Audit Information |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Audit Information [Abstract] | |
| Auditor Location | Denver, Colorado |
| Auditor Name | DELOITTE & TOUCHE LLP |
| Auditor Firm ID | 34 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
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| Statement of Comprehensive Income [Abstract] | |||
| Net (loss) income | $ (355,842) | $ 689,287 | $ 970,050 |
| Unrealized gain on derivative instruments, net | 0 | 2,955 | 47,049 |
| Reclassification of interest rate derivative (gain) loss to net (loss) income | (15,464) | (25,823) | 273 |
| Comprehensive (loss) income | (371,306) | 666,419 | 1,017,372 |
| Comprehensive income attributable to noncontrolling interests | (5,270) | (5,185) | (458) |
| Comprehensive (loss) income attributable to the AIR Operating Partnership | $ (376,576) | $ 661,234 | $ 1,016,914 |
CONSOLIDATED STATEMENTS OF PARTNERS’ (DEFICIT) CAPITAL - USD ($) $ in Thousands |
Total |
Common Partnership Units |
Preferred Partnership Units |
Preferred Units |
Preferred Units
Preferred Partnership Units
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General Partner and Special Limited Partner |
Limited Partners |
Limited Partners
Common Partnership Units
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Partners' Capital Attributable to the AIR Operating Partnership |
Partners' Capital Attributable to the AIR Operating Partnership
Common Partnership Units
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Partners' Capital Attributable to the AIR Operating Partnership
Preferred Partnership Units
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Noncontrolling Interests in Consolidated Real Estate Partnerships |
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| Beginning balance at Dec. 31, 2021 | $ 1,939,155 | $ 2,129 | $ 1,810,896 | $ 197,013 | $ 2,010,038 | $ (70,883) | ||||||
| Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||
| Redemption and repurchase of common partnership units | (327,884) | (316,710) | (11,174) | (327,884) | ||||||||
| Conversion of common partnership units | 0 | 119 | (119) | |||||||||
| Amortization of share-based compensation cost | 7,966 | 4,270 | 3,696 | 7,966 | ||||||||
| Effect of changes in ownership of consolidated entities | 0 | (7,791) | 7,791 | |||||||||
| Purchase of noncontrolling interests in consolidated real estate partnerships | (5,409) | (5,529) | (5,529) | 120 | ||||||||
| Contributions from noncontrolling interests in consolidated real estate partnerships | 9,206 | 9,206 | ||||||||||
| Other comprehensive income (loss) | 47,322 | 43,562 | 3,760 | 47,322 | ||||||||
| Net income (loss) | 963,662 | 904,432 | 58,772 | 963,204 | 458 | |||||||
| Distributions to common unitholders | (295,460) | (277,639) | (17,821) | (295,460) | ||||||||
| Distributions to noncontrolling interests | (17,623) | (17,623) | ||||||||||
| Other, net | (1,629) | (129) | (1,193) | (244) | (1,566) | (63) | ||||||
| Ending 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] | ||||||||||||
| Redemption and repurchase of common partnership units | (167,463) | (148,956) | (18,507) | (167,463) | ||||||||
| Issuance of common partnership units | 22,383 | 22,383 | 22,383 | |||||||||
| Amortization of share-based compensation cost | 9,296 | 4,488 | 4,808 | 9,296 | ||||||||
| Effect of changes in ownership of consolidated entities | 1,113 | (8,260) | 10,771 | 2,511 | (1,398) | |||||||
| Purchase of noncontrolling interests in consolidated real estate partnerships | (1,517) | 479 | 479 | (1,996) | ||||||||
| Contributions from noncontrolling interests in consolidated real estate partnerships | 5,691 | 5,691 | ||||||||||
| Other comprehensive income (loss) | (22,868) | (21,170) | (1,698) | (22,868) | ||||||||
| Net income (loss) | 683,007 | 635,101 | 42,721 | 677,822 | 5,185 | |||||||
| Distributions to common unitholders | (284,126) | (266,422) | (17,704) | (284,126) | ||||||||
| Distributions to noncontrolling interests | (14,376) | (14,376) | ||||||||||
| Other, net | (72) | 219 | 3 | 222 | (294) | |||||||
| Ending 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 and repurchase of common partnership units | $ (32,152) | $ (2,000) | $ (2,000) | $ (32,152) | $ (32,152) | $ (2,000) | ||||||
| Amortization of share-based compensation cost | 23,657 | 11,843 | 11,814 | 23,657 | ||||||||
| Effect of changes in ownership of consolidated entities | 0 | (24,119) | 24,119 | |||||||||
| Other comprehensive income (loss) | (15,464) | (14,255) | (1,209) | (15,464) | ||||||||
| Net income (loss) | (361,678) | (343,791) | (23,157) | (366,948) | 5,270 | |||||||
| Merger-related distributions | (2,105,949) | (1,976,696) | (129,253) | (2,105,949) | ||||||||
| Distributions to common unitholders | (72,414) | (64,649) | (7,765) | (72,414) | ||||||||
| Distributions to noncontrolling interests | (17,552) | (17,552) | ||||||||||
| Other, net | 887 | 287 | 287 | 600 | ||||||||
| Ending balance at Dec. 31, 2024 | $ (32,291) | $ 0 | $ (61,484) | $ 126,848 | $ 65,364 | $ (97,655) |
Basis of Presentation and Organization |
12 Months Ended |
|---|---|
Dec. 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 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, 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 partnerships consolidated by the AIR Operating Partnership that are held by third parties are reflected in AIR Operating Partnership’s accompanying 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 capital account. Except as the context otherwise requires, “we,” “our,” and “us” refer to the AIR Operating Partnership and its consolidated subsidiaries, collectively. Reclassifications Certain prior period balances in the consolidated statements of operations, statements of cash flows, statements of partners' (deficit) capital, and the notes to the consolidated financial statements have been combined or reclassified to conform to current period presentation. These changes had no impact on net (loss) income, cash flows, assets and liabilities, or partners’ (deficit) capital previously reported. Organization and Business We are 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 December 31, 2024, our portfolio included 77 apartment communities with 27,395 apartment homes, in which we held an average ownership of approximately 81%. Any references to the number of apartment communities and homes, square footage, or occupancy percentage in these notes to our consolidated financial statements are unaudited. 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 December 31, 2024, after elimination of units held by consolidated subsidiaries, the AIR Operating Partnership had 156,221,778 common OP Units and equivalents legally outstanding.
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Summary of Significant Accounting Policies |
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| Organization, Consolidation and Presentation of Financial Statements [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 December 31, 2024 and 2023, the AIR Operating Partnership consolidated four VIE. Please see Note 13 for further discussion regarding our consolidated VIE. Real Estate Acquisitions Upon the acquisition of real estate, we determine whether the purchase qualifies as an asset acquisition or meets the definition of an acquisition of a business. We generally recognize the acquisition of apartment communities or interests in partnerships that own communities at our cost, including the related transaction costs, as asset acquisitions. We allocate the cost of apartment communities acquired based on the relative fair value of the assets acquired and liabilities assumed. The fair value of these assets and liabilities is determined using valuation techniques that rely on Level 2 and Level 3 inputs within the fair value framework. We determine the fair value of tangible assets, such as land, buildings, furniture, fixtures, and equipment using valuation techniques that consider comparable market transactions, replacement costs, and other available information. We determine the fair value of identified intangible assets or liabilities, which typically relate to in-place leases, using valuation techniques that consider the terms of the in-place leases, current market data for comparable leases, and our experience in leasing similar communities. The intangible assets or liabilities related to in-place leases are comprised of: (a) the value of the above- and below-market leases in-place, measured over the period, including probable lease renewals for below-market leases, that the leases are expected to remain in effect; (b) the estimated unamortized portion of avoided leasing commissions and other costs that ordinarily would be incurred to originate the in-place leases; and (c) the value associated with leased apartment homes during an estimated absorption period, which estimates rental revenue that would not have been earned had leased apartment homes been vacant at the time of acquisition, assuming lease-up periods based on market demand and stabilized occupancy levels. The above- and below-market lease intangibles are amortized to rental revenue over the expected remaining terms of the associated leases, which include reasonably assured renewal periods. Other intangible assets related to in-place leases are amortized to depreciation and amortization over the expected remaining terms of the associated leases. Capital Additions We capitalize costs, including certain indirect costs, incurred in connection with our capital additions activities, including tangible apartment community improvements and replacements of existing apartment community components. Costs, including ordinary repairs, maintenance, and resident turnover costs, are charged to property operating expense as incurred. For the years ended December 31, 2024, 2023, and 2022, we capitalized to buildings and improvements $13.3 million, $16.2 million, and $16.6 million of indirect costs, respectively. Dispositions A property is classified as held for sale when all of the following criteria for a plan of sale have been met: (i) management, having the authority to approve the action, commits to a plan to sell the asset or disposal group; (ii) the asset or disposal group is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset or disposal group have been initiated; (iv) the sale of the asset or disposal group is probable and is expected to be completed within one year; (v) the asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn, which is typically indicated by receipt of all non-refundable deposits from the buyer pursuant to a sales contract. Depreciation of assets ceases upon designation of a property as held for sale. For sales of real estate, we evaluate whether the disposition represents a strategic shift that has, or will have, a major effect on our operations and financial results. If so, it is classified as discontinued operations in our consolidated financial statements for all periods presented. If not, it is presented in continuing operations in our consolidated financial statements. The disposal of an individual property generally will not represent a strategic shift that has a major effect, and therefore will typically not meet the criteria for classification as a discontinued operations. Gain or loss on real estate dispositions are recognized when we no longer hold a controlling financial interest in the real estate and sufficient consideration has been received. Upon disposition, the related assets and liabilities are derecognized, and the gain or loss on disposition is recognized as the difference between the carrying amount of those assets and liabilities and the value of consideration received. Impairment Real estate and other long-lived assets to be held and used are individually evaluated for impairment when conditions exist that may indicate the carrying amount of a long-lived asset may not be recoverable. We use the held for sale impairment model for properties classified as held for sale, whereby an impairment charge is recognized if the carrying amount of the long-lived asset classified as held for sale exceeds its fair value less cost to sell. If an impairment indicator exists, we compare the asset’s expected future undiscounted cash flows to its current carrying value to assess whether impairment measurement is necessary. Upon determination that an impairment has occurred, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the real estate and other long-lived assets. The measurement of impairment is based on the fair value of the community and incorporates various estimates, assumptions, and market data, the most significant being rental rates, operating expense assumptions, expected hold period, capitalization rate, and purchase and sale agreements. We project future rental revenue growth rates using forecasted rates from third-party market research analytics. Property expense growth rates and capitalization rates are based on the apartment communities’ historical, current, and expected future operating results, existing operating expense assumptions, and operational strategies. These projections are adjusted to reflect current economic conditions and require considerable management judgment. We did not recognize any such impairment during the years ended December 31, 2024 and 2022. During 2023, we recognized a non-cash impairment loss on real estate of $23.6 million. Cash and Cash Equivalents We classify highly liquid investments with an original maturity of three months or less as cash equivalents. We maintain cash equivalents in financial institutions in excess of insured limits. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions. Restricted Cash As of December 31, 2024 and 2023, restricted cash primarily consists of capital replacement reserves, real estate tax and insurance escrow accounts held by lenders, and resident security deposits. Goodwill As of December 31, 2024 and 2023, goodwill associated with our reportable segments totaled $32.3 million. We perform an impairment test of goodwill annually, or when an interim triggering event occurs, by evaluating qualitative and quantitative factors, if necessary, to determine the likelihood that goodwill may be impaired. As a result of our annual impairment test, we determined that our goodwill was not impaired during the years ended December 31, 2024, 2023, and 2022. Accrued Liabilities and Other As of December 31, 2024 and 2023, accrued liabilities and other was comprised of the following amounts (in thousands):
