 
4.77% Notes payable due June 2029
100,000 100,000 
4.84% Notes payable due June 2032
200,000 200,000 
Total unsecured debt1,135,000 990,000 
Debt issuance costs, net of accumulated amortization(3,142)(3,447)
Total unsecured debt, net$1,131,858 $986,553 
Total indebtedness$3,349,049 $3,210,344 
(1)The stated rates on our fixed-rate property debt are between 2.7% to 5.7%.
(2)The term loans bear interest at a one-month Term Secured Overnight Financing Rate (“SOFR”) plus 1.00% and a SOFR adjustment of 10-basis points, based on our current credit rating. As of March 31, 2024, the weighted-average interest rate for our term loans before consideration of in place interest rate swaps was 6.4%. During the three months ended March 31, 2024, we restructured and terminated certain interest rate swaps, economically hedging our entire $475 million term loan balance at an effective interest rate for 2024 of 3.5%. The term loans mature on the following schedule: $125 million matures on December 15, 2024, with a one-year extension option; $150 million matures on December 15, 2025; and $200 million matures on April 14, 2026. As of March 31, 2024, the weighted-average remaining term of the term loans was 1.8 years.
(3)As of March 31, 2024, we had capacity to borrow up to $735.7 million under our revolving credit facility after consideration of undrawn letters of credit. The revolving credit facility bears interest at a one-month Term SOFR plus 0.89% and a SOFR adjustment of 10-basis points based on our current credit rating. During the three months ended March 31, 2024, we entered into interest rate swaps economically hedging $200 million of our $260 million revolving credit facility borrowings at 4.9%. As of March 31, 2024, the weighted-average interest rate for the remaining $60 million outstanding on our revolving credit facility was 6.3%.
During the three months ended March 31, 2024, we increased the borrowings against our revolving credit facility primarily to fund the acquisition of one apartment community located in Raleigh, North Carolina.
As of March 31, 2024, our available liquidity was approximately $1.7 billion, which is comprised of available capacity on our secured and revolving credit facilities, our share of restricted cash, and our share of cash and cash equivalents. As a result of the announced Plan of Merger with Blackstone Real Estate as described in Note 12, AIR is generally prohibited from creating, incurring, assuming, replacing, prepaying, or guaranteeing any indebtedness for borrowed money or issuing or materially amending the terms of any indebtedness.
Under our credit agreement and unsecured notes payable, we have agreed to maintain certain financial covenants, as well as other covenants customary for similar credit arrangements. The financial covenants we are required to maintain include a maximum leverage ratio of no greater than 0.60 to 1.00; a fixed charge coverage ratio of no less than 1.50 to 1.00, a maximum secured indebtedness to total assets ratio of no greater than 0.40 to 1.00, a maximum unsecured leverage ratio no greater than 0.60 to 1.00, and a minimum unsecured interest coverage ratio no less than 1.50 to 1.00.
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Investment in Unconsolidated Real Estate Partnership
 3 Months Ended
Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Unconsolidated Real Estate Partnership Investment in Unconsolidated Real Estate Partnerships
As of March 31, 2024, AIR has equity investments in three significant unconsolidated joint ventures: the joint venture with a global institutional investor (the “Core JV”), the joint venture with a global asset manager (“Value-Add JV”), and the “Virginia JV” (collectively, the “Joint Venture Entities”). We account for these joint ventures utilizing the equity method of accounting and our ownership interests meet the definition of a VIE. However, we are not the primary beneficiary and do not consolidate these entities.
Virginia JVValue-Add JV (1)Core JV
Initial formation dateOctober 2021June 2023July 2023
AIR Ownership20%30%53%
Outside Entities Ownership80%70%47%
Number of Apartment Communities3111
Apartment Units1,7484433,549
(1)A global asset manager acquired a 70% legal ownership in the Huntington Gateway property, but AIR is entitled to 50% of the net cash flows from operations, and various fees for providing property management, construction, and corporate services to the joint venture.
The carrying value of AIR's investment in each joint venture is included in investment in unconsolidated real estate partnerships in our condensed consolidated balance sheets. AIR's exposure to the obligations of the VIEs is limited to the carrying value of the limited partnership interests and AIR's interest of the joint ventures' guarantor non-recourse liabilities. The following table summarizes certain relevant information with respect to our investments in unconsolidated real estate partnerships (in thousands):
March 31, 2024
Virginia JVValue-Add JVCore JV
Third-party debt
$395,000 $89,053 $793,874 
AIR's investment in balance (1)
$16,539 $28,482 $258,590 
(1)AIR's investment in balance includes certain basis differences that are subject to amortization. AIR's investment in unconsolidated real estate partnerships in our condensed consolidated balance sheets also includes $21.3 million related to two immaterial unconsolidated investments.
December 31, 2023
Virginia JVValue-Add JVCore JV
Third-party debt
$395,000 $88,741 $793,910 
AIR's investment in balance (1)
$17,212 $28,606 $268,931 
(1)AIR's investment in unconsolidated real estate partnerships in our condensed consolidated balance sheets includes $21.3 million related to two immaterial unconsolidated investments.
The Company recognizes earnings or losses from our investments in unconsolidated real estate partnerships consisting of our proportionate share of the net earnings or losses of the joint ventures. In addition, we earn various fees for providing property management, construction, and corporate services to the Joint Venture Entities. The table below presents earnings or losses attributable to our investments in unconsolidated real estate partnerships, which is included in loss from unconsolidated real estate partnerships in our combined condensed consolidated statements of operations (in thousands):
Three Months Ended March 31,
20242023
Virginia JV$(73)$(1,035)
Value-Add JV
(239)— 
Core JV
(6,538)— 
Total$(6,850)$(1,035)
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Commitments and Contingencies
 3 Months Ended
Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Legal Matters
In addition to the matters described below, we are a party to various legal actions and administrative proceedings arising in the ordinary course of business, some of which are covered by our general liability insurance program, and none of which we expect to have a material adverse effect on our condensed consolidated financial condition, results of operations, or cash flows.
Environmental
Various federal, state, and local laws subject apartment community owners or operators to liability for management and the costs of removal or remediation of certain potentially hazardous materials that may be present in the land or buildings of an apartment community. Such laws often impose liability without regard to fault or whether the owner or operator knew of, or was responsible for, the presence of such materials. The presence of, or the failure to manage or remediate properly, these materials may adversely affect occupancy at such apartment communities as well as the ability to sell or finance such apartment communities. In addition, governmental agencies may bring claims for costs associated with investigation and remediation actions. Moreover, private plaintiffs may potentially make claims for investigation and remediation costs they incur or for personal injury, disease, disability, or other infirmities related to the alleged presence of hazardous materials. In addition to potential environmental liabilities or costs associated with our current apartment communities, we may also be responsible for such liabilities or costs associated with communities we acquire or manage in the future or apartment communities we no longer own or operate.
We have determined that our legal obligations to remove or remediate certain potentially hazardous materials may be conditional asset retirement obligations (“AROs”), as defined by GAAP. Except in limited circumstances where the asset retirement activities are expected to be performed in connection with a planned construction project or apartment community casualty, we believe that the fair value of our AROs cannot be reasonably estimated due to significant uncertainties in the timing and manner of settlement of those obligations. AROs that are reasonably estimable as of March 31, 2024, are immaterial to our condensed consolidated financial statements.
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Fair Value Measurements
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
We estimate the fair value of certain assets and liabilities using pricing models that rely on observable market information, including contractual terms, market prices, and interest rate yield curves. A three-level valuation hierarchy prioritizes observable and unobservable inputs used to measure fair value, as described below:
•Level 1 – Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access.
•Level 2 – Observable inputs other than prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated with observable market data.
•Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies, and similar techniques that use significant unobservable inputs.
