Apartment Income REIT Corp - Ordinary Shares (AIRC) 10-Q 5 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Jul. 30, 2021
Document Information [Line Items]
Entity Registrant Name	APARTMENT INCOME REIT CORP.
Entity Central Index Key	0001820877
Document Type	10-Q
Document Period End Date	Jun. 30, 2021
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Trading Symbol	AIRC
Entity File Number	1-39686
Entity Tax Identification Number	84-1299717
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	4582 South Ulster Street
Entity Address, Address Line Two	Suite 1700
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80237
City Area Code	303
Local Phone Number	757-8101
Entity Common Stock, Shares Outstanding		156,962,825
Title of 12(b) Security	Class A Common Stock (Apartment Income REIT Corp.)
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false
Apartment Income REIT, L.P [Member]
Document Information [Line Items]
Entity Registrant Name	APARTMENT INCOME REIT, L.P.
Entity Central Index Key	0000926660
Document Type	10-Q
Document Period End Date	Jun. 30, 2021
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity File Number	0-24497
Entity Tax Identification Number	84-1275621
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	4582 South Ulster Street
Entity Address, Address Line Two	Suite 1700
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80237
City Area Code	303
Local Phone Number	757-8101

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
ASSETS
Buildings and improvements	$ 5,930,815	$ 6,127,249
Land	1,327,963	1,341,615
Total real estate	7,258,778	7,468,864
Accumulated depreciation	(2,510,690)	(2,455,505)
Net real estate	4,748,088	5,013,359
Cash and cash equivalents	59,401	44,214
Restricted cash	21,300	29,266
Notes receivable from Aimco	534,127	534,127
Leased real estate assets	479,441	0
Goodwill	32,286	32,286
Other assets	555,189	576,026
Total assets	6,429,832	6,229,278
LIABILITIES AND EQUITY
Non-recourse property debt, net	3,064,803	3,628,236
Term loans, net	796,658	349,164
Revolving credit facility borrowings	347,200	265,600
Total indebtedness	4,208,661	4,243,000
Accrued liabilities and other	570,040	598,736
Total liabilities	4,778,701	4,841,736
Preferred noncontrolling interests in AIR Operating Partnership	79,375	79,449
Commitments and contingencies (Note 4)
Equity:
Perpetual preferred stock	2,000	2,000
Common Stock, $0.01 par value, 1,021,175,000 shares authorized at June 30, 2021 and December 31, 2020, respectively, and 148,974,839 and 148,861,036 shares issued/outstanding at June 30, 2021 and December 31, 2020, respectively	1,569	1,489
Additional paid-in capital	3,773,173	3,432,121
Accumulated other comprehensive income	0	3,039
Distributions in excess of earnings	(2,197,843)	(2,131,798)
Total AIR equity	1,578,899	1,306,851
Noncontrolling interests in consolidated real estate partnerships	(67,531)	(61,943)
Common noncontrolling interests in AIR Operating Partnership	60,388	63,185
Total equity	1,571,756	1,308,093
Total liabilities and equity	6,429,832	6,229,278
Apartment Income REIT, L.P [Member]
ASSETS
Buildings and improvements	5,930,815	6,127,249
Land	1,327,963	1,341,615
Total real estate	7,258,778	7,468,864
Accumulated depreciation	(2,510,690)	(2,455,505)
Net real estate	4,748,088	5,013,359
Cash and cash equivalents	59,401	44,214
Restricted cash	21,300	29,266
Notes receivable from Aimco	534,127	534,127
Leased real estate assets	479,441
Goodwill	32,286	32,286
Other assets	555,189	576,026
Total assets	6,429,832	6,229,278
LIABILITIES AND EQUITY
Non-recourse property debt, net	3,064,803	3,628,236
Term loans, net	796,658	349,164
Revolving credit facility borrowings	347,200	265,600
Total indebtedness	4,208,661	4,243,000
Accrued liabilities and other	570,040	598,736
Total liabilities	4,778,701	4,841,736
Preferred noncontrolling interests in AIR Operating Partnership	79,375	79,449
Equity:
Preferred units	2,000	2,000
General Partner and Special Limited Partner	1,576,899	1,304,851
Limited Partners	60,388	63,185
Partners’ capital attributable to the AIR Operating Partnership	1,639,287	1,370,036
Partners' Capital Attributable to Noncontrolling Interest	(67,531)	(61,943)
Total partners’ capital	1,571,756	1,308,093
Total liabilities and equity	$ 6,429,832	$ 6,229,278

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	1,021,175,000	1,021,175,000
Common Stock, shares issued (in shares)	156,856,952	148,861,036
Common Stock, shares outstanding (in shares)	156,856,952	148,861,036

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
REVENUES
Total revenues	$ 178,333	$ 181,643	$ 354,746	$ 367,686
OPERATING EXPENSES
Property operating expenses	64,758	63,959	129,375	129,921
Depreciation and amortization	75,791	78,949	151,071	160,395
General and administrative expenses	5,221	7,566	9,635	15,055
Other expenses, net	2,515	4,156	5,391	5,647
Total operating expenses	148,285	154,630	295,472	311,018
Interest income	15,684	2,303	31,656	6,292
Interest expense	(70,807)	(44,239)	(107,842)	(81,045)
Gain (loss) on derecognition of leased properties and dispositions of real estate, net	3,353	47,282	87,385	47,295
Mezzanine / Unconsolidated partnerships investment income, net	0	6,936	0	13,683
Income (loss) from continuing operations before income tax (expense) benefit and discontinued operations	(21,722)	39,295	70,473	42,893
Income tax (expense) benefit			(1,045)	2,097
Income (loss) from continuing operations	(19,687)	40,078	69,428	44,990
Income from discontinued operations, net of tax	0	3,126	0	7,191
Net income (loss)	(19,687)	43,204	69,428	52,181
Noncontrolling interests:
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships	2,397	17	2,632	(1)
Net income attributable to preferred noncontrolling interests in AIR Operating Partnership	(1,603)	(1,859)	(3,207)	(3,728)
Net (income) loss attributable to common noncontrolling interests in AIR Operating Partnership	945	(2,107)	(3,491)	(2,475)
Net (income) loss attributable to noncontrolling interests	1,739	(3,949)	(4,066)	(6,204)
Net income (loss) attributable to AIR/AIR Operating Partnership	(17,948)	39,255	65,362	45,977
Net income attributable to AIR preferred stockholders	(43)	0	(93)	0
Net income attributable to participating securities	(39)	(43)	(103)	(86)
Net income (loss) attributable to AIR common stockholders	$ (18,030)	$ 39,212	$ 65,166	$ 45,891
Earnings (loss) per common unit basic and diluted
Income (loss) from continuing operations attributable to AIR per common share	$ (0.12)	$ 0.30	$ 0.43	$ 0.32
Income from discontinued operations attributable to AIR per common share	0	0.03	0	0.06
Net income (loss) attributable to AIR per common share - basic and diluted	$ (0.12)	$ 0.33	$ 0.43	$ 0.38
Weighted average common shares/units outstanding - basic	154,608	119,959	151,609	119,953
Weighted average common shares/units outstanding - diluted	154,608	119,974	152,083	120,068
Continuing Operations [Member]
OPERATING EXPENSES
Income tax (expense) benefit	$ 2,035	$ 783	$ (1,045)	$ 2,097
Rental And Other Property Revenues [Member]
REVENUES
Total revenues	176,721	181,643	351,451	367,686
Other Revenues [Member]
REVENUES
Total revenues	1,612	0	3,295	0
Apartment Income REIT, L.P. [Member]
REVENUES
Total revenues	178,333	181,643	354,746	367,686
OPERATING EXPENSES
Property operating expenses	64,758	63,959	129,375	129,921
Depreciation and amortization	75,791	78,949	151,071	160,395
General and administrative expenses	5,221	7,566	9,635	15,055
Other expenses, net	2,515	4,156	5,391	5,647
Total operating expenses	148,285	154,630	295,472	311,018
Interest income	15,684	2,303	31,656	6,292
Interest expense	(70,807)	(44,239)	(107,842)	(81,045)
Gain (loss) on derecognition of leased properties and dispositions of real estate, net	3,353	47,282	87,385	47,295
Mezzanine / Unconsolidated partnerships investment income, net	0	6,936	0	13,683
Income (loss) from continuing operations before income tax (expense) benefit and discontinued operations	(21,722)	39,295	70,473	42,893
Income tax (expense) benefit			(1,045)	2,097
Income (loss) from continuing operations	(19,687)	40,078	69,428	44,990
Income from discontinued operations, net of tax	0	3,126	0	7,191
Net income (loss)	(19,687)	43,204	69,428	52,181
Noncontrolling interests:
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships	2,397	17	2,632	(1)
Net income attributable to preferred noncontrolling interests in AIR Operating Partnership	(1,646)	(1,859)	(3,300)	(3,728)
Net income (loss) attributable to AIR/AIR Operating Partnership	(17,290)	43,221	72,060	52,180
Net income attributable to participating securities	(39)	(43)	(103)	(86)
Net income (loss) attributable to AIR common stockholders	$ (18,975)	$ 41,319	$ 68,657	$ 48,366
Earnings (loss) per common unit basic and diluted
Income (loss) from continuing operations attributable to AIR per common share	$ (0.12)	$ 0.30	$ 0.43	$ 0.32
Income from discontinued operations attributable to AIR per common share	0	0.03	0	0.06
Net income (loss) attributable to AIR per common share - basic and diluted	$ (0.12)	$ 0.33	$ 0.43	$ 0.38
Weighted average common shares/units outstanding - basic	162,698	126,399	159,701	126,460
Weighted average common shares/units outstanding - diluted	162,698	126,414	160,175	126,636
Apartment Income REIT, L.P. [Member] | Continuing Operations [Member]
OPERATING EXPENSES
Income tax (expense) benefit	$ 2,035	$ 783	$ (1,045)	$ 2,097
Apartment Income REIT, L.P. [Member] | Rental And Other Property Revenues [Member]
REVENUES
Total revenues	176,721	181,643	351,451	367,686
Apartment Income REIT, L.P. [Member] | Other Revenues [Member]
REVENUES
Total revenues	$ 1,612	$ 0	$ 3,295	$ 0

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss)(Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net income (loss)	$ (19,687)	$ 43,204	$ 69,428	$ 52,181
Unrealized losses on available for sale debt securities	(1,180)	(355)	(3,251)	(415)
Comprehensive income (loss)	(20,867)	42,849	66,177	51,766
Comprehensive (income) loss attributable to noncontrolling interests	1,819	(3,926)	(3,854)	(6,177)
Comprehensive income (loss) attributable to AIR	(19,048)	38,923	62,323	45,589
Apartment Income REIT, L.P [Member]
Net income (loss)	(19,687)	43,204	69,428	52,181
Unrealized losses on available for sale debt securities	(1,180)	(355)	(3,251)	(415)
Comprehensive income (loss)	(20,867)	42,849	66,177	51,766
Comprehensive (income) loss attributable to noncontrolling interests	2,397	17	2,632	(1)
Comprehensive income (loss) attributable to AIR	$ (18,470)	$ 42,866	$ 68,809	$ 51,765