Investment in Unconsolidated Real Estate Partnerships We may own general and limited partner interests in partnerships that either directly, or through interests in other real estate partnerships, own apartment communities. We generally account for investments in real estate partnerships that we do not consolidate under the equity method. Under the equity method, we recognize our share of the earnings or losses of the entity for the periods presented, inclusive of our share of any impairments and disposition gains or losses recognized by and related to such entities, and we present such amounts within loss from unconsolidated real estate partnerships in our consolidated statements of operations. Investment in unconsolidated real estate partnerships is included as a separate line item in our consolidated balance sheets. Investments in unconsolidated real estate partnerships are reviewed for impairments. An impairment loss is recorded when there is a decline in the fair value below the carrying value and we conclude such decline is other-than-temporary. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. We determine the fair value of investments in unconsolidated real estate partnerships using valuation techniques that consider the terms of the in-place leases, current market data for comparable leases, our experience in leasing similar communities, and current plans. We recognized no such impairments for the years ended December 31, 2024, 2023, and 2022. The excess of our cost of the acquired partnership interests over our share of the partners’ equity or deficit are included as a part of our investments in unconsolidated real estate partnerships. We amortize the excess cost over the term of the joint venture agreement. The amortization is recorded as an adjustment of the amounts of earnings or losses we recognize from such unconsolidated real estate partnerships. Please see Note 7 for further discussion regarding our investment in unconsolidated real estate partnerships. Noncontrolling Interests in Consolidated Real Estate Partnerships We generally report the unaffiliated partners’ interests in the net assets of our consolidated real estate partnerships as noncontrolling interests in consolidated real estate partnerships within the consolidated statements of partners’ (deficit) capital. If a real estate partnership includes redemption rights that are not within the AIR Operating Partnership’s control, the noncontrolling interest is included as temporary equity. The assets of real estate partnerships consolidated by the AIR Operating Partnership must first be used to settle the liabilities of such consolidated real estate partnerships. These consolidated real estate partnerships’ creditors do not have recourse to the general credit of the AIR Operating Partnership. Noncontrolling interests in consolidated real estate partnerships consist primarily of equity interests held by limited partners in consolidated real estate partnerships that have finite lives. We generally attribute to noncontrolling interests their share of income or loss of consolidated partnerships based on their proportionate interest in the results of operations of the partnerships, including their share of losses even if such attribution results in a deficit noncontrolling interest balance within our partners’ (deficit) capital accounts. The terms of the related partnership agreements generally require the partnerships to be liquidated following the sale of the underlying real estate. As the general partner in these partnerships, we ordinarily control the execution of real estate sales and other events that could lead to the liquidation, redemption or other settlement of noncontrolling interests. Changes in our ownership interest in consolidated real estate partnerships generally consist of our purchase of an additional interest in or the sale of our entire or partial interest in a consolidated real estate partnership. The effect on our partners’ (deficit) capital of our purchase of additional interests in consolidated real estate partnerships during the years ended December 31, 2024, 2023, and 2022, is shown in our consolidated statements of partners’ (deficit) capital. The effect on our partners’ (deficit) capital of sales of consolidated real estate or sales of our entire interest in consolidated real estate partnerships is reflected in our consolidated statements of operations as gains or losses on dispositions of real estate and accordingly the effect on our partners’ (deficit) capital is reflected within the amount of net (loss) income allocated to us and to noncontrolling interests. Upon our deconsolidation of a real estate partnership following the sale of our partnership interests or liquidation of the partnership following sale of the related apartment community, we derecognize any remaining noncontrolling interest of the associated partnership previously recorded in our consolidated balance sheets. Noncontrolling Interests in the AIR Operating Partnership Noncontrolling interests in the AIR Operating Partnership consist of common OP Units held by limited partners and preferred OP Units. Holders of preferred OP Units participate in the AIR Operating Partnership’s income or loss only to the extent of their preferred distributions. The AIR Operating Partnership’s income or loss is allocated to the holders of common OP Units based on the weighted-average number of common OP Units outstanding during the period. During the years ended December 31, 2024, 2023, and 2022, common OP Units held by limited partners had a weighted-average economic ownership interest in the AIR Operating Partnership of 6.14%, 6.37%, and 6.25%, respectively. Please refer to Note 9 for further information regarding the items comprising noncontrolling interests in the AIR Operating Partnership. Revenue from Leases We are a lessor primarily for residential leases. Our operating leases with residents may also provide that the resident reimburse us for certain costs, primarily the resident’s share of utilities expenses, incurred by the apartment community. These reimbursements represent revenue attributable to nonlease components for which the timing and pattern of recognition is the same as the revenue for the lease components. We use the practical expedient that allows us to account for the lease and nonlease components as a single component. Reimbursement and related expense are presented on a gross basis in our consolidated statements of operations, with the reimbursement included in rental and other property revenues attributable to real estate in our consolidated statements of operations. We recognize rental revenue attributed to lease components, net of any concessions, on a straight-line basis over the term of the lease. Insurance We believe our insurance coverages insure our apartment communities adequately against the risk of loss attributable to fire, earthquake, hurricane, tornado, flood, and other perils. In addition, we have third-party insurance coverage (after self-insured retentions) that defray the costs of large workers’ compensation, health, and general liability exposures. We accrue losses based upon our estimates of the aggregate liability for uninsured losses incurred using certain actuarial assumptions followed in the insurance industry and based on our experience. Depreciation and Amortization Depreciation for all tangible assets is calculated using the straight-line method over their estimated useful life. Acquired buildings and improvements are depreciated over a useful life based on the age, condition, and other physical characteristics of the asset. Furniture, fixtures, and equipment are generally depreciated over five years. We depreciate capitalized costs using the straight-line method over the estimated useful life of the related improvement, which is generally 5, 15, or 30 years. Purchased software and other costs related to software purchased or developed for internal use are capitalized during the application development stage and are amortized using the straight-line method over the estimated useful life of the software, generally to ten years. Purchased equipment is recognized at cost and depreciated using the straight-line method over the estimated useful life of the asset, which is generally five years. Leasehold improvements are also recorded at cost and depreciated on a straight-line basis over the shorter of the asset’s estimated useful life or the term of the related lease. Certain homogeneous items that are purchased in bulk on a recurring basis, such as appliances, are depreciated using group methods that reflect the average estimated useful life of the items in each group. Except in the case of apartment community casualties, where the net book value of the lost asset is written off in the determination of casualty gains or losses, we generally do not recognize any loss in connection with the replacement of an existing apartment community component because normal replacements are considered in determining the estimated useful life used in connection with our composite and group depreciation methods. Share-Based Compensation During 2024, we granted restricted stock awards with a weighted-average grant date fair value of $36.81 per unit, and we did not grant any stock options during 2024. On June 28, 2024, AIR completed the Merger Agreement, and as a result, all outstanding stock options and restricted stock awards were cancelled, resulting in the acceleration of share-based compensation. As of December 31, 2024, there were no stock options or restricted stock awards outstanding. During 2024, we granted LTIP I units with a weighted-average grant date fair value of $40.59 per unit, and we did not grant any LTIP II units during 2024. In connection with the resignation of Terry Considine, certain LTIP units held by Mr. Considine vested, with all remaining unvested LTIP units being forfeited, resulting in the acceleration of share-based compensation. All vested LTIP I units were converted into common OP Units during the fourth quarter of 2024. As of December 31, 2024, there are 2,562,284 vested LTIP II units outstanding at a weighted-average grant date fair value of $9.81 per unit. Refer to Note 4 for further discussion on the departure of certain executive officers and distributions. Total compensation cost recognized for share-based awards was as follows for the years ended December 31, 2024, 2023, and 2022 (in thousands):
(1)During the year ended December 31, 2024, amounts are recorded in general and administrative expenses, property management expenses, other expenses, net, and merger-related costs in our consolidated statements of operations. During the years ended December 31, 2023 and 2022, amounts are recorded in general and administrative expenses and property management expenses in our consolidated statements of operations. (2)Amounts are recorded in building and improvements in our consolidated balance sheets. Income Taxes The AIR Operating Partnership is a partnership for federal income tax purposes and as such is not subject to federal income tax. The state and local tax laws may not conform to the United States federal income tax treatment, and AIR Operating Partnership may be subject to state or local taxation in various state or local jurisdictions, including those in which we transact business. Any taxes imposed on us reduce our operating cash flow and net (loss) income. Certain of our operations, or a portion thereof, including certain property management and risk management activities, are conducted through taxable REIT subsidiaries, which are subsidiaries of the AIR Operating Partnership, and each of which we refer to as a TRS. A TRS is a corporate subsidiary that has elected to be a TRS instead of a REIT and, as such, is subject to United States federal corporate income tax. We use TRS entities to facilitate our ability to offer certain services and activities to our residents and investment partners that cannot be offered directly by a REIT. For our TRS entities, deferred income taxes result from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts reported for United States federal income tax purposes, and are measured using the enacted tax rates and laws that are expected to be in effect when the differences reverse. We reduce deferred tax assets by recording a valuation allowance when we determine, based on available evidence, that it is more likely than not that the assets will not be realized. We recognize the tax consequences associated with intercompany transfers between the AIR Operating Partnership and TRS entities when such transactions occur. Earnings per Unit We calculate earnings per unit based on the weighted-average number of common OP Units, common unit equivalents, and dilutive convertible securities outstanding during the period. The AIR Operating Partnership considers both common OP Units and equivalents, which have identical rights to distributions and undistributed earnings, to be common units for purposes of the earnings per unit computations. Please refer to Note 10 for further information regarding earnings per unit computations. Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the consolidated financial statements and accompanying notes thereto. Actual results could differ from those estimates. Accounting Pronouncements Recently Issued In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures," which requires disaggregated information surrounding entity's expenses. The standard is intended to benefit investors by providing more detailed information about the types of expenses in commonly presented expenses captions. This ASU is effective for public companies with annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the guidance and its impact to the consolidated financial statements. Accounting standards that have been issued by the FASB, or other standards-setting bodies, that are not yet effective or discussed above are not expected to have a material impact on our consolidated financial statements upon adoption.