Recurring Fair Value Measurements
The following table summarizes investments measured at fair value on a recurring basis, which are presented in other assets, net, and accrued liabilities and other in our condensed consolidated balance sheets (in thousands):
As of March 31, 2024As of December 31, 2023
Total Fair ValueLevel 1Level 2Level 3Total Fair ValueLevel 1Level 2Level 3
Interest rate swaps - pay-fixed, receive floating$14,026 $— $14,026 $— $14,679 $— $14,679 $— 
Interest rate swaps - pay-floating, receive fixed$— $— $— $— $465 $— $465 $— 
Interest rate swaps - forward starting$1,574 $— $1,574 $— $331 $— $331 $— 
Financial Assets and Liabilities Not Measured at Fair Value
We believe that the carrying value of the consolidated amounts of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable approximated their estimated fair value as of March 31, 2024 and December 31, 2023, due to their relatively short-term nature and high probability of realization. The carrying value of our revolving credit facility and term loans, which we classify as Level 2 in the GAAP fair value hierarchy, approximated their estimated fair value as of March 31, 2024 and December 31, 2023, as they bear interest at floating rates which approximate market rates.
We classify the fair value of our non-recourse property debt, unsecured notes payable, seller financing notes receivable, and preferred equity investment within Level 2 of the GAAP fair value hierarchy, as summarized in the following table (in thousands):
As of March 31, 2024As of December 31, 2023
Carrying ValueFair ValueCarrying ValueFair Value
Non-recourse property debt$2,229,842 $1,986,422 $2,236,975 $2,001,532 
Unsecured notes payable$400,000 $380,441 $400,000 $384,244 
Seller financing note receivable, net (1)$32,671 $32,420 $32,459 $33,042 
Preferred equity investment (2)$22,988 $23,758 $22,693 $23,562 
(1)During the year ended December 31, 2022, we provided $40.0 million of seller financing as partial consideration for the sale of our New England portfolio. The contractual interest rate on the note is 4.5%. The difference between the stated rate and the market interest rate as of the date of sale resulted in a discount recorded of $8.5 million. The seller financing note and related discount are included in other assets, net in our condensed consolidated balance sheets.
(2)In conjunction with the Value-Add JV transaction, AIR received a preferred equity investment within the joint venture. The contractual interest rate on the preferred equity investment is 7.25%. The difference between the stated rate and the effective interest rate as of the date of the transaction resulted in a discount recorded of $5.9 million. The preferred equity investment and related discount are included in investment in unconsolidated real estate partnerships in our condensed consolidated balance sheets.
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Derivative Financial Instruments and Hedging Activities
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments and Hedging Activities Derivative Financial Instruments and Hedging Activities
Risk Management Objective of Using Derivatives
Our objectives in using interest rate derivatives are to add predictability to interest expense and to manage our exposure to interest rate movements. To accomplish these objectives, we primarily use interest rate swaps and treasury locks as part of our interest rate management strategy. Interest rate swaps primarily involve the receipt of variable-rate and fixed-rate amounts from a counterparty in exchange for us making fixed-rate or variable-rate payments over the life of the agreements without exchange of the underlying notional amounts.
Changes in fair value of derivatives designated as cash flow hedges are recognized in accumulated other comprehensive income and subsequently reclassified into earnings as an increase or decrease to interest expense. During the three months ended March 31, 2024, we reclassified gains of $2.1 million out of accumulated other comprehensive income into interest expense. During the three months ended March 31, 2023, we reclassified $4.2 million out of accumulated other comprehensive income, net into interest expense. As of March 31, 2024, we estimate that during the next 12 months, we will reclassify into earnings approximately $6.1 million of the unrealized gain in accumulated other comprehensive income.
Changes in fair value of derivatives not designated in a hedge relationship, or economic hedges, are recognized in gain (loss) on derivative instruments, net, in our condensed consolidated statements of operations once realized. During the three months ended March 31, 2024 and 2023, gain (loss) on derivative instruments was $9.6 million and $(2.1) million, respectively.
During the three months ended March 31, 2024, we terminated five interest rate swap positions not designated as hedging instruments. Two of the terminated instruments were pay-fixed, receive-floating interest rate swaps with a notional value of $80 million, and two were offsetting pay-floating, receive-fixed interest rate swaps with a notional value of $80 million. One of the terminated instruments was a forward starting interest rate swap entered into in anticipation of additional fixed-rate property debt with a notional value of $50 million and was replaced by a new forward starting interest rate swap with a notional value of $42 million. Additionally, AIR entered into one forward starting interest rate swap with a notional value of $51.7 million, and restructured one pay-fixed, receive-floating interest rate swap, to better align the maturity date with the related term loans. As a result of these transactions, AIR received $6.2 million in cash during the three months ended March 31, 2024.
During the three months ended March 31, 2024, AIR entered into three pay-fixed, receive floating interest rate swaps, with a notional value of $200 million, economically hedging $200 million of our $260 million revolving credit facility borrowings outstanding as of March 31, 2024, at 4.9%.
As of March 31, 2024, AIR had a notional value of $675 million of pay-fixed, receive-floating interest rate swaps that are not designated as hedging instruments, and a notional value of $94 million of forward starting interest rate swaps that are not designated as hedging instruments. Accordingly, the changes in the fair value of these derivatives are recognized in gain (loss) on derivative instruments, net, in our condensed consolidated statements of operations.
The following table summarizes our derivative financial instruments (dollars in thousands):
As of March 31, 2024
Number ofAggregate NotionalDerivative Assets
(included in Other Assets, net)		Derivative Liabilities
(included in Accrued Liabilities and Other)
InstrumentsAmountFair Value
Derivatives not designated as hedging instruments:
Interest rate swaps, pay-fixed, receive floating8$675,000 $14,123 $(97)
Interest rate swaps, forward starting2$93,700 $1,574 $— 
As of December 31, 2023
Number ofAggregate NotionalDerivative Assets
(included in Other Assets, net)		Derivative Liabilities
(included in Accrued Liabilities and Other)
InstrumentsAmountFair Value
Derivatives not designated as hedging instruments:
Interest rate swaps, pay-fixed, receive floating7$555,000 $15,266 $(587)
Interest rate swaps, pay-floating, receive fixed2$80,000 $472 $(7)
Interest rate swaps, forward starting1$50,000 $331 $— 
Subsequent to the three months ended March 31, 2024, AIR terminated one forward starting interest rate swap with a notional value of $51.7 million.
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Variable Interest Entities
 3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities Variable Interest Entities
Consolidated Entities
AIR consolidates the AIR Operating Partnership, a VIE of which AIR is the primary beneficiary. AIR, through the AIR Operating Partnership, consolidates all VIEs for which it is the primary beneficiary. Substantially all of the assets and liabilities of AIR are those of the AIR Operating Partnership.
The AIR Operating Partnership consolidates (i) three VIEs that own interests in one or more apartment communities and are typically structured to generate a return for their partners through the operation and ultimate sale of the communities and (ii) one VIE related to a lessor entity that owns an interest in a property leased to a third party. The
AIR Operating Partnership is the primary beneficiary in the limited partnerships in which it is the sole decision maker and has a substantial economic interest.
The table below summarizes apartment community information regarding VIEs consolidated by the AIR Operating Partnership:
March 31, 2024
December 31, 2023
VIEs with interests in apartment communities33
Apartment communities owned by VIEs1414
Apartment homes in communities owned by VIEs4,8664,866
Assets of the AIR Operating Partnership’s consolidated VIEs must first be used to settle the liabilities of such consolidated VIEs. These consolidated VIEs’ creditors do not have recourse to the general credit of the AIR Operating Partnership. Assets and liabilities of VIEs, excluding those of the AIR Operating Partnership, are summarized in the table below (in thousands):
March 31, 2024December 31, 2023
ASSETS:
Net real estate$1,008,068 $1,013,770 
Cash and cash equivalents47,570 41,219 
Restricted cash2,386 2,179 
Other assets, net29,288 22,546 
LIABILITIES:
Non-recourse property debt, net$1,192,891 $1,196,280 
Accrued liabilities and other41,244 34,903 
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Business Segments
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Business Segments Business Segments
We have two segments: Same Store and Other Real Estate. Our Same Store segment includes communities that are owned and managed by AIR and have reached a stabilized level of operations. Our Other Real Estate segment includes four properties acquired in 2023, one property acquired in 2024, and two properties undergoing planned property capital investment.