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Distributions in Excess of Earnings	Distributions in Excess of EarningsCumulative Effect, Period of Adoption, Adjustment	Total AIR's Predecessor	Total AIR's PredecessorCumulative Effect, Period of Adoption, Adjustment	Noncontrolling Interest in Consolidated Real Estate Partnerships	Common Noncontrolling Interests In AIR Operating Partnerships
Balances at Dec. 31, 2019	$ 1,860,795	$ (277)		$ 1,202	$ 3,497,654	$ 4,195	$ (1,722,402)	$ (277)	$ 1,780,649	$ (277)	$ (3,296)	$ 83,442
Balances (in shares) at Dec. 31, 2019				120,242,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchases of Common Stock	(10,004)			$ (2)	(10,002)				(10,004)
Repurchases of Common Stock (in shares)				(189,000)
Redemption of AIR Operating Partnership units	(1,255)			$ 1	5,136				5,137			(6,392)
Redemption of AIR Operating Partnership units (in shares)				128,000
Amortization of share-based compensation cost	5,111				3,009				3,009			2,102
Amortization of share-based compensation cost (in shares)				20,000
Effect of changes in ownership for consolidated entities	0				(4,348)				(4,348)		36	4,312
Change in accumulated other comprehensive income (loss)	(415)					(388)			(388)			(27)
Net income (loss)	48,677						45,977		45,977		225	2,475
Common Stock dividends	(121,859)						(121,859)		(121,859)
Distributions to noncontrolling interests	(6,606)										(108)	(6,498)
Other, net	(69)				116				116		(47)
Other, net (in shares)				24,000
Balances at Jun. 30, 2020	1,774,236			$ 1,201	3,491,565	3,807	(1,798,561)		1,698,012		(3,190)	79,414
Balances (in shares) at Jun. 30, 2020				120,225,000
Balances at Mar. 31, 2020	1,795,548			$ 1,200	3,488,898	4,139	(1,776,782)		1,717,455		(3,409)	81,502
Balances (in shares) at Mar. 31, 2020				120,092,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of AIR Operating Partnership units	286			$ 1	5,136				5,137			(5,423)
Redemption of AIR Operating Partnership units (in shares)				128,000
Amortization of share-based compensation cost	2,131				1,080				1,080			1,051
Amortization of share-based compensation cost (in shares)				4
Effect of changes in ownership for consolidated entities	0				(3,579)				(3,579)		36	3,543
Change in accumulated other comprehensive income (loss)	(355)					(332)			(332)			(23)
Net income (loss)	41,469						39,255		39,255		107	2,107
Common Stock dividends	(61,034)					0	(61,034)		(61,034)			0
Distributions to noncontrolling interests	(3,378)						0		0		(35)	(3,343)
Other, net	141				30	0	0		30		111	0
Other, net (in shares)				1
Balances at Jun. 30, 2020	1,774,236			$ 1,201	3,491,565	3,807	(1,798,561)		1,698,012		(3,190)	79,414
Balances (in shares) at Jun. 30, 2020				120,225,000
Balances at Dec. 31, 2020	1,308,093		$ 2,000	$ 1,489	3,432,121	3,039	(2,131,798)		1,306,851		(61,943)	63,185
Balances (in shares) at Dec. 31, 2020			20,000	148,861,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Common Stock	342,163			$ 79	342,084				342,163
Issuance of Common Stock (in shares)				7,825,000
Redemption of AIR Operating Partnership units	3,552				1,957				1,957			(5,509)
Redemption of AIR Operating Partnership units (in shares)				43,000
Amortization of share-based compensation cost	4,527				2,544				2,544			1,983
Amortization of share-based compensation cost (in shares)				33,000
Effect of changes in ownership for consolidated entities	0				(4,423)				(4,423)			4,423
Noncontrolling Interest Increase From Subsidiary Equity Issuance	1,998										1,998
Change in accumulated other comprehensive income (loss)	(3,251)					(3,039)			(3,039)			(212)
Net income (loss)	66,221						65,362		65,362		(2,632)	3,491
Common Stock dividends	(131,276)						(131,276)		(131,276)
Preferred Stock dividends	(93)						(93)		(93)
Distributions to noncontrolling interests	(12,037)										(4,834)	(7,203)
Other, net	(1,037)			$ 1	(1,110)		(38)		(1,147)		(120)	230
Other, net (in shares)				95,000
Balances at Jun. 30, 2021	1,571,756		$ 2,000	$ 1,569	3,773,173	0	(2,197,843)		1,578,899		(67,531)	60,388
Balances (in shares) at Jun. 30, 2021			20,000	156,857,000
Balances at Mar. 31, 2021	1,322,096		$ 2,000	$ 1,490	3,430,694	1,100	(2,112,381)		1,322,903		(64,619)	63,812
Balances (in shares) at Mar. 31, 2021			20,000	148,975,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Common Stock	342,163			$ 79	342,084				342,163
Issuance of Common Stock (in shares)				7,825
Redemption of AIR Operating Partnership units	329			$ 0	1,957	0	0		1,957		0	2,286
Redemption of AIR Operating Partnership units (in shares)				43,000
Amortization of share-based compensation cost	1,889			$ 0	629				629			1,260
Amortization of share-based compensation cost (in shares)				0
Effect of changes in ownership for consolidated entities	0				(1,833)				(1,833)			1,833
Noncontrolling Interest Increase From Subsidiary Equity Issuance	1,998										1,998
Change in accumulated other comprehensive income (loss)	(1,180)					(1,100)			(1,100)			(80)
Net income (loss)	21,290						(17,948)		17,948		(2,397)	945
Common Stock dividends	(67,418)						(67,418)		(67,418)
Preferred Stock dividends	(43)						(43)		(43)
Distributions to noncontrolling interests	(6,868)										(3,432)	(3,436)
Other, net	738				(358)		(53)		(411)		919	230
Other, net (in shares)				14
Balances at Jun. 30, 2021	$ 1,571,756		$ 2,000	$ 1,569	$ 3,773,173	$ 0	$ (2,197,843)		$ 1,578,899		$ (67,531)	$ 60,388
Balances (in shares) at Jun. 30, 2021			20,000	156,857,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 69,428	$ 52,181
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	151,071	160,395
Gain on derecognition of leased properties and dispositions of real estate	(87,385)	(47,295)
Income tax expense (benefit)	1,045	(2,097)
Other non-cash adjustments, net	9,314	7,059
Net changes in operating assets and operating liabilities	(49,676)	(20,084)
Net cash (used in) provided by operating activities	93,797	184,357
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate and deposits related to purchases of real estate	(225,526)	(3,064)
Capital expenditures	(76,469)	(171,627)
Proceeds from dispositions of real asset	6,230	36,869
Purchases of corporate assets	(4,509)	(8,743)
Maturation of debt investments	100,852	0
Other investing activities	(61)	1,946
Net cash provided by (used in) investing activities	(199,483)	(160,070)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from non-recourse property debt	0	608,756
Principal repayments on non-recourse property debt	(566,523)	(269,434)
Proceeds from term loan	800,000	350,000
Repayment of term loan	(350,000)	0
Net borrowings on (repayments of) revolving credit facility	81,600	(275,000)
Payment of debt issuance costs	(9,885)	(6,007)
Payment of debt extinguishment costs	(36,198)	(5,758)
Repurchases of common stock or common units	0	(10,004)
Proceeds from Issuance of Common Stock, net	342,163	0
Payment of dividends to holders of Common Stock	(131,654)	(122,058)
Payment of dividends to holders of Preferred Stock	(93)
Payment of distributions to noncontrolling interests	(15,301)	(10,639)
Redemptions of noncontrolling interests in the AIR Operating Partnership	(3,622)	(1,870)
Contribution from noncontrolling interests in consolidated real estate partnerships	1,998	0
Other financing activities	422	(12,554)
Net cash provided by financing activities	112,907	240,519
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	7,221	264,806
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH OF DISCONTINUED OPERATIONS	0	1,190
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH OF CONTINUING OPERATIONS	7,221	265,996
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	73,480	166,541
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	80,701	432,537
Apartment Income REIT, L.P [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	69,428	52,181
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	151,071	160,395
Gain on derecognition of leased properties and dispositions of real estate	(87,385)	(47,295)
Income tax expense (benefit)	1,045	(2,097)
Other non-cash adjustments, net	9,314	7,059
Net changes in operating assets and operating liabilities	(49,676)	(20,084)
Net cash (used in) provided by operating activities	93,797	184,357
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate and deposits related to purchases of real estate	(225,526)	(3,064)
Capital expenditures	(76,469)	(171,627)
Proceeds from dispositions of real asset	6,230	36,869
Purchases of corporate assets	(4,509)	(8,743)
Maturation of debt investments	100,852	0
Other investing activities	(61)	1,946
Net cash provided by (used in) investing activities	(199,483)	(160,070)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from non-recourse property debt	0	608,756
Principal repayments on non-recourse property debt	(566,523)	(269,434)
Proceeds from term loan	800,000	350,000
Repayment of term loan	(350,000)	0
Net borrowings on (repayments of) revolving credit facility	81,600	(275,000)
Payment of debt issuance costs	(9,885)	(6,007)
Payment of debt extinguishment costs	(36,198)	(5,758)
Repurchases of common stock or common units	0	(10,004)
Proceeds from Issuance of Common Stock, net	342,163	0
Payment of distributions to General Partner and Special Limited Partner	(131,654)	(122,058)
Payment of distributions to Limited Partners	(7,258)	(6,793)
Contribution from noncontrolling interests in consolidated real estate partnerships	1,998	0
Redemption of common and preferred units	(3,622)	(1,870)
Other financing activities	422	(12,554)
Net cash provided by financing activities	112,907	240,519
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	7,221	264,806
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH OF DISCONTINUED OPERATIONS	0	1,190
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH OF CONTINUING OPERATIONS	7,221	265,996
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	73,480	166,541
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	80,701	432,537
Discontinued Operations [Member]
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	0	37,770
Income tax expense (benefit)	0	(4,015)
Other non-cash adjustments, net	0	443
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate and deposits related to purchases of real estate	0	(4,730)
Capital expenditures	0	(10,721)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal repayments on non-recourse property debt	0	(4,913)
Discontinued Operations [Member] | Apartment Income REIT, L.P [Member]
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	0	37,770
Income tax expense (benefit)	0	(4,015)
Other non-cash adjustments, net	0	443
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate and deposits related to purchases of real estate	0	(4,730)
Capital expenditures	0	(10,721)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal repayments on non-recourse property debt	0	(4,913)
Payment of dividends to holders of Preferred Stock	(3,300)	(3,728)
Payment of distributions to noncontrolling interests	$ (4,836)	$ (118)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Partners' Capital - USD ($) $ in Thousands	Total	Apartment Income REIT, L.P [Member]	Apartment Income REIT, L.P [Member]Cumulative Effect, Period of Adoption, Adjustment	Apartment Income REIT, L.P [Member]Preferred Units [Member]	Apartment Income REIT, L.P [Member]General Partner and Special Limited Partner [Member]	Apartment Income REIT, L.P [Member]General Partner and Special Limited Partner [Member]Cumulative Effect, Period of Adoption, Adjustment	Apartment Income REIT, L.P [Member]Limited Partners [Member]	Apartment Income REIT, L.P [Member]Partners Capital Attributable To The Partnership [Member]	Apartment Income REIT, L.P [Member]Partners Capital Attributable To The Partnership [Member]Cumulative Effect, Period of Adoption, Adjustment	Apartment Income REIT, L.P [Member]Noncontrolling Interest in Consolidated Real Estate Partnerships
Balances at Dec. 31, 2019		$ 1,860,795	$ (277)		$ 1,780,649	$ (277)	$ 83,442	$ 1,864,091	$ (277)	$ (3,296)
Increase (Decrease) in Partners' Capital [Roll Forward]
Repurchases of common partnership units		(10,004)			(10,004)			(10,004)
Redemption of AIR Operating Partnership units	$ 1,255
Redemption of common partnership units		(1,255)			5,137		(6,392)	(1,255)
Amortization of share-based compensation cost		5,111			3,009		2,102	5,111
Effect of changes in ownership of consolidated entities					(4,348)		4,312	(36)		36
Change in accumulated other comprehensive income (loss)	(415)	(415)			(388)		(27)	(415)
Net income (loss)	48,677	48,677			45,977		2,475	48,452		225
Distributions to common unitholders		(128,357)			(121,859)		(6,498)	(128,357)
Distributions to noncontrolling interests	(6,606)	(108)								(108)
Other, net		69			116			116		(47)
Balances at Jun. 30, 2020		1,774,236			1,698,012		79,414	1,777,426		(3,190)
Balances at Mar. 31, 2020		1,795,548			1,717,455		81,502	1,798,957		(3,409)
Increase (Decrease) in Partners' Capital [Roll Forward]
Redemption of AIR Operating Partnership units	(286)	(286)			5,137		(5,423)	(286)
Amortization of share-based compensation cost		2,131			1,080		1,051	2,131
Effect of changes in ownership of consolidated entities					(3,579)		3,543	(36)		36
Change in accumulated other comprehensive income (loss)	(355)	(355)			(332)		(23)	(355)
Net income (loss)	41,469	41,469			39,255		2,107	41,362		107
Distributions to common unitholders		(64,377)			(61,034)		(3,343)	(64,377)
Distributions to noncontrolling interests	(3,378)	(35)								(35)
Other, net		141			30			30		111
Balances at Jun. 30, 2020		1,774,236			1,698,012		79,414	1,777,426		(3,190)
Balances at Dec. 31, 2020		1,308,093		$ 2,000	1,304,851		63,185	1,370,036		(61,943)
Increase (Decrease) in Partners' Capital [Roll Forward]
Issuance of common partnership units to AIR		342,163			342,163			342,163
Redemption of AIR Operating Partnership units	(3,552)	(3,552)			1,957		(5,509)	(3,552)
Amortization of share-based compensation cost		4,527			2,544		1,983	4,527
Effect of changes in ownership of consolidated entities					(4,423)		4,423
Contribution from noncontrolling interest in consolidated real estate partnerships	1,998	1,998								1,998
Change in accumulated other comprehensive income (loss)	(3,251)	(3,251)			(3,039)		(212)	(3,251)
Net income (loss)	66,221	66,221			65,362		3,491	68,853		(2,632)
Distributions to common unitholders		(138,479)			(131,276)		(7,203)	(138,479)
Distributions paid to preferred unitholders		(93)			(93)		0	(93)
Distributions to noncontrolling interests	(12,037)	(4,834)								(4,834)
Other, net		(1,037)			(1,147)		230	(917)		(120)
Balances at Jun. 30, 2021		1,571,756		2,000	1,576,899		60,388	1,639,287		(67,531)
Balances at Mar. 31, 2021		1,322,096		2,000	1,320,903		63,812	1,386,715		(64,619)
Increase (Decrease) in Partners' Capital [Roll Forward]
Issuance of common partnership units to AIR		342,163			342,163			342,163
Redemption of AIR Operating Partnership units	(329)	(329)			1,957		(2,286)	(329)
Amortization of share-based compensation cost		1,889			629		1,260	1,889
Effect of changes in ownership of consolidated entities		0			(1,833)		1,833	0
Contribution from noncontrolling interest in consolidated real estate partnerships	1,998	1,998								1,998
Change in accumulated other comprehensive income (loss)	(1,180)	(1,180)			(1,100)		(80)	(1,180)
Net income (loss)	21,290	(21,290)			(17,948)		(945)	(18,893)		(2,397)
Distributions to common unitholders		(70,854)			(67,418)		(3,436)	(70,854)
Distributions paid to preferred unitholders		(43)			(43)			(43)
Distributions to noncontrolling interests	$ (6,868)	(3,432)								(3,432)
Other, net		738			(411)			(181)		919
Balances at Jun. 30, 2021		$ 1,571,756		$ 2,000	$ 1,576,899		$ 60,388	$ 1,639,287		$ (67,531)