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Blackstone Transaction |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Equity [Abstract] | |
| Blackstone Transaction | Blackstone Transaction Merger Agreement On June 28, 2024, AIR completed the transactions contemplated by the Agreement and Plan of Merger (the “Merger Agreement”) by and among AIR, Apex Purchaser LLC, a Delaware limited liability company (“Buyer 1”), Aries Purchaser LLC, a Delaware limited liability company (“Buyer 2”), Astro Purchaser LLC, a Delaware limited liability company (“Buyer 3” and, together with Buyer 1 and Buyer 2, collectively, the “Parent Entities”), and Astro Merger Sub, Inc., a Maryland corporation and a wholly owned subsidiary of the Parent Entities (“Merger Sub” and, together with the Parent Entities, the “Parent Parties”). The Parent Parties are affiliates of Blackstone Real Estate Partners X L.P., which is an affiliate of Blackstone Inc. (“Blackstone”). At the closing of the transactions contemplated by the Merger Agreement on June 28, 2024 (the “Closing”), Merger Sub merged with and into AIR (the “Merger”). As a result of the Merger, AIR became a subsidiary of the Parent Entities. Pursuant to the terms and conditions of the Merger Agreement, among other things: •Change of Control: Upon Closing, affiliates of Blackstone, indirectly through the Parent Parties, control the General Partner and Special Limited Partner of the AIR Operating Partnership. •Share-Based Awards: All stock options and restricted stock awards outstanding immediately prior to Closing, whether vested or unvested, were cancelled and converted into the right to receive cash amounting to $25.7 million in total, as determined pursuant to the applicable stock awards and incentive plans and agreements and in accordance with the terms and conditions of the Merger Agreement (with any performance goals applicable to such company stock option measured at the greater of target level performance and actual performance through the date of Closing). The $25.7 million was paid in the third quarter of 2024. During the second quarter of 2024, the cancellation of the restricted stock awards resulted in the acceleration of share-based compensation expense of $8.6 million, which is recorded in merger-related costs within the consolidated statements of operations. Of the $8.6 million acceleration, $5.2 million and $3.4 million would have been recorded within general and administrative expenses and property management expenses in our consolidated statements of operations, respectively, through January 2028. •Preferred Units: All Class A preferred stock outstanding immediately prior to the Closing were redeemed by AIR at a redemption price payable in cash of $100,000 per unit, which resulted in the mirrored preferred units at the AIR Operating Partnership to be cancelled. During the second quarter of 2024, cancellation of the mirrored preferred units resulted in a cash payment of $2.0 million, which was paid in June 2024 in conjunction with the Closing. As of December 31, 2024, the Operating Partnership has no mirrored preferred units outstanding. Treatment of Partnership Units The issued and outstanding equity interests of the AIR Operating Partnership, including the common OP units, preferred OP units, and LTIP units were unaffected by the Merger and remain issued and outstanding and continue to have the rights and privileges set forth in the Partnership Agreement. Merger-related costs In conjunction with the Merger, and during the year ended December 31, 2024, we incurred cost of $169.4 million which is included in merger-related costs in our consolidated statements of operations. The merger-related costs primarily consist of regulatory, advisory, legal, consulting, banking services, loan assumption fees, and the acceleration of share-based compensation related to the cancellation of the stock options and restricted stock awards discussed above. Amendments to the Seventh Amended and Restated Agreement of Limited Partnership of the AIR Operating Partnership On June 25, 2024, AIR Operating Partnership’s general partner adopted Amendment No. 1 (the “Amendment No. 1”) to the Partnership Agreement to provide that, following the Closing: •the AIR Operating Partnership will pay only cash to those holders of units in the AIR Operating Partnership who elect to redeem their units in accordance with the terms of the Partnership Agreement (and will not exercise its right to pay for such redeemed units in the AIR Operating Partnership in shares of the Class A Common Stock); •any of the common OP Units redeemed on the date of Closing or within ten (10) days thereafter (the “Initial Post-Closing Period”) will be valued at an amount equal to the Common Stock Merger Consideration minus the aggregate amount of all distributions per common OP Unit declared or paid to the holders of common OP Units during the period commencing on the date of Closing and ending on the date a notice of redemption is received; and •any common OP Units redeemed after the Initial Post-Closing Period 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. Effective as of July 1, 2024, AIR converted from a Maryland corporation to a Delaware limited liability company (the “Company Conversion”) with the name “Apartment Income REIT LLC” and continues to be managed by a Board of Directors. In connection with the Company Conversion, certain subsidiaries of AIR were also converted to limited liability companies, including the general partner of the AIR Operating Partnership, which converted from a Delaware corporation to a Delaware limited liability company with the name “AIR-GP LLC” (the “General Partner”). As a result of such conversion, the General Partner is now managed by its sole member rather than a board. In turn, that sole member is managed by its sole member, AIR, under the direction of AIR’s Board of Directors. Concurrently with, and in connection with, the Company Conversion, the Partnership Agreement was further amended by the adoption of an Amendment No. 2 (the “Amendment No. 2”). Amendment No. 2 (i) clarified references to AIR and its capital stock to account for the different form of entity of AIR as a result of the Company Conversion and (ii) eliminated Exhibits Q and R relating to the Class Eleven and Class Twelve Preferred OP Units, which were previously wholly owned by subsidiaries of AIR. On July 1, 2024, the AIR Operating Partnership filed an amendment to its Certificate of Limited Partnership (the “Certificate of Amendment”) solely to reflect the new name of the General Partner. Additional Information The Merger was funded primarily via cash provided by affiliates of Blackstone and the net proceeds from the issuance of debt instruments. The net funding was used to satisfy the cancellation of AIR’s Common Stock and stock options, the redemption of restricted stock awards, the payment of merger-related costs, and the termination of $1.7 billion of outstanding debt principal amounts during the six months ended June 30, 2024. The cancellations and redemptions are outlined above, refer to Note 6 for discussion regarding debt transactions and Note 4 for discussion regarding the special distributions paid. Additionally, and as a result of Closing, the Operating Partnership elected to use a convenience date of June 30, 2024, for the basis of accounting, as the difference in dates is not material to the presentation of the financial results. In connection with the Merger, we did not elect push-down accounting.
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Significant Transactions |
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| Significant Transactions | Significant Transactions Apartment Community Acquisitions During the year ended December 31, 2024, we acquired one apartment community located in Raleigh, North Carolina and one apartment community located in Bethesda, Maryland. Summarized information regarding these acquisitions is set forth in the table below (dollars in thousands):
(1)At the time of acquisition, intangible assets and below-market lease liabilities for the Bethesda, Maryland apartment community acquisition had a weighted-average term of 4.7 years and 0.5 years, respectively. At the time of acquisition, intangible assets and below-market lease liabilities for the Raleigh, North Carolina apartment community acquisition had a weighted-average term of 0.5 years. Apartment Community Dispositions Sold apartment communities during the years ended December 31, 2024, 2023, and 2022, are summarized below (dollars in thousands):
(1) The apartment community acquired in Bethesda, Maryland was subsequently contributed to our joint venture with a global institutional investor (the “Core JV”), which represents an apartment community disposition under GAAP. Upon contribution of the apartment community and the related non-recourse property debt to the Core JV, we received $27.5 million in cash consideration. See Note 7 for discussion regarding our joint venture transactions. (2) The apartment communities sold during the year ended December 31, 2023 generated net proceeds of $52.1 million, which approximated their carrying value. At the end of each reporting period we evaluate whether any communities meet the criteria to be classified as held for sale. As of December 31, 2024, no communities were classified as held for sale. Write-Off of Pre-development, Development, and Redevelopment Costs During the year ended December 31, 2024, we wrote off $14.3 million of costs associated with certain pre-development, development, and redevelopment projects which we no longer intend to pursue as a result of the Merger. The write-off of costs associated with these projects represents non-cash activity during the period and is included in other expenses, net, in our consolidated statements of operations. Distributions In the first quarter of 2024, we paid regular, recurring distributions per common OP Unit of $0.45. As a result of the announcement of the Merger Agreement on April 7, 2024, no regular, recurring distributions were paid in the second, third, or fourth quarters of 2024. For the years ended December 31, 2023 and 2022, regular, recurring distributions paid per common OP Unit were $1.80. In the second quarter of 2024 and in connection with, but effective immediately following, the Closing of the transactions contemplated by the Merger Agreement as described in Note 3, the AIR Operating Partnership paid a special cash distribution in an aggregate amount of $1.2 billion to holders of record of common OP Units and LTIP units immediately following the effective time of the Merger, representing a distribution of $7.70 per common OP Unit. The special distribution paid to the General Partner and Special Limited Partner was used to fund the Merger. On August 1, 2024, and in connection with the July 2024 financing transactions described in Note 6, the AIR Operating Partnership paid a special cash distribution in an aggregate amount of $892.0 million to holders of record of common OP Units and LTIP units as of the close of business on July 31, 2024, representing a distribution of $5.80 per common OP Unit. Departure of Certain Executive Officers In October 2024, Terry Considine resigned as Chief Executive Officer, as well as from all other director and officer positions held at AIR and its affiliated entities. Additionally, Joshua Minix resigned as Executive Vice President and Chief Investment Officer, along with any other officer positions he held at AIR and its affiliated entities. As a result of the separation payments in connection with these departures, during the third quarter of 2024, we recorded $9.6 million of incremental compensation expense, which is included in other expenses, net, in our consolidated statements of operations. Additionally, certain LTIP units in the Operating Partnership held by Mr. Considine vested in accordance with their terms, with all remaining unvested LTIP units being forfeited, resulting in the acceleration of share-based compensation expense totaling $7.9 million, which is included in other expenses, net in our consolidated statements of operations for the year ended December 31, 2024.
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Leases |
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| 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 for the years ended December 31, 2024, 2023, and 2022 (in thousands):
Generally, our residential leases do not provide extension options and, as of December 31, 2024, have an average remaining term of 9.4 months. In general, our commercial leases have options to extend for a certain period of time at the tenant’s option. As of December 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):
Lessee Arrangements We recognize right-of-use assets and related lease liabilities, which are included in other assets, net and accrued liabilities and other, respectively, in our consolidated balance sheets. We estimated the value of the lease liabilities using a discount rate equivalent to the rate we would pay on a secured borrowing with similar terms to the lease. Substantially all of the payments under our ground and office leases are fixed. We exclude options to extend the lease in our minimum lease terms unless the option is reasonably certain to be exercised. During 2022, we assumed a ground lease for a property acquired in the Washington, D.C. area. Our total lease cost for ground and office leases for the years ended December 31, 2024, 2023, and 2022 was $21.5 million, $21.5 million, and $15.4 million, respectively. As of December 31, 2024, the ground and office leases have weighted-average remaining terms of 86.3 and 4.6 years, respectively, and weighted-average discount rates of 6.9% and 4.0%, respectively. As of December 31, 2024, minimum annual rental payments under these operating leases, reconciled to the lease liability included in accrued liabilities and other in our consolidated balance sheets, are as follows (in thousands):
Of the total lease liability as of December 31, 2024, $130.7 million of the balance relates to our ground leases, with the remainder relating to our office leases.
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| Lesses | 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 for the years ended December 31, 2024, 2023, and 2022 (in thousands):
Generally, our residential leases do not provide extension options and, as of December 31, 2024, have an average remaining term of 9.4 months. In general, our commercial leases have options to extend for a certain period of time at the tenant’s option. As of December 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):
Lessee Arrangements We recognize right-of-use assets and related lease liabilities, which are included in other assets, net and accrued liabilities and other, respectively, in our consolidated balance sheets. We estimated the value of the lease liabilities using a discount rate equivalent to the rate we would pay on a secured borrowing with similar terms to the lease. Substantially all of the payments under our ground and office leases are fixed. We exclude options to extend the lease in our minimum lease terms unless the option is reasonably certain to be exercised. During 2022, we assumed a ground lease for a property acquired in the Washington, D.C. area. Our total lease cost for ground and office leases for the years ended December 31, 2024, 2023, and 2022 was $21.5 million, $21.5 million, and $15.4 million, respectively. As of December 31, 2024, the ground and office leases have weighted-average remaining terms of 86.3 and 4.6 years, respectively, and weighted-average discount rates of 6.9% and 4.0%, respectively. As of December 31, 2024, minimum annual rental payments under these operating leases, reconciled to the lease liability included in accrued liabilities and other in our consolidated balance sheets, are as follows (in thousands):
Of the total lease liability as of December 31, 2024, $130.7 million of the balance relates to our ground leases, with the remainder relating to our office leases.
