APARTMENT INCOME REIT, L.P., 10-Q filed on 5/12/2025
Quarterly Report
v3.25.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2025
May 05, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
Document Transition Report false  
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, Address Line One 345 Park Avenue  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10154  
City Area Code 212  
Local Phone Number 583-5000  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   1,562
Entity Central Index Key 0000926660  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
v3.25.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
ASSETS    
Buildings and improvements $ 6,453,020 $ 6,501,386
Land 1,280,424 1,297,106
Total real estate 7,733,444 7,798,492
Accumulated depreciation (2,536,363) (2,503,088)
Net real estate 5,197,081 5,295,404
Cash and cash equivalents 545,417 616,452
Restricted cash 27,740 28,007
Investment in unconsolidated real estate partnerships 337,001 341,357
Goodwill 32,286 32,286
Other assets, net 270,957 262,036
Total assets 6,410,482 6,575,542
LIABILITIES AND PARTNERS’ DEFICIT    
Non-recourse property debt, net 6,114,068 6,241,869
Accrued liabilities and other 305,646 309,137
Total liabilities 6,419,714 6,551,006
Commitments and contingencies (Note 7)
Redeemable preferred units 56,710 56,827
Partners’ deficit:    
General Partner and Special Limited Partner (91,991) (61,484)
Limited Partners 127,186 126,848
Partners’ capital attributable to the AIR Operating Partnership 35,195 65,364
Noncontrolling interests in consolidated real estate partnerships (101,137) (97,655)
Total partners’ deficit (65,942) (32,291)
Total liabilities, redeemable preferred units, and partners’ deficit $ 6,410,482 $ 6,575,542
v3.25.1
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
REVENUES    
Total revenues $ 203,472 $ 195,622
EXPENSES    
Property operating expenses 60,362 59,542
Property management expenses 10,192 8,197
Depreciation and amortization 78,605 79,754
General and administrative expenses 7,004 10,336
Other expenses, net 8,030 8,046
Property management and operating expenses 164,193 165,875
Interest income 7,609 2,052
Interest expense (93,837) (35,282)
Loss on extinguishment of debt in conjunction with a property sale (1,108) 0
Gain on dispositions of real estate, net 105,526 0
(Loss) gain on derivative instruments, net (13,677) 9,574
Loss from unconsolidated real estate partnerships (3,610) (6,850)
Merger-related costs 0 (3,200)
Income (loss) before income tax expense 40,182 (3,959)
Income tax expense (20) (319)
Net income (loss) 40,162 (4,278)
Net income attributable to noncontrolling interests in consolidated real estate partnerships (1,804) (1,101)
Net income (loss) attributable to the AIR Operating Partnership 38,358 (5,379)
Net income attributable to the AIR Operating Partnership's preferred unitholders (1,154) (1,614)
Net loss attributable to participating securities 0 66
Net income (loss) attributable to the AIR Operating Partnership’s common unitholders $ 37,204 $ (6,927)
Net (loss) income attributable to the AIR Operating Partnership's common unitholders per unit – basic (in dollars per share) $ 0.24 $ (0.04)
Net (loss) income attributable to the AIR Operating Partnership's common unitholders per unit - diluted (in dollars per share) $ 0.24 $ (0.04)
Weighted average common units outstanding - basic (in shares) 153,344 154,323
Weighted average common units outstanding - diluted 153,455 154,323
Rental and other property revenues    
REVENUES    
Total revenues $ 198,927 $ 192,382
Other revenues    
REVENUES    
Total revenues $ 4,545 $ 3,240
v3.25.1
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income (loss) $ 40,162 $ (4,278)
Reclassification of interest rate derivative gain to net income (loss) (996) (2,101)
Comprehensive income (loss) 39,166 (6,379)
Comprehensive income attributable to noncontrolling interests (1,804) (1,101)
Comprehensive income (loss) attributable to the AIR Operating Partnership $ 37,362 $ (7,480)
v3.25.1
Condensed Consolidated Statements of Partners' Deficit Capital - USD ($)
$ in Thousands
Total
Preferred Units
General Partner and Special Limited Partner
Limited Partners
Partners' Capital Attributable to the AIR Operating Partnership
Noncontrolling Interests in Consolidated Real Estate Partnerships
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    
Other comprehensive loss (2,101)   (1,919) (182) (2,101)  
Net income (loss) (5,848)   (6,592) (357) (6,949) 1,101
Distributions to common unitholders (64,649)   (64,649) 0 (64,649)  
Distributions to noncontrolling interests (9,071)     (4,676) (4,676) (4,395)
Other, net 46   40   40 6
Ending balance at Mar. 31, 2024 2,468,675 2,000 2,277,237 278,699 2,557,936 (89,261)
Beginning balance at Dec. 31, 2024 (32,291) 0 (61,484) 126,848 65,364 (97,655)
Increase (Decrease) in Partners' Capital [Roll Forward]            
Redemption of common partnership units (66,387)     (66,387) (66,387)  
Effect of changes in ownership of consolidated entities 0   (64,713) 64,713    
Other comprehensive loss (996)   (937) (59) (996)  
Net income (loss) 39,018   35,143 2,071 37,214 1,804
Distributions to noncontrolling interests (5,286)         (5,286)
Ending balance at Mar. 31, 2025 $ (65,942) $ 0 $ (91,991) $ 127,186 $ 35,195 $ (101,137)
v3.25.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 40,162 $ (4,278)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 78,605 79,754
Gain on dispositions of real estate, net (105,526) 0
Loss on extinguishment of debt in conjunction with a property sale 1,108 0
Income tax expense 20 319
Amortization of debt issuance costs 7,015 1,270
Other, net 19,508 12,514
Net changes in operating assets and operating liabilities (32,590) (12,676)
Net cash provided by operating activities 8,302 76,903
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of real estate 0 (90,497)
Capital expenditures (24,714) (19,682)
Proceeds from dispositions of real estate 91,164 0
Other investing activities, net (1,668) (3,207)
Net cash provided by (used in) investing activities 64,782 (113,386)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Principal repayments of non-recourse property debt (136,032) (7,179)
Net (repayments of) borrowings on revolving credit facility 0 145,000
Payment of distributions to General Partner and Special Limited Partner 0 (65,105)
Repurchases of common partnership units held by General Partner and Special Limited Partner 0 (24,595)
Redemption of common and preferred units (1,913) (3,793)
Other financing activities, net (6,441) (10,599)
Net cash provided by (used in) financing activities (144,386) 33,729
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (71,302) (2,754)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD 644,459 117,491
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD $ 573,157 $ 114,737
v3.25.1
Basis of Presentation and Organization
 3 Months Ended
Mar. 31, 2025
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, L.P. (“AIR Operating Partnership” or the “Operating Partnership”), and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
As used herein, 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 partnerships consolidated by AIR Operating Partnership that are held by third parties are reflected in AIR Operating Partnership’s accompanying condensed consolidated balance sheets as noncontrolling interests in consolidated real estate partnerships. Net income (loss) and other comprehensive income (loss) are allocated to each partner's deficit account.