Our chief operating decision maker (“CODM”) uses proportionate property net operating income (“NOI”) to assess the operating performance of our communities. Proportionate property NOI reflects our share of rental and other property revenues, excluding utility reimbursements, less direct property operating expenses, net of utility reimbursements. In our condensed consolidated statements of operations, utility reimbursements are included in rental and other property revenues in accordance with GAAP.
As of March 31, 2024, our Same Store segment included 69 apartment communities with 24,271 apartment homes and our Other Real Estate segment included 7 apartment communities with 2,744 apartment homes.
The following tables present the total revenues, property operating expenses, proportionate property net operating income (loss), and income (loss) before income tax expense of our segments on a proportionate basis, excluding amounts related to communities sold. To reflect how the CODM evaluates the business, prior period segment information has been recast to conform with our reportable segment composition as of March 31, 2024 (in thousands):
Same
Store		Other
Real Estate		Proportionate
and Other
Adjustments (1)		Corporate and
Amounts Not
Allocated to
Segments (2)		Consolidated
Three Months Ended March 31, 2024:
Total revenues$169,216 $17,673 $5,649 $3,084 $195,622 
Property management and operating expenses
43,775 6,493 7,088 10,383 67,739 
Other operating expenses not allocated to segments (3)— — — 101,336 101,336 
Total operating expenses43,775 6,493 7,088 111,719 169,075 
Proportionate property net operating income (loss)125,441 11,180 (1,439)(108,635)26,547 
Other items included in income before income tax expense (4)— — — (30,506)(30,506)
Income (loss) before income tax expense
$125,441 $11,180 $(1,439)$(139,141)$(3,959)
Same
Store		Other
Real Estate		Proportionate
and Other
Adjustments (1)		Corporate and
Amounts Not
Allocated to
Segments (2)		Consolidated
Three Months Ended March 31, 2023:
Total revenues$162,244 $12,178 $33,775 $3,796 $211,993 
Property management and operating expenses
44,239 4,544 13,936 12,734 75,453 
Other operating expenses not allocated to segments (3)— — — 106,506 106,506 
Total operating expenses44,239 4,544 13,936 119,240 181,959 
Proportionate property net operating income (loss)118,005 7,634 19,839 (115,444)30,034 
Other items included in income before income tax expense (4)— — — (39,843)(39,843)
Income (loss) before income tax expense
$118,005 $7,634 $19,839 $(155,287)$(9,809)
(1)Represents adjustments to: (i) exclude AIR’s proportionate share of the results of unconsolidated apartment communities, which is excluded in the related consolidated amounts, and (ii) include the noncontrolling interests in consolidated real estate partnerships’ proportionate share of the results of communities, which is included in the related consolidated amounts. Also includes the reclassification of utility reimbursements from revenues to property operating expenses for the purpose of evaluating segment results. Utility reimbursements are included in rental and other property revenues in our condensed consolidated statements of operations prepared in accordance with GAAP.
(2)Includes: (i) the operating results of apartment communities sold during the periods shown or held for sale at the end of the period, if any, (ii) property management revenues, which are not part of our segment performance measure, property management expenses and casualty gains and losses, which are included in consolidated property management and operating expenses and are not part of our segment performance measure, and (iii) the depreciation of capitalized costs of non-real estate assets.
(3)Includes depreciation and amortization, general and administrative expenses, and other expenses, net, and may also include write-offs of deferred leasing commissions, which are not included in our measure of segment performance.
(4)Includes interest income, interest expense, loss on extinguishment of debt, gain on dispositions of real estate, provision for impairment loss, loss from unconsolidated real estate partnerships, and gain on derivative instruments, net.
The assets of our segments and the consolidated assets not allocated to our segments were as follows (in thousands):
March 31, 2024December 31, 2023
Same Store$4,857,984 $4,841,335 
Other Real Estate860,316 779,456 
Corporate and other assets (1)480,006 513,961 
Total consolidated assets$6,198,306 $6,134,752 
(1)Includes the assets not allocated to our segments including: (i) corporate asset and (ii) properties sold or classified as held for sale.
For the three months ended March 31, 2024 and 2023, capital additions related to our segments were as follows (in thousands):
20242023
Same Store$23,952 $30,480 
Other Real Estate 3,470 2,931 
Total capital additions$27,422 $33,411 
v3.24.1.u1
Subsequent Events
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Subsequent Events Subsequent Events
On April 7, 2024, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Apex Purchaser LLC (“Buyer 1”), Aries Purchaser LLC (“Buyer 2”), Astro Purchaser LLC (“Buyer 3”), and Astro Merger Sub, Inc. (“Merger Sub”), which are affiliates of Blackstone Real Estate Partners X (“Blackstone”). Pursuant to the terms and subject to the conditions set forth in the Merger Agreement, upon the closing of the transactions contemplated by the Merger Agreement, Merger Sub will merge with and into the Company (the “Merger”) and each share of the Company’s Class A common stock (“Company Common Stock”) (other than those held by the Company or any of its subsidiaries, or by Buyer 1, Buyer 2, Buyer 3 or Merger Sub (the “Cancelled Shares”)) that is issued and outstanding immediately prior to the Merger will be automatically canceled and converted into the right to receive an amount in cash equal to $39.12 (the “Common Stock Merger Consideration”), without interest. Additionally, substantially concurrently with the consummation of the Merger, the Company shall effect the redemption of, or make an irrevocable deposit pursuant to the terms of the Class A preferred stock, $0.01 par value per share, of the Company (“Company Preferred Stock”) in respect to the amount required to redeem, all outstanding shares of the Company Preferred Stock at a redemption price payable in cash, by or on behalf of the Company, in an amount equal to $100,000 per share of Company Preferred Stock plus accumulated, accrued and unpaid dividends thereon (“Preferred Stock Redemption Payment”) and from and after the consummation of the Merger, the Company Preferred Stock shall no longer be outstanding and all rights of the holders thereof will terminate, except for the right to receive the Preferred Stock Redemption Payment.
The Merger was unanimously approved by the Company’s Board of Directors and is expected to close in the third quarter of 2024, subject to approval by the Company’s stockholders and other customary closing conditions. Pursuant to the terms of the Merger Agreement, the Company may not pay dividends, including its quarterly dividend, effective immediately except as necessary to preserve its tax status as a real estate investment trust, and any such dividends would result in an offsetting decrease to the Common Stock Merger Consideration. Subject to and upon consummation of the Merger, the Company’s Class A common stock will no longer be listed on the New York Stock Exchange.