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Debt |
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| Debt | Debt The following table summarizes our total consolidated indebtedness as of December 31, 2024 and 2023 (in thousands):
(1)The stated rates on our fixed-rate property debt are between 2.7% to 7.1%. (2)As of December 31, 2024, $3.0 billion of our variable-rate property debt is economically hedged at an effective interest rate of 6.92% via interest rate swaps. Additionally, $1.0 billion of our variable-rate property debt is economically hedged at a maximum effective interest rate of 7.03% via interest rate caps. The remaining $0.1 billion of our variable-rate property debt is economically hedged at a maximum effective interest rate of 7.99% via an interest rate cap. As a result of the Merger and subsequent financing transactions completed to finalize our go-forward capital structure, during June, July, and September 2024, we placed net incremental financing of approximately $3.0 billion. The net cash proceeds from these transactions were used to fund the consideration for the Merger, pay for certain costs and expenses related to the Merger, and to fund special distributions as described in Note 4. These transactions resulted in total fixed rate property debt of $2.2 billion with a weighted-average effective interest rate of 3.8%, and total variable rate property debt of $4.1 billion, with a weighted-average effective interest rate, before consideration of in place interest rate swaps and caps, of 7.7%. After consideration of these economic derivatives, the weighted-average effective interest rate on our variable rate debt is 7.0%. The below information provides details on these financing transactions. On June 28, 2024, we placed the following debt instruments in connection with the completion of the Merger. The net proceeds were used to repay the outstanding principal amounts on our term loans, notes payable, revolving credit facility, secured credit facility, and a portion of our fixed-rate property debt, totaling $1.7 billion. •$2.7 billion of variable-rate non-recourse property debt which matures on June 26, 2026, with two one-year extension terms at the option of the AIR Operating Partnership bearing interest at one-month term SOFR plus 2.00%, for an initial rate of 7.33%. This debt was subsequently refinanced in July and September 2024, as described below. •$375.0 million of variable-rate non-recourse property debt, which matured in September 2024, bearing interest at one-month term SOFR plus 2.00%, for an initial rate of 7.33%. This debt was refinanced in July 2024 as described below. •$148.5 million of variable-rate non-recourse property debt, which matures in July 2026 and includes three one-year extension terms, bearing interest at a one-month term SOFR plus 2.10%, with a maximum interest rate of 7.10% due to an interest rate cap that matures in July 2026. •$20.3 million and $31.9 million of fixed-rate property debt secured by two properties which mature in August 2030, bearing interest at 7.02%, and in October 2030, bearing interest at 7.13%, respectively. On July 26, 2024, we placed additional non-recourse variable-rate property debt (the “CMBS 1 Loan”), totaling $3.0 billion, maturing in 2026 and subject to three one-year extension options. The interest rate on the CMBS 1 Loan is equal to one month term SOFR, plus a margin rate of 2.18%, for an initial rate of 7.53%. Additionally, we placed $401.9 million of fixed-rate debt secured by one property. The debt matures in August 2029, bearing interest at 5.49%. The proceeds from these financing transactions were used to repay $1.9 billion and $375.0 million of variable-rate property debt, respectively. On September 18, 2024, we placed additional non-recourse variable-rate property debt (the “CMBS 2 Loan”), totaling $1.1 billion, maturing in 2026 and subject to three one-year extension options. The interest rate on the CMBS 2 Loan is equal to one month term SOFR, plus a margin rate of 2.08%, for an initial rate of 7.17%. The proceeds from the CMBS 2 Loan were used to repay $0.8 billion of variable-rate property debt. As a result of these transactions, we recognized $36.9 million of loss on extinguishment of debt during the year ended December 31, 2024, which represents the unamortized discounts and related expenses and fees associated with the termination of these instruments. As of December 31, 2024, our fixed-rate property debt was secured by 22 apartment communities that had an aggregate net book value of $1.7 billion. As of December 31, 2024, our variable-rate property debt was secured by 39 apartment communities that had an aggregate net book value of $3.6 billion. Principal and interest on fixed-rate and variable-rate property debt are generally payable monthly or in monthly interest-only payments with balloon payments due at maturity. As of December 31, 2024, the scheduled principal amortization and maturity payments for our outstanding debt balances were as follows (in thousands):
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Investments in Unconsolidated Real Estate Partnerships |
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| Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments in Unconsolidated Real Estate Partnerships | Investment in Unconsolidated Real Estate Partnerships Joint Venture Transactions During the second quarter of 2024, we acquired a 359-unit property located in Bethesda, Maryland with 50,500 square feet of commercial space for a purchase price of $150.0 million. In connection with the acquisition, we placed $97.3 million of non-recourse property debt. The property and related non-recourse property debt was subsequently contributed to the Core JV, in which we retain a 53% interest. The contribution of the property and the related non-recourse property debt represents non-cash activity during the period. Upon contribution to the Core JV, we received $27.5 million in cash and recognized a gain of $3.2 million as a result of the disposition which is included in gain on dispositions of real estate and impairments of real estate, net in our consolidated statements of operations. Unconsolidated Joint Ventures As of December 31, 2024, the AIR Operating Partnership has equity investments in three significant unconsolidated joint ventures: the Core JV, the joint venture with a global asset manager (the “Value-Add JV”), and the “Virginia 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.
(1)Our partner in the Virginia JV is an affiliate of Blackstone. (2)A global asset manager acquired a 70% legal ownership in the Huntington Gateway property, 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 our investment in each joint venture is included in investment in unconsolidated real estate partnerships in our consolidated balance sheets. Our exposure to the obligations of the VIEs is limited to the carrying value of the limited partnership interests and our interest of the joint ventures' guarantor non-recourse liabilities. The following tables summarize certain relevant financial information with respect to our investment in unconsolidated joint ventures (in thousands):
(1) Our investment in balance includes certain basis differences that are subject to amortization. Our investment in unconsolidated real estate partnerships in our consolidated balance sheets also includes $21.2 million related to two immaterial unconsolidated investments.
(1) Our investment in balance includes certain basis differences that are subject to amortization. Our investment in unconsolidated real estate partnerships in our consolidated balance sheets also includes $21.3 million related to two immaterial unconsolidated investments. The following tables summarize the financial information related to the Joint Ventures for the years ended December 31, 2024, 2023, and 2022 (in thousands):
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Commitments and Contingencies |
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Dec. 31, 2024 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Commitments and Contingencies Commitments We enter into certain commitments for future purchases of goods and services in connection with the operations of our apartment communities. Those commitments generally have terms of one year or less and reflect expenditure levels comparable to our historical expenditures. 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 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 are engaged in discussions with the Environmental Protection Agency (“EPA”), regarding contaminated groundwater near an Indiana apartment community that has not been owned by us since 2008, for which we have recognized a contingent liability. The contamination allegedly derives from a dry cleaner that operated on our former property, prior to our ownership. We undertook a voluntary remediation of the dry cleaner contamination under state oversight. In 2016, EPA listed our former community and a number of residential communities in the vicinity on the National Priorities List (“NPL”) (i.e., as a Superfund site). In May 2018, we prevailed on our federal judicial appeal vacating the Superfund listing. We continue to work with EPA to formulate an agreed order to reimburse EPA costs and finish clean-up of the site outside the Superfund program. Although the outcome of this process is uncertain, we do not expect the resolution to have a material adverse effect on our consolidated financial condition, results of operations, or cash flows. We have a contingent liability related to a property in Lake Tahoe, California. An entity owned by us was the former general partner of a now-dissolved partnership that previously owned a site where a laundromat, with a self-service dry-cleaning machine, operated. That entity and the current property owner have been remediating the site since 2009, under the oversight of the Lahontan Regional Water Quality Control Board (“Lahontan”). In May 2017, Lahontan issued a final cleanup and abatement order that names four potentially-responsible parties, acknowledges that there may be additional responsible parties, and requires the named parties to perform additional groundwater investigation and corrective actions with respect to onsite and offsite contamination. We appealed the final order, and on June 1, 2020, the court vacated the Order against us. However, there are still civil suits pending related to this contingent liability. Although the outcome of this process is uncertain, we do not expect the resolution to have a material adverse effect on our consolidated financial condition, results of operations, or cash flows. 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 December 31, 2024, are immaterial to our consolidated financial statements.
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Partners’ (Deficit) Capital |
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| Partners' Capital [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Partners’ (Deficit) Capital | Partners’ (Deficit) Capital Redeemable Preferred OP Units The AIR Operating Partnership has outstanding various classes of redeemable preferred OP Units. As of December 31, 2024 and 2023, the AIR Operating Partnership had the following classes of preferred OP Units (stated at their redemption values, in thousands, except unit and per unit data):
Each class of preferred OP Units is currently redeemable at the holders’ option. The AIR Operating Partnership has a redemption policy that requires cash settlement of redemption requests for the preferred OP Units, subject to limited exceptions. Subject to certain conditions, the Class Four and Class Six preferred OP Units may be converted into common OP Units. These redeemable preferred units are classified within temporary capital in the AIR Operating Partnership’s consolidated balance sheets. During the years ended December 31, 2024, 2023, and 2022, approximately 843,000, 50, and 89,000 preferred OP Units, respectively, were redeemed in exchange for cash. The following table presents a rollforward of the AIR Operating Partnership’s preferred OP Units’ redemption value and accrued distributions (in thousands):
AIR Operating Partnership Partners’ (Deficit) Capital Common Partnership Units Common OP Unit interests are classified within Partners’ (deficit) capital as General Partner and Special Limited Partner and as Limited Partners within AIR Operating Partnership's consolidated balance sheets. In connection with the Merger, AIR Operating Partnership will not exercise its right to pay for such redeemed units in the AIR Operating Partnership in shares of AIR's Class A Common Stock, and instead will only pay cash for redemptions. Refer to Note 3 for discussion around the Closing of the transactions contemplated by the Merger Agreement. Common OP Units are redeemable for cash equal to the Net Asset Value ("NAV") at the time of redemption. During the years ended December 31, 2024, 2023, and 2022, approximately 1,068,000, 528,000 and 251,000 common OP Units, respectively, were redeemed in exchange for cash. Prior to the Merger, during the year ended December 31, 2024, and during the year ended December 31, 2023, no common OP Units were redeemed for shares of AIR's Class A Common Stock. During the year ended December 31, 2022, approximately 3,000 common OP Units were redeemed in exchange for shares of AIR's Class A Common Stock.
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| Earnings per Unit | Earnings per Unit We calculate basic earnings per common unit based on the weighted-average number of shares of common OP Units outstanding. We calculate diluted earnings per unit taking into consideration dilutive common unit equivalents and dilutive convertible securities outstanding during the period. Our common partnership unit equivalents include preferred OP Units, which may be redeemed for cash, and long-term incentive partnership units. We include in the denominator securities with dilutive effect in calculating diluted earnings (loss) per unit during these periods. We include the effect of our long-term incentive partnership units in basic and diluted earnings per unit computations using the two-class method of allocating distributed and undistributed earnings when the two-class method is more dilutive than the treasury stock method. Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per unit for the years ended December 31, 2024, 2023, and 2022 are as follows (in thousands, except per unit data):
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Fair Value Measurements |
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| 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 consolidated balance sheets (in thousands).
(1)The fair value of interest rate caps, net, is inclusive of $11.0 million related to interest rate caps, offset partially by $5.8 million related to 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 December 31, 2024 and 2023, due to their relatively short-term nature and high probability of realization. The carrying value of our previously held revolving credit facility and term loans, which were repaid in connection with the Closing, as well as our current variable-rate non-recourse property debt are classified as Level 2 in the GAAP fair value hierarchy. See Note 6 for discussion regarding our financing transactions during the period. As of December 31, 2024 and 2023, the carrying value of our variable-rate debt approximated the estimated fair value as these instruments bear interest at floating rates which approximate market rates. We classify the fair value of our fixed-rate 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):
(1)In the second quarter of 2024, in connection with the Closing, we repaid $400.0 million of outstanding principal on our fixed-rate Notes Payable. See Note 6 for discussion regarding our financing transactions during the period.
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Derivative Financial Instruments and Hedging Activities |
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| 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 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 other comprehensive (loss) income and subsequently reclassified into earnings as an increase or decrease to interest expense. As of December, 31 2024, we had no outstanding derivatives designated as cash flow hedges. During the year ended December 31, 2024, we reclassified gains of $15.5 million out of other comprehensive loss into interest expense, inclusive of the accelerated gain due to the early payoff of fixed-rate loans previously designated as hedged instruments. During the years ended December 31, 2023 and 2022, we reclassified a gain of $25.8 million and a loss of $0.3M out of other comprehensive income into interest expense, respectively. As of December 31, 2024, we estimate that during the next 12 months, we will reclassify into earnings approximately $4.0 million of the unrealized gain in other comprehensive (loss) income. Changes in fair value of derivatives not designated in a hedge relationship, or economic hedges, are recognized in gain on derivative instruments, net, in our consolidated statements of operations. During the years ended December 31, 2024 and 2023, gain on derivative instruments, net was $11.2 million and $16.7 million, respectively. During the year ended December 31, 2022, no amounts were recognized related to derivatives not designated in a hedge relationship. Additionally, we have $550.0 million of speculative interest rate swaps previously placed, which continue to have favorable blended interest rates as compared to current market rates. The following tables summarize our derivative financial instruments (dollars in thousands):
(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.