Except as the context otherwise requires, “we,” “our,” and “us” refer to AIR Operating Partnership and its 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 accounting principles generally accepted in the United States of America ("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, 2025, are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.
The condensed consolidated balance sheets of AIR Operating Partnership and its consolidated subsidiaries as of December 31, 2024, have been derived from its 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 the AIR Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2024.
Reclassifications
Certain prior period balances in the condensed consolidated balance sheets, statements of operations, statements of cash flows, and statements of partners' deficit have been combined or reclassified to conform to current period presentation pursuant to Rule 10-01(a)(2) of Regulation S-X. These changes had no impact on net income (loss), cash flows, assets and liabilities, or partners’ deficit previously reported.
Organization and Business
The AIR Operating Partnership focuses 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, 2025, our portfolio included 74 apartment communities with 27,076 apartment homes, in which we held an average ownership of approximately 81%.
Interests held by the General Partner and Special Limited Partner, and other limited partners in the AIR Operating Partnership are referred to as OP Units. OP Units include common partnership units (inclusive of Class I High Performance 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, 2025, after elimination of units held by consolidated subsidiaries, the AIR Operating Partnership had 153,654,104 common OP Units and equivalents legally outstanding.
v3.25.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2025
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, 2025 and December 31, 2024, the AIR Operating Partnership consolidated four VIEs. Please see Note 11 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, with a cash value equal to the redemption price. The preferred OP Units are therefore presented within temporary partners’ deficit 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 and accrued distributions (in thousands):
Balance at January 1, 2025
$56,827 
Preferred distributions(1,154)
Redemption of preferred units(117)
Net income allocated to preferred units1,154 
Balance at March 31, 2025
$56,710 
As of March 31, 2025 and December 31, 2024, the AIR Operating Partnership had 1,998,527 and 2,003,158 redeemable preferred OP Units issued and outstanding, respectively. Distributions per annum range from 1.92% to 8.75% per class and $0.48 to $8.00 per unit.
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.
v3.25.1
Significant Transactions
 3 Months Ended
Mar. 31, 2025
Significant Transactions [Abstract]  
Significant Transactions Significant Transactions
Apartment Community Dispositions
During the three months ended March 31, 2025, we sold three apartment communities with 318 apartment homes included in our Same Store segment to a limited partner in the Operating Partnership for gross consideration of $155.8 million, comprised of the redemption of 2,521,132 common OP Units valued at $25.62 per unit and $91.2 million in cash proceeds. In connection with the sale, we repaid $129.3 million of variable-rate property debt. The three apartment communities were located in Boston, Massachusetts, Denver, Colorado, and San Diego, California.
The sale resulted in a gain on dispositions of real estate of $106.0 million, with the redemption of the common OP Units representing a non-cash financing and investing activity.
During the three months ended March 31, 2024, we did not sell any apartment communities.
At the end of each reporting period, we evaluate whether any communities meet the criteria to be classified as held for sale. As of March 31, 2025, no communities were classified as held for sale.
Distributions
There were no distributions to common OP Unit holders in the first quarter of 2025. In the first quarter of 2024, we paid distributions per common OP Unit of $0.45.
v3.25.1
Leases
 3 Months Ended
Mar. 31, 2025
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, 2025March 31, 2024
Fixed lease income$185,240 $179,359 
Variable lease income12,642 12,826 
Total lease income$197,882 $192,185 
Generally, our residential leases do not provide extension options and, as of March 31, 2025, have an average remaining term of 7.4 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, 2025, 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):
2025 (remaining)
$349,274 
2026157,859 
202725,565 
202811,429 
20299,602 
Thereafter26,019 
Total$579,748 
v3.25.1
Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
The following table summarizes our total non-recourse indebtedness (in thousands):
March 31, 2025December 31, 2024
Fixed-rate property debt due July 2025 to January 2055 (1)
$2,138,003 $2,144,797 
Variable-rate property debt due July 2029 to October 2029 (2)
4,012,633 4,140,409 
Total non-recourse property debt
6,150,636 6,285,206 
Debt issuance costs, net of accumulated amortization(36,568)(43,337)
Total non-recourse property debt, net$6,114,068 $6,241,869 
(1)The stated rates on our fixed-rate property debt are between 2.7% to 7.1%.
(2)As of March 31, 2025, all $4.0 billion of our floating rate debt is economically hedged through interest rate swaps and caps.
During the three months ended March 31, 2025, we repaid $129.3 million of variable-rate property debt in connection with the disposition of three apartment communities which resulted in a loss on extinguishment of debt in conjunction with a property sale of $1.1 million, representing the write-off of deferred financing costs.
As of March 31, 2025, our available liquidity was $573.2 million, which is comprised of cash and cash equivalents and restricted cash.
v3.25.1
Investment in Unconsolidated Real Estate Partnership
 3 Months Ended
Mar. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Unconsolidated Real Estate Partnership Investment in Unconsolidated Real Estate Partnerships
Unconsolidated Joint Ventures
As of March 31, 2025, AIR Operating Partnership has equity investments in three significant unconsolidated joint ventures: the “Virginia JV,” the joint venture with a global asset manager (“Value-Add JV”), and the joint venture with a global institutional investor ("Core JV") (collectively, the “Joint Ventures”). 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 JV (1)
Value-Add JV (2)
Core JV
Initial formation dateOctober 2021June 2023July 2023
AIR Ownership20%30%53%
Outside Entities' Ownership
80%70%47%
Number of Apartment Communities3112
Apartment Units1,7484443,909
(1)Our partner in the Virginia JV is an affiliate of Blackstone Inc.