The issued and outstanding equity interests of the AIR Operating Partnership, including the Partnership Common Units, each class of Partnership Preferred Units, Partnership LTIP Units and Class I High Performance Partnership Units (each as defined in the Merger Agreement), will be unaffected by the Merger and will remain issued and outstanding and will continue to have the rights and privileges set forth in the Partnership LPA (as defined in the Merger Agreement). At or prior to the consummation of the Merger, the Partnership LPA will be amended by AIR-GP, Inc. (the “General Partner”) in substantially the form attached to the Merger Agreement (the “LPA Amendment”) to provide that, following the closing, (i) the AIR Operating Partnership will pay cash to those of holders of Partnership Units (as defined in the Merger Agreement) who elect to redeem their Partnership Units in accordance with the terms of the Partnership LPA (and will not exercise its right to pay for such redeemed Partnership Units in shares of Company Common Stock), (ii) any Partnership Units redeemed on the Closing Date (as defined in the Merger Agreement) or within ten (10) days thereafter will be valued at an amount equal to the Common Stock Merger Consideration minus the aggregate amount of all distributions per Partnership Common Unit declared or paid to the holders of Partnership Common Units during the period commencing on the Closing Date and ending on the date a notice of redemption is received and (iii) any Partnership Units redeemed after the tenth (10th) day following the Closing Date will be valued by the General Partner in good faith on the basis of such information as it considers, in its reasonable judgment, as appropriate.
v3.24.1.u1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Principles of Consolidation
Principles of Consolidation
We consolidate variable interest entities (“VIE”), in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. As of March 31, 2024 and December 31, 2023, AIR consolidated five VIEs, including the AIR Operating Partnership. Please see Note 10 for further discussion regarding our consolidated VIEs.
Redeemable Preferred OP Units
Redeemable Preferred OP Units
The AIR Operating Partnership has various classes of preferred OP Units. Each class of preferred OP Units is currently redeemable at the holders’ option. The AIR Operating Partnership, at its sole discretion, may settle such redemption requests in cash or cause AIR to issue shares of its Common Stock with a value equal to the redemption price. The preferred OP Units are therefore presented within temporary equity in AIR’s condensed consolidated balance sheets and within temporary partners’ capital in the AIR Operating Partnership’s condensed consolidated balance sheets.
The following table presents a rollforward of the AIR Operating Partnership’s preferred OP Units’ redemption value (in thousands):
Balance at January 1, 2024
$77,140 
Preferred distributions(1,570)
Net income allocated to preferred units1,570 
Balance at March 31, 2024
$77,140 
The AIR Operating Partnership has outstanding various classes of redeemable preferred OP Units. As of March 31, 2024 and December 31, 2023, the AIR Operating Partnership had 2,846,524 redeemable preferred OP Units issued and outstanding. Distributions per annum range from 1.92% to 8.75% per class and $0.48 to $8.00 per unit, respectively.
Use of Estimates
Use of Estimates
The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the condensed consolidated financial statements and accompanying notes thereto. Actual results could differ from those estimates.
v3.24.1.u1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Reconciliation of Preferred OP Units
The following table presents a rollforward of the AIR Operating Partnership’s preferred OP Units’ redemption value (in thousands):
Balance at January 1, 2024
$77,140 
Preferred distributions(1,570)
Net income allocated to preferred units1,570 
Balance at March 31, 2024
$77,140 
v3.24.1.u1
Significant Transactions (Tables)
 3 Months Ended
Mar. 31, 2024
Significant Transactions [Abstract]  
Schedule of Acquisition Summarized information regarding this acquisition is set forth in the table below (dollars in thousands):
Three Months Ended March 31, 2024
Purchase price$86,500 
Capitalized transaction costs713 
Total consideration$87,213 
Land$11,704 
Building and improvements73,102 
Intangible assets (1)2,482 
Below-market lease liabilities (1)(75)
Total consideration $87,213 
(1)Intangible assets and below-market lease liabilities for the Raleigh, North Carolina apartment community acquisition have a weighted-average term of 0.5 years.
v3.24.1.u1
Leases (Tables)
 3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Lease Income for Operating Leases Our total lease income was comprised of the following amounts for all operating leases (in thousands):
Three Months Ended March 31,
20242023
Fixed lease income$179,359 $196,336 
Variable lease income12,826 13,288 
Total lease income$192,185 $209,624 
Future Minimum Annual Rental Payments Receivable Under Residential and Commercial Leases As of March 31, 2024, future minimum annual rental payments we are contractually obligated to receive under residential and commercial leases, excluding such extension options, are as follows (in thousands):
2024 (remaining)$344,334 
2025148,584 
202621,498 
202711,713 
20289,604 
Thereafter30,872 
Total$566,605 
v3.24.1.u1
Debt (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt summmary
The following table summarizes our total indebtedness (in thousands):
March 31, 2024December 31, 2023
Secured debt:
Fixed-rate property debt due May 2025 to January 2055 (1)
$2,229,842 $2,236,975 
Debt issuance costs, net of accumulated amortization(12,651)(13,184)
Total non-recourse property debt, net$2,217,191 $2,223,791 
Unsecured debt:
Term loans due December 2024 to April 2026 (2) $475,000 $475,000 
Revolving credit facility borrowings due April 2025 (3)260,000 115,000 
4.58% Notes payable due June 2027
100,000 100,000 
4.77% Notes payable due June 2029
100,000 100,000 
4.84% Notes payable due June 2032
200,000 200,000 
Total unsecured debt1,135,000 990,000 
Debt issuance costs, net of accumulated amortization(3,142)(3,447)
Total unsecured debt, net$1,131,858 $986,553 
Total indebtedness$3,349,049 $3,210,344 
(1)The stated rates on our fixed-rate property debt are between 2.7% to 5.7%.
(2)The term loans bear interest at a one-month Term Secured Overnight Financing Rate (“SOFR”) plus 1.00% and a SOFR adjustment of 10-basis points, based on our current credit rating. As of March 31, 2024, the weighted-average interest rate for our term loans before consideration of in place interest rate swaps was 6.4%. During the three months ended March 31, 2024, we restructured and terminated certain interest rate swaps, economically hedging our entire $475 million term loan balance at an effective interest rate for 2024 of 3.5%. The term loans mature on the following schedule: $125 million matures on December 15, 2024, with a one-year extension option; $150 million matures on December 15, 2025; and $200 million matures on April 14, 2026. As of March 31, 2024, the weighted-average remaining term of the term loans was 1.8 years.
(3)As of March 31, 2024, we had capacity to borrow up to $735.7 million under our revolving credit facility after consideration of undrawn letters of credit. The revolving credit facility bears interest at a one-month Term SOFR plus 0.89% and a SOFR adjustment of 10-basis points based on our current credit rating. During the three months ended March 31, 2024, we entered into interest rate swaps economically hedging $200 million of our $260 million revolving credit facility borrowings at 4.9%. As of March 31, 2024, the weighted-average interest rate for the remaining $60 million outstanding on our revolving credit facility was 6.3%.
v3.24.1.u1
Investment in Unconsolidated Real Estate Partnership (Tables)
 3 Months Ended
Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments
Virginia JVValue-Add JV (1)Core JV
Initial formation dateOctober 2021June 2023July 2023
AIR Ownership20%30%53%
Outside Entities Ownership80%70%47%
Number of Apartment Communities3111
Apartment Units1,7484433,549
(1)A global asset manager acquired a 70% legal ownership in the Huntington Gateway property, but AIR is entitled to 50% of the net cash flows from operations, and various fees for providing property management, construction, and corporate services to the joint venture.
The following table summarizes certain relevant information with respect to our investments in unconsolidated real estate partnerships (in thousands):
March 31, 2024
Virginia JVValue-Add JVCore JV
Third-party debt
$395,000 $89,053 $793,874 
AIR's investment in balance (1)
$16,539 $28,482 $258,590 
(1)AIR's investment in balance includes certain basis differences that are subject to amortization. AIR's investment in unconsolidated real estate partnerships in our condensed consolidated balance sheets also includes $21.3 million related to two immaterial unconsolidated investments.
December 31, 2023
Virginia JVValue-Add JVCore JV
Third-party debt
$395,000 $88,741 $793,910 
AIR's investment in balance (1)
$17,212 $28,606 $268,931 
(1)AIR's investment in unconsolidated real estate partnerships in our condensed consolidated balance sheets includes $21.3 million related to two immaterial unconsolidated investments.