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Variable Interest Entities |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Variable Interest Entities | Variable Interest Entities Consolidated Entities We consolidate (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. We are 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:
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):
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Business Segments |
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| 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 operated by the AIR Operating Partnership and have reached a stabilized level of operations. Our Other Real Estate segment includes four properties acquired in 2023, two properties acquired in 2024, and two properties undergoing planned property capital investment. The Co-Principal Executive Officers ("CPEO") are our chief operating decision makers ("CODM"). The CPEO includes our President and General Counsel and the President of Property Operations. They use proportionate property 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 consolidated statements of operations, utility reimbursements are included in rental and other property revenues in accordance with GAAP. As of December 31, 2024, our Same Store segment included 69 apartment communities with 24,275 apartment homes and our Other Real Estate segment included eight apartment communities with 3,120 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 benefit (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 December 31, 2024 (in thousands):
(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, 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 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 and impairments of real estate, net, loss from unconsolidated real estate partnerships, gain on derivative instruments, net, and merger-related costs. Property operating expenses are comprised of operating expenses, utility expenses (net of reimbursement), real estate taxes, and insurance. The following table presents total property 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 December 31, 2024 (in thousands):
(1)Includes onsite payroll, repairs and maintenance, software and technology expenses, marketing, expensed turnover costs, 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):
(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 years ended December 31, 2024, 2023, and 2022, capital additions related to our segments were as follows (in thousands):
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Schedule III: Real Estate and Accumulated Depreciation |
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| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule III: Real Estate and Accumulated Depreciation | APARTMENT INCOME REIT, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2024 (In thousands, Except Apartment Home Data)
(1)Date we acquired the apartment community or first consolidated the partnership that owns the community. (2)Includes costs capitalized since acquisition or date of initial consolidation of the community. (3)The aggregate cost of land and depreciable property for federal income tax purposes was approximately $7.7 billion as of December 31, 2024 (unaudited). (4)Depreciable life for buildings and improvements ranges from 5 to 30 years and is calculated on a straight-line basis. (5)Encumbrances are presented before reduction for debt issuance costs. (6)The current carrying value of the apartment community reflects an impairment loss recognized. (7)Initial cost of buildings and improvements includes the cost of additional apartment homes acquired subsequent to consolidation. (8)Other includes apartment communities under development, land parcels, and certain non-residential properties held for future development. APARTMENT INCOME REIT, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION For the Years Ended December 31, 2024, 2023, and 2022 (In thousands)
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
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| Pay vs Performance Disclosure | |||
| Loss from unconsolidated real estate partnerships | $ (361,112) | $ 684,102 | $ 969,592 |
Award Timing Disclosure |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Award Timing Disclosures [Line Items] | |
| Award Timing MNPI Disclosure | Prior to the Merger, with respect to LTI, the Committee set the grant date for restricted stock, LTIP Unit, and stock option grants at the time of its final compensation determination, generally in late January or early February, although for 2024 determined to make those grants on January 1, 2024. The date of determination and date of award were not selected based on share price. In the case of new-hire packages that included Equity Awards, grants were made on the employee’s start date or on a date designated in advance based on the passage of a specific number of days after the employee’s start date. For non-executive officers, the Committee delegated the authority to make Equity Awards, up to certain limits, to the Chief Financial Officer (Mr. Beldin) and/or Corporate Secretary (Ms. Cohn). Although, we did not have a formal policy, the Committee and Mr. Beldin and Ms. Cohn made grants without regard to the share price or the timing of the release of material non-public information and did not make grants for the purpose of affecting the value of executive compensation. Subsequent to the Merger, the Operating Partnership does not expect to grant any Equity Awards: accordingly, it does not have a policy on the timing of Equity Awards in relation to material non-public information.
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| Award Timing Method | Prior to the Merger, with respect to LTI, the Committee set the grant date for restricted stock, LTIP Unit, and stock option grants at the time of its final compensation determination, generally in late January or early February, although for 2024 determined to make those grants on January 1, 2024. The date of determination and date of award were not selected based on share price. In the case of new-hire packages that included Equity Awards, grants were made on the employee’s start date or on a date designated in advance based on the passage of a specific number of days after the employee’s start date. For non-executive officers, the Committee delegated the authority to make Equity Awards, up to certain limits, to the Chief Financial Officer (Mr. Beldin) and/or Corporate Secretary (Ms. Cohn). Although, we did not have a formal policy, the Committee and Mr. Beldin and Ms. Cohn made grants without regard to the share price or the timing of the release of material non-public information and did not make grants for the purpose of affecting the value of executive compensation. Subsequent to the Merger, the Operating Partnership does not expect to grant any Equity Awards: accordingly, it does not have a policy on the timing of Equity Awards in relation to material non-public information.
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| Award Timing Predetermined | false |
| Award Timing MNPI Considered | false |
| Award Timing, How MNPI Considered | Although, we did not have a formal policy, the Committee and Mr. Beldin and Ms. Cohn made grants without regard to the share price or the timing of the release of material non-public information and did not make grants for the purpose of affecting the value of executive compensation. |
| MNPI Disclosure Timed for Compensation Value | false |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Dec. 31, 2024 | |
| 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 |
Insider Trading Policies and Procedures |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | false |
| Insider Trading Policies and Procedures Not Adopted | Because we are a privately-held company and there is no public market for our securities, we do not have formal policies and procedures related to insider trading. Under our Code of Business Conduct and Ethics, covered persons are expected to comply with applicable laws, rules and regulations.
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Cybersecurity Risk Management and Strategy Disclosure |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | The AIR Operating Partnership takes a risk-based approach to cybersecurity and has implemented cybersecurity policies throughout its operations that are designed to address cybersecurity threats and incidents. We regularly assesses risks from cybersecurity threats, monitors its information systems for potential vulnerabilities, and tests those systems according to our cybersecurity policies, standards, processes, and practices, which are integrated into our overall approach to enterprise risk management. To protect its information systems from cybersecurity threats, We use various security tools that help it identify, escalate, investigate, resolve, and recover from security incidents in a timely manner. Our cybersecurity program is designed to align with the National Institute of Technology Standards Cybersecurity Framework 2.0, which provides a structured approach for governing, assessing, identifying, and managing material risks from cybersecurity threats. The AIR Operating Partnership’s technology team, under the leadership of our Senior Vice President of Technology and Chief Technology Officer, who has over 30 years of technology management experience, defines an annual work plan designed to maintain strong cybersecurity maturity, set improvement objectives of key controls and systems, including feedback from third-party assessments, and identify and implement on-going investments to replace or upgrade systems or technologies and proactively maintain strong security. As part of our annual planning, management conducts regular tabletop testing of our incident response plan to increase awareness, establish key decision-making criteria, ensure effective communication among key stakeholders, and comply with our disclosure obligations. We also partner with third-party experts to assess the effectiveness of our cybersecurity prevention and response systems and processes (e.g., periodic penetration testing and assessments of IT general controls). We also engage vendors to enhance cybersecurity safeguards and improve incident response and updates or replaces systems and applications as appropriate to improve data processing and storage management and enhance security. To further protect our information systems, we structure and monitor our relationships with third-party service providers and periodically conduct due diligence on their cybersecurity architecture and process design. To date, cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected us and we believe are not reasonably likely to have a material adverse effect on us, including its business strategy, results of operations, or financial condition. For additional information on cybersecurity risks and potential related impacts on AIR Operating Partnership, refer to “Our business and operations would suffer in the event of significant disruptions or cyberattacks of our information technology systems or our failure to comply with laws, rules and regulations related to privacy and data protection.” in Part I, Item 1A, Risk Factors.
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| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | The AIR Operating Partnership takes a risk-based approach to cybersecurity and has implemented cybersecurity policies throughout its operations that are designed to address cybersecurity threats and incidents. We regularly assesses risks from cybersecurity threats, monitors its information systems for potential vulnerabilities, and tests those systems according to our cybersecurity policies, standards, processes, and practices, which are integrated into our overall approach to enterprise risk management. To protect its information systems from cybersecurity threats, We use various security tools that help it identify, escalate, investigate, resolve, and recover from security incidents in a timely manner. Our cybersecurity program is designed to align with the National Institute of Technology Standards Cybersecurity Framework 2.0, which provides a structured approach for governing, assessing, identifying, and managing material risks from cybersecurity threats.
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| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | Our Senior Vice President of Technology and Chief Technology Officer, in coordination with other members of AIR Operating Partnership’s management, is responsible for leading the assessment and management of cybersecurity threats. AIR Operating Partnership has implemented a governance program for its cybersecurity efforts. This includes regularly updating privacy notices, terms of use, and lease documents, as well as identifying responsible teammates to facilitate the implementation of cybersecurity priorities. These teammates report regularly to senior management on risk identification, safeguards, and mitigation steps. AIR Operating Partnership has developed and implemented policies to identify and mitigate cybersecurity risks and provides training to teammates at onboarding and annually thereafter. Updates are communicated to all teammates, and actionable guidance is provided when new risks arise. Our Board of Directors (i.e., the Board of Directors of AIR, with AIR as the sole member of the sole member of the General Partner) will receive updates on the AIR Operating Partnership’s cybersecurity profile risk assessment and technology environment and the broader technology landscape as and when appropriate.
|
| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | Our Senior Vice President of Technology and Chief Technology Officer, in coordination with other members of AIR Operating Partnership’s management, is responsible for leading the assessment and management of cybersecurity threats. AIR Operating Partnership has implemented a governance program for its cybersecurity efforts. This includes regularly updating privacy notices, terms of use, and lease documents, as well as identifying responsible teammates to facilitate the implementation of cybersecurity priorities. These teammates report regularly to senior management on risk identification, safeguards, and mitigation steps. AIR Operating Partnership has developed and implemented policies to identify and mitigate cybersecurity risks and provides training to teammates at onboarding and annually thereafter. Updates are communicated to all teammates, and actionable guidance is provided when new risks arise. Our Board of Directors (i.e., the Board of Directors of AIR, with AIR as the sole member of the sole member of the General Partner) will receive updates on the AIR Operating Partnership’s cybersecurity profile risk assessment and technology environment and the broader technology landscape as and when appropriate.
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| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | Our Senior Vice President of Technology and Chief Technology Officer, in coordination with other members of AIR Operating Partnership’s management, is responsible for leading the assessment and management of cybersecurity threats. AIR Operating Partnership has implemented a governance program for its cybersecurity efforts. This includes regularly updating privacy notices, terms of use, and lease documents, as well as identifying responsible teammates to facilitate the implementation of cybersecurity priorities. These teammates report regularly to senior management on risk identification, safeguards, and mitigation steps. AIR Operating Partnership has developed and implemented policies to identify and mitigate cybersecurity risks and provides training to teammates at onboarding and annually thereafter. Updates are communicated to all teammates, and actionable guidance is provided when new risks arise. Our Board of Directors (i.e., the Board of Directors of AIR, with AIR as the sole member of the sole member of the General Partner) will receive updates on the AIR Operating Partnership’s cybersecurity profile risk assessment and technology environment and the broader technology landscape as and when appropriate.
|
| Cybersecurity Risk Role of Management [Text Block] | Our Senior Vice President of Technology and Chief Technology Officer, in coordination with other members of AIR Operating Partnership’s management, is responsible for leading the assessment and management of cybersecurity threats. AIR Operating Partnership has implemented a governance program for its cybersecurity efforts. This includes regularly updating privacy notices, terms of use, and lease documents, as well as identifying responsible teammates to facilitate the implementation of cybersecurity priorities. These teammates report regularly to senior management on risk identification, safeguards, and mitigation steps. AIR Operating Partnership has developed and implemented policies to identify and mitigate cybersecurity risks and provides training to teammates at onboarding and annually thereafter. Updates are communicated to all teammates, and actionable guidance is provided when new risks arise. Our Board of Directors (i.e., the Board of Directors of AIR, with AIR as the sole member of the sole member of the General Partner) will receive updates on the AIR Operating Partnership’s cybersecurity profile risk assessment and technology environment and the broader technology landscape as and when appropriate.