(2)A global asset manager acquired a 70% legal ownership in the Value-Add JV, but the AIR Operating Partnership 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 Operating Partnership's investment in each Joint Venture is included in investment in unconsolidated real estate partnerships in our condensed consolidated balance sheets. AIR Operating Partnership's exposure to the obligations of the VIEs is limited to the carrying value of the limited partnership interests and AIR Operating Partnership's interest of the joint ventures' guarantor non-recourse liabilities. The following tables summarize certain relevant information with respect to our investments in unconsolidated real estate partnerships (in thousands):
March 31, 2025
Virginia JVValue-Add JVCore JV
Third-party debt
$395,000 $89,028 $891,056 
AIR Operating Partnership's investment in balance (1)
$12,162 $29,895 $273,723 
(1)AIR Operating Partnership's investment in balance includes certain basis differences that are subject to amortization. AIR Operating Partnership's investment in unconsolidated real estate partnerships in our condensed consolidated balance sheets also includes $21.2 million related to two immaterial unconsolidated investments.
December 31, 2024
Virginia JVValue-Add JVCore JV
Third-party debt
$395,000 $89,282 $891,097 
AIR Operating Partnership's investment in balance (1)
$13,501 $30,039 $276,588 
(1)AIR Operating Partnership's investment in balance includes certain basis differences that are subject to amortization. AIR Operating Partnership's investment in unconsolidated real estate partnerships in our condensed consolidated balance sheets also includes $21.2 million related to two immaterial unconsolidated investments.
The AIR Operating Partnership recognizes earnings or losses from our investments in unconsolidated real estate partnerships consisting of our proportionate share of the net earnings or losses of the Joint Ventures. In addition, we earn various fees for providing property management, construction, and corporate services to the Joint Ventures. The table below presents earnings or losses attributable to our investments in unconsolidated real estate partnerships, which is included in loss from unconsolidated real estate partnerships in our condensed consolidated statements of operations (in thousands):
Three Months Ended
March 31, 2025March 31, 2024
Virginia JV$(949)$(73)
Value-Add JV
(426)(239)
Core JV
(2,235)(6,538)
Total$(3,610)$(6,850)
v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Contingencies
Legal Matters
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, 2025, are immaterial to our condensed consolidated financial statements.
v3.25.1
Earnings Per Unit
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Unit Earnings per Unit
Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per unit are as follows (in thousands, except per unit data):
Three Months Ended
March 31, 2025March 31, 2024
Earnings per unit
Numerator:
Basic net income (loss) attributable to the AIR Operating Partnership’s common unitholders
$37,204 $(6,927)
Effect of dilutive instruments— — 
Dilutive net income (loss) attributable to the AIR Operating Partnership’s common unitholders
$37,204 $(6,927)
Denominator – units:
Basic weighted-average common units outstanding153,344 154,323 
Dilutive common unit equivalents outstanding111 — 
Dilutive weighted-average common units outstanding153,455 154,323 
Earnings per unit – basic $0.24 $(0.04)
Earnings per unit – diluted$0.24 $(0.04)
v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
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). See Note 10 for discussion regarding our derivative activity during the year.
As of March 31, 2025As of December 31, 2024
Total Fair ValueLevel 1Level 2Level 3Total Fair ValueLevel 1Level 2Level 3
Interest rate swaps - pay-fixed, receive-floating
$(11,628)$— $(11,628)$— $66 $— $66 $— 
Interest rate caps, net (1)
$1,719 $— $1,719 $— $5,262 $— $5,262 $— 
(1)Interest rate caps, net, is inclusive of $3.6 million of interest rate caps, offset partially by $1.9 million of sold interest rate caps.
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, 2025 and December 31, 2024, due to their relatively short-term nature and high probability of realization. The carrying value of our variable-rate non-recourse property debt, which we classify as Level 2 in the GAAP fair value hierarchy, approximated fair value as of March 31, 2025 and December 31, 2024, as such debt bears interest at floating rates which approximate market rates.
We classify the fair value of our fixed-rate non-recourse property debt, 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, 2025As of December 31, 2024
Carrying ValueFair ValueCarrying ValueFair Value
Fixed-rate non-recourse property debt
$2,138,004 $2,028,219 $2,144,797 $1,963,083 
Seller financing note receivable, net (1)
$33,505 $35,127 $33,151 $32,999 
Preferred equity investment (2)
$24,167 $26,040 $23,872 $25,513 
(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, we 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.
v3.25.1
Derivative Financial Instruments and Hedging Activities
 3 Months Ended
Mar. 31, 2025
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, interest rate caps, 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 our 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 other comprehensive income (loss) and subsequently reclassified into earnings as an increase or decrease to interest expense. During the three months ended March 31, 2025 and 2024, we reclassified gains of $1.0 million and $2.1 million, respectively, out of other comprehensive income (loss) into interest expense. As of March 31, 2025, we estimate that during the next 12 months, we will reclassify into earnings approximately $4.0 million of the unrealized gain in other comprehensive income (loss).
Changes in fair value of derivatives not designated in a hedge relationship, or economic hedges, are recognized in (loss) gain on derivative instruments, net, in our condensed consolidated statements of operations once realized. During the three months ended March 31, 2025 and 2024, (loss) gain on derivative instruments was ($13.7) million and $9.6 million, respectively.
Additionally, as of March 31, 2025, we have $679.2 million of notional value interest rate swaps and caps in excess of outstanding non-recourse property debt.
The following tables summarize our derivative financial instruments (dollars in thousands):
As of March 31, 2025
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-floating
15$4,550,000 $4,496 $(16,124)
Interest rate caps, net (1)
6$1,148,500 $3,599 $(1,880)
(1)Interest rate caps, net, is inclusive of four interest rate caps with an aggregate notional value of $4.1 billion, offset partially by two sold interest rate caps with an aggregate notional value of $3.0 billion.
As of December 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-floating15$4,550,000 $10,177 $(10,111)
Interest rate caps, net (1)6$1,148,500 $11,025 $(5,763)
(1)Interest rate caps, net, is inclusive of four interest rate caps with an aggregate notional value of $4.1 billion, offset partially by two sold interest rate caps with an aggregate notional value of $3.0 billion.
v3.25.1
Variable Interest Entities
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities Variable Interest Entities
Consolidated Entities
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. 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 AIR Operating Partnership:
March 31, 2025December 31, 2024
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’ are summarized in the table below (in thousands):
March 31, 2025December 31, 2024
ASSETS:
Net real estate$963,214 $972,802 
Cash and cash equivalents41,506 45,554 
Restricted cash1,436 1,876 
Other assets, net31,989 23,904 
LIABILITIES:
Non-recourse property debt, net$(1,306,124)$(1,309,959)
Accrued liabilities and other(37,896)(36,743)
v3.25.1
Business Segments
 3 Months Ended
Mar. 31, 2025
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 Operating Partnership and have reached a stabilized level of operations. Our Other Real Estate segment includes two properties acquired in 2024.