Basis of Presentation and Organ

Basis of Presentation and Organization	6 Months Ended
	Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation and Organization	Note 1 — Basis of Presentation and Organization Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of Apartment Income REIT Corp. (“AIR”), Apartment Income REIT, L.P. (“AIR Operating Partnership”) and their consolidated subsidiaries. On July 7, 2021, AIR Operating Partnership changed its name from "AIMCO Properties, L.P." to "Apartment Income REIT, L.P." The AIR Operating Partnership’s condensed consolidated financial statements include the accounts of the AIR Operating Partnership and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. As used herein, and except where the context otherwise requires, “partnership" refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company. Interests in the AIR Operating Partnership that are held by limited partners other than AIR are reflected in AIR’s accompanying condensed consolidated balance sheets as noncontrolling interests in the AIR Operating Partnership. Interests in partnerships consolidated by the AIR Operating Partnership that are held by third parties are reflected in AIR’s accompanying condensed consolidated balance sheets as noncontrolling interests in consolidated real estate partnerships. Except as the context otherwise requires, “we,” “our,” and “us” refer to AIR, the AIR Operating Partnership, and their consolidated subsidiaries, collectively. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”), have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments, consisting of normal recurring items, considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2021, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The condensed consolidated balance sheets of AIR, the AIR Operating Partnership, and their consolidated subsidiaries as of December 31, 2020, have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in AIR’s and the AIR Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2020. Except where indicated, the footnotes refer to AIR, the AIR Operating Partnership and their consolidated subsidiaries, collectively. The Separation On December 15, 2020, Apartment Investment and Management Company (“Aimco”) completed the separation of its business into two, separate and distinct, publicly traded companies, AIR and Aimco (the “Separation”). Notwithstanding the legal form of the Separation, for accounting and financial reporting purposes, Aimco is presented as being spun-off from AIR (as it relates to Aimco subsequent to the Separation, the “Spinnee”). This presentation is in accordance with GAAP, and is due primarily to the relative significance of AIR’s business, as measured in terms of revenues, net income, assets, and other relevant indicators, as compared to Aimco before the Separation. Therefore, AIR is considered the divesting entity and treated as the accounting spinnor, and Aimco is presented as the predecessor (“AIR’s Predecessor”) for AIR’s financial statements. Unless otherwise stated, financial results prior to the Separation on December 15, 2020 include the financial results of AIR’s Predecessor. The financial results and cash flows attributable to the apartment communities retained by Aimco in the Separation are presented as discontinued operations. Unless otherwise noted, all disclosures in the notes accompanying the condensed consolidated financial statements reflect only continuing operations. Please see Note 9 for further details regarding our discontinued operations. Organization and Business AIR is a self-administered and self-managed real estate investment trust (“REIT”). AIR owns, through its wholly-owned subsidiaries, all of the common equity, the general partner interest, and special limited partner interest in AIR Operating Partnership, a Delaware limited partnership originally incorporated on May 16, 1994. AIR Operating Partnership conducts all of the business of AIR, which is focused on the ownership of stabilized multi-family properties located in top markets including eight important geographic concentrations: Boston; Philadelphia; Greater Washington D.C.; Miami; Denver; the San Francisco Bay Area; Los Angeles; and San Diego. We own and operate a portfolio of apartment communities, diversified by both geography and price point, in 12 states and the District of Columbia. As of June 30, 2021, our portfolio included 96 apartment communities with 26,422 apartment homes in which we held an average ownership of approximately 93 % . We also have four properties and one vacant land parcel that we lease to Aimco for redevelopment and development. Interests in the AIR Operating Partnership that are held by limited partners other than AIR are referred to as OP Units. OP Units include common partnership units, which we refer to as common OP Units, as well as preferred partnership units, which we refer to as preferred OP Units. As of June 30, 2021, after elimination of units held by consolidated subsidiaries, the AIR Operating Partnership had 168,220,639 common OP Units outstanding. As of June 30, 2021, AIR owned 156,856,952 of the common OP Units of the AIR Operating Partnership and AIR had an equal number of shares of its Class A Common Stock outstanding, which we refer to as Common Stock. AIR’s ownership of the total common OP Units outstanding represents a 93.2 % legal interest in the AIR Operating Partnership and a 95.0 % economic interest.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Summary of Significant Accounting Policies	Note 2 — Summary of Significant Accounting Policies Principles of Consolidation We consolidate a variable interest entity (“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. Redeemable Preferred OP Units As described in Note 5, the preferred OP Units may be redeemed at the holder’s option and are therefore presented within temporary equity in AIR’s condensed consolidated balance sheets and within temporary capital in the AIR Operating Partnership’s condensed consolidated balance sheets. The following table presents a rollforward of the AIR Operating Partnership’s preferred OP Units (in thousands): Balance at December 31, 2020 $ 79,449 Preferred distributions ( 3,207 ) Redemption of preferred units ( 74 ) Net income 3,207 Balance at June 30, 2021 $ 79,375 The AIR Operating Partnership has outstanding various classes of redeemable preferred OP Units. As of June 30, 2021 and December 31, 2020, the AIR Operating Partnership had 2,935,920 and 2,938,802 redeemable preferred OP Units, respectively, issued and outstanding. Distributions per annum range from 1.92 % to 8.75 % per class and $ 0.48 to $ 8.00 per unit. Revenue from Leases The majority of lease payments we receive from our residents and tenants are fixed. We receive variable payments from our residents and tenants primarily for utility reimbursements. Our total lease income, included in continuing operations, was comprised of the following amounts for all operating leases (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Fixed lease income $ 165,044 $ 171,054 $ 329,012 $ 349,081 Variable lease income 11,177 10,280 21,636 20,834 Straight-line rent write-off (1) — — — ( 2,850 ) Total lease income $ 176,221 $ 181,334 $ 350,648 $ 367,065 (1) We monitor the collectability of all unpaid rent amounts. The onset of COVID-19 and the anticipated economic slowdown resulted in a $ 2.9 million write-off of accrued straight-line rent during the six months ended June 30, 2020. As of June 30, 2021 , we leased four properties and one vacant land parcel to Aimco for redevelopment and development. The leases are being accounted for as sales-type leases and are therefore excluded from the table above. Please see Note 9 for further discussion. Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates. Reclassifications and Revisions As previously stated in Note 1, the financial results for the three and six months ended June 30, 2020 , include the financial results of AIR’s Predecessor, and the financial results attributable to the apartment communities retained by Aimco in the Separation are presented as discontinued operations. Recent Accounting Pronouncements On August 5, 2020, the Financial Accounting Standards Board issued an Accounting Standards Update that simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, and affects the diluted earnings per share calculation for instruments that may be settled in cash or shares, which is effective for us on January 1, 2022. Adoption of the standards requires changes to be made retrospectively. Our preferred OP Units are subject to the new standard, which will require us to include our preferred OP Units in the calculation of dilutive securities. We are in the process of evaluating the impact of this standard and do not anticipate the adoption will have a material impact to our consolidated financial statements.

Significant Transactions

Significant Transactions	6 Months Ended
	Jun. 30, 2021
Significant Transactions [Abstract]
Significant Transactions	Note 3 — Significant Transactions Apartment Community Acquisition On June 17, 2021 , we acquired an apartment community located in Pembroke Pines, Florida. Summarized information regarding this acquisition is set forth in the table below (dollars in thousands): Number of apartment homes 700 Purchase price $ 222,650 Capitalized transaction costs (1) 2,876 Total consideration $ 225,526 Consideration allocated to land $ 35,184 Consideration allocated to building and improvements 186,823 Consideration allocated to intangible assets (2) 3,644 Consideration allocated to below-market lease liabilities (3) ( 125 ) Total consideration $ 225,526 (1) Capitalized transaction costs include a broker fee of $ 2.3 million paid to Aimco. (2) Intangible assets include in-place leases and leasing costs with a weighted-average term of less than one year . (3) Below-market leases have a weighted-average term of less than one year . New Credit Facility On April 14, 2021, we obtained a $ 1.4 billion unsecured credit facility (the "Credit Facility"), replacing the previous $ 950 million facility. The facility is comprised of a revolving credit facility of $ 600 million and variable rate term loans of $ 800 million. The revolving credit facility currently bears interest at a 30-day LIBOR plus 0.90 % and allows for an additional one basis point margin reduction if certain environmental, social, and governance targets are achieved. The term of the revolving credit facility ends on April 14, 2025 , with two six-month extension options. Proceeds from the term loans were used to extend the maturity of our previous $ 350 million term loan; to repay $ 213 million of property debt; and to reduce borrowings on our revolving credit facility. The term loans bear interest at a 30-day LIBOR plus 1.00% , with a LIBOR floor of 0.00 %. The effective interest on outstanding borrowings on our term loans was 1.6 %. The term loans mature on the following schedule:  $ 150 million maturing on December 15, 2023 , with two one-year extension options;  $ 300 million maturing on December 15, 2024 , with a one-year extension option;  $ 150 million maturing on December 15, 2025 ; and  $ 200 million maturing on April 14, 2026 . As of June 30, 2021, we had $ 347.2 million of outstanding borrowings under our revolving credit facility and had capacity to borrow up to $ 248.9 million after consideration of undrawn letters of credit backed by the facility. The effective interest on our outstanding borrowings was 1.09 % as of June 30, 2021. Equity Issuance On April 23, 2021, we issued and sold 7.825 million shares of our Class A Common Stock for $ 43.766 per share in a private placement to a large global real estate-focused investment firm and received cash proceeds of $ 342.2 million, net of fees. Proceeds raised were used to repay $ 318.4 million of property debt with a weighted-average interest rate of 4.6 %. Prepayment penalties incurred in connection with the debt repayment totaled $ 33.8 million. July Term Loan Subsequent to June 30, 2021, on July 15, 2021, we secured a new $ 350.0 million term loan. The loan matures on July 14, 2022 , includes a six month extension option, and currently bears interest at a 30-day LIBOR plus 0.95% with a 0.00 % LIBOR floor. Proceeds from the loan were used to repay borrowings on our revolving credit facility.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 4 — Commitments and Contingencies Legal Matters In addition to the matters described below, we are a party to various legal actions and administrative proceedings arising in the ordinary course of business, some of which are covered by our general liability insurance program, and none of which we expect to have a material adverse effect on our consolidated financial condition, results of operations or cash flows. For claims arising from matters that occurred prior to the Separation, Aimco is responsible for the first $ 17.5 million of cumulative legal and environmental liabilities incurred and the AIR Operating Partnership is responsible for any such liabilities in excess of $ 17.5 million. As of June, 30, 2021, we have a receivable from Aimco related to the indemnification of approximately $ 7 million. Environmental Various federal, state and local laws subject apartment community owners or operators to liability for management and the costs of removal or remediation of certain potentially hazardous materials that may be present in the land or buildings of an apartment community. Such laws often impose liability without regard to fault or whether the owner or operator knew of, or was responsible for, the presence of such materials. The presence of, or the failure to manage or remediate properly, these materials may adversely affect occupancy at such apartment communities as well as the ability to sell or finance such apartment communities. In addition, governmental agencies may bring claims for costs associated with investigation and remediation actions. Moreover, private plaintiffs may potentially make claims for investigation and remediation costs they incur or for personal injury, disease, disability or other infirmities related to the alleged presence of hazardous materials. In addition to potential environmental liabilities or costs associated with our current apartment communities, we may also be responsible for such liabilities or costs associated with communities we acquire or manage in the future or apartment communities we no longer own or operate. We have determined that our legal obligations to remove or remediate certain potentially hazardous materials may be conditional asset retirement obligations (“AROs”), as defined by GAAP. Except in limited circumstances where the asset retirement activities are expected to be performed in connection with a planned construction project or apartment community casualty, we believe that the fair value of our AROs cannot be reasonably estimated due to significant uncertainties in the timing and manner of settlement of those obligations. AROs that are reasonably estimable as of June 30, 2021 , are immaterial to our condensed consolidated financial statements.