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| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | Our Senior Vice President of Technology and Chief Technology Officer, in coordination with other members of AIR Operating Partnership’s management, is responsible for leading the assessment and management of cybersecurity threats. AIR Operating Partnership has implemented a governance program for its cybersecurity efforts. This includes regularly updating privacy notices, terms of use, and lease documents, as well as identifying responsible teammates to facilitate the implementation of cybersecurity priorities. These teammates report regularly to senior management on risk identification, safeguards, and mitigation steps. AIR Operating Partnership has developed and implemented policies to identify and mitigate cybersecurity risks and provides training to teammates at onboarding and annually thereafter. Updates are communicated to all teammates, and actionable guidance is provided when new risks arise. Our Board of Directors (i.e., the Board of Directors of AIR, with AIR as the sole member of the sole member of the General Partner) will receive updates on the AIR Operating Partnership’s cybersecurity profile risk assessment and technology environment and the broader technology landscape as and when appropriate.
|
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | Our Senior Vice President of Technology and Chief Technology Officer, in coordination with other members of AIR Operating Partnership’s management, is responsible for leading the assessment and management of cybersecurity threats. AIR Operating Partnership has implemented a governance program for its cybersecurity efforts. This includes regularly updating privacy notices, terms of use, and lease documents, as well as identifying responsible teammates to facilitate the implementation of cybersecurity priorities. These teammates report regularly to senior management on risk identification, safeguards, and mitigation steps. AIR Operating Partnership has developed and implemented policies to identify and mitigate cybersecurity risks and provides training to teammates at onboarding and annually thereafter. Updates are communicated to all teammates, and actionable guidance is provided when new risks arise. Our Board of Directors (i.e., the Board of Directors of AIR, with AIR as the sole member of the sole member of the General Partner) will receive updates on the AIR Operating Partnership’s cybersecurity profile risk assessment and technology environment and the broader technology landscape as and when appropriate.
|
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | Our Senior Vice President of Technology and Chief Technology Officer, in coordination with other members of AIR Operating Partnership’s management, is responsible for leading the assessment and management of cybersecurity threats. AIR Operating Partnership has implemented a governance program for its cybersecurity efforts. This includes regularly updating privacy notices, terms of use, and lease documents, as well as identifying responsible teammates to facilitate the implementation of cybersecurity priorities. These teammates report regularly to senior management on risk identification, safeguards, and mitigation steps. AIR Operating Partnership has developed and implemented policies to identify and mitigate cybersecurity risks and provides training to teammates at onboarding and annually thereafter. Updates are communicated to all teammates, and actionable guidance is provided when new risks arise. Our Board of Directors (i.e., the Board of Directors of AIR, with AIR as the sole member of the sole member of the General Partner) will receive updates on the AIR Operating Partnership’s cybersecurity profile risk assessment and technology environment and the broader technology landscape as and when appropriate.
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| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Summary of Significant Accounting Policies (Policies) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [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 December 31, 2024 and 2023, the AIR Operating Partnership consolidated four VIE. Please see Note 13 for further discussion regarding our consolidated VIE.
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| Real Estate | Real Estate Acquisitions Upon the acquisition of real estate, we determine whether the purchase qualifies as an asset acquisition or meets the definition of an acquisition of a business. We generally recognize the acquisition of apartment communities or interests in partnerships that own communities at our cost, including the related transaction costs, as asset acquisitions. We allocate the cost of apartment communities acquired based on the relative fair value of the assets acquired and liabilities assumed. The fair value of these assets and liabilities is determined using valuation techniques that rely on Level 2 and Level 3 inputs within the fair value framework. We determine the fair value of tangible assets, such as land, buildings, furniture, fixtures, and equipment using valuation techniques that consider comparable market transactions, replacement costs, and other available information. We determine the fair value of identified intangible assets or liabilities, which typically relate to in-place leases, using valuation techniques that consider the terms of the in-place leases, current market data for comparable leases, and our experience in leasing similar communities. The intangible assets or liabilities related to in-place leases are comprised of: (a) the value of the above- and below-market leases in-place, measured over the period, including probable lease renewals for below-market leases, that the leases are expected to remain in effect; (b) the estimated unamortized portion of avoided leasing commissions and other costs that ordinarily would be incurred to originate the in-place leases; and (c) the value associated with leased apartment homes during an estimated absorption period, which estimates rental revenue that would not have been earned had leased apartment homes been vacant at the time of acquisition, assuming lease-up periods based on market demand and stabilized occupancy levels. The above- and below-market lease intangibles are amortized to rental revenue over the expected remaining terms of the associated leases, which include reasonably assured renewal periods. Other intangible assets related to in-place leases are amortized to depreciation and amortization over the expected remaining terms of the associated leases. Capital Additions We capitalize costs, including certain indirect costs, incurred in connection with our capital additions activities, including tangible apartment community improvements and replacements of existing apartment community components. Costs, including ordinary repairs, maintenance, and resident turnover costs, are charged to property operating expense as incurred. For the years ended December 31, 2024, 2023, and 2022, we capitalized to buildings and improvements $13.3 million, $16.2 million, and $16.6 million of indirect costs, respectively. Dispositions A property is classified as held for sale when all of the following criteria for a plan of sale have been met: (i) management, having the authority to approve the action, commits to a plan to sell the asset or disposal group; (ii) the asset or disposal group is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset or disposal group have been initiated; (iv) the sale of the asset or disposal group is probable and is expected to be completed within one year; (v) the asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn, which is typically indicated by receipt of all non-refundable deposits from the buyer pursuant to a sales contract. Depreciation of assets ceases upon designation of a property as held for sale. For sales of real estate, we evaluate whether the disposition represents a strategic shift that has, or will have, a major effect on our operations and financial results. If so, it is classified as discontinued operations in our consolidated financial statements for all periods presented. If not, it is presented in continuing operations in our consolidated financial statements. The disposal of an individual property generally will not represent a strategic shift that has a major effect, and therefore will typically not meet the criteria for classification as a discontinued operations. Gain or loss on real estate dispositions are recognized when we no longer hold a controlling financial interest in the real estate and sufficient consideration has been received. Upon disposition, the related assets and liabilities are derecognized, and the gain or loss on disposition is recognized as the difference between the carrying amount of those assets and liabilities and the value of consideration received. Impairment Real estate and other long-lived assets to be held and used are individually evaluated for impairment when conditions exist that may indicate the carrying amount of a long-lived asset may not be recoverable. We use the held for sale impairment model for properties classified as held for sale, whereby an impairment charge is recognized if the carrying amount of the long-lived asset classified as held for sale exceeds its fair value less cost to sell. If an impairment indicator exists, we compare the asset’s expected future undiscounted cash flows to its current carrying value to assess whether impairment measurement is necessary. Upon determination that an impairment has occurred, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the real estate and other long-lived assets. The measurement of impairment is based on the fair value of the community and incorporates various estimates, assumptions, and market data, the most significant being rental rates, operating expense assumptions, expected hold period, capitalization rate, and purchase and sale agreements. We project future rental revenue growth rates using forecasted rates from third-party market research analytics. Property expense growth rates and capitalization rates are based on the apartment communities’ historical, current, and expected future operating results, existing operating expense assumptions, and operational strategies. These projections are adjusted to reflect current economic conditions and require considerable management judgment. We did not recognize any such impairment during the years ended December 31, 2024 and 2022. During 2023, we recognized a non-cash impairment loss on real estate of $23.6 million.
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| Cash, Cash Equivalents and Restricted Cash | Cash and Cash Equivalents We classify highly liquid investments with an original maturity of three months or less as cash equivalents. We maintain cash equivalents in financial institutions in excess of insured limits. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions. Restricted Cash As of December 31, 2024 and 2023, restricted cash primarily consists of capital replacement reserves, real estate tax and insurance escrow accounts held by lenders, and resident security deposits.
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| Goodwill | Goodwill As of December 31, 2024 and 2023, goodwill associated with our reportable segments totaled $32.3 million. We perform an impairment test of goodwill annually, or when an interim triggering event occurs, by evaluating qualitative and quantitative factors, if necessary, to determine the likelihood that goodwill may be impaired. As a result of our annual impairment test, we determined that our goodwill was not impaired during the years ended December 31, 2024, 2023, and 2022.
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| Investments in Unconsolidated Real Estate Partnerships | Investment in Unconsolidated Real Estate Partnerships We may own general and limited partner interests in partnerships that either directly, or through interests in other real estate partnerships, own apartment communities. We generally account for investments in real estate partnerships that we do not consolidate under the equity method. Under the equity method, we recognize our share of the earnings or losses of the entity for the periods presented, inclusive of our share of any impairments and disposition gains or losses recognized by and related to such entities, and we present such amounts within loss from unconsolidated real estate partnerships in our consolidated statements of operations. Investment in unconsolidated real estate partnerships is included as a separate line item in our consolidated balance sheets. Investments in unconsolidated real estate partnerships are reviewed for impairments. An impairment loss is recorded when there is a decline in the fair value below the carrying value and we conclude such decline is other-than-temporary. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. We determine the fair value of investments in unconsolidated real estate partnerships using valuation techniques that consider the terms of the in-place leases, current market data for comparable leases, our experience in leasing similar communities, and current plans. We recognized no such impairments for the years ended December 31, 2024, 2023, and 2022. The excess of our cost of the acquired partnership interests over our share of the partners’ equity or deficit are included as a part of our investments in unconsolidated real estate partnerships. We amortize the excess cost over the term of the joint venture agreement. The amortization is recorded as an adjustment of the amounts of earnings or losses we recognize from such unconsolidated real estate partnerships. Please see Note 7 for further discussion regarding our investment in unconsolidated real estate partnerships.
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| Noncontrolling Interests in Consolidated Real Estate Partnerships | Noncontrolling Interests in Consolidated Real Estate Partnerships We generally report the unaffiliated partners’ interests in the net assets of our consolidated real estate partnerships as noncontrolling interests in consolidated real estate partnerships within the consolidated statements of partners’ (deficit) capital. If a real estate partnership includes redemption rights that are not within the AIR Operating Partnership’s control, the noncontrolling interest is included as temporary equity. The assets of real estate partnerships consolidated by the AIR Operating Partnership must first be used to settle the liabilities of such consolidated real estate partnerships. These consolidated real estate partnerships’ creditors do not have recourse to the general credit of the AIR Operating Partnership. Noncontrolling interests in consolidated real estate partnerships consist primarily of equity interests held by limited partners in consolidated real estate partnerships that have finite lives. We generally attribute to noncontrolling interests their share of income or loss of consolidated partnerships based on their proportionate interest in the results of operations of the partnerships, including their share of losses even if such attribution results in a deficit noncontrolling interest balance within our partners’ (deficit) capital accounts. The terms of the related partnership agreements generally require the partnerships to be liquidated following the sale of the underlying real estate. As the general partner in these partnerships, we ordinarily control the execution of real estate sales and other events that could lead to the liquidation, redemption or other settlement of noncontrolling interests. Changes in our ownership interest in consolidated real estate partnerships generally consist of our purchase of an additional interest in or the sale of our entire or partial interest in a consolidated real estate partnership. The effect on our partners’ (deficit) capital of our purchase of additional interests in consolidated real estate partnerships during the years ended December 31, 2024, 2023, and 2022, is shown in our consolidated statements of partners’ (deficit) capital. The effect on our partners’ (deficit) capital of sales of consolidated real estate or sales of our entire interest in consolidated real estate partnerships is reflected in our consolidated statements of operations as gains or losses on dispositions of real estate and accordingly the effect on our partners’ (deficit) capital is reflected within the amount of net (loss) income allocated to us and to noncontrolling interests. Upon our deconsolidation of a real estate partnership following the sale of our partnership interests or liquidation of the partnership following sale of the related apartment community, we derecognize any remaining noncontrolling interest of the associated partnership previously recorded in our consolidated balance sheets.
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| Noncontrolling Interests in the AIR Operating Partnership | Noncontrolling Interests in the AIR Operating Partnership Noncontrolling interests in the AIR Operating Partnership consist of common OP Units held by limited partners and preferred OP Units. Holders of preferred OP Units participate in the AIR Operating Partnership’s income or loss only to the extent of their preferred distributions. The AIR Operating Partnership’s income or loss is allocated to the holders of common OP Units based on the weighted-average number of common OP Units outstanding during the period. During the years ended December 31, 2024, 2023, and 2022, common OP Units held by limited partners had a weighted-average economic ownership interest in the AIR Operating Partnership of 6.14%, 6.37%, and 6.25%, respectively. Please refer to Note 9 for further information regarding the items comprising noncontrolling interests in the AIR Operating Partnership.