The Co-Principal Executive Officers (“CPEO”) are our chief operating decision makers (“CODM”). The CODM uses proportionate property net operating income ("NOI") to assess the operating performance of our communities. During the quarter ended March 31, 2025, our CODM reevaluated the definition of proportionate property NOI to better align with how they view the business, and what information is deemed relevant to assess segment operating performance. These changes included updates to the classification, inclusion, or exclusion of certain revenues and expenses associated with property level reimbursements, corporate allocated expenses, and non-cash activity. Proportionate property NOI reflects our share of rental and other property revenues, less property management and operating expenses. Rental and other property revenues now include utility reimbursements, which were previously netted against utility expenses and included as a component of property management and operating expenses. Property management and operating expenses now include property management fees charged to the properties and cash ground lease expense, and excludes centralized property support services billed to the properties, but that the properties do not control.
As of March 31, 2025, our Same Store segment included 72 apartment communities with 26,333 apartment homes and our Other Real Estate segment included two apartment communities with 743 apartment homes.
The following tables present the total revenues, property management and operating expenses, proportionate property net operating income (loss), and income (loss) before income tax expense of our segments on a proportionate basis. 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, 2025 (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, 2025:
Total revenues$197,306 $3,573 $(4,701)$7,294 $203,472 
Property management and operating expenses
63,862 1,330 (6,900)12,262 70,554 
Other operating expenses not allocated to segments (3)— — — 93,639 93,639 
Total operating expenses63,862 1,330 (6,900)105,901 164,193 
Proportionate property net operating income (loss)133,444 2,243 2,199 (98,607)39,279 
Other items included in income (loss) before income tax expense (4)
— — — 903 903 
Income (loss) before income tax expense
$133,444 $2,243 $2,199 $(97,704)$40,182 

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$190,722 $888 $(2,026)$6,038 $195,622 
Property management and operating expenses
64,984 483 (8,958)11,230 67,739 
Other operating expenses not allocated to segments (3)— — — 98,136 98,136 
Total operating expenses64,984 483 (8,958)109,366 165,875 
Proportionate property net operating income (loss)125,738 405 6,932 (103,328)29,747 
Other items included in income (loss) before income tax expense (4)— — — (33,706)(33,706)
Income (loss) before income tax expense
$125,738 $405 $6,932 $(137,034)$(3,959)
(1)Represents adjustments to: (i) exclude AIR Operating Partnership’s proportionate share of the results of unconsolidated apartment communities, which is excluded in the related consolidated amounts, (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, and (iii) include non-cash adjustments and reclassify certain amounts between line items.
(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 in conjunction with a property sale, gain on dispositions of real estate, net, loss from unconsolidated real estate partnerships, (loss) gain on derivative instruments, net, and merger-related costs.
Property management and operating expenses are comprised of operating expenses, property management expense charged to the property, real estate taxes, insurance, and ground lease expense. The following table presents total property management and operating expenses, by type, that has been allocated to our segments on a proportionate basis. 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, 2025 (in thousands):
Three Months Ended March 31, 2025Three Months Ended March 31, 2024
Same
Store		Other
Real Estate		Same
Store		Other
Real Estate
Operating expenses (1)$30,859 $725 $30,799 $288 
Property management expense
5,345 102 7,277 28 
Real estate taxes
20,927 451 20,874 143 
Insurance
5,050 52 4,400 24 
Ground lease expense
1,681 — 1,634 — 
Property management and operating expenses
$63,862 $1,330 $64,984 $483 
(1)Includes onsite payroll, repairs and maintenance, software and technology expenses, marketing, expensed turnover costs, utility expenses, and other property related operating expenses.
The assets of our segments and the consolidated assets not allocated to our segments were as follows (in thousands):
March 31, 2025December 31, 2024
Same Store$5,363,711 $5,389,109 
Other Real Estate86,935 87,729 
Corporate and other assets (1)959,836 1,098,704 
Total consolidated assets$6,410,482 $6,575,542 
(1)Includes the assets not allocated to our segments including: (i) corporate assets and (ii) properties sold or classified as held for sale.
For the three months ended March 31, 2025 and 2024, capital additions related to our segments were as follows (in thousands):
20252024
Same Store$25,923 $26,959 
Other Real Estate 182 192 
Total capital additions$26,105 $27,151 
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net Income (Loss) $ 38,358 $ (5,379)
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2025
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, 2025 and December 31, 2024, the AIR Operating Partnership consolidated four VIEs. Please see Note 11 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, with a cash value equal to the redemption price. The preferred OP Units are therefore presented within temporary partners’ deficit 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 and accrued distributions (in thousands):
Balance at January 1, 2025
$56,827 
Preferred distributions(1,154)
Redemption of preferred units(117)
Net income allocated to preferred units1,154 
Balance at March 31, 2025
$56,710 
As of March 31, 2025 and December 31, 2024, the AIR Operating Partnership had 1,998,527 and 2,003,158 redeemable preferred OP Units issued and outstanding, respectively. Distributions per annum range from 1.92% to 8.75% per class and $0.48 to $8.00 per unit.
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.
v3.25.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Schedule of Reconciliation of Preferred OP Units
The following table presents a rollforward of the AIR Operating Partnership’s preferred OP Units’ redemption value and accrued distributions (in thousands):
Balance at January 1, 2025
$56,827 
Preferred distributions(1,154)
Redemption of preferred units(117)
Net income allocated to preferred units1,154 
Balance at March 31, 2025
$56,710 
v3.25.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Schedule of 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, 2025March 31, 2024
Fixed lease income$185,240 $179,359 
Variable lease income12,642 12,826 
Total lease income$197,882 $192,185 
Schedule of Future Minimum Annual Rental Payments Receivable Under Residential and Commercial Leases As of March 31, 2025, 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):
2025 (remaining)
$349,274 
2026157,859 
202725,565 
202811,429 
20299,602 
Thereafter26,019 
Total$579,748 
v3.25.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes our total non-recourse indebtedness (in thousands):
March 31, 2025December 31, 2024
Fixed-rate property debt due July 2025 to January 2055 (1)
$2,138,003 $2,144,797 
Variable-rate property debt due July 2029 to October 2029 (2)
4,012,633 4,140,409 
Total non-recourse property debt
6,150,636 6,285,206 
Debt issuance costs, net of accumulated amortization(36,568)(43,337)
Total non-recourse property debt, net$6,114,068 $6,241,869 
(1)The stated rates on our fixed-rate property debt are between 2.7% to 7.1%.