Earnings and Dividends per Shar

Earnings and Dividends per Share and Unit	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings and Dividends per Share and Unit	Note 5 — Earnings and Dividends per Share and Unit AIR and the AIR Operating Partnership calculate basic earnings (loss) per common share and basic earnings (loss) per common unit based on the weighted-average number of shares of Common Stock and common partnership units outstanding. We calculate diluted earnings (loss) per share and diluted earnings (loss) per unit taking into consideration dilutive common stock and common partnership unit equivalents and dilutive convertible securities outstanding during the period. Our common stock and common partnership unit equivalents include options to purchase shares of Common Stock, which, if exercised, would result in AIR’s issuance of additional shares and the AIR Operating Partnership’s issuance to AIR of additional common partnership units equal to the number of shares purchased under the options. These equivalents also include unvested total shareholder return (“TSR”) restricted stock awards that do not meet the definition of participating securities, which would result in an increase in the number of shares of Common Stock and common partnership units outstanding equal to the number of the shares that vest. Common partnership unit equivalents also include unvested long-term incentive partnership units. We include in the denominator securities with dilutive effect in calculating diluted earnings (loss) per share and per unit during these periods. Our restricted stock awards that are subject to time-based vesting receive non-forfeitable dividends similar to shares of Common Stock and common partnership units prior to vesting, and our TSR long-term incentive partnership units receive non-forfeitable distributions based on specified percentages of the distributions paid to common partnership units prior to vesting and conversion. The unvested restricted shares and units related to these awards are participating securities. We include the effect of participating securities in basic and diluted earnings (loss) per share and 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. In our condensed consolidated statements of operations, noncontrolling interest in consolidated real estate partnerships is related to both continuing and discontinued operations. For purposes of our earnings (loss) per share calculation, we have appropriately allocated the noncontrolling interest in consolidated real estate partnerships for the three and six months ended June 30, 2020. Please see Note 9 for detail of noncontrolling interest in consolidated real estate partnerships associated with discontinued operations. Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings (loss) per share and per unit are as follows (in thousands, except per share and per unit data): Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Income (Numerator) Shares (Denominator) Per Share Amount Income (Numerator) Shares (Denominator) Per Share Amount Basic earnings (loss) per share: Net income (loss) attributable to AIR common stockholders $ ( 18,030 ) 154,608 $ ( 0.12 ) $ 65,166 151,609 $ 0.43 Diluted earnings (loss) per share: Effect of dilutive securities — — — — 474 — Net income (loss) attributable to AIR common stockholders $ ( 18,030 ) 154,608 $ ( 0.12 ) $ 65,166 152,083 $ 0.43 Non-dilutive share equivalents outstanding 8,116 8,090 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Income (Numerator) Shares (Denominator) Per Share Amount Income (Numerator) Shares (Denominator) Per Share Amount Basic earnings (loss) per share: Income from continuing operations attributable to AIR $ 35,970 119,959 $ 0.30 $ 38,481 119,953 $ 0.32 Income from discontinued operations attributable to AIR 3,242 119,959 0.03 7,410 119,953 0.06 Net income attributable to AIR common stockholders $ 39,212 119,959 $ 0.33 $ 45,891 119,953 $ 0.38 Diluted earnings (loss) per share: Effect of dilutive securities — 15 — — 115 — Net income (loss) attributable to AIR common stockholders $ 39,212 119,974 $ 0.33 $ 45,891 120,068 $ 0.38 Non-dilutive share equivalents outstanding 8,929 8,260 Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Income (Numerator) Units (Denominator) Per Unit Amount Income (Numerator) Units (Denominator) Per Unit Amount Basic earnings (loss) per unit: Net income (loss) attributable to the AIR Operating Partnership's common unitholders $ ( 18,975 ) 162,698 $ ( 0.12 ) $ 68,657 159,701 $ 0.43 Diluted earnings (loss) per unit: Effect of dilutive securities — — — — 474 — Net income (loss) attributable to the AIR Operating Partnership's common unitholders $ ( 18,975 ) 162,698 $ ( 0.12 ) $ 68,657 160,175 $ 0.43 Non-dilutive partnership unit equivalents outstanding 1,885 1,594 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Income (Numerator) Units (Denominator) Per Unit Amount Income (Numerator) Units (Denominator) Per Unit Amount Basic earnings (loss) per unit: Income from continuing operations attributable to the AIR Operating Partnership $ 38,077 126,399 $ 0.30 $ 40,956 126,460 $ 0.32 Income from discontinued operations attributable to the AIR Operating Partnership 3,242 126,399 0.03 7,410 126,460 0.06 Net income attributable to the AIR Operating Partnership's common unitholders $ 41,319 126,399 $ 0.33 $ 48,366 126,460 $ 0.38 Diluted earnings (loss) per unit: Effect of dilutive securities — 15 — — 176 — Net income (loss) attributable to the AIR Operating Partnership's common unitholders $ 41,319 126,414 $ 0.33 $ 48,366 126,636 $ 0.38 Non-dilutive partnership unit equivalents outstanding 2,081 1,214 The AIR Operating Partnership has various classes of preferred OP Units, which may be redeemed at the holders’ option. The AIR Operating Partnership may redeem these units for cash, or at its option, shares of Common Stock. As of June 30, 2021, these preferred OP Units were potentially redeemable for approximately 1.7 million shares of Common Stock (based on the period end market price) or cash. The AIR Operating Partnership has a redemption policy that requires cash settlement of redemption requests for the preferred OP Units, subject to limited exceptions. Accordingly, we have excluded these securities from earnings per share and unit computations for the periods presented above. Dividends and distributions paid per share of Common Stock and per common unit were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Dividends and distributions paid $ 0.43 $ 0.41 $ 0.86 $ 0.82

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 6 — Fair Value Measurements Recurring Fair Value Measurements We measured at fair value on a recurring basis our investments in the securitization trust that held certain of our property debt, which we classified as available for sale (“AFS”) debt securities. These investments were presented within other assets in the condensed consolidated balance sheets. We held several positions in the securitization trust that paid interest and we also held the first loss position in the securitization trust, which accrued interest over the term of the investment. These investments were acquired at a discount to face value and accreted to the $ 100.9 million face value of the investments through interest income using the effective interest method over the term of the investments. During the second quarter of 2021, these investments were settled in cash at the face value. Our amortized cost basis for these investments, which represented the original cost adjusted for interest accretion less interest payments received, was $ 97.1 million as of December 31, 2020. Our investments in AFS debt securities were classified within Level 2 of the GAAP fair value hierarchy. We estimated the fair value of these investments using an income and market approach with primarily observable inputs, including yields and other information regarding similar types of investments, and adjusted for certain unobservable inputs specific to these investments. The fair value of the positions that paid interest typically moved in an inverse relationship with movements in interest rates. The fair value of the first loss position was primarily correlated to collateral quality and demand for similar subordinate commercial mortgage-backed securities. During 2020, we paid an upfront premium of $ 12.1 million for the option to enter into an interest rate swap at a future date. This interest rate option, or swaption, provides partial protection against our refinancing interest rate risk and is intended to mitigate interest rate increases between now and 2024. We receive a cash settlement in the future if the prevailing interest rate is higher than the 1.68 % strike price. The amount of future cash settlement is limited if the prevailing interest rate exceeds 2.78 %. Alternatively, if interest rates were to decrease below the specified strike price, we would not receive a cash settlement. In connection with the Separation, AIR assigned all of the risks and rewards of ownership to Aimco, with an offsetting and equal asset or liability recognized for the amount of gain or loss recognized. We measure at fair value on a recurring basis our interest rate option, which is presented in other assets in our condensed consolidated balance sheets. Our interest rate option is classified within Level 2 of the GAAP fair value hierarchy, and we estimate its fair value using pricing models that rely on observable market information, including contractual terms, market prices, and interest rate yield curves. The fair value adjustment is included in earnings in other expense, net, in our condensed consolidated statements of operations. Changes in fair value are reflected as a non-cash transaction in adjustments to arrive at cash flows from operations, and the upfront premium is reflected in other financing in our condensed consolidated statements of cash flows. The following table summarizes fair value for our AFS debt securities and our interest rate option (in thousands): As of June 30, 2021 As of December 31, 2020 Total Fair Value Level 1 Level 2 Level 3 Total Fair Value Level 1 Level 2 Level 3 AFS debt securities $ — $ — $ — $ — $ 100,151 $ — $ 100,151 $ — Interest rate option $ 18,915 $ — $ 18,915 $ — $ 13,177 $ — $ 13,177 $ — Nonrecurring Fair Value Measurements As of June 30, 2021, assets measured at fair value on a nonrecurring basis in our condensed consolidated balance sheets consist of one apartment community acquisition. We allocated the cost of the apartment community acquired based on the relative fair value of the assets acquired and liabilities assumed. The fair value of assets and liabilities was determined using valuation techniques that rely on Level 2 and Level 3 inputs within the GAAP fair value hierarchy. As of June 30, 2021 , the fair value of the real estate asset measured on a nonrecurring basis was $ 225.5 million. As of December 31, 2020, assets measured at fair value on a nonrecurring basis in our condensed consolidated balance sheets consist of a real estate asset that was written down to its estimated fair value for impairment purposes during the year ended December 31, 2020. Our estimate of fair value was determined using valuations performed by third-party specialists, as well as various estimates and assumptions, the most significant being market rental rates, operating expense assumptions, and capitalization rate. These unobservable inputs are classified as Level 3 within the GAAP fair value hierarchy. As of December 31, 2020, the fair value of the real estate asset measured on a nonrecurring basis was $ 34.4 million. 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 fair value as of June 30, 2021, and December 31, 2020, due to their relatively short-term nature and high probability of realization. The carrying amounts of notes receivable from Aimco, the term loans, and the revolving credit facility borrowings also approximated their estimated fair value as of June 30, 2021, and December 31, 2020. We estimate the fair value of our non-recourse property debt using an income and market approach, including comparison of the contractual terms to observable and unobservable inputs such as market interest rate risk spreads, contractual interest rates, remaining periods to maturity, collateral quality, and loan to value ratios on similarly encumbered apartment communities within our portfolio. We classify the fair value of our non-recourse property debt within Level 2 of the GAAP fair value hierarchy based on the significance of certain of the unobservable inputs used to estimate its fair value. The following table summarizes carrying value and fair value for our non-recourse property debt, excluding debt issuance costs (in thousands): As of June 30, 2021 As of December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 3,079,576 $ 3,212,327 $ 3,646,093 $ 3,730,621

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Variable Interest Entities	Note 7 — Variable Interest Entities Consolidated Entities AIR consolidates the AIR Operating Partnership, a variable interest entity (“VIE”) of which AIR is the primary beneficiary. AIR, through the AIR Operating Partnership, consolidates all VIEs for which it is the primary beneficiary. Substantially all of the assets and liabilities of AIR are that of the AIR Operating Partnership. The AIR Operating Partnership consolidates (i) five VIEs that own interest 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) five VIEs related to lessor entities that own interest in the properties leased to Aimco. The assets and liabilities of the VIEs associated with the leased properties consists of our net investment in the leases. The AIR Operating Partnership is the primary beneficiary in the limited partnerships in which it is the sole decision maker and has a substantial economic interest. The table below summarizes apartment community information regarding VIEs consolidated by the AIR Operating Partnership: June 30, 2021 December 31, 2020 VIEs with interests in apartment communities 5 5 Apartment communities owned by VIEs 16 16 Apartment homes in communities owned by VIEs 5,369 5,369 Assets of the AIR Operating Partnership’s consolidated VIEs must first be used to settle the liabilities of such consolidated VIEs. These consolidated VIEs’ creditors do not have recourse to the general credit of the AIR Operating Partnership. Assets and liabilities of VIEs, excluding those of the AIR Operating Partnership, are summarized in the table below (in thousands): June 30, 2021 December 31, 2020 ASSETS: Net real estate $ 1,108,567 $ 1,125,315 Cash and cash equivalents 19,351 10,548 Restricted cash 2,100 8,818 Other assets 23,130 23,870 LIABILITIES: Non-recourse property debt secured by AIR communities, net $ 1,234,788 $ 1,278,318 Accrued liabilities and other 32,731 34,038 Unconsolidated Entities We have an interest in a partnership that owns Parkmerced Apartments, which meets the definition of a VIE. However, we are not the primary beneficiary and do not consolidate this partnership. In connection with the Separation, Aimco was allocated economic ownership of the $ 275.0 million mezzanine loan investment and option to acquire a 30 % equity interest in the partnership. The investment accrues interest at 10 % per annum with a five-year term and the right to extend for a second five-year term. Subsequent to the Separation, all risks and rewards of ownership are Aimco’s. As of June 30, 2021, and December 31, 2020, the investment balance of $ 322.4 million and $ 307.4 million, respectively, primarily consisting of notes receivable, is included in other assets in AIR’s condensed consolidated balance sheets, as legal transfer is not complete. Since AIR has legally assigned all risks and rewards of ownership to Aimco, there is an equal and offsetting liability included in accrued liabilities and other in AIR’s condensed consolidated balance sheets. Accordingly, there is no net effect on AIR’s shareholders’ equity. During the three and six months ended June 30, 2020, we recognized $ 6.9 million and $ 13.7 million, respectively, of income in connection with the mezzanine loan. The mezzanine investment income was entirely offset by an expense to recognize the requirement that this income be contributed to Aimco.