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| Revenue from Leases | Revenue from Leases We are a lessor primarily for residential leases. Our operating leases with residents may also provide that the resident reimburse us for certain costs, primarily the resident’s share of utilities expenses, incurred by the apartment community. These reimbursements represent revenue attributable to nonlease components for which the timing and pattern of recognition is the same as the revenue for the lease components. We use the practical expedient that allows us to account for the lease and nonlease components as a single component. Reimbursement and related expense are presented on a gross basis in our consolidated statements of operations, with the reimbursement included in rental and other property revenues attributable to real estate in our consolidated statements of operations. We recognize rental revenue attributed to lease components, net of any concessions, on a straight-line basis over the term of the lease.
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| Insurance | Insurance We believe our insurance coverages insure our apartment communities adequately against the risk of loss attributable to fire, earthquake, hurricane, tornado, flood, and other perils. In addition, we have third-party insurance coverage (after self-insured retentions) that defray the costs of large workers’ compensation, health, and general liability exposures. We accrue losses based upon our estimates of the aggregate liability for uninsured losses incurred using certain actuarial assumptions followed in the insurance industry and based on our experience.
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| Depreciation and Amortization | Depreciation and Amortization Depreciation for all tangible assets is calculated using the straight-line method over their estimated useful life. Acquired buildings and improvements are depreciated over a useful life based on the age, condition, and other physical characteristics of the asset. Furniture, fixtures, and equipment are generally depreciated over five years. We depreciate capitalized costs using the straight-line method over the estimated useful life of the related improvement, which is generally 5, 15, or 30 years. Purchased software and other costs related to software purchased or developed for internal use are capitalized during the application development stage and are amortized using the straight-line method over the estimated useful life of the software, generally to ten years. Purchased equipment is recognized at cost and depreciated using the straight-line method over the estimated useful life of the asset, which is generally five years. Leasehold improvements are also recorded at cost and depreciated on a straight-line basis over the shorter of the asset’s estimated useful life or the term of the related lease. Certain homogeneous items that are purchased in bulk on a recurring basis, such as appliances, are depreciated using group methods that reflect the average estimated useful life of the items in each group. Except in the case of apartment community casualties, where the net book value of the lost asset is written off in the determination of casualty gains or losses, we generally do not recognize any loss in connection with the replacement of an existing apartment community component because normal replacements are considered in determining the estimated useful life used in connection with our composite and group depreciation methods.
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| Share-Based Compensation | Share-Based Compensation During 2024, we granted restricted stock awards with a weighted-average grant date fair value of $36.81 per unit, and we did not grant any stock options during 2024. On June 28, 2024, AIR completed the Merger Agreement, and as a result, all outstanding stock options and restricted stock awards were cancelled, resulting in the acceleration of share-based compensation. As of December 31, 2024, there were no stock options or restricted stock awards outstanding. During 2024, we granted LTIP I units with a weighted-average grant date fair value of $40.59 per unit, and we did not grant any LTIP II units during 2024. In connection with the resignation of Terry Considine, certain LTIP units held by Mr. Considine vested, with all remaining unvested LTIP units being forfeited, resulting in the acceleration of share-based compensation. All vested LTIP I units were converted into common OP Units during the fourth quarter of 2024. As of December 31, 2024, there are 2,562,284 vested LTIP II units outstanding at a weighted-average grant date fair value of $9.81 per unit. Refer to Note 4 for further discussion on the departure of certain executive officers and distributions. Total compensation cost recognized for share-based awards was as follows for the years ended December 31, 2024, 2023, and 2022 (in thousands):
(1)During the year ended December 31, 2024, amounts are recorded in general and administrative expenses, property management expenses, other expenses, net, and merger-related costs in our consolidated statements of operations. During the years ended December 31, 2023 and 2022, amounts are recorded in general and administrative expenses and property management expenses in our consolidated statements of operations. (2)Amounts are recorded in building and improvements in our consolidated balance sheets.
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| Income Taxes | Income Taxes The AIR Operating Partnership is a partnership for federal income tax purposes and as such is not subject to federal income tax. The state and local tax laws may not conform to the United States federal income tax treatment, and AIR Operating Partnership may be subject to state or local taxation in various state or local jurisdictions, including those in which we transact business. Any taxes imposed on us reduce our operating cash flow and net (loss) income. Certain of our operations, or a portion thereof, including certain property management and risk management activities, are conducted through taxable REIT subsidiaries, which are subsidiaries of the AIR Operating Partnership, and each of which we refer to as a TRS. A TRS is a corporate subsidiary that has elected to be a TRS instead of a REIT and, as such, is subject to United States federal corporate income tax. We use TRS entities to facilitate our ability to offer certain services and activities to our residents and investment partners that cannot be offered directly by a REIT. For our TRS entities, deferred income taxes result from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts reported for United States federal income tax purposes, and are measured using the enacted tax rates and laws that are expected to be in effect when the differences reverse. We reduce deferred tax assets by recording a valuation allowance when we determine, based on available evidence, that it is more likely than not that the assets will not be realized. We recognize the tax consequences associated with intercompany transfers between the AIR Operating Partnership and TRS entities when such transactions occur.
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| Earnings Per Unit | Earnings per Unit We calculate earnings per unit based on the weighted-average number of common OP Units, common unit equivalents, and dilutive convertible securities outstanding during the period. The AIR Operating Partnership considers both common OP Units and equivalents, which have identical rights to distributions and undistributed earnings, to be common units for purposes of the earnings per unit computations. Please refer to Note 10 for further information regarding earnings per unit computations.
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| Use of Estimates | Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the consolidated financial statements and accompanying notes thereto. Actual results could differ from those estimates.
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| Accounting Pronouncements Recently Issued | Accounting Pronouncements Recently Issued In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures," which requires disaggregated information surrounding entity's expenses. The standard is intended to benefit investors by providing more detailed information about the types of expenses in commonly presented expenses captions. This ASU is effective for public companies with annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the guidance and its impact to the consolidated financial statements. Accounting standards that have been issued by the FASB, or other standards-setting bodies, that are not yet effective or discussed above are not expected to have a material impact on our consolidated financial statements upon adoption.
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Summary of Significant Accounting Policies (Tables) |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accrued Liabilities and Others | As of December 31, 2024 and 2023, accrued liabilities and other was comprised of the following amounts (in thousands):
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| Schedule of Compensation Cost Recognized for Share-Based Awards | Total compensation cost recognized for share-based awards was as follows for the years ended December 31, 2024, 2023, and 2022 (in thousands):
(1)During the year ended December 31, 2024, amounts are recorded in general and administrative expenses, property management expenses, other expenses, net, and merger-related costs in our consolidated statements of operations. During the years ended December 31, 2023 and 2022, amounts are recorded in general and administrative expenses and property management expenses in our consolidated statements of operations. (2)Amounts are recorded in building and improvements in our consolidated balance sheets.
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Significant Transactions (Tables) |
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| Significant Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Acquisition | Summarized information regarding these acquisitions is set forth in the table below (dollars in thousands):
(1)At the time of acquisition, intangible assets and below-market lease liabilities for the Bethesda, Maryland apartment community acquisition had a weighted-average term of 4.7 years and 0.5 years, respectively. At the time of acquisition, intangible assets and below-market lease liabilities for the Raleigh, North Carolina apartment community acquisition had a weighted-average term of 0.5 years.
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| Summary of Apartment Community Sold | Sold apartment communities during the years ended December 31, 2024, 2023, and 2022, are summarized below (dollars in thousands):
(1) The apartment community acquired in Bethesda, Maryland was subsequently contributed to our joint venture with a global institutional investor (the “Core JV”), which represents an apartment community disposition under GAAP. Upon contribution of the apartment community and the related non-recourse property debt to the Core JV, we received $27.5 million in cash consideration. See Note 7 for discussion regarding our joint venture transactions. (2) The apartment communities sold during the year ended December 31, 2023 generated net proceeds of $52.1 million, which approximated their carrying value.
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Leases (Tables) |
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| Schedule of Lease Income for Operating Leases | Our total lease income was comprised of the following amounts for all operating leases for the years ended December 31, 2024, 2023, and 2022 (in thousands):
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| Schedule of Future Minimum Annual Rental Payments Receivable Under Residential and Commercial Leases | As of December 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):
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| Schedule of Minimum Annual Rental Payments Under these Operating Leases | As of December 31, 2024, minimum annual rental payments under these operating leases, reconciled to the lease liability included in accrued liabilities and other in our consolidated balance sheets, are as follows (in thousands):
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Debt (Tables) |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Non-Recourse Property Loans Payable Related to Properties | The following table summarizes our total consolidated indebtedness as of December 31, 2024 and 2023 (in thousands):
(1)The stated rates on our fixed-rate property debt are between 2.7% to 7.1%. (2)As of December 31, 2024, $3.0 billion of our variable-rate property debt is economically hedged at an effective interest rate of 6.92% via interest rate swaps. Additionally, $1.0 billion of our variable-rate property debt is economically hedged at a maximum effective interest rate of 7.03% via interest rate caps. The remaining $0.1 billion of our variable-rate property debt is economically hedged at a maximum effective interest rate of 7.99% via an interest rate cap.
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| Scheduled of Principal Amortization and Maturity Payments for Outstanding Debt Balances | As of December 31, 2024, the scheduled principal amortization and maturity payments for our outstanding debt balances were as follows (in thousands):
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Investments in Unconsolidated Real Estate Partnerships (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Equity Method Investments |
(1)Our partner in the Virginia JV is an affiliate of Blackstone. (2)A global asset manager acquired a 70% legal ownership in the Huntington Gateway property, 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 financial information with respect to our investment in unconsolidated joint ventures (in thousands):
(1) Our investment in balance includes certain basis differences that are subject to amortization. Our investment in unconsolidated real estate partnerships in our consolidated balance sheets also includes $21.2 million related to two immaterial unconsolidated investments.
(1) Our investment in balance includes certain basis differences that are subject to amortization. Our investment in unconsolidated real estate partnerships in our consolidated balance sheets also includes $21.3 million related to two immaterial unconsolidated investments. The following tables summarize the financial information related to the Joint Ventures for the years ended December 31, 2024, 2023, and 2022 (in thousands):
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Partners’ (Deficit) Capital (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Partners' Capital [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Classes of Preferred OP Units | As of December 31, 2024 and 2023, the AIR Operating Partnership had the following classes of preferred OP Units (stated at their redemption values, in thousands, except unit and per unit data):
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| 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):
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Earnings Per Unit (Tables) |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings per Share and per Unit | Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per unit for the years ended December 31, 2024, 2023, and 2022 are as follows (in thousands, except per unit data):
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Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 consolidated balance sheets (in thousands).
(1)The fair value of interest rate caps, net, is inclusive of $11.0 million related to interest rate caps, offset partially by $5.8 million related to sold interest rate caps.
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| 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, 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):
(1)In the second quarter of 2024, in connection with the Closing, we repaid $400.0 million of outstanding principal on our fixed-rate Notes Payable. See Note 6 for discussion regarding our financing transactions during the period.
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Derivative Financial Instruments and Hedging Activities (Tables) |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Derivative Financial Instruments | The following tables summarize our derivative financial instruments (dollars in thousands):
(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.
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Variable Interest Entities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 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:
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Business Segments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 December 31, 2024 (in thousands):
(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, 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 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 and impairments of real estate, net, loss from unconsolidated real estate partnerships, gain on derivative instruments, net, and merger-related costs.
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| Schedule of Property Management and Operating Expenses | The following table presents total property 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 December 31, 2024 (in thousands):
(1)Includes onsite payroll, repairs and maintenance, software and technology expenses, marketing, expensed turnover costs, and other property related operating expenses.