(2)As of March 31, 2025, all $4.0 billion of our floating rate debt is economically hedged through interest rate swaps and caps.
v3.25.1
Investment in Unconsolidated Real Estate Partnership (Tables)
 3 Months Ended
Mar. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investments
Virginia JV (1)
Value-Add JV (2)
Core JV
Initial formation dateOctober 2021June 2023July 2023
AIR Ownership20%30%53%
Outside Entities' Ownership
80%70%47%
Number of Apartment Communities3112
Apartment Units1,7484443,909
(1)Our partner in the Virginia JV is an affiliate of Blackstone Inc.
(2)A global asset manager acquired a 70% legal ownership in the Value-Add JV, but the AIR Operating Partnership 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 tables summarize certain relevant information with respect to our investments in unconsolidated real estate partnerships (in thousands):
March 31, 2025
Virginia JVValue-Add JVCore JV
Third-party debt
$395,000 $89,028 $891,056 
AIR Operating Partnership's investment in balance (1)
$12,162 $29,895 $273,723 
(1)AIR Operating Partnership's investment in balance includes certain basis differences that are subject to amortization. AIR Operating Partnership's investment in unconsolidated real estate partnerships in our condensed consolidated balance sheets also includes $21.2 million related to two immaterial unconsolidated investments.
December 31, 2024
Virginia JVValue-Add JVCore JV
Third-party debt
$395,000 $89,282 $891,097 
AIR Operating Partnership's investment in balance (1)
$13,501 $30,039 $276,588 
(1)AIR Operating Partnership's investment in balance includes certain basis differences that are subject to amortization. AIR Operating Partnership's investment in unconsolidated real estate partnerships in our condensed consolidated balance sheets also includes $21.2 million related to two immaterial unconsolidated investments.
The table below presents earnings or losses attributable to our investments in unconsolidated real estate partnerships, which is included in loss from unconsolidated real estate partnerships in our condensed consolidated statements of operations (in thousands):
Three Months Ended
March 31, 2025March 31, 2024
Virginia JV$(949)$(73)
Value-Add JV
(426)(239)
Core JV
(2,235)(6,538)
Total$(3,610)$(6,850)
v3.25.1
Earnings Per Unit (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings per Unit
Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per unit are as follows (in thousands, except per unit data):
Three Months Ended
March 31, 2025March 31, 2024
Earnings per unit
Numerator:
Basic net income (loss) attributable to the AIR Operating Partnership’s common unitholders
$37,204 $(6,927)
Effect of dilutive instruments— — 
Dilutive net income (loss) attributable to the AIR Operating Partnership’s common unitholders
$37,204 $(6,927)
Denominator – units:
Basic weighted-average common units outstanding153,344 154,323 
Dilutive common unit equivalents outstanding111 — 
Dilutive weighted-average common units outstanding153,455 154,323 
Earnings per unit – basic $0.24 $(0.04)
Earnings per unit – diluted$0.24 $(0.04)
v3.25.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule 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). See Note 10 for discussion regarding our derivative activity during the year.
As of March 31, 2025As of December 31, 2024
Total Fair ValueLevel 1Level 2Level 3Total Fair ValueLevel 1Level 2Level 3
Interest rate swaps - pay-fixed, receive-floating
$(11,628)$— $(11,628)$— $66 $— $66 $— 
Interest rate caps, net (1)
$1,719 $— $1,719 $— $5,262 $— $5,262 $— 
(1)Interest rate caps, net, is inclusive of $3.6 million of interest rate caps, offset partially by $1.9 million of sold interest rate caps.
Schedule of Carrying Value and Fair Value of Non-recourse Property Debt
We classify the fair value of our fixed-rate non-recourse property debt, 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, 2025As of December 31, 2024
Carrying ValueFair ValueCarrying ValueFair Value
Fixed-rate non-recourse property debt
$2,138,004 $2,028,219 $2,144,797 $1,963,083 
Seller financing note receivable, net (1)
$33,505 $35,127 $33,151 $32,999 
Preferred equity investment (2)
$24,167 $26,040 $23,872 $25,513 
(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, we 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.
v3.25.1
Derivative Financial Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Financial Instrument and Hedging Activities
The following tables summarize our derivative financial instruments (dollars in thousands):
As of March 31, 2025
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-floating
15$4,550,000 $4,496 $(16,124)
Interest rate caps, net (1)
6$1,148,500 $3,599 $(1,880)
(1)Interest rate caps, net, is inclusive of four interest rate caps with an aggregate notional value of $4.1 billion, offset partially by two sold interest rate caps with an aggregate notional value of $3.0 billion.
As of December 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-floating15$4,550,000 $10,177 $(10,111)
Interest rate caps, net (1)6$1,148,500 $11,025 $(5,763)
(1)Interest rate caps, net, is inclusive of four interest rate caps with an aggregate notional value of $4.1 billion, offset partially by two sold interest rate caps with an aggregate notional value of $3.0 billion.
v3.25.1
Variable Interest Entities (Tables)
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities
The table below summarizes apartment community information regarding VIEs consolidated by AIR Operating Partnership:
March 31, 2025December 31, 2024
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’ are summarized in the table below (in thousands):
March 31, 2025December 31, 2024
ASSETS:
Net real estate$963,214 $972,802 
Cash and cash equivalents41,506 45,554 
Restricted cash1,436 1,876 
Other assets, net31,989 23,904 
LIABILITIES:
Non-recourse property debt, net$(1,306,124)$(1,309,959)
Accrued liabilities and other(37,896)(36,743)
v3.25.1
Business Segments (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule 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, 2025 (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, 2025:
Total revenues$197,306 $3,573 $(4,701)$7,294 $203,472 
Property management and operating expenses
63,862 1,330 (6,900)12,262 70,554 
Other operating expenses not allocated to segments (3)— — — 93,639 93,639 
Total operating expenses63,862 1,330 (6,900)105,901 164,193 
Proportionate property net operating income (loss)133,444 2,243 2,199 (98,607)39,279 
Other items included in income (loss) before income tax expense (4)
— — — 903 903 
Income (loss) before income tax expense
$133,444 $2,243 $2,199 $(97,704)$40,182 

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$190,722 $888 $(2,026)$6,038 $195,622 
Property management and operating expenses
64,984 483 (8,958)11,230 67,739 
Other operating expenses not allocated to segments (3)— — — 98,136 98,136 
Total operating expenses64,984 483 (8,958)109,366 165,875 
Proportionate property net operating income (loss)125,738 405 6,932 (103,328)29,747 
Other items included in income (loss) before income tax expense (4)— — — (33,706)(33,706)
Income (loss) before income tax expense
$125,738 $405 $6,932 $(137,034)$(3,959)
(1)Represents adjustments to: (i) exclude AIR Operating Partnership’s proportionate share of the results of unconsolidated apartment communities, which is excluded in the related consolidated amounts, (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, and (iii) include non-cash adjustments and reclassify certain amounts between line items.