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Business Segments	Note 8 — Business Segments We have two segments: Same Store and Other Real Estate. Our Same Store segment includes communities that: (i) are owned and managed by AIR and (ii) had reached a stabilized level of operations. Our Other Real Estate segment includes communities that do not meet the criteria to be classified as Same Store. Communities included in discontinued operations are excluded from our evaluation of segment performance, as they are no longer included in information used by our chief operating decision maker (“CODM”). Our CODM uses proportionate property net operating income to assess the operating performance of our communities. Proportionate property net operating income reflects our share of rental and other property revenues, excluding utility reimbursements, less direct property operating expenses, net of utility reimbursements, for consolidated communities. In our condensed consolidated statements of operations, utility reimbursements are included in rental and other property revenues in accordance with GAAP. As of June 30, 2021, our Same Store segment included 92 apartment communities with 25,427 apartment homes, and our Other Real Estate segment included four apartment communities with 995 homes. The following tables present the total revenues, property operating expenses, proportionate property net operating income (loss), and income (loss) from continuing operations before income tax benefit (expense) of our segments on a proportionate basis, excluding amounts related to communities sold or communities included in discontinued operations (in thousands): Same Store Other Proportionate Corporate and Consolidated Three months ended June 30, 2021: Total revenues $ 154,154 $ 2,395 $ 20,172 $ 1,612 $ 178,333 Property operating expenses 45,133 1,355 10,822 7,448 64,758 Other operating expenses not allocated to segments (3) — — — 83,527 83,527 Total operating expenses 45,133 1,355 10,822 90,975 148,285 Proportionate property net operating income (loss) 109,021 1,040 9,350 ( 89,363 ) 30,048 Other items included in income before income tax benefit (expense) (4) — — — ( 51,770 ) ( 51,770 ) Income (loss) from continuing operations before income tax benefit (expense) $ 109,021 $ 1,040 $ 9,350 $ ( 141,133 ) $ ( 21,722 ) Same Other Proportionate Corporate and Consolidated Six months ended June 30, 2021: Total revenues $ 307,151 $ 4,106 $ 40,190 $ 3,299 $ 354,746 Property operating expenses 89,082 2,570 21,381 16,342 129,375 Other operating expenses not allocated to segments (3) — — — 166,097 166,097 Total operating expenses 89,082 2,570 21,381 182,439 295,472 Proportionate property net operating income (loss) 218,069 1,536 18,809 ( 179,140 ) 59,274 Other items included in income before income tax benefit (expense) (4) — — — 11,199 11,199 Income (loss) from continuing operations before income tax benefit (expense) $ 218,069 $ 1,536 $ 18,809 $ ( 167,941 ) $ 70,473 Same Store Other Proportionate Corporate and Consolidated Three months ended June 30, 2020: Total revenues $ 170,392 $ 1,515 $ 6,985 $ 2,751 $ 181,643 Property operating expenses 46,398 1,144 6,510 9,907 63,959 Other operating expenses not allocated to segments (3) — — — 90,671 90,671 Total operating expenses 46,398 1,144 6,510 100,578 154,630 Proportionate property net operating income (loss) 123,994 371 475 ( 97,827 ) 27,013 Other items included in income before income tax benefit (expense) (4) — — — 12,282 12,282 Income (loss) from continuing operations before income tax benefit (expense) $ 123,994 $ 371 $ 475 $ ( 85,545 ) $ 39,295 Same Other Proportionate Corporate and Consolidated Six months ended June 30, 2020: Total revenues $ 347,148 $ 3,230 $ 13,960 $ 3,348 $ 367,686 Property operating expenses 92,383 2,301 12,984 22,253 129,921 Other operating expenses not allocated to segments (3) — — — 181,097 181,097 Total operating expenses 92,383 2,301 12,984 203,350 311,018 Proportionate property net operating income (loss) 254,765 929 976 ( 200,002 ) 56,668 Other items included in income before income tax benefit (expense) (4) — — — ( 13,775 ) ( 13,775 ) Income (loss) from continuing operations before income tax benefit (expense) $ 254,765 $ 929 $ 976 $ ( 213,777 ) $ 42,893 (1) Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the results of consolidated communities in our segments, which are included in the related consolidated amounts but excluded from proportionate property net operating income for our segment evaluation. Also includes the reclassification of utility reimbursements from revenues to property operating expenses for the purpose of evaluating segment results. Utility reimbursements are included in rental and other property revenues in our condensed consolidated statements of operations prepared in accordance with GAAP. (2) Includes the operating results of apartment communities sold during the periods shown or held for sale at the end of the period, if any. Also includes property management revenues, which are not part of our segment performance measure and property management expenses and casualty gains and losses, which are included in consolidated property operating expenses and are not part of our segment performance measure. The write-off of straight-line rent receivables, recognized due to the impact of COVID-19 and the resulting economic impact on our commercial tenants, are included in consolidated rental and property revenues and are not included in our measurement of segment performance for the three months and six months ended June 30, 2020. (3) Includes depreciation and amortization, general and administrative expenses, and other operating expenses, which may include provision for real estate impairment loss and write-offs of deferred leasing commissions, which are not included in our measure of segment performance. (4) Includes gain on derecognition of leased properties and dispositions of real estate, interest income, including interest income related to the properties leased to Aimco, and interest expense. The assets of our segments and the consolidated assets not allocated to our segments were as follows (in thousands): June 30, 2021 December 31, 2020 Same Store $ 4,591,399 $ 4,664,291 Other Real Estate 329,192 123,371 Corporate and other assets (1) 1,509,241 1,441,616 Total consolidated assets $ 6,429,832 $ 6,229,278 (1) Includes the assets not allocated to our segments including: (i) corporate assets; (ii) our notes receivable from Aimco; (iii) our mezzanine loan investment; and (iv) assets of apartment communities which were leased to Aimco, sold, or classified as held for sale as of June 30, 2021 . Capital additions related to our segments were as follows (in thousands): Six Months Ended June 30, 2021 2020 Same Store $ 61,067 $ 61,079 Other Real Estate 580 106,593 Total capital additions $ 61,647 $ 167,672 (1) For the six months ended June 30, 2021, Other Real Estate does not include capital additions related to properties leased to Aimco for redevelopment and development.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2021
Discontinued Operations And Disposal Groups [Abstract]
Discontinued Operations	Note 9 – Discontinued Operations The financial results attributable to apartment communities retained by the Spinnee for the prior year comparative period have been classified as discontinued operations within the condensed consolidated financial statements. Summarized results of discontinued operations are shown below (in thousands): Three Months Ended Six Months Ended June 30, 2020 June 30, 2020 REVENUES Rental and other property revenues $ 37,165 $ 75,674 OPERATING EXPENSES Property operating expenses 13,415 26,736 Depreciation and amortization 18,740 37,770 Other expenses, net 127 325 Total operating expenses 32,282 64,831 Interest income 540 1,074 Interest expense ( 4,563 ) ( 9,093 ) Income from unconsolidated real estate partnerships 170 352 Income before income tax benefit 1,030 3,176 Income tax benefit 2,096 4,015 Income from discontinued operations, net of tax 3,126 7,191 Net loss attributable to noncontrolling interests in consolidated real estate partnerships 116 219 Net income from discontinued operations attributable to Spinnee $ 3,242 $ 7,410 We entered into various separation and transition services agreements with the Spinnee that provide for a framework of our relationship with the Spinnee after the Separation, including: (i) a separation agreement setting forth the mechanics of the Separation, the key provisions relating to the Separation of our assets and liabilities from those of the Spinnee, and certain organizational matters and conditions; (ii) an employee matters agreement to allocate liabilities and responsibilities relating to employment matters, teammate compensation, and benefits plans and programs, and other related matters; (iii) Property Management Agreements pursuant to which we provide property management and related services at a majority of the properties owned or leased by the Spinnee in exchange for a fee based on an agreed percentage of revenue collected; (iv) Master Services Agreement pursuant to which we provide the Spinnee with customary administrative and support services on an ongoing basis in exchange for payment for the fully-burdened costs (including internal allocated costs); and (v) a Master Leasing Agreement pursuant to which the Spinnee may enter into leases with us pursuant to which the Spinnee, at its option, may redevelop, develop, or lease-up apartment communities. The Property Management Agreement, the Master Services Agreement, and the Master Leasing Agreement may be terminated in accordance with the respective agreements. During the three and six months ended June 30, 2021, we recognized revenue of $ 1.6 million and $ 3.3 million, respectively, from the Property Management Agreements and Master Services Agreement, all of which is reflected in other revenue in our condensed consolidated statement of operations. In addition, we recognized a reduction to general and administrative expense of $ 1.5 million and $ 2.9 million, respectively, from services provided under the Employee Matters Agreement. The Master Leasing Agreement governs any future leasing arrangements between us and the Spinnee. The initial term of the Master Leasing Agreement is 18 months , with automatic annual extensions (subject to each party’s right to terminate upon notice prior to the end of any such extension term). Each leased property has a separate lease agreement with specified terms. The initial annual rent for any leased property is based on a calculation derived from the then-current fair market value of the subject property and market net operating income cap rates, subject to certain adjustments, and is further subject to periodic escalation as set forth in the applicable lease, and the other terms thereof, including the initial term and extensions on an arm’s-length basis, as determined by and pursuant to the Master Leasing Agreement. The Spinnee has the right to terminate any such lease prior to the end of its term once the leased property is stabilized. In connection with an early termination, we have an option to pay the Spinnee an amount equal to the difference between the then-current fair market value of such property and the initial fair market value of such property at the time of the lease inception, at a small discount. If we do not exercise an option, the Spinnee will have the right to sell the property to a third party with us guaranteed to receive an amount equal to the fair market value of the property at the time of the lease inception, or the Spinnee may elect to purchase the property at a purchase price equal to the fair market value thereof at the time of lease inception (and may subsequently sell the property to a third party, subject to our right of first refusal during the first year following the Spinnee’s acquisition). Through June 30, 2021 , we have leased four properties and one vacant land parcel to the Spinnee for redevelopment and development, four leases commencing on January 1, 2021 , and one lease commencing on June 1, 2021. In accordance with ASC 842, these leases were accounted for as sales-type leases and we recorded a net investment in the leases, equal to the sum of the lease receivable and residual asset, discounted at the rate implicit to the leases. During the three and six months ended June 30, 2021, we recognized gains of $ 3.4 million and $ 87.1 million, respectively, which are equal to the difference in the net investment values and the carrying values of the underlying properties immediately prior to the commencement of each lease. During the three and six months ended June 30, 2021, we recognized income of $ 6.5 million and $ 12.9 million, respectively, on an effective interest basis at a constant rate of return over the term of the applicable leases, which is reflected in interest income in our condensed consolidated statement of operations. Cash income from the leasing agreements was $ 6.7 million and $ 13.3 million, respectively, during the three and six months ended June 30, 2021. The initial term of each of the leases range from 10 to 25 years . All of the lease payments are triple net basis to the tenant and we have rights in accordance with the individual lease agreements to protect the value of our leased properties. As of June 30, 2021, the aggregate minimum lease payments owed to us for each of the five succeeding years under the sales-type leases is as follows: 2021 (remaining) $ 12,799 2022 25,597 2023 25,597 2024 25,597 2025 25,708 Thereafter 737,841 Total lease receivable (1) (2) $ 853,139 Add: Unguaranteed residual value 131,580 Less: Discount ( 505,278 ) Total leased real estate assets $ 479,441 (1) As of June 30, 2021 , this amount includes $ 250.8 million of guaranteed residual value and $ 608.4 million of remaining cash lease payments. (2) The total future minimum lease payments assume that no early termination option is elected after the leased property is stabilized, which is currently expected between January 1, 2024 and January 1, 2025. In connection with the Separation, we acquired $ 534 million in notes receivable pledged by a subsidiary of the Spinnee that has an interest in a portfolio of assets. Our notes receivable are subordinate to senior debt outstanding on the portfolio of assets. The notes receivable mature on January 31, 2024 , and bear interest at a rate of 5.2 % per annum, payable quarterly on January 1, April 1, July 1, and October 1, commencing on April 1, 2021. The notes receivable contain certain representations, warranties, covenants, and events of default and are secured by a pool of properties owned by Aimco. Notes receivable are reported in our condensed consolidated balance sheet at the outstanding principal balance. Interest receivable related to the unpaid principal is recorded separately from the outstanding balance in other assets in our condensed consolidated balance sheets. During the three and six months ended June 30, 2021, we recognized interest income of $ 6.9 million and $ 13.9 million, respectively, associated with the notes receivable, which is reflected in interest income in our condensed consolidated statement of operations. As of June 30, 2021, we have a receivable from Aimco in the amount of approximately $ 17 million, which is recognized in other assets, and a payable to Aimco in the amount of approximately $ 3 million, which is recognized in accrued liabilities and other in our condensed consolidated balance sheets. The amount receivable from Aimco primarily includes interest income from our notes receivable which was paid in July.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Principles of Consolidation	Principles of Consolidation We consolidate a variable interest entity (“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.
Noncontrolling Interests in the Aimco Operating Partnership	Redeemable Preferred OP Units As described in Note 5, the preferred OP Units may be redeemed at the holder’s option and are therefore presented within temporary equity in AIR’s condensed consolidated balance sheets and within temporary capital in the AIR Operating Partnership’s condensed consolidated balance sheets. The following table presents a rollforward of the AIR Operating Partnership’s preferred OP Units (in thousands): Balance at December 31, 2020 $ 79,449 Preferred distributions ( 3,207 ) Redemption of preferred units ( 74 ) Net income 3,207 Balance at June 30, 2021 $ 79,375 The AIR Operating Partnership has outstanding various classes of redeemable preferred OP Units. As of June 30, 2021 and December 31, 2020, the AIR Operating Partnership had 2,935,920 and 2,938,802 redeemable preferred OP Units, respectively, issued and outstanding. Distributions per annum range from 1.92 % to 8.75 % per class and $ 0.48 to $ 8.00 per unit.
Revenue from Leases	Revenue from Leases The majority of lease payments we receive from our residents and tenants are fixed. We receive variable payments from our residents and tenants primarily for utility reimbursements. Our total lease income, included in continuing operations, was comprised of the following amounts for all operating leases (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Fixed lease income $ 165,044 $ 171,054 $ 329,012 $ 349,081 Variable lease income 11,177 10,280 21,636 20,834 Straight-line rent write-off (1) — — — ( 2,850 ) Total lease income $ 176,221 $ 181,334 $ 350,648 $ 367,065 (1) We monitor the collectability of all unpaid rent amounts. The onset of COVID-19 and the anticipated economic slowdown resulted in a $ 2.9 million write-off of accrued straight-line rent during the six months ended June 30, 2020. As of June 30, 2021 , we leased four properties and one vacant land parcel to Aimco for redevelopment and development. The leases are being accounted for as sales-type leases and are therefore excluded from the table above. Please see Note 9 for further discussion.
Use of Estimates	Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates.
Reclassifications and Revisions	Reclassifications and Revisions As previously stated in Note 1, the financial results for the three and six months ended June 30, 2020 , include the financial results of AIR’s Predecessor, and the financial results attributable to the apartment communities retained by Aimco in the Separation are presented as discontinued operations.
Recent Accounting Pronouncements	Recent Accounting Pronouncements On August 5, 2020, the Financial Accounting Standards Board issued an Accounting Standards Update that simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, and affects the diluted earnings per share calculation for instruments that may be settled in cash or shares, which is effective for us on January 1, 2022. Adoption of the standards requires changes to be made retrospectively. Our preferred OP Units are subject to the new standard, which will require us to include our preferred OP Units in the calculation of dilutive securities. We are in the process of evaluating the impact of this standard and do not anticipate the adoption will have a material impact to our consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Reconciliation of Preferred OP Units	The following table presents a rollforward of the AIR Operating Partnership’s preferred OP Units (in thousands): Balance at December 31, 2020 $ 79,449 Preferred distributions ( 3,207 ) Redemption of preferred units ( 74 ) Net income 3,207 Balance at June 30, 2021 $ 79,375
Lease Income for Operating Leases	Our total lease income, included in continuing operations, was comprised of the following amounts for all operating leases (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Fixed lease income $ 165,044 $ 171,054 $ 329,012 $ 349,081 Variable lease income 11,177 10,280 21,636 20,834 Straight-line rent write-off (1) — — — ( 2,850 ) Total lease income $ 176,221 $ 181,334 $ 350,648 $ 367,065 (1) We monitor the collectability of all unpaid rent amounts. The onset of COVID-19 and the anticipated economic slowdown resulted in a $ 2.9 million write-off of accrued straight-line rent during the six months ended June 30, 2020.