The table below presents earnings or losses attributable to our investments in unconsolidated real estate partnerships, which is included in loss from unconsolidated real estate partnerships in our combined condensed consolidated statements of operations (in thousands):
Three Months Ended March 31,
20242023
Virginia JV$(73)$(1,035)
Value-Add JV
(239)— 
Core JV
(6,538)— 
Total$(6,850)$(1,035)
v3.24.1.u1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Summary of Fair Value for Interest Rate Options and swaps
The following table summarizes investments measured at fair value on a recurring basis, which are presented in other assets, net, and accrued liabilities and other in our condensed consolidated balance sheets (in thousands):
As of March 31, 2024As of December 31, 2023
Total Fair ValueLevel 1Level 2Level 3Total Fair ValueLevel 1Level 2Level 3
Interest rate swaps - pay-fixed, receive floating$14,026 $— $14,026 $— $14,679 $— $14,679 $— 
Interest rate swaps - pay-floating, receive fixed$— $— $— $— $465 $— $465 $— 
Interest rate swaps - forward starting$1,574 $— $1,574 $— $331 $— $331 $— 
Summary of Carrying Value and Fair Value of Non-recourse Property Debt
We classify the fair value of our non-recourse property debt, unsecured notes payable, seller financing notes receivable, and preferred equity investment within Level 2 of the GAAP fair value hierarchy, as summarized in the following table (in thousands):
As of March 31, 2024As of December 31, 2023
Carrying ValueFair ValueCarrying ValueFair Value
Non-recourse property debt$2,229,842 $1,986,422 $2,236,975 $2,001,532 
Unsecured notes payable$400,000 $380,441 $400,000 $384,244 
Seller financing note receivable, net (1)$32,671 $32,420 $32,459 $33,042 
Preferred equity investment (2)$22,988 $23,758 $22,693 $23,562 
(1)During the year ended December 31, 2022, we provided $40.0 million of seller financing as partial consideration for the sale of our New England portfolio. The contractual interest rate on the note is 4.5%. The difference between the stated rate and the market interest rate as of the date of sale resulted in a discount recorded of $8.5 million. The seller financing note and related discount are included in other assets, net in our condensed consolidated balance sheets.
(2)In conjunction with the Value-Add JV transaction, AIR received a preferred equity investment within the joint venture. The contractual interest rate on the preferred equity investment is 7.25%. The difference between the stated rate and the effective interest rate as of the date of the transaction resulted in a discount recorded of $5.9 million. The preferred equity investment and related discount are included in investment in unconsolidated real estate partnerships in our condensed consolidated balance sheets.
v3.24.1.u1
Derivative Financial Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Derivative Financial Instrument and Hedging Activities
The following table summarizes our derivative financial instruments (dollars in thousands):
As of March 31, 2024
Number ofAggregate NotionalDerivative Assets
(included in Other Assets, net)		Derivative Liabilities
(included in Accrued Liabilities and Other)
InstrumentsAmountFair Value
Derivatives not designated as hedging instruments:
Interest rate swaps, pay-fixed, receive floating8$675,000 $14,123 $(97)
Interest rate swaps, forward starting2$93,700 $1,574 $— 
As of December 31, 2023
Number ofAggregate NotionalDerivative Assets
(included in Other Assets, net)		Derivative Liabilities
(included in Accrued Liabilities and Other)
InstrumentsAmountFair Value
Derivatives not designated as hedging instruments:
Interest rate swaps, pay-fixed, receive floating7$555,000 $15,266 $(587)
Interest rate swaps, pay-floating, receive fixed2$80,000 $472 $(7)
Interest rate swaps, forward starting1$50,000 $331 $— 
v3.24.1.u1
Variable Interest Entities (Tables)
 3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities
The table below summarizes apartment community information regarding VIEs consolidated by the AIR Operating Partnership:
March 31, 2024
December 31, 2023
VIEs with interests in apartment communities33
Apartment communities owned by VIEs1414
Apartment homes in communities owned by VIEs4,8664,866
Assets and liabilities of VIEs, excluding those of the AIR Operating Partnership, are summarized in the table below (in thousands):
March 31, 2024December 31, 2023
ASSETS:
Net real estate$1,008,068 $1,013,770 
Cash and cash equivalents47,570 41,219 
Restricted cash2,386 2,179 
Other assets, net29,288 22,546 
LIABILITIES:
Non-recourse property debt, net$1,192,891 $1,196,280 
Accrued liabilities and other41,244 34,903 
v3.24.1.u1
Business Segments (Tables)
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Summary of Information for Reportable Segments To reflect how the CODM evaluates the business, prior period segment information has been recast to conform with our reportable segment composition as of March 31, 2024 (in thousands):
Same
Store		Other
Real Estate		Proportionate
and Other
Adjustments (1)		Corporate and
Amounts Not
Allocated to
Segments (2)		Consolidated
Three Months Ended March 31, 2024:
Total revenues$169,216 $17,673 $5,649 $3,084 $195,622 
Property management and operating expenses
43,775 6,493 7,088 10,383 67,739 
Other operating expenses not allocated to segments (3)— — — 101,336 101,336 
Total operating expenses43,775 6,493 7,088 111,719 169,075 
Proportionate property net operating income (loss)125,441 11,180 (1,439)(108,635)26,547 
Other items included in income before income tax expense (4)— — — (30,506)(30,506)
Income (loss) before income tax expense
$125,441 $11,180 $(1,439)$(139,141)$(3,959)
Same
Store		Other
Real Estate		Proportionate
and Other
Adjustments (1)		Corporate and
Amounts Not
Allocated to
Segments (2)		Consolidated
Three Months Ended March 31, 2023:
Total revenues$162,244 $12,178 $33,775 $3,796 $211,993 
Property management and operating expenses
44,239 4,544 13,936 12,734 75,453 
Other operating expenses not allocated to segments (3)— — — 106,506 106,506 
Total operating expenses44,239 4,544 13,936 119,240 181,959 
Proportionate property net operating income (loss)118,005 7,634 19,839 (115,444)30,034 
Other items included in income before income tax expense (4)— — — (39,843)(39,843)
Income (loss) before income tax expense
$118,005 $7,634 $19,839 $(155,287)$(9,809)
(1)Represents adjustments to: (i) exclude AIR’s proportionate share of the results of unconsolidated apartment communities, which is excluded in the related consolidated amounts, and (ii) include the noncontrolling interests in consolidated real estate partnerships’ proportionate share of the results of communities, which is included in the related consolidated amounts. Also includes the reclassification of utility reimbursements from revenues to property operating expenses for the purpose of evaluating segment results. Utility reimbursements are included in rental and other property revenues in our condensed consolidated statements of operations prepared in accordance with GAAP.
(2)Includes: (i) the operating results of apartment communities sold during the periods shown or held for sale at the end of the period, if any, (ii) property management revenues, which are not part of our segment performance measure, property management expenses and casualty gains and losses, which are included in consolidated property management and operating expenses and are not part of our segment performance measure, and (iii) the depreciation of capitalized costs of non-real estate assets.
(3)Includes depreciation and amortization, general and administrative expenses, and other expenses, net, and may also include write-offs of deferred leasing commissions, which are not included in our measure of segment performance.
(4)Includes interest income, interest expense, loss on extinguishment of debt, gain on dispositions of real estate, provision for impairment loss, loss from unconsolidated real estate partnerships, and gain on derivative instruments, net.
Reconciliation of Assets from Segment to Consolidated
The assets of our segments and the consolidated assets not allocated to our segments were as follows (in thousands):
March 31, 2024December 31, 2023
Same Store$4,857,984 $4,841,335 
Other Real Estate860,316 779,456 
Corporate and other assets (1)480,006 513,961 
Total consolidated assets$6,198,306 $6,134,752 
(1)Includes the assets not allocated to our segments including: (i) corporate asset and (ii) properties sold or classified as held for sale.