(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 in conjunction with a property sale, gain on dispositions of real estate, net, loss from unconsolidated real estate partnerships, (loss) gain on derivative instruments, net, and merger-related costs.
Reconciliation of Operating Profit (Loss) from Segments to Consolidated The following table presents total property management and operating expenses, by type, that has been allocated to our segments on a proportionate basis. 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, 2025 (in thousands):
Three Months Ended March 31, 2025Three Months Ended March 31, 2024
Same
Store		Other
Real Estate		Same
Store		Other
Real Estate
Operating expenses (1)$30,859 $725 $30,799 $288 
Property management expense
5,345 102 7,277 28 
Real estate taxes
20,927 451 20,874 143 
Insurance
5,050 52 4,400 24 
Ground lease expense
1,681 — 1,634 — 
Property management and operating expenses
$63,862 $1,330 $64,984 $483 
(1)Includes onsite payroll, repairs and maintenance, software and technology expenses, marketing, expensed turnover costs, utility expenses, and other property related operating expenses.
Schedule of 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, 2025December 31, 2024
Same Store$5,363,711 $5,389,109 
Other Real Estate86,935 87,729 
Corporate and other assets (1)959,836 1,098,704 
Total consolidated assets$6,410,482 $6,575,542 
(1)Includes the assets not allocated to our segments including: (i) corporate assets and (ii) properties sold or classified as held for sale.
Schedule of Capital Additions Related to Segments
For the three months ended March 31, 2025 and 2024, capital additions related to our segments were as follows (in thousands):
20252024
Same Store$25,923 $26,959 
Other Real Estate 182 192 
Total capital additions$26,105 $27,151 
v3.25.1
Basis of Presentation and Organization (Details)
Mar. 31, 2025
apartment
geographicConcerntraion
stateAndDistrict
property
shares
Real Estate Properties [Line Items]  
Number of geographic concentrations | geographicConcerntraion 8
Number of states and district | stateAndDistrict 10
AIR Operating Partnership  
Real Estate Properties [Line Items]  
Common operating partnership units and equivalents outstanding (in shares) | shares 153,654,104
Partially Owned Properties  
Real Estate Properties [Line Items]  
Apartment communities owned by VIEs | property 74
Apartment homes in communities owned by VIEs | apartment 27,076
Percentage of average ownership of portfolio 81.00%
v3.25.1
Summary of Significant Accounting Policies - Narrative (Details)
 3 Months Ended
Mar. 31, 2025
entity
$ / shares
shares
Dec. 31, 2024
entity
shares
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]    
Number of consolidated VIEs | entity 4 4
AIMCO PROPERTIES, L.P    
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]    
Units outstanding (in shares) | shares 1,998,527 2,003,158
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  
v3.25.1
Summary of Significant Accounting Policies - Reconciliation of Preferred OP Units (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]  
Balance at January 1, 2025 $ 56,827
Preferred distributions (1,154)
Redemption of preferred units (117)
Net income allocated to preferred units 1,154
Balance at March 31, 2025 $ 56,710
v3.25.1
Significant Transactions - Narrative (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
property
$ / shares
shares
Sep. 30, 2024
$ / shares
Mar. 31, 2024
USD ($)
property
Dec. 31, 2024
USD ($)
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]        
Dividends and distributions paid (in dollars per share) | $ / shares   $ 0.45    
Gain on dispositions of real estate, net $ 105,526   $ 0  
Variable Rate Property Debt | Secured Debt        
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]        
Long-term debt, gross 4,012,633     $ 4,140,409
Core JV | Bethesda Maryland        
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]        
Proceeds from real estate and real estate joint ventures 155,800      
Contribution to unconsolidated joint ventures $ 91,200      
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Wholly And Partially Owned Consolidated Properties        
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]        
Number of apartment communities | property 3   0  
Number of apartment homes | property 318      
Common OP Units redeemed (in shares) | shares 2,521,132      
Dividends and distributions paid (in dollars per share) | $ / shares $ 25.62      
Gain on dispositions of real estate, net $ 106,000      
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Wholly And Partially Owned Consolidated Properties | Variable Rate Property Debt | Secured Debt        
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]        
Long-term debt, gross $ 129,300      
v3.25.1
Leases - Lease Income for Operating Leases (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Leases [Abstract]    
Fixed lease income $ 185,240 $ 179,359
Variable lease income 12,642 12,826
Total lease income $ 197,882 $ 192,185
Operating lease, lease income, statement of income or comprehensive income Other assets, net Other assets, net
v3.25.1
Leases - Narrative (Details)
Mar. 31, 2025
Residential Lease  
Operating Leased Assets [Line Items]  
Lessee, operating lease, term of contract 7 months 14 days
v3.25.1
Leases - Schedule of Aggregate Minimum Lease Payments (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Leases [Abstract]  
2025 (remaining) $ 349,274
2026 157,859
2027 25,565
2028 11,429
2029 9,602
Thereafter 26,019
Total $ 579,748
v3.25.1
Debt - Schedule of Debt Instruments (Details) - Secured Debt - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Debt issuance costs, net of accumulated amortization $ (36,568) $ (43,337)
Total indebtedness 6,114,068 6,241,869
Fixed Rate Property Debt    
Debt Instrument [Line Items]    
Long-term debt, gross 2,138,003 2,144,797
Variable Rate Property Debt    
Debt Instrument [Line Items]    
Long-term debt, gross 4,012,633 4,140,409
Fixed-rate non-recourse property debt    
Debt Instrument [Line Items]    
Long-term debt, gross $ 6,150,636 $ 6,285,206
Fixed Rate Member | Minimum    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 2.70%  
Fixed Rate Member | Maximum    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 7.10%  
v3.25.1
Debt - Narrative (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
property
Mar. 31, 2024
USD ($)
property
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]      
Loss on extinguishment of debt in conjunction with a property sale $ (1,108) $ 0  
Variable Rate Property Debt | Secured Debt      
Debt Instrument [Line Items]      
Long-term debt, gross 4,012,633   $ 4,140,409
Fifteen Year Fixed Rate Financing | Cash and Cash Equivalents      
Debt Instrument [Line Items]      
Line of credit, total liquidity $ 573,200    
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Wholly And Partially Owned Consolidated Properties      
Debt Instrument [Line Items]      
Apartment communities owned by VIEs | property 3 0  
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Wholly And Partially Owned Consolidated Properties | Variable Rate Property Debt | Secured Debt      