Significant Transactions (Table

Significant Transactions (Tables)	6 Months Ended
	Jun. 30, 2021
Apartment Community [Member] | Pembroke Pines, Florida [Member]
Business Acquisition [Line Items]
Schedule of Acquisition	Summarized information regarding this acquisition is set forth in the table below (dollars in thousands): Number of apartment homes 700 Purchase price $ 222,650 Capitalized transaction costs (1) 2,876 Total consideration $ 225,526 Consideration allocated to land $ 35,184 Consideration allocated to building and improvements 186,823 Consideration allocated to intangible assets (2) 3,644 Consideration allocated to below-market lease liabilities (3) ( 125 ) Total consideration $ 225,526 (1) Capitalized transaction costs include a broker fee of $ 2.3 million paid to Aimco. (2) Intangible assets include in-place leases and leasing costs with a weighted-average term of less than one year . (3) Below-market leases have a weighted-average term of less than one year .

Earnings and Dividends per Sh_2

Earnings and Dividends per Share and Unit (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings (Loss) per Share and per Unit	Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings (loss) per share and per unit are as follows (in thousands, except per share and per unit data): Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Income (Numerator) Shares (Denominator) Per Share Amount Income (Numerator) Shares (Denominator) Per Share Amount Basic earnings (loss) per share: Net income (loss) attributable to AIR common stockholders $ ( 18,030 ) 154,608 $ ( 0.12 ) $ 65,166 151,609 $ 0.43 Diluted earnings (loss) per share: Effect of dilutive securities — — — — 474 — Net income (loss) attributable to AIR common stockholders $ ( 18,030 ) 154,608 $ ( 0.12 ) $ 65,166 152,083 $ 0.43 Non-dilutive share equivalents outstanding 8,116 8,090 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Income (Numerator) Shares (Denominator) Per Share Amount Income (Numerator) Shares (Denominator) Per Share Amount Basic earnings (loss) per share: Income from continuing operations attributable to AIR $ 35,970 119,959 $ 0.30 $ 38,481 119,953 $ 0.32 Income from discontinued operations attributable to AIR 3,242 119,959 0.03 7,410 119,953 0.06 Net income attributable to AIR common stockholders $ 39,212 119,959 $ 0.33 $ 45,891 119,953 $ 0.38 Diluted earnings (loss) per share: Effect of dilutive securities — 15 — — 115 — Net income (loss) attributable to AIR common stockholders $ 39,212 119,974 $ 0.33 $ 45,891 120,068 $ 0.38 Non-dilutive share equivalents outstanding 8,929 8,260 Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Income (Numerator) Units (Denominator) Per Unit Amount Income (Numerator) Units (Denominator) Per Unit Amount Basic earnings (loss) per unit: Net income (loss) attributable to the AIR Operating Partnership's common unitholders $ ( 18,975 ) 162,698 $ ( 0.12 ) $ 68,657 159,701 $ 0.43 Diluted earnings (loss) per unit: Effect of dilutive securities — — — — 474 — Net income (loss) attributable to the AIR Operating Partnership's common unitholders $ ( 18,975 ) 162,698 $ ( 0.12 ) $ 68,657 160,175 $ 0.43 Non-dilutive partnership unit equivalents outstanding 1,885 1,594 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Income (Numerator) Units (Denominator) Per Unit Amount Income (Numerator) Units (Denominator) Per Unit Amount Basic earnings (loss) per unit: Income from continuing operations attributable to the AIR Operating Partnership $ 38,077 126,399 $ 0.30 $ 40,956 126,460 $ 0.32 Income from discontinued operations attributable to the AIR Operating Partnership 3,242 126,399 0.03 7,410 126,460 0.06 Net income attributable to the AIR Operating Partnership's common unitholders $ 41,319 126,399 $ 0.33 $ 48,366 126,460 $ 0.38 Diluted earnings (loss) per unit: Effect of dilutive securities — 15 — — 176 — Net income (loss) attributable to the AIR Operating Partnership's common unitholders $ 41,319 126,414 $ 0.33 $ 48,366 126,636 $ 0.38 Non-dilutive partnership unit equivalents outstanding 2,081 1,214
Summary of Dividend and Distribution Paid per Unit	Dividends and distributions paid per share of Common Stock and per common unit were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Dividends and distributions paid $ 0.43 $ 0.41 $ 0.86 $ 0.82

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Summary of Fair Value for AFS Debt Securities and Derivative Instrument	The following table summarizes fair value for our AFS debt securities and our interest rate option (in thousands): As of June 30, 2021 As of December 31, 2020 Total Fair Value Level 1 Level 2 Level 3 Total Fair Value Level 1 Level 2 Level 3 AFS debt securities $ — $ — $ — $ — $ 100,151 $ — $ 100,151 $ — Interest rate option $ 18,915 $ — $ 18,915 $ — $ 13,177 $ — $ 13,177 $ —
Summary of Carrying Value and Fair Value of Non-recourse Property Debt	The following table summarizes carrying value and fair value for our non-recourse property debt, excluding debt issuance costs (in thousands): As of June 30, 2021 As of December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 3,079,576 $ 3,212,327 $ 3,646,093 $ 3,730,621

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2021
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: June 30, 2021 December 31, 2020 VIEs with interests in apartment communities 5 5 Apartment communities owned by VIEs 16 16 Apartment homes in communities owned by VIEs 5,369 5,369 Assets of the AIR Operating Partnership’s consolidated VIEs must first be used to settle the liabilities of such consolidated VIEs. These consolidated VIEs’ creditors do not have recourse to the general credit of the AIR Operating Partnership. Assets and liabilities of VIEs, excluding those of the AIR Operating Partnership, are summarized in the table below (in thousands): June 30, 2021 December 31, 2020 ASSETS: Net real estate $ 1,108,567 $ 1,125,315 Cash and cash equivalents 19,351 10,548 Restricted cash 2,100 8,818 Other assets 23,130 23,870 LIABILITIES: Non-recourse property debt secured by AIR communities, net $ 1,234,788 $ 1,278,318 Accrued liabilities and other 32,731 34,038

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Summary of Information for Reportable Segments	The following tables present the total revenues, property operating expenses, proportionate property net operating income (loss), and income (loss) from continuing operations before income tax benefit (expense) of our segments on a proportionate basis, excluding amounts related to communities sold or communities included in discontinued operations (in thousands): Same Store Other Proportionate Corporate and Consolidated Three months ended June 30, 2021: Total revenues $ 154,154 $ 2,395 $ 20,172 $ 1,612 $ 178,333 Property operating expenses 45,133 1,355 10,822 7,448 64,758 Other operating expenses not allocated to segments (3) — — — 83,527 83,527 Total operating expenses 45,133 1,355 10,822 90,975 148,285 Proportionate property net operating income (loss) 109,021 1,040 9,350 ( 89,363 ) 30,048 Other items included in income before income tax benefit (expense) (4) — — — ( 51,770 ) ( 51,770 ) Income (loss) from continuing operations before income tax benefit (expense) $ 109,021 $ 1,040 $ 9,350 $ ( 141,133 ) $ ( 21,722 ) Same Other Proportionate Corporate and Consolidated Six months ended June 30, 2021: Total revenues $ 307,151 $ 4,106 $ 40,190 $ 3,299 $ 354,746 Property operating expenses 89,082 2,570 21,381 16,342 129,375 Other operating expenses not allocated to segments (3) — — — 166,097 166,097 Total operating expenses 89,082 2,570 21,381 182,439 295,472 Proportionate property net operating income (loss) 218,069 1,536 18,809 ( 179,140 ) 59,274 Other items included in income before income tax benefit (expense) (4) — — — 11,199 11,199 Income (loss) from continuing operations before income tax benefit (expense) $ 218,069 $ 1,536 $ 18,809 $ ( 167,941 ) $ 70,473 Same Store Other Proportionate Corporate and Consolidated Three months ended June 30, 2020: Total revenues $ 170,392 $ 1,515 $ 6,985 $ 2,751 $ 181,643 Property operating expenses 46,398 1,144 6,510 9,907 63,959 Other operating expenses not allocated to segments (3) — — — 90,671 90,671 Total operating expenses 46,398 1,144 6,510 100,578 154,630 Proportionate property net operating income (loss) 123,994 371 475 ( 97,827 ) 27,013 Other items included in income before income tax benefit (expense) (4) — — — 12,282 12,282 Income (loss) from continuing operations before income tax benefit (expense) $ 123,994 $ 371 $ 475 $ ( 85,545 ) $ 39,295 Same Other Proportionate Corporate and Consolidated Six months ended June 30, 2020: Total revenues $ 347,148 $ 3,230 $ 13,960 $ 3,348 $ 367,686 Property operating expenses 92,383 2,301 12,984 22,253 129,921 Other operating expenses not allocated to segments (3) — — — 181,097 181,097 Total operating expenses 92,383 2,301 12,984 203,350 311,018 Proportionate property net operating income (loss) 254,765 929 976 ( 200,002 ) 56,668 Other items included in income before income tax benefit (expense) (4) — — — ( 13,775 ) ( 13,775 ) Income (loss) from continuing operations before income tax benefit (expense) $ 254,765 $ 929 $ 976 $ ( 213,777 ) $ 42,893 (1) Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the results of consolidated communities in our segments, which are included in the related consolidated amounts but excluded from proportionate property net operating income for our segment evaluation. Also includes the reclassification of utility reimbursements from revenues to property operating expenses for the purpose of evaluating segment results. Utility reimbursements are included in rental and other property revenues in our condensed consolidated statements of operations prepared in accordance with GAAP. (2) Includes the operating results of apartment communities sold during the periods shown or held for sale at the end of the period, if any. Also includes property management revenues, which are not part of our segment performance measure and property management expenses and casualty gains and losses, which are included in consolidated property operating expenses and are not part of our segment performance measure. The write-off of straight-line rent receivables, recognized due to the impact of COVID-19 and the resulting economic impact on our commercial tenants, are included in consolidated rental and property revenues and are not included in our measurement of segment performance for the three months and six months ended June 30, 2020. (3) Includes depreciation and amortization, general and administrative expenses, and other operating expenses, which may include provision for real estate impairment loss and write-offs of deferred leasing commissions, which are not included in our measure of segment performance. (4) Includes gain on derecognition of leased properties and dispositions of real estate, interest income, including interest income related to the properties leased to Aimco, and interest expense.
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): June 30, 2021 December 31, 2020 Same Store $ 4,591,399 $ 4,664,291 Other Real Estate 329,192 123,371 Corporate and other assets (1) 1,509,241 1,441,616 Total consolidated assets $ 6,429,832 $ 6,229,278 (1) Includes the assets not allocated to our segments including: (i) corporate assets; (ii) our notes receivable from Aimco; (iii) our mezzanine loan investment; and (iv) assets of apartment communities which were leased to Aimco, sold, or classified as held for sale as of June 30, 2021 .
Capital Additions Related to Segments	Capital additions related to our segments were as follows (in thousands): Six Months Ended June 30, 2021 2020 Same Store $ 61,067 $ 61,079 Other Real Estate 580 106,593 Total capital additions $ 61,647 $ 167,672 (1) For the six months ended June 30, 2021, Other Real Estate does not include capital additions related to properties leased to Aimco for redevelopment and development.