Capital Additions Related to Segments
For the three months ended March 31, 2024 and 2023, capital additions related to our segments were as follows (in thousands):
20242023
Same Store$23,952 $30,480 
Other Real Estate 3,470 2,931 
Total capital additions$27,422 $33,411 
v3.24.1.u1
Basis of Presentation and Organization (Details)
 3 Months Ended
Mar. 31, 2024
property
apartment
stateAndDistrict
shares
Real Estate Properties [Line Items]  
Number of states and district | stateAndDistrict 10
AIR Operating Partnership  
Real Estate Properties [Line Items]  
Common operating partnership units and equivalents outstanding (in shares) 158,247,357
Common operating partnership units and equivalents outstanding (in shares) 145,104,220
Percentage of the Aimco Operating Partnership's common partnership units and equivalents owned by Aimco 91.70%
Percentage of economic interest 93.70%
Partially Owned Properties  
Real Estate Properties [Line Items]  
Apartment communities owned by VIEs | property 76
Apartment homes in communities owned by VIEs | apartment 27,015
Percentage of average ownership of portfolio 82.00%
v3.24.1.u1
Summary of Significant Accounting Policies - Reconciliation of Preferred OP Units (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]  
Balance at January 1, 2024 $ 77,140
Preferred distributions (1,570)
Net income allocated to preferred units 1,570
Balance at March 31, 2024 $ 77,140
v3.24.1.u1
Summary of Significant Accounting Policies - Narrative (Details)
 3 Months Ended
Mar. 31, 2024
entity
$ / shares
shares
Dec. 31, 2023
shares
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]    
Number of consolidated VIEs | entity 5  
AIMCO PROPERTIES, L.P    
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]    
Units outstanding (in shares) | shares 2,846,524 2,846,524
AIMCO PROPERTIES, L.P | Minimum    
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]    
Distributions per annum 1.92%  
Distribution made to limited partner, distributions paid, per unit (in dollars per share) $ 0.48  
AIMCO PROPERTIES, L.P | Maximum    
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]    
Distributions per annum 8.75%  
Distribution made to limited partner, distributions paid, per unit (in dollars per share) $ 8.00  
v3.24.1.u1
Significant Transactions - Narrative (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended
May 08, 2024
USD ($)
ft²
property
apartment
Mar. 31, 2024
USD ($)
apartment
property
$ / shares
Mar. 31, 2023
$ / shares
Dec. 31, 2023
USD ($)
Business Acquisition [Line Items]        
Non-recourse property debt, net   $ 2,217,191   $ 2,223,791
Dividends and distributions paid (in dollars per share) | $ / shares   $ 0.45 $ 0.45  
Raleigh North Carolina        
Business Acquisition [Line Items]        
Number of apartment communities acquired | property   1    
Number of apartment homes purchased | apartment   384    
Bethesda Maryland | Subsequent Event        
Business Acquisition [Line Items]        
Number of apartment communities acquired | property 1      
Number of apartment homes purchased | apartment 359      
Commercial space | ft² 50,500      
Purchase price $ 150,000      
Non-recourse property debt, net $ 97,300      
v3.24.1.u1
Significant Transactions - Schedule of Acquisition (Details) - Raleigh North Carolina
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
Intangible Assets  
Business Acquisition [Line Items]  
Weighted-average term 6 months
Below-market leases  
Business Acquisition [Line Items]  
Weighted-average term 6 months
Apartment Community  
Business Acquisition [Line Items]  
Purchase price $ 86,500
Capitalized transaction costs 713
Total consideration 87,213
Land 11,704
Building and improvements 73,102
Intangible assets 2,482
Below-market lease liabilities (75)
Total consideration $ 87,213
v3.24.1.u1
Leases - Lease Income for Operating Leases (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Leases [Abstract]    
Fixed lease income $ 179,359 $ 196,336
Variable lease income 12,826 13,288
Total lease income $ 192,185 $ 209,624
Operating lease, lease income, statement of income or comprehensive income Other assets, net Other assets, net
v3.24.1.u1
Leases - Narrative (Details)
Mar. 31, 2024
Residential Lease  
Operating Leased Assets [Line Items]  
Lessee, operating lease, term of contract 7 months 6 days
v3.24.1.u1
Leases - Schedule of Aggregate Minimum Lease Payments (Details)
$ in Thousands
Mar. 31, 2024
USD ($)
Leases [Abstract]  
2024 (remaining) $ 344,334
2025 148,584
2026 21,498
2027 11,713
2028 9,604
Thereafter 30,872
Total lease receivable $ 566,605
v3.24.1.u1
Debt - Schedule of Debt Instruments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Total indebtedness $ 3,349,049 $ 3,210,344
Line of credit 260,000 115,000
Revolving Credit Facility    
Debt Instrument [Line Items]    
Line of credit $ 735,700  
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)    
Debt Instrument [Line Items]    
Debt instrument basis spread on variable rate 0.89%  
Secured Debt    
Debt Instrument [Line Items]    
Debt issuance costs, net of accumulated amortization $ (12,651) (13,184)
Total indebtedness 2,217,191 2,223,791
Unsecured Debt    
Debt Instrument [Line Items]    
Debt issuance costs, net of accumulated amortization (3,142) (3,447)
Total indebtedness 1,131,858 986,553
Unsecured Debt | Term Loan    
Debt Instrument [Line Items]    
Long-term debt, gross 475,000 475,000
Loan borrowed $ 475,000  
Debt, weighted average interest rate 3.50%  
Unsecured Debt | Term Loan | Secured Overnight Financing Rate (SOFR)    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 1.00%  
Debt instrument basis spread on variable rate 0.10%  
Debt, weighted average interest rate 6.40%  
Unsecured Debt | Revolving Credit Facility    
Debt Instrument [Line Items]    
Long-term debt, gross $ 260,000 115,000
Debt, weighted average interest rate 4.90%  
Line of Credit Facility, Remaining Borrowing Capacity $ 60,000  
Unsecured Debt | Revolving Credit Facility | Interest Rate Swap    
Debt Instrument [Line Items]    
Aggregate notional amount $ 200,000  
Unsecured Debt | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)    
Debt Instrument [Line Items]    
Debt, weighted average interest rate 6.30%  
Unsecured Debt Gross    
Debt Instrument [Line Items]    
Long-term debt, gross $ 1,135,000 990,000
Fixed Rate Property Debt | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt, gross 2,229,842 2,236,975
4.58% Notes payable due June 2027 | Unsecured Debt    
Debt Instrument [Line Items]    
Long-term debt, gross $ 100,000 $ 100,000
Debt instrument, interest rate, stated percentage 4.58% 4.58%
4.77% Notes payable due June 2029 | Unsecured Debt    
Debt Instrument [Line Items]    
Long-term debt, gross $ 100,000 $ 100,000
Debt instrument, interest rate, stated percentage 4.77% 4.77%
4.84% Notes payable due June 2032 | Unsecured Debt    
Debt Instrument [Line Items]    
Long-term debt, gross $ 200,000 $ 200,000
Debt instrument, interest rate, stated percentage 4.84% 4.84%
Fixed Rate Member | Secured Debt | Minimum    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 2.70%  
Fixed Rate Member | Secured Debt | Maximum    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 5.70%  
Schedule Term Loan    
Debt Instrument [Line Items]    
Loan borrowed $ 125,000  
Long-term debt, term 1 year  
Schedule Term Loan One    
Debt Instrument [Line Items]    
Loan borrowed $ 150,000  
Schedule Term Loan Two    
Debt Instrument [Line Items]    
Loan borrowed $ 200,000  
Floating Rate | Secured Debt    
Debt Instrument [Line Items]    
Weighted-average remaining term 1 year 9 months 18 days  
v3.24.1.u1
Debt - Narrative (Details)
$ in Billions
 3 Months Ended
Mar. 31, 2024
USD ($)
property
Minimum  
Debt Instrument [Line Items]  
Fixed charge coverage ratio 1.50
Secured indebtedness to total assets ratio 0.40
Maximum unsecured leverage ratio 0.60
Unsecured interest coverage ratio 1.50
Minimum | Leverage Ratio  
Debt Instrument [Line Items]  
Unsecured leverage ratio 0.60
Fifteen Year Fixed Rate Financing  
Debt Instrument [Line Items]  
Line of credit, total liquidity | $ $ 1.7
Raleigh North Carolina  
Debt Instrument [Line Items]  
Number of apartment communities acquired | property 1
v3.24.1.u1
Investment in Unconsolidated Real Estate Partnership - Ownership Information (Details) - apartment
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2024
Virginia JV    
Schedule of Equity Method Investments [Line Items]    
Apartment communities owned by VIEs   3
Apartment homes in communities owned by VIEs   1,748
Virginia JV | Parent Company    
Schedule of Equity Method Investments [Line Items]    
Ownership, percentage   20.00%