Debt Instrument [Line Items]      
Long-term debt, gross $ 129,300    
v3.25.1
Investment in Unconsolidated Real Estate Partnership - Ownership Information (Details)
 3 Months Ended
Mar. 31, 2025
apartment
Virginia JV  
Schedule of Equity Method Investments [Line Items]  
Number of Apartment Communities 3
Apartment Units 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%
Value-Add JV  
Schedule of Equity Method Investments [Line Items]  
Number of Apartment Communities 1
Apartment Units 444
Value-Add JV | Parent Company  
Schedule of Equity Method Investments [Line Items]  
Ownership, percentage 30.00%
Value-Add JV | Partnership Interest  
Schedule of Equity Method Investments [Line Items]  
Ownership, percentage 70.00%
Core JV  
Schedule of Equity Method Investments [Line Items]  
Number of Apartment Communities 12
Apartment Units 3,909
Core JV | Parent Company  
Schedule of Equity Method Investments [Line Items]  
Ownership, percentage 53.00%
Core 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%
v3.25.1
Investment in Unconsolidated Real Estate Partnership - Summary of Combined Balance Sheets for Joint Venture Partners (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Variable Interest Entity [Line Items]    
Third-party debt $ 6,419,714 $ 6,551,006
AIR Operating Partnership's investment in balance 337,001 341,357
Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
AIR Operating Partnership's investment in balance 21,200 21,200
Variable Interest Entity, Primary Beneficiary | Virginia JV    
Variable Interest Entity [Line Items]    
Third-party debt 395,000 395,000
AIR Operating Partnership's investment in balance 12,162 13,501
Variable Interest Entity, Primary Beneficiary | Value-Add JV    
Variable Interest Entity [Line Items]    
Third-party debt 89,028 89,282
AIR Operating Partnership's investment in balance 29,895 30,039
Variable Interest Entity, Primary Beneficiary | Core JV    
Variable Interest Entity [Line Items]    
Third-party debt 891,056 891,097
AIR Operating Partnership's investment in balance $ 273,723 $ 276,588
v3.25.1
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, 2025
Mar. 31, 2024
Variable Interest Entity [Line Items]    
Net income (loss) from real estate investment partnership $ (3,610) $ (6,850)
Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Net income (loss) from real estate investment partnership (3,610) (6,850)
Virginia JV | Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Net income (loss) from real estate investment partnership (949) (73)
Value-Add JV | Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Net income (loss) from real estate investment partnership (426) (239)
Core JV | Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Net income (loss) from real estate investment partnership $ (2,235) $ (6,538)
v3.25.1
Earnings Per Unit - Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings (Loss) per Share and per Unit (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Numerator:    
Basic net income (loss) attributable to the AIR Operating Partnership’s common unitholders $ 37,204 $ (6,927)
Effect of dilutive instruments 0 0
Dilutive net income (loss) attributable to the AIR Operating Partnership’s common unitholders $ 37,204 $ (6,927)
Denominator:    
Basic weighted-average common units outstanding (in shares) 153,344 154,323
Dilutive common unit equivalents outstanding (in shares) 111 0
Dilutive weighted-average common units outstanding (in shares) 153,455 154,323
Earnings per unit - basic (in dollars per share) $ 0.24 $ (0.04)
Earnings per unit - diluted (in dollars per share) $ 0.24 $ (0.04)
v3.25.1
Fair Value Measurements - Summary of Fair Value for Interest Rate Options (Details) - Fair value recurring - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Interest rate swaps - pay-fixed, receive-floating    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total Fair Value $ (11,628) $ 66
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 (11,628) 66
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 caps, net    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total Fair Value 1,719 5,262
Interest rate caps, net | Level 1    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total Fair Value 0 0
Interest rate caps, net | Level 2    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total Fair Value 1,719 5,262
Interest rate caps, net | Level 3    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total Fair Value 0 $ 0
Interest rate caps    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total Fair Value 3,600  
Sold Interest Rate Caps    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total Fair Value $ (1,900)  
v3.25.1
Fair Value Measurements - Summary of Carrying Value and Fair Value of Non-recourse Property Debt (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Mar. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Derivative, average variable interest rate       4.50%
Receivables with imputed interest, amortization amount       $ 8,500
Investment interest rate       7.25%
Value-Add 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   $ 33,505 $ 33,151  
Carrying Value | Fair Value, Nonrecurring | Preferred equity investment        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Preferred equity investment   24,167 23,872  
Carrying Value | Fair Value, Nonrecurring | Fixed-rate non-recourse property debt        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Long-term debt   2,138,004 2,144,797  
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   35,127 32,999  
Fair Value | Fair Value, Nonrecurring | Preferred equity investment        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Preferred equity investment   26,040 25,513  
Fair Value | Fair Value, Nonrecurring | Fixed-rate non-recourse property debt        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Long-term debt   $ 2,028,219 $ 1,963,083  
v3.25.1
Derivative Financial Instruments and Hedging Activities - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Reclassification of interest rate derivative gain to net income (loss) $ (996) $ (2,101)
Cash flow hedge gain (loss) to be reclassified within 12 months 4,000  
(Loss) gain on derivative instruments, net (13,677) $ 9,574
Favorable Interest Rates | Designated as Hedging Instrument    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Aggregate notional amount $ 679,200  
v3.25.1
Derivative Financial Instruments and Hedging Activities - Schedule of Balance Sheet Hedges (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
instrument
Dec. 31, 2024
USD ($)
instrument
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 15 15
Aggregate notional amount $ 4,550,000 $ 4,550,000
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 4,496 10,177
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 $ (16,124) $ (10,111)
Interest Rate Caps, Net | Not Designated as Hedging Instrument    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Number of instruments held | instrument 6 6
Aggregate notional amount $ 1,148,500 $ 1,148,500
