Apartment Income REIT Corp - Ordinary Shares (AIRC) 10-Q 29 Jul 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Jul. 27, 2022
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, 2022
Amendment Flag	false
Document Fiscal Year Focus	2022
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	Large 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		154,187,241
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
AIMCO Properties, LP [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, 2022
Amendment Flag	false
Document Fiscal Year Focus	2022
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	Large 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, 2022	Dec. 31, 2021
ASSETS
Buildings and improvements	$ 6,179,325	$ 5,720,267
Land	1,200,540	1,164,814
Total real estate	7,379,865	6,885,081
Accumulated depreciation	(2,400,722)	(2,284,793)
Net real estate	4,979,143	4,600,288
Cash and cash equivalents	74,949	67,320
Restricted cash	25,942	25,441
Note receivable from Amico	147,039	534,127
Leased real estate assets	466,013	466,355
Goodwill	32,286	32,286
Other assets, net	707,913	568,051
Assets held for sale	0	146,492
Total assets	6,433,285	6,440,360
LIABILITIES AND EQUITY
Non-recourse property debt, net	2,026,513	2,294,739
Term loans	795,905	1,144,547
Revolving credit facility borrowings	148,000	304,000
Unsecured notes payable, net	398,039	0
Total debt, net	3,368,457	3,743,286
Accrued liabilities and other	696,673	592,774
Liabilities related to assets held for sale	0	85,775
Total liabilities	4,065,130	4,421,835
Commitments and contingencies (Note 6)
Preferred noncontrolling interests in AIR Operating Partnership	79,330	79,370
Equity:
Perpetual preferred stock	2,000	2,129
Common Stock	1,542	1,570
Additional paid-in capital	3,636,906	3,763,105
Accumulated other comprehensive income	13,750	0
Distributions in excess of earnings	(1,521,749)	(1,953,779)
Total AIR equity	2,132,449	1,813,025
Noncontrolling interests in consolidated real estate partnerships	(70,609)	(70,883)
Common noncontrolling interests in AIR Operating Partnership	226,985	197,013
Total equity	2,288,825	1,939,155
Total liabilities and equity	6,433,285	6,440,360
Apartment Income REIT, L.P [Member]
ASSETS
Buildings and improvements	6,179,325	5,720,267
Land	1,200,540	1,164,814
Total real estate	7,379,865	6,885,081
Accumulated depreciation	(2,400,722)	(2,284,793)
Net real estate	4,979,143	4,600,288
Cash and cash equivalents	74,949	67,320
Restricted cash	25,942	25,441
Note receivable from Amico	147,039	534,127
Leased real estate assets	466,013	466,355
Goodwill	32,286	32,286
Other assets, net	707,913	568,051
Assets held for sale	0	146,492
Total assets	6,433,285	6,440,360
LIABILITIES AND EQUITY
Non-recourse property debt, net	2,026,513	2,294,739
Term loans	795,905	1,144,547
Revolving credit facility borrowings	148,000	304,000
Unsecured notes payable, net	398,039	0
Total debt, net	3,368,457	3,743,286
Accrued liabilities and other	696,673	592,774
Liabilities related to assets held for sale	0	85,775
Total liabilities	4,065,130	4,421,835
Commitments and contingencies (Note 6)
Equity:
Redeemable preferred units	79,330	79,370
Preferred units	2,000	2,129
General Partner and Special Limited Partner	2,130,449	1,810,896
Limited Partners	226,985	197,013
Partners’ capital attributable to the AIR Operating Partnership	2,359,434	2,010,038
Noncontrolling interests in consolidated real estate partnerships	(70,609)	(70,883)
Total partners’ capital	2,288,825	1,939,155
Total liabilities and equity	$ 6,433,285	$ 6,440,360

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
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)	154,187,241	156,998,367
Common Stock, shares outstanding (in shares)	154,187,241	156,998,367

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
REVENUES
Total revenues	$ 183,500	$ 178,333	$ 364,978	$ 354,746
EXPENSES
Property operating expenses	63,787	64,758	127,023	129,375
Depreciation and amortization	78,656	75,791	163,205	151,071
General and administrative expenses	5,333	5,221	11,930	9,635
Other (income) expenses, net	(3,076)	2,515	942	5,391
Total operating expenses	144,700	148,285	303,100	295,472
Interest income	25,652	15,684	39,133	31,656
Interest expense	(26,027)	(33,657)	(48,134)	(69,682)
Loss on extinguishment of debt		(37,150)	(23,636)	(38,160)
Gain on dispositions of real estate and derecognition of leased properties	175,606	3,353	587,609	87,385
Loss from unconsolidated real estate partnerships	(873)		(2,887)
Income (loss) before income tax (expense) benefit	213,158	(21,722)	613,963	70,473
Income tax (expense) benefit			(920)	(1,045)
Net income (loss)	211,659	(19,687)	613,043	69,428
Noncontrolling interests:
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships	(381)	2,397	183	2,632
Net income attributable to preferred noncontrolling interests in AIR Operating Partnership	(1,602)	(1,603)	(3,205)	(3,207)
Net (income) loss attributable to common noncontrolling interests in AIR Operating Partnership	(12,749)	945	(36,916)	(3,491)
Net (income) loss attributable to noncontrolling interests	(14,732)	1,739	(39,938)	(4,066)
Net income (loss) attributable to AIR	196,927	(17,948)	573,105	65,362
Net income attributable to AIR preferred stockholders	(43)	(43)	(85)	(93)
Net income attributable to participating securities	(162)	(39)	(417)	(103)
Net income (loss) attributable to AIR common stockholders	$ 196,722	$ (18,030)	$ 572,603	$ 65,166
Earnings (loss) per common share - diluted
Net income attributable to AIR common stockholders per share - basic	$ 1.26	$ (0.12)	$ 3.66	$ 0.43
Net income attributable to AIR common stockholders per share - diluted	$ 1.26	$ (0.12)	$ 3.66	$ 0.43
Weighted average common shares/units outstanding - basic	155,927	154,608	156,327	151,609
Weighted average common shares/units outstanding - diluted	156,136	154,608	156,607	152,083
Continuing Operations [Member]
EXPENSES
Income tax (expense) benefit	$ (1,499)	$ 2,035	$ (920)	$ (1,045)
Rental And Other Property Revenues [Member]
REVENUES
Total revenues	181,012	176,721	360,273	351,451
Other Revenues [Member]
REVENUES
Total revenues	2,488	1,612	4,705	3,295
Apartment Income REIT, L.P. [Member]
REVENUES
Total revenues	183,500	178,333	364,978	354,746
EXPENSES
Property operating expenses	63,787	64,758	127,023	129,375
Depreciation and amortization	78,656	75,791	163,205	151,071
General and administrative expenses	5,333	5,221	11,930	9,635
Other (income) expenses, net	(3,076)	2,515	942	5,391
Total operating expenses	144,700	148,285	303,100	295,472
Interest income	25,652	15,684	39,133	31,656
Interest expense	(26,027)	(33,657)	(48,134)	(69,682)
Loss on extinguishment of debt		(37,150)	(23,636)	(38,160)
Gain on dispositions of real estate and derecognition of leased properties	175,606	3,353	587,609	87,385
Loss from unconsolidated real estate partnerships	(873)		(2,887)
Income (loss) before income tax (expense) benefit	213,158	(21,722)	613,963	70,473
Income tax (expense) benefit			(920)	(1,045)
Net income (loss)	211,659	(19,687)	613,043	69,428
Noncontrolling interests:
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships	(381)	2,397	183	2,632
Net income attributable to preferred noncontrolling interests in AIR Operating Partnership	(1,645)	(1,646)	(3,290)	(3,300)
Net income (loss) attributable to AIR	211,278	(17,290)	613,226	72,060
Net income attributable to participating securities	(162)	(39)	(417)	(103)
Net income (loss) attributable to AIR common stockholders	$ 209,471	$ (18,975)	$ 609,519	$ 68,657
Earnings (loss) per common share - diluted
Net income attributable to AIR common stockholders per share - basic	$ 1.26	$ (0.12)	$ 3.66	$ 0.43
Net income attributable to AIR common stockholders per share - diluted	$ 1.26	$ (0.12)	$ 3.66	$ 0.43
Weighted average common shares/units outstanding - basic	166,023	162,698	166,434	159,701
Weighted average common shares/units outstanding - diluted	166,232	162,698	166,714	160,175
Apartment Income REIT, L.P. [Member] | Continuing Operations [Member]
EXPENSES
Income tax (expense) benefit	$ (1,499)	$ 2,035	$ (920)	$ (1,045)
Apartment Income REIT, L.P. [Member] | Rental And Other Property Revenues [Member]
REVENUES
Total revenues	181,012	176,721	360,273	351,451
Apartment Income REIT, L.P. [Member] | Other Revenues [Member]
REVENUES
Total revenues	$ 2,488	$ 1,612	$ 4,705	$ 3,295

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net income (loss)	$ 211,659	$ (19,687)	$ 613,043	$ 69,428
Unrealized gains on derivative instruments	13,715		12,932
Losses on derivative instruments reclassified into interest expense from accumulated other comprehensive income (loss)	1,989		1,989
Unrealized losses on available for sale debt securities		(1,180)		(3,251)
Comprehensive income (loss)	227,363	(20,867)	627,964	66,177
Comprehensive (income) loss attributable to noncontrolling interests	(15,903)	1,819	(41,109)	(3,854)
Comprehensive income (loss) attributable to the AIR Operating Partnership	211,460	(19,048)	586,855	62,323
Apartment Income REIT, L