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2021
Discontinued Operations And Disposal Groups [Abstract]
Summarized Results of Discontinued Operations	Summarized results of discontinued operations are shown below (in thousands): Three Months Ended Six Months Ended June 30, 2020 June 30, 2020 REVENUES Rental and other property revenues $ 37,165 $ 75,674 OPERATING EXPENSES Property operating expenses 13,415 26,736 Depreciation and amortization 18,740 37,770 Other expenses, net 127 325 Total operating expenses 32,282 64,831 Interest income 540 1,074 Interest expense ( 4,563 ) ( 9,093 ) Income from unconsolidated real estate partnerships 170 352 Income before income tax benefit 1,030 3,176 Income tax benefit 2,096 4,015 Income from discontinued operations, net of tax 3,126 7,191 Net loss attributable to noncontrolling interests in consolidated real estate partnerships 116 219 Net income from discontinued operations attributable to Spinnee $ 3,242 $ 7,410
Summary of Sales Type and Direct Financing Leases Receivable Maturity	The initial term of each of the leases range from 10 to 25 years . All of the lease payments are triple net basis to the tenant and we have rights in accordance with the individual lease agreements to protect the value of our leased properties. As of June 30, 2021, the aggregate minimum lease payments owed to us for each of the five succeeding years under the sales-type leases is as follows: 2021 (remaining) $ 12,799 2022 25,597 2023 25,597 2024 25,597 2025 25,708 Thereafter 737,841 Total lease receivable (1) (2) $ 853,139 Add: Unguaranteed residual value 131,580 Less: Discount ( 505,278 ) Total leased real estate assets $ 479,441 (1) As of June 30, 2021 , this amount includes $ 250.8 million of guaranteed residual value and $ 608.4 million of remaining cash lease payments. (2) The total future minimum lease payments assume that no early termination option is elected after the leased property is stabilized, which is currently expected between January 1, 2024 and January 1, 2025.

Basis of Presentation and Org_2

Basis of Presentation and Organization (Details Textual)	6 Months Ended
	Jun. 30, 2021Property1PropertyLandApartmentHomeshares
Organization [Line Items]
Number of leased properties | Property1	4
Number of vacant land parcel | Land	1
Partially Owned Properties [Member]
Organization [Line Items]
Number of apartment homes | Property	96
Number of apartment homes in apartment communities | ApartmentHome	26,422
Percentage of average ownership of portfolio	93.00%
AIR Operating Partnership [Member]
Organization [Line Items]
Common operating partnership units and equivalents outstanding	168,220,639
Common operating partnership units and equivalents outstanding	156,856,952
Percentage of the Aimco Operating Partnership's common partnership units and equivalents owned by Aimco	93.20%
Percentage of economic interest	95.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Reconciliation of Preferred OP Units (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at December 31, 2020	$ 79,449
Balance at June 30, 2021	79,375
AIMCO PROPERTIES, L.P [Member]
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at December 31, 2020	79,449
Preferred distributions	(3,207)
Redemption of preferred units	(74)
Net income	3,207
Balance at June 30, 2021	$ 79,375

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details Textual)	6 Months Ended
	Jun. 30, 2021Property1Land$ / sharesshares	Dec. 31, 2020shares
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Number of leased properties | Property1	4
Number of vacant land parcel | Land	1
AIMCO PROPERTIES, L.P [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Units issued (in shares) | shares	2,935,920	2,938,802
Units outstanding (in shares) | shares	2,935,920	2,938,802
AIMCO PROPERTIES, L.P [Member] | Minimum [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Distributions per annum (in dollars per share) | $ / shares	$ 0.48
Distributions per annum	1.92%
AIMCO PROPERTIES, L.P [Member] | Maximum [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Distributions per annum (in dollars per share) | $ / shares	$ 8
Distributions per annum	8.75%

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Lease Income for Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Fixed lease income	$ 165,044	$ 171,054	$ 329,012	$ 349,081
Variable lease income	11,177	10,280	21,636	20,834
Straight-line rent write-off	0	0	0	(2,850)
Total lease income	$ 176,221	$ 181,334	$ 350,648	$ 367,065

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Lease Income for Operating Leases (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation Of Revenue [Line Items]
Write off of straight line rent receivables	$ 0	$ 0	$ 0	$ 2,850
COVID Related Write-off [Member]
Disaggregation Of Revenue [Line Items]
Write off of straight line rent receivables				$ 2,900

Significant Transactions (Detai

Significant Transactions (Details) - Apartment Community [Member] $ in Thousands	Jun. 17, 2021USD ($)ApartmentHome
Business Acquisition [Line Items]
Capitalized transaction costs	$ 2,300
Pembroke Pines, Florida [Member]
Business Acquisition [Line Items]
Number of apartment homes | ApartmentHome	700
Purchase price	$ 222,650
Capitalized transaction costs	2,876
Total consideration	225,526
Consideration allocated to land	35,184
Consideration allocated to building and improvement	186,823
Consideration allocated to intangible assets	3,644
Consideration allocated to below-market lease liabilities	$ (125)

Significant Transactions (Paren

Significant Transactions (Parenthetical) (Details) $ in Millions	Jun. 17, 2021USD ($)
Apartment Community [Member]
Business Acquisition [Line Items]
Capitalized transaction costs	$ 2.3
Maximum [Member] | Below-market Leases [Member]
Business Acquisition [Line Items]
Weighted-average term	1 year
Maximum [Member] | In-place Leases and Leasing Costs
Business Acquisition [Line Items]
Weighted-average term	1 year

Significant Transactions (Det_2

Significant Transactions (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Jul. 15, 2021	Apr. 23, 2021	Apr. 14, 2021	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Revolving credit facility borrowings				$ 347,200	$ 347,200	$ 265,600
Effective date of acquisition					Jun. 17, 2021
Secured Debt				$ 3,064,803	$ 3,064,803	$ 3,628,236
Common Stock, par value (in dollars per share)				$ 0.01	$ 0.01	$ 0.01
Class A Common Stock [Member] | Private Placement [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Share issued and sold		7,825
Common Stock, par value (in dollars per share)		$ 43.766
Cash purchase price received		$ 342,200
Prepayment Penalties on Debt Repayment		33,800
Revolving Credit Facility [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Revolving credit facility borrowings			$ 1,400,000	$ 347,200	$ 347,200
Credit facility, closing payment amount			950,000
Credit agreement option to increase maximum borrowing capacity					1.09%
Revolving credit facility			$ 600,000
Variable interest rate description			30-day LIBOR plus 0.90%	30-day LIBOR plus 1.00%
Line of credit facility, expiration date			Apr. 14, 2025
Revolving credit facility right to extend term			two six-month extension
Line of credit facility maximum borrowing capacity				$ 248,900	$ 248,900
Revolving Credit Facility [Member] | 30-Day LIBOR [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Spread on variable interest rate			0.90%
Variable Rate Term Loan [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Secured Debt			$ 800,000
Term Loan [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Repayment of Debt			$ 350,000
Secured term loan	$ 350,000
Spread on variable interest rate	0.00%
Variable interest rate description	30-day LIBOR plus 0.95%
Line of credit facility, expiration date	Jul. 14, 2022
Revolving credit facility right to extend term	six month extension
Effective interest rate on outstanding borrowings				1.60%	1.60%
Term Loan [Member] | LIBOR Floor [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Spread on variable interest rate			0.00%
Property Debt [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Repayment of Property Debt		$ 318,400	$ 213,000
Debt, Weighted Average Interest Rate		4.60%
Credit Agreement One [Member] | Term Loan [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Revolving credit facility			$ 150,000
Line of credit facility, expiration date			Dec. 15, 2023
Revolving credit facility right to extend term			two one-year extension
Credit Agreement Two [Member] | Term Loan [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Revolving credit facility			$ 300,000
Line of credit facility, expiration date			Dec. 15, 2024
Revolving credit facility right to extend term			one-year extension
Credit Agreement Three [Member] | Term Loan [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Revolving credit facility			$ 150,000
Line of credit facility, expiration date			Dec. 15, 2025
Credit Agreement Four [Member] | Term Loan [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Revolving credit facility			$ 200,000
Line of credit facility, expiration date			Apr. 14, 2026

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Long Term Purchase Commitment [Line Items]
Bearing environmental liabilities	$ 17.5
Amount receivable to indemnification	7
Maximum [Member] | AIMCO Operating Partnership [Member]
Long Term Purchase Commitment [Line Items]
Bearing environmental liabilities	$ 17.5

Earnings per Share and per Unit

Earnings per Share and per Unit - Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings (Loss) per Share and per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Basic and Diluted Earnings per Share:
Income from continuing operations attributable to AIR		$ 35,970		$ 38,481
Income from discontinued operations attributable to AIR		3,242		7,410
Net income (loss) attributable to AIR common stockholders	$ (18,030)	$ 39,212	$ 65,166	$ 45,891
Income from continuing operations attributable to AIR, Shares		119,959		119,953
Income from discontinued operations attributable to AIR, Shares		119,959		119,953
Net income attributable to AIR common stockholders, Shares	154,608	119,959	151,609	119,953
Income from continuing operations attributable to AIR, Per share amount	$ (0.12)	$ 0.30	$ 0.43	$ 0.32
Income from discontinued operations attributable to AIR, Per share amount	0	0.03	0	0.06
Net income attributable to AIR common stockholders, Per share amount	$ (0.12)	$ 0.33	$ 0.43	$ 0.38
Diluted Earnings (loss) per Share:
Effect of dilutive securities	$ 0	$ 0	$ 0	$ 0
Net income attributable to AIR common stockholders	$ (18,030)	$ 39,212	$ 65,166	$ 45,891
Effect of dilutive securities, Shares	0	15	474	115
Net income attributable to AIR common stockholders, Shares	154,608	119,974	152,083	120,068
Effect of dilutive securities, Per share amount	$ 0	$ 0	$ 0	$ 0
Net income attributable to AIR common stockholders, Per share amount	$ (0.12)	$ 0.33	$ 0.43	$ 0.38
Non-dilutive share equivalents outstanding	8,116	8,929	8,090	8,260
AIMCO Properties, LP [Member]
Basic and Diluted Earnings per Share:
Income from continuing operations attributable to AIR		$ 38,077		$ 40,956
Income from discontinued operations attributable to AIR		3,242		7,410
Net income (loss) attributable to AIR common stockholders	$ (18,975)	$ 41,319	$ 68,657	$ 48,366
Income from continuing operations attributable to AIR, Shares		126,399		126,460
Income from discontinued operations attributable to AIR, Shares		126,399		126,460
Net income attributable to AIR common stockholders, Shares	162,698	126,399	159,701	126,460
Income from continuing operations attributable to AIR, Per share amount		$ 0.30		$ 0.32
Income from discontinued operations attributable to AIR, Per share amount		0.03		0.06
Net income attributable to AIR common stockholders, Per share amount	$ (0.12)	$ 0.33	$ 0.43	$ 0.38
Diluted Earnings (loss) per Share:
Effect of dilutive securities		$ 0		$ 0
Net income attributable to AIR common stockholders	$ (18,975)	$ 41,319	$ 68,657	$ 48,366
Effect of dilutive securities, Shares	0	15	474	176
Net income attributable to AIR common stockholders, Shares	162,698	126,414	160,175	126,636
Effect of dilutive securities, Per share amount		$ 0		$ 0
Net income attributable to AIR common stockholders, Per share amount	$ (0.12)	$ 0.33	$ 0.43	$ 0.38
Non-dilutive share equivalents outstanding	1,885	2,081	1,594	1,214

Earnings and Dividends per Sh_3

Earnings and Dividends per Share and Unit (Details Textual) shares in Millions	Jun. 30, 2021shares
Earnings Per Share [Abstract]
Number of shares potentially redeemable for (in shares)	1.7

Earnings and Dividends per Sh_4

Earnings and Dividends per Share and Unit - Summary of Dividend and Distribution Paid per Unit (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Dividends and distributions paid	$ 0.43	$ 0.41	$ 0.86	$ 0.82

Fair Value Measurements (Detail

Fair Value Measurements (Details Textual) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized cost of the investment in available-for-sale debt securities		$ 97.1
Derivative, description of terms	We receive a cash settlement in the future if the prevailing interest rate is higher than the 1.68% strike price. The amount of future cash settlement is limited if the prevailing interest rate exceeds 2.78%. Alternatively, if interest rates were to decrease below the specified strike price, we would not receive a cash settlement.
Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of real estate measure on a nonrecurring basis	$ 225.5	34.4
Interest Rate Option [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Payments for purchase of swaption		$ 12.1
Derivative strike rate	1.68%
Derivative strike rate for limited settlement	2.78%
Available-for-sale Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Face amount of investment in available-for-sale debt securities	$ 100.9

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Value for AFS Debt Securities and Derivative Instrument (Details) - Fair value recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
AFS debt securities	$ 0	$ 100,151
Interest rate option	18,915	13,177
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
AFS debt securities	0	0
Interest rate option	0	0
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
AFS debt securities	0	100,151
Interest rate option	18,915	13,177
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
AFS debt securities	0	0
Interest rate option	$ 0	$ 0

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Carrying Value and Fair Value of Non-recourse Property Debt (Details) - Non-recourse property debt [Member] - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Carrying Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Non-recourse property debt	$ 3,079,576	$ 3,646,093
Fair Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Non-recourse property debt	$ 3,212,327	$ 3,730,621

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	Jun. 30, 2021USD ($)PropertyEntityUnit	Dec. 31, 2020USD ($)PropertyEntityUnit
Net real estate	$ 4,748,088	$ 5,013,359
Cash and cash equivalents	59,401	44,214
Restricted cash	21,300	29,266
Other assets	555,189	576,026
Non-recourse property debt, net	3,064,803	3,628,236
Accrued liabilities and other	$ 570,040	$ 598,736
Variable Interest Entity, Primary Beneficiary [Member]
VIEs with interests in apartment communities | Entity	5	5
Number of owned and managed apartment communities in segments | Property	16	16
Number of apartment homes in apartment communities | Unit	5,369	5,369
Net real estate	$ 1,108,567	$ 1,125,315
Cash and cash equivalents	19,351	10,548
Restricted cash	2,100	8,818
Other assets	23,130	23,870
Non-recourse property debt, net	1,234,788	1,278,318
Accrued liabilities and other	$ 32,731	$ 34,038

Variable Interest Entities (D_2

Variable Interest Entities (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Income connection with Mezzanine loan	$ 0	$ 6,936	$ 0	$ 13,683
Parkmerced Investment [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investment owned amount	$ 275,000		$ 275,000
Equity method investment, interest rate percentage	10.00%		10.00%
Equity method investment, term			5 years
Equity method investment, right to extend term			5 years
Mezzanine investment	$ 322,400		$ 322,400		$ 307,400
Option To Acquire Equity Interest In Partnership Percentage			30.00%
Income connection with Mezzanine loan	$ 6,900		$ 13,700

Business Segments (Details Text

Business Segments (Details Textual)	6 Months Ended
	Jun. 30, 2021PropertySegmentApartmentHome
Business Segments (Textual) [Abstract]
Number of reportable segments | Segment	2
Wholly And Partially Owned Consolidated Properties [Member] | Same Store [Member]
Business Segments (Textual) [Abstract]
Number of owned and managed apartment communities in segments | Property	92
Number of apartment homes in apartment communities | ApartmentHome	25,427
Wholly And Partially Owned Consolidated Properties [Member] | Other Real Estate [Member]
Business Segments (Textual) [Abstract]
Number of owned and managed apartment communities in segments | Property	4
Number of apartment homes in apartment communities | ApartmentHome	995

Business Segments - Summary of

Business Segments - Summary of Information for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Summary information for the reportable segments
Total revenues	$ 178,333	$ 181,643	$ 354,746	$ 367,686
Property operating expenses	64,758	63,959	129,375	129,921
Other operating expenses not allocated to segments	83,527	90,671	166,097	181,097
Total operating expenses	148,285	154,630	295,472	311,018
Proportionate property net operating income (loss)	30,048	27,013	59,274	56,668
Other items included in income before income tax expense (benefit)	(51,770)	12,282	11,199	(13,775)
Income (loss) from continuing operations before income tax (expense) benefit and discontinued operations	(21,722)	39,295	70,473	42,893
Real Estate [Member]
Summary information for the reportable segments
Property operating expenses	64,758	63,959	129,375	129,921
Segment Reconciling Items [Member]
Summary information for the reportable segments
Total revenues	20,172	6,985	40,190	13,960
Other operating expenses not allocated to segments	0	0	0	0
Total operating expenses	10,822	6,510	21,381	12,984
Proportionate property net operating income (loss)	9,350	475	18,809	976
Other items included in income before income tax expense (benefit)	0	0	0	0
Income (loss) from continuing operations before income tax (expense) benefit and discontinued operations	9,350	475	(18,809)	976
Segment Reconciling Items [Member] | Real Estate [Member]
Summary information for the reportable segments
Property operating expenses	10,822	6,510	21,381	12,984
Corporate Non-Segment [Member]
Summary information for the reportable segments
Total revenues	1,612	2,751	3,299	3,348
Other operating expenses not allocated to segments	83,527	90,671	166,097	181,097
Total operating expenses	90,975	100,578	182,439	203,350
Proportionate property net operating income (loss)	(89,363)	(97,827)	(179,140)	(200,002)
Other items included in income before income tax expense (benefit)	(51,770)	12,282	11,199	(13,775)
Income (loss) from continuing operations before income tax (expense) benefit and discontinued operations	(141,133)	(85,545)	(167,941)	(213,777)
Corporate Non-Segment [Member] | Real Estate [Member]
Summary information for the reportable segments
Property operating expenses	7,448	9,907	16,342	22,253
Same Store [Member] | Operating Segments [Member]
Summary information for the reportable segments
Total revenues	154,154	170,392	307,151	347,148
Other operating expenses not allocated to segments	0	0	0	0
Total operating expenses	45,133	46,398	89,082	92,383
Proportionate property net operating income (loss)	109,021	123,994	218,069	254,765
Other items included in income before income tax expense (benefit)	0	0	0	0
Income (loss) from continuing operations before income tax (expense) benefit and discontinued operations	109,021	123,994	218,069	254,765
Same Store [Member] | Operating Segments [Member] | Real Estate [Member]
Summary information for the reportable segments
Property operating expenses	45,133	46,398	89,082	92,383
Other Real Estate [Member] | Operating Segments [Member]
Summary information for the reportable segments
Total revenues	2,395	1,515	4,106	3,230
Other operating expenses not allocated to segments	0	0	0	0
Total operating expenses	1,355	1,144	2,570	2,301
Proportionate property net operating income (loss)	1,040	371	1,536	929
Other items included in income before income tax expense (benefit)	0	0	0	0
Income (loss) from continuing operations before income tax (expense) benefit and discontinued operations	1,040	371	1,536	929
Other Real Estate [Member] | Operating Segments [Member] | Real Estate [Member]
Summary information for the reportable segments
Property operating expenses	$ 1,355	$ 1,144	$ 2,570	$ 2,301

Business Segments - Reconciliat

Business Segments - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total assets	$ 6,429,832	$ 6,229,278
Corporate Non-Segment [Member]
Segment Reporting Information [Line Items]
Total assets	1,509,241	1,441,616
Same Store [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total assets	4,591,399	4,664,291
Other Real Estate [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total assets	$ 329,192	$ 123,371

Business Segments - Capital Add

Business Segments - Capital Additions Related to Segments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Capital additions	$ 61,647	$ 167,672
Same Store [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Capital additions	61,067	61,079
Other Real Estate [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Capital additions	$ 580	$ 106,593

Discontinued Operations - Summa

Discontinued Operations - Summarized Results of Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
OPERATING EXPENSES:
Income from discontinued operations, net of tax	$ 0	$ 3,126	$ 0	$ 7,191
Discontinued Operations [Member]
REVENUES:
Rental and other property revenues		37,165		75,674
OPERATING EXPENSES:
Property operating expenses		13,415		26,736
Depreciation and amortization		18,740		37,770
Other expenses, net		127		(325)
Total operating expenses		32,282		64,831
Interest income		540		1,074
Interest expense		(4,563)		(9,093)
Income from unconsolidated real estate partnerships		170		352
Income before income tax benefit		1,030		3,176
Income tax benefit		2,096		(4,015)
Income from discontinued operations, net of tax		3,126		7,191
Net loss attributable to noncontrolling interests in consolidated real estate partnerships		116		(219)
Net income from discontinued operations attributable to Spinnee		$ 3,242		$ 7,410

Discontinued Operations - (Deta

Discontinued Operations - (Details Textual)	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)Property	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)LandProperty	Jun. 30, 2020USD ($)
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Number of leased property | Property	4		4
Number of vacant land parcel | Land			1
Sales-type lease, risk strategy, residual asset			we have rights in accordance with the individual lease agreements to protect the value of our leased properties.
Interest income	$ 15,684,000	$ 2,303,000	$ 31,656,000	$ 6,292,000
Other Assets [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Accounts receivable from Aimco	17,000,000		17,000,000
Accrued Liability [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Accounts payable from Aimco	3,000,000		3,000,000
Interest Income [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Interest income	6,900,000		13,900,000
General and Administrative Expense [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Reduction to Compensation Related Costs Recognized	$ 1,500		2,900
AIMCO [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Note Receivable issue from Aimco			$ 534,000,000
Note maturity date			Jan. 31, 2024
Note interest rate	5.20%		5.20%
Note frequency of periodic payment			quarterly
Minimum [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Lessor, sales-type lease, term of contract	10 years		10 years
Maximum [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Lessor, sales-type lease, term of contract	25 years		25 years
Property Management Agreement [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Revenue	$ 1,600,000		$ 3,300,000
Master Service Agreement [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Master lease agreement term			18 months
Master lease agreement commencement date			Jan. 1, 2021
Sales-type lease income	6,500,000		$ 12,900,000
Sales-type lease cash payments	6,700,000		13,300,000
Gain of Derecognition of Properties	$ 3,400,000		$ 87,100,000

Discontinued Operations - Sum_2

Discontinued Operations - Summary of Sales Type and Direct Financing Leases Receivable Maturity (Details) $ in Thousands	Jun. 30, 2021USD ($)
Discontinued Operations And Disposal Groups [Abstract]
2021 (remaining)	$ 12,799
2022	25,597
2023	25,597
2024	25,597
2025	25,708
Thereafter	737,841
Total lease receivable (1) (2)	853,139	[1]
Add: Unguaranteed residual value	131,580
Less: Discount	(505,278)
Total leased real estate assets	$ 479,441
[1]	The total future minimum lease payments assume that no early termination option is elected after the leased property is stabilized, which is currently expected between January 1, 2024 and January 1, 2025.

Discontinued Operations - Sum_3

Discontinued Operations - Summary of Sales Type and Direct Financing Leases Receivable Maturity (Parenthetical) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Discontinued Operations And Disposal Groups [Abstract]
Sales-type lease, residual value of leased asset	$ 250.8
Sales type lease cash payments receivable	$ 608.4
Lessor, sales-type lease, option to terminate	The total future minimum lease payments assume that no early termination option is elected after the leased property is stabilized, which is currently expected between January 1, 2024 and January 1, 2025.