Interest Rate Caps, Net | Not Designated as Hedging Instrument | Other Assets    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Asset derivatives, fair value 3,599 11,025
Interest Rate Caps, Net | Not Designated as Hedging Instrument | Other Liabilities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Liability derivatives, fair value (1,880) (5,763)
Interest rate caps | Unsecured Debt    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Aggregate notional amount $ 4,100,000 $ 4,100,000
Interest rate caps | Not Designated as Hedging Instrument    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Number of instruments held | instrument 4 4
Sold Interest Rate Caps | Not Designated as Hedging Instrument    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Number of instruments held | instrument 2  
Aggregate notional amount $ 3,000,000  
Sold Interest Rate Caps | Not Designated as Hedging Instrument    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Number of instruments held | instrument   2
Aggregate notional amount   $ 3,000,000
v3.25.1
Variable Interest Entities - Schedule of VIEs Consolidated by the AIR Operating Partnership (Details) - Variable Interest Entity, Primary Beneficiary
Mar. 31, 2025
apartment
property
entity
Dec. 31, 2024
entity
property
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
v3.25.1
Variable Interest Entities - Assets and Liabilities of VIEs (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
ASSETS    
Net real estate $ 5,197,081 $ 5,295,404
Cash and cash equivalents 545,417 616,452
Restricted cash 27,740 28,007
Other assets, net 270,957 262,036
LIABILITIES:    
Non-recourse property debt, net (6,114,068) (6,241,869)
Accrued liabilities and other (305,646) (309,137)
Variable Interest Entity, Primary Beneficiary    
ASSETS    
Net real estate 963,214 972,802
Cash and cash equivalents 41,506 45,554
Restricted cash 1,436 1,876
Other assets, net 31,989 23,904
LIABILITIES:    
Non-recourse property debt, net (1,306,124) (1,309,959)
Accrued liabilities and other $ (37,896) $ (36,743)
v3.25.1
Business Segments - Narrative (Details)
 3 Months Ended
Mar. 31, 2025
property
apartment
Segment
Segment Reporting Information [Line Items]  
Number of reportable segments | Segment 2
Other Real Estate  
Segment Reporting Information [Line Items]  
Apartment communities owned by VIEs 2
Apartment homes in communities owned by VIEs | apartment 743
Same Store  
Segment Reporting Information [Line Items]  
Apartment communities owned by VIEs 72
Apartment homes in communities owned by VIEs | apartment 26,333
Wholly Owned Consolidated Properties | Other Real Estate  
Segment Reporting Information [Line Items]  
Apartment communities owned by VIEs 2
v3.25.1
Business Segments - Summary of Information for Reportable Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Summary information for the reportable segments    
Total revenues $ 203,472 $ 195,622
Other operating expenses not allocated to segments 93,639 98,136
Property management and operating expenses 164,193 165,875
Proportionate property net operating income (loss) 39,279 29,747
Other items included in (loss) income before income tax expense 903 (33,706)
Income (loss) before income tax expense 40,182 (3,959)
Real Estate    
Summary information for the reportable segments    
Cost of Revenue 70,554 67,739
Segment Reconciling Items    
Summary information for the reportable segments    
Total revenues (4,701) (2,026)
Other operating expenses not allocated to segments 0 0
Property management and operating expenses (6,900) (8,958)
Proportionate property net operating income (loss) 2,199 6,932
Other items included in (loss) income before income tax expense 0 0
Income (loss) before income tax expense 2,199 6,932
Segment Reconciling Items | Real Estate    
Summary information for the reportable segments    
Cost of Revenue (6,900) (8,958)
Corporate Non-Segment    
Summary information for the reportable segments    
Total revenues 7,294 6,038
Other operating expenses not allocated to segments 93,639 98,136
Property management and operating expenses 105,901 109,366
Proportionate property net operating income (loss) (98,607) (103,328)
Other items included in (loss) income before income tax expense 903 (33,706)
Income (loss) before income tax expense (97,704) (137,034)
Corporate Non-Segment | Real Estate    
Summary information for the reportable segments    
Cost of Revenue 12,262 11,230
Same Store | Operating Segments    
Summary information for the reportable segments    
Total revenues 197,306 190,722
Other operating expenses not allocated to segments 0 0
Property management and operating expenses 63,862 64,984
Proportionate property net operating income (loss) 133,444 125,738
Other items included in (loss) income before income tax expense 0 0
Income (loss) before income tax expense 133,444 125,738
Same Store | Operating Segments | Real Estate    
Summary information for the reportable segments    
Cost of Revenue 63,862 64,984
Other Real Estate | Operating Segments    
Summary information for the reportable segments    
Total revenues 3,573 888
Other operating expenses not allocated to segments 0 0
Property management and operating expenses 1,330 483
Proportionate property net operating income (loss) 2,243 405
Other items included in (loss) income before income tax expense 0 0
Income (loss) before income tax expense 2,243 405
Other Real Estate | Operating Segments | Real Estate    
Summary information for the reportable segments    
Cost of Revenue $ 1,330 $ 483
v3.25.1
Business Segments - Schedule of Property Management and Operating Expenses (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Property management and operating expenses $ 164,193 $ 165,875
Same Store | Operating Segments    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Operating expenses 30,859 30,799
Property management expense 5,345 7,277
Real estate taxes 20,927 20,874
Insurance 5,050 4,400
Ground lease expense 1,681 1,634
Property management and operating expenses 63,862 64,984
Other Real Estate | Operating Segments    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Operating expenses 725 288
Property management expense 102 28
Real estate taxes 451 143
Insurance 52 24
Ground lease expense 0 0
Property management and operating expenses $ 1,330 $ 483
v3.25.1
Business Segments - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]    
Total consolidated assets $ 6,410,482 $ 6,575,542
Corporate Non-Segment    
Segment Reporting Information [Line Items]    
Total consolidated assets 959,836 1,098,704
Same Store | Operating Segments    
Segment Reporting Information [Line Items]    
Total consolidated assets 5,363,711 5,389,109
Other Real Estate | Operating Segments    
Segment Reporting Information [Line Items]    
Total consolidated assets $ 86,935 $ 87,729
v3.25.1
Business Segments - Capital Additions Related to Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Total capital additions $ 26,105 $ 27,151
Same Store    
Segment Reporting Information [Line Items]    
Total capital additions 25,923 26,959
Other Real Estate    
Segment Reporting Information [Line Items]    
Total capital additions $ 182 $ 192