Virginia JV | Partnership Interest    
Schedule of Equity Method Investments [Line Items]    
Ownership, percentage   80.00%
Core JV    
Schedule of Equity Method Investments [Line Items]    
Apartment communities owned by VIEs   1
Apartment homes in communities owned by VIEs   443
Core JV | Parent Company    
Schedule of Equity Method Investments [Line Items]    
Ownership, percentage   30.00%
Core JV | Partnership Interest    
Schedule of Equity Method Investments [Line Items]    
Ownership, percentage   70.00%
Value-Add JV    
Schedule of Equity Method Investments [Line Items]    
Apartment communities owned by VIEs   11
Apartment homes in communities owned by VIEs   3,549
Value-Add JV | Parent Company    
Schedule of Equity Method Investments [Line Items]    
Ownership, percentage   53.00%
Value-Add JV | Partnership Interest    
Schedule of Equity Method Investments [Line Items]    
Ownership, percentage   47.00%
Huntington Gateway    
Schedule of Equity Method Investments [Line Items]    
Equity method investment, ownership interest sold 70.00%  
Huntington Gateway | Parent Company    
Schedule of Equity Method Investments [Line Items]    
Ownership, percentage   50.00%
v3.24.1.u1
Investment in Unconsolidated Real Estate Partnership - Summary of Combined Balance Sheets for Joint Venture Partners (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]    
Liabilities $ 3,652,491 $ 3,507,238
Investment in unconsolidated real estate partnerships 324,876 336,077
Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Investment in unconsolidated real estate partnerships 21,300  
Variable Interest Entity, Primary Beneficiary | Virginia JV    
Variable Interest Entity [Line Items]    
Liabilities 395,000 395,000
Investment in unconsolidated real estate partnerships 16,539 17,212
Variable Interest Entity, Primary Beneficiary | Core JV    
Variable Interest Entity [Line Items]    
Liabilities 89,053 88,741
Investment in unconsolidated real estate partnerships 28,482 28,606
Variable Interest Entity, Primary Beneficiary | Value-Add JV    
Variable Interest Entity [Line Items]    
Liabilities 793,874 793,910
Investment in unconsolidated real estate partnerships $ 258,590 $ 268,931
v3.24.1.u1
Investment in Unconsolidated Real Estate Partnership - Earnings or Losses Sttributable to Investments in Unconsolidated Joint Ventures (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Variable Interest Entity [Line Items]    
Net income (loss) from real estate investment partnership $ (6,850) $ (1,035)
Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Net income (loss) from real estate investment partnership (6,850) (1,035)
Virginia JV | Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Net income (loss) from real estate investment partnership (73) (1,035)
Value-Add JV | Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Net income (loss) from real estate investment partnership (239) 0
Core JV | Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Net income (loss) from real estate investment partnership $ (6,538) $ 0
v3.24.1.u1
Fair Value Measurements - Summary of Fair Value for Interest Rate Options (Details) - Fair value recurring - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Interest rate swaps - pay-fixed, receive floating    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total Fair Value $ 14,026 $ 14,679
Interest rate swaps - pay-fixed, receive floating | Level 1    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total Fair Value 0 0
Interest rate swaps - pay-fixed, receive floating | Level 2    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total Fair Value 14,026 14,679
Interest rate swaps - pay-fixed, receive floating | Level 3    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total Fair Value 0 0
Interest rate swaps - pay-floating, receive fixed    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total Fair Value 0 465
Interest rate swaps - pay-floating, receive fixed | Level 1    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total Fair Value 0 0
Interest rate swaps - pay-floating, receive fixed | Level 2    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total Fair Value 0 465
Interest rate swaps - pay-floating, receive fixed | Level 3    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total Fair Value 0 0
Interest Rate Swap    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total Fair Value 1,574 331
Interest Rate Swap | Level 1    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total Fair Value 0 0
Interest Rate Swap | Level 2    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total Fair Value 1,574 331
Interest Rate Swap | Level 3    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total Fair Value $ 0 $ 0
v3.24.1.u1
Fair Value Measurements - Summary of Carrying Value and Fair Value of Non-recourse Property Debt (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Mar. 31, 2024
Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Long-term debt   $ 3,349,049 $ 3,210,344
Derivative, average variable interest rate     4.50%
Receivables with imputed interest, amortization amount     $ 8,500
Investment interest rate     7.25%
Core JV      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Receivables with imputed interest, amortization amount     $ 5,900
New England      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Partial consider selling value $ 40,000    
Carrying Value | Fair Value, Nonrecurring | Seller financing note receivable, net      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Seller financing note receivable, net   32,671 32,459
Carrying Value | Fair Value, Nonrecurring | Preferred equity investment      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Preferred equity investment   22,988 22,693
Carrying Value | Fair Value, Nonrecurring | Non-recourse property debt      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Long-term debt   2,229,842 2,236,975
Carrying Value | Fair Value, Nonrecurring | Unsecured notes payable      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Long-term debt   400,000 400,000
Fair Value | Fair Value, Nonrecurring | Seller financing note receivable, net      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Seller financing note receivable, net   32,420 33,042
Fair Value | Fair Value, Nonrecurring | Preferred equity investment      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Preferred equity investment   23,758 23,562
Fair Value | Fair Value, Nonrecurring | Non-recourse property debt      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Long-term debt   1,986,422 2,001,532
Fair Value | Fair Value, Nonrecurring | Unsecured notes payable      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Long-term debt   $ 380,441 $ 384,244
v3.24.1.u1
Derivative Financial Instruments and Hedging Activities - Narrative (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
instrument
Mar. 31, 2023
USD ($)
May 08, 2024
USD ($)
Dec. 31, 2023
USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Reclassification of interest rate derivative (gain) loss to net loss $ (2,101) $ 4,154    
Cash flow hedge gain (loss) to be reclassified within 12 months 6,100      
Gain (loss) on derivative instruments, net 9,574 $ (2,138)    
Revolving Credit Facility | Unsecured Debt        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Long-term debt, gross $ 260,000     $ 115,000
Debt, weighted average interest rate 4.90%      
Interest Rate Swap        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Number of interest rate derivatives terminated | instrument 5      
Interest Rate Swap | Revolving Credit Facility | Unsecured Debt        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Aggregate notional amount $ 200,000      
Interest Rate Swap | Not Designated as Hedging Instrument        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Aggregate notional amount $ 42,000      
Interest rate swap, pay-floating, receive-fixed        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Number of interest rate derivatives terminated | instrument 2      
Interest rate swap, pay-floating, receive-fixed | Not Designated as Hedging Instrument        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Aggregate notional amount $ 80,000      
Interest rate swap, pay-fixed, receive-floating        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Number of interest rate derivatives terminated | instrument 2      
Interest rate swap, pay-fixed, receive-floating | Not Designated as Hedging Instrument        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Aggregate notional amount $ 80,000      
Derivative, Gain (Loss) on Derivative, Net $ 6,200      
Interest rate swaps, forward starting        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Number of interest rate derivatives terminated | instrument 1      
Interest rate swaps, forward starting | Not Designated as Hedging Instrument        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Aggregate notional amount $ 93,700     50,000
Interest rate swaps, forward starting | Not Designated as Hedging Instrument | Fixed-Rate Property Debt        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Aggregate notional amount 50,000      
Interest rate swaps, forward starting | Not Designated as Hedging Instrument | Subsequent Event        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Aggregate notional amount     $ 51,700  
Interest rate swaps, pay-fixed, receive floating | Not Designated as Hedging Instrument        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Aggregate notional amount $ 675,000     $ 555,000
v3.24.1.u1
Derivative Financial Instruments and Hedging Activities - Schedule of Balance Sheet Hedges (Details)
$ in Thousands
Mar. 31, 2024
USD ($)
instrument
Dec. 31, 2023
USD ($)
instrument
Interest Rate Swap, Fixed To Floating [Member] | Designated as Hedging Instrument    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Number of instruments held | instrument   2
Aggregate notional amount   $ 80,000
Interest Rate Swap, Fixed To Floating [Member] | Designated as Hedging Instrument | Other Assets    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Asset derivatives, fair value   472
Interest Rate Swap, Fixed To Floating [Member] | Designated as Hedging Instrument | Other Liabilities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Liability derivatives, fair value   $ (7)
Interest rate swaps, pay-fixed, receive floating | Not Designated as Hedging Instrument    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Number of instruments held | instrument 8 7
Aggregate notional amount $ 675,000 $ 555,000
Interest rate swaps, pay-fixed, receive floating | Not Designated as Hedging Instrument | Other Assets    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Asset derivatives, fair value 14,123 15,266
Interest rate swaps, pay-fixed, receive floating | Not Designated as Hedging Instrument | Other Liabilities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Liability derivatives, fair value $ (97) $ (587)
Interest rate swaps, forward starting | Not Designated as Hedging Instrument    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Number of instruments held | instrument 2 1
Aggregate notional amount $ 93,700 $ 50,000
Interest rate swaps, forward starting | Not Designated as Hedging Instrument | Other Assets    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Asset derivatives, fair value 1,574 331
Interest rate swaps, forward starting | Not Designated as Hedging Instrument | Other Liabilities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Liability derivatives, fair value $ 0 $ 0
v3.24.1.u1
Variable Interest Entities - Schedule of VIEs Consolidated by the AIR Operating Partnership (Details) - Variable Interest Entity, Primary Beneficiary
Mar. 31, 2024
apartment
property
entity
Dec. 31, 2023
property
entity
apartment
Variable Interest Entity [Line Items]    
VIEs with interests in apartment communities | entity 3 3
Apartment communities owned by VIEs | property 14 14
Apartment homes in communities owned by VIEs | apartment 4,866 4,866
v3.24.1.u1
Variable Interest Entities - Assets and Liabilities of VIEs (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
ASSETS    
Net real estate $ 5,406,828 $ 5,364,978
Cash and cash equivalents 87,795 91,401
Restricted cash 26,942 26,090
Other assets, net 319,579 283,920
LIABILITIES:    
Non-recourse property debt, net 2,217,191 2,223,791
Accrued liabilities and other 303,442 296,894
Variable Interest Entity, Primary Beneficiary    
ASSETS    
Net real estate 1,008,068 1,013,770
Cash and cash equivalents 47,570 41,219
Restricted cash 2,386 2,179
Other assets, net 29,288 22,546
LIABILITIES:    
Non-recourse property debt, net 1,192,891 1,196,280
Accrued liabilities and other $ 41,244 $ 34,903
v3.24.1.u1
Business Segments - Narrative (Details)
 3 Months Ended
Mar. 31, 2024
property
apartment
Segment
Segment Reporting Information [Line Items]  
Number of reportable segments | Segment 2
Same Store  
Segment Reporting Information [Line Items]  
Apartment communities owned by VIEs 69
Apartment homes in communities owned by VIEs | apartment 24,271
Other Real Estate  
Segment Reporting Information [Line Items]  
Apartment communities owned by VIEs 7
Apartment homes in communities owned by VIEs | apartment 2,744
Wholly Owned Consolidated Properties | Other Real Estate  
Segment Reporting Information [Line Items]  
Apartment communities owned by VIEs 1
v3.24.1.u1
Business Segments - Summary of Information for Reportable Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Summary information for the reportable segments    
Total revenues $ 195,622 $ 211,993
Other operating expenses not allocated to segments 101,336 106,506
Operating expenses 169,075 181,959
Operating Income Loss Property 26,547 30,034
Other items included in income (loss) before income tax expense (30,506) (39,843)
Loss before income tax expense (3,959) (9,809)
Real Estate    
Summary information for the reportable segments    
Cost of Revenue 67,739 75,453
Segment Reconciling Items    
Summary information for the reportable segments    
Total revenues 5,649 33,775
Other operating expenses not allocated to segments 0 0
Operating expenses 7,088 13,936
Operating Income Loss Property (1,439) 19,839
Other items included in income (loss) before income tax expense 0 0
Loss before income tax expense (1,439) 19,839
Segment Reconciling Items | Real Estate    
Summary information for the reportable segments    
Cost of Revenue 7,088 13,936
Corporate Non-Segment    
Summary information for the reportable segments    
Total revenues 3,084 3,796
Other operating expenses not allocated to segments 101,336 106,506
Operating expenses 111,719 119,240
Operating Income Loss Property (108,635) (115,444)
Other items included in income (loss) before income tax expense (30,506) (39,843)
Loss before income tax expense (139,141) (155,287)
Corporate Non-Segment | Real Estate    
Summary information for the reportable segments    
Cost of Revenue 10,383 12,734
Same Store | Operating Segments    
Summary information for the reportable segments    
Total revenues 169,216 162,244
Other operating expenses not allocated to segments 0 0
Operating expenses 43,775 44,239
Operating Income Loss Property 125,441 118,005
Other items included in income (loss) before income tax expense 0 0
Loss before income tax expense 125,441 118,005
Same Store | Operating Segments | Real Estate    
Summary information for the reportable segments    
Cost of Revenue 43,775 44,239
Other Real Estate | Operating Segments    
Summary information for the reportable segments    
Total revenues 17,673 12,178
Other operating expenses not allocated to segments 0 0
Operating expenses 6,493 4,544
Operating Income Loss Property 11,180 7,634
Other items included in income (loss) before income tax expense 0 0
Loss before income tax expense 11,180 7,634
Other Real Estate | Operating Segments | Real Estate    
Summary information for the reportable segments    
Cost of Revenue $ 6,493 $ 4,544
v3.24.1.u1
Business Segments - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]    
Total consolidated assets $ 6,198,306 $ 6,134,752
Corporate Non-Segment    
Segment Reporting Information [Line Items]    
Total consolidated assets 480,006 513,961
Same Store | Operating Segments    
Segment Reporting Information [Line Items]    
Total consolidated assets 4,857,984 4,841,335
Other Real Estate | Operating Segments    
Segment Reporting Information [Line Items]    
Total consolidated assets $ 860,316 $ 779,456
v3.24.1.u1
Business Segments - Capital Additions Related to Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Segment Reporting Information [Line Items]    
Total capital additions $ 27,422 $ 33,411
Same Store    
Segment Reporting Information [Line Items]    
Total capital additions 23,952 30,480
Other Real Estate    
Segment Reporting Information [Line Items]    
Total capital additions $ 3,470 $ 2,931
v3.24.1.u1
Subsequent Events (Details) - Subsequent Event
Apr. 07, 2024
$ / shares
Subsidiary, Sale of Stock [Line Items]  
Class of warrant or right, exercise price of warrants or rights (in dollars per share) $ 39.12
Preferred stock, redemption price (in dollars per share) 100,000
Preferred stock, par value (in dollars per share) $ 0.01