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| 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):
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| Schedule of Capital Additions Related to Segments | For the years ended December 31, 2024, 2023, and 2022, capital additions related to our segments were as follows (in thousands):
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Basis of Presentation and Organization (Details) |
Dec. 31, 2024
apartment
state
geographicConcerntraion
property
shares
|
|---|---|
| Real Estate Properties [Line Items] | |
| Apartment homes | 21,294 |
| Number Of Geographic Concentrations | geographicConcerntraion | 8 |
| AIR Operating Partnership | |
| Real Estate Properties [Line Items] | |
| Common operating partnership units and equivalents outstanding, (in shares) | shares | 156,221,778 |
| Partially Owned Properties | |
| Real Estate Properties [Line Items] | |
| Number of states and district | state | 10 |
| Number of apartment communities | property | 77 |
| Apartment homes | 27,395 |
| Percentage of average ownership of portfolio | 81.00% |
Summary of Significant Accounting Policies - Schedule of Accrued Liabilities and Other (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
| Lease liability | $ 137,318 | $ 135,637 |
| Accrued expenses and other | 171,819 | 161,257 |
| Total accrued liabilities and other | $ 309,137 | $ 296,894 |
Summary of Significant Accounting Policies - Schedule of Compensation Cost Recognized for Share-Based Awards (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Accounting Policies [Abstract] | |||
| Share-based compensation expense | $ 22,931 | $ 8,874 | $ 7,463 |
| Capitalized share-based compensation | 726 | 422 | 503 |
| Total share-based compensation | $ 23,657 | $ 9,296 | $ 7,966 |
Blackstone Transaction (Details) - USD ($) $ / shares in Thousands, $ in Millions |
3 Months Ended | 12 Months Ended | |
|---|---|---|---|
Jun. 28, 2024 |
Jun. 30, 2024 |
Dec. 31, 2024 |
|
| Class of Warrant or Right [Line Items] | |||
| Class of warrant or right, stock options cancelled and converted to right to receive, amount | $ 25.7 | ||
| Preferred stock, redemption price (in dollars per share) | $ 100 | ||
| Preferred stock, redemption amount | $ 2.0 | ||
| Repayments of debt | $ 1,700.0 | ||
| Merger Agreement | |||
| Class of Warrant or Right [Line Items] | |||
| Business combination, acquisition related costs | $ 169.4 | ||
| Restricted Stock | |||
| Class of Warrant or Right [Line Items] | |||
| Share-based payment arrangement, accelerated cost | 8.6 | ||
| Restricted Stock | General and Administrative Expense | |||
| Class of Warrant or Right [Line Items] | |||
| Share-based payment arrangement, accelerated cost | 5.2 | ||
| Restricted Stock | Property Management Expenses | |||
| Class of Warrant or Right [Line Items] | |||
| Share-based payment arrangement, accelerated cost | $ 3.4 |
Leases - Lease Income for Operating Leases (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Leases [Abstract] | |||
| Fixed lease income | $ 728,416 | $ 752,068 | $ 715,060 |
| Variable lease income | 55,795 | 56,060 | 47,358 |
| Total lease income | $ 784,211 | $ 808,128 | $ 762,418 |
| Operating lease, lease income, statement of income or comprehensive income | Other assets, net | Other assets, net | Other assets, net |
Leases - Future Minimum Annual Payments Receivable Under Residential and Commercial Leases (Details) $ in Thousands |
Dec. 31, 2024
USD ($)
|
|---|---|
| Leases [Abstract] | |
| 2025 | $ 456,674 |
| 2026 | 102,868 |
| 2027 | 15,520 |
| 2028 | 11,387 |
| 2029 | 9,467 |
| Thereafter | 25,958 |
| Total | $ 621,874 |
Leases - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
| Total lease liability | $ 137,318 | ||
| Residential Lease | |||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
| Lessee, operating lease, term of contract | 9 months 12 days | ||
| Ground and Office Leases | |||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
| Lease cost | $ 21,500 | $ 21,500 | $ 15,400 |
| Ground Lease | |||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
| Weighted average remaining term | 86 years 3 months 18 days | ||
| Operating lease, weighted average discount rate, percent | 6.90% | ||
| Total lease liability | $ 130,700 | ||
| Office Lease | |||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
| Weighted average remaining term | 4 years 7 months 6 days | ||
| Operating lease, weighted average discount rate, percent | 4.00% | ||
Leases - Aggregate Minimum Lease Payments (Details) $ in Thousands |
Dec. 31, 2024
USD ($)
|
|---|---|
| Leases [Abstract] | |
| 2025 | $ 8,217 |
| 2026 | 8,419 |
| 2027 | 8,528 |
| 2028 | 8,501 |
| 2029 | 7,787 |
| Thereafter | 1,701,047 |
| Total | 1,742,499 |
| Less: Discount | 1,605,181 |
| Total lease liability | $ 137,318 |
| Operating lease, liability, statement of financial position | Accrued liabilities and other |
Debt - Scheduled of principal amortization and maturity payments for our outstanding debt balances (Details) $ in Thousands |
Dec. 31, 2024
USD ($)
|
|---|---|
| Amortization | |
| 2025 | $ 21,400 |
| 2026 | 18,452 |
| 2027 | 19,318 |
| 2028 | 13,320 |
| 2029 (1) | 13,673 |
| Thereafter | 154,080 |
| Total | 240,243 |
| Maturities | |
| 2025 | 300,496 |
| 2026 | 161,950 |
| 2027 | 63,098 |
| 2028 | 189,652 |
| 2029 (1) | 4,566,053 |
| Thereafter | 763,714 |
| Total | 6,044,963 |
| Total | |
| 2025 | 321,896 |
| 2026 | 180,402 |
| 2027 | 82,416 |
| 2028 | 202,972 |
| 2029 (1) | 4,579,726 |
| Thereafter | 917,794 |
| Total | $ 6,285,206 |
Partners’ (Deficit) Capital - Narrative (Details) - AIMCO PROPERTIES, L.P. - shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Related Party Transaction [Line Items] | |||
| Redeemable partnership preferred units redeemed for cash during period (in shares) | 843,000,000 | 50 | 89,000 |
| Common OP Units redeemed in exchange for cash during period (in shares)) | 1,068,000,000 | 528,000 | 251,000 |
| Common OP Units redeemed in exchange for shares during period (in shares) | 0 | 0 | 3,000 |
Partners’ (Deficit) Capital - Schedule of Reconciliation of Preferred OP Units (Details) $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
USD ($)
| |
| Redeemable Noncontrolling Interest [Roll Forward] | |
| Balance at January 1, 2024 | $ 77,140 |
| Preferred distributions | (5,103) |
| Redemption of preferred units | (21,084) |
| Net income allocated to preferred units | 5,874 |
| Balance at December 31, 2024 | $ 56,827 |
Derivative Financial Instruments and Hedging Activities - Narrative (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
| Reclassification of interest rate derivative (gain) loss to net income (loss) | $ 15,464,000 | $ 25,823,000 | $ (273,000) |
| Cash flow hedge gain (loss) to be reclassified within 12 months | 4,000,000 | ||
| Gain on derivative instruments, net | 11,235,000 | $ 16,742,000 | $ 0 |
| Designated as Hedging Instrument | |||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
| Outstanding derivatives | 0 | ||
| Designated as Hedging Instrument | Favorable Interest Rates | |||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
| Aggregate notional amount | $ 550,000,000 | ||
Variable Interest Entities - Schedule of VIEs Consolidated by the AIR Operating Partnership (Details) |
Dec. 31, 2024
entity
property
apartment
|
Dec. 31, 2023
apartment
entity
property
|
|---|---|---|
| Variable Interest Entity [Line Items] | ||
| Apartment Homes | 21,294 | |
| Variable Interest Entity, Primary Beneficiary | ||
| Variable Interest Entity [Line Items] | ||
| VIEs with interests in apartment communities | entity | 3 | 3 |
| Apartment communities owned by VIEs | property | 14 | 14 |
| Apartment Homes | 4,866 | 4,866 |
Variable Interest Entities - Assets and Liabilities of VIEs (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| ASSETS | ||
| Net real estate | $ 5,295,404 | $ 5,364,978 |
| Cash and cash equivalents | 616,452 | 91,401 |
| Restricted cash | 28,007 | 26,090 |
| Other assets, net | 262,036 | 283,920 |
| LIABILITIES: | ||
| Non-recourse property debt, net | 6,241,869 | 2,223,791 |
| Accrued liabilities and other | 309,137 | 296,894 |
| Variable Interest Entity, Primary Beneficiary | ||
| ASSETS | ||
| Net real estate | 972,802 | 1,013,770 |
| Cash and cash equivalents | 45,554 | 41,219 |
| Restricted cash | 1,876 | 2,179 |
| Other assets, net | 23,904 | 22,546 |
| LIABILITIES: | ||
| Non-recourse property debt, net | 1,309,959 | 1,196,280 |
| Accrued liabilities and other | $ 36,743 | $ 34,903 |
Business Segments - Narrative (Details) |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2024
apartment
property
Segment
|
Dec. 31, 2023
property
|
|
| Segment Reporting Information [Line Items] | ||
| Number of reportable segments | Segment | 2 | |
| Apartment homes | apartment | 21,294 | |
| Other Real Estate | ||
| Segment Reporting Information [Line Items] | ||
| Number of apartment communities sold | 8 | |
| Apartment homes | apartment | 3,120 | |
| Same Store | ||
| Segment Reporting Information [Line Items] | ||
| Number of apartment communities sold | 69 | |
| Apartment homes | apartment | 24,275 | |
| Whole Owned Consolidated Properties | Other Real Estate | ||
| Segment Reporting Information [Line Items] | ||
| Number of apartment communities sold | 2 | 4 |
| Planned Property Capital Investment | Other Real Estate | ||
| Segment Reporting Information [Line Items] | ||
| Number of apartment communities sold | 2 |
Business Segments - Schedule of Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Segment Reporting Information [Line Items] | ||
| Total assets | $ 6,575,542 | $ 6,134,752 |
| Corporate Non-Segment | ||
| Segment Reporting Information [Line Items] | ||
| Total assets | 1,047,587 | 513,961 |
| Same Store | Operating Segments | ||
| Segment Reporting Information [Line Items] | ||
| Total assets | 4,681,532 | 4,841,335 |
| Other Real Estate | Operating Segments | ||
| Segment Reporting Information [Line Items] | ||
| Total assets | $ 846,423 | $ 779,456 |
Business Segments - Schedule of Capital Additions Related to Segments (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Segment Reporting Information [Line Items] | |||
| Total capital additions | $ 148,161 | $ 155,574 | $ 149,706 |
| Same Store | |||
| Segment Reporting Information [Line Items] | |||
| Total capital additions | 129,617 | 139,848 | 147,255 |
| Other Real Estate | |||
| Segment Reporting Information [Line Items] | |||
| Total capital additions | $ 18,544 | $ 15,726 | $ 2,451 |
Schedule III: Real Estate and Accumulated Depreciation - Schedule of Real Estate and Accumulated Depreciation Footnote (Details) $ in Billions |
Dec. 31, 2024
USD ($)
|
|---|---|
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
| Aggregate cost of land and depreciable property for federal income tax purposes | $ 7.7 |
| Minimum | |
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
| Depreciable life for buildings and improvements | 5 years |
| Maximum | |
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
| Depreciable life for buildings and improvements | 30 years |
Schedule III: Real Estate and Accumulated Depreciation - Summary Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
| Total real estate balance at beginning of year | $ 7,610,567 | $ 8,076,394 | $ 6,885,081 |
| Additions during the year: | |||
| Acquisitions and lease cancellation | 238,057 | 447,945 | 1,300,122 |
| Capital additions | 148,161 | 168,248 | 193,360 |
| Dispositions and other | (198,293) | (1,082,020) | (302,169) |
| Total real estate balance at end of year | 7,798,492 | 7,610,567 | 8,076,394 |
| Accumulated depreciation balance at beginning of year | |||
| Accumulated depreciation balance at beginning of year | 2,245,589 | 2,449,883 | 2,284,793 |
| Depreciation | 299,329 | 310,952 | 308,382 |
| Dispositions and other | (41,830) | (515,246) | (143,292) |
| Accumulated depreciation balance at end of year | $ 2,503,088 | $ 2,245,589 | $ 2,449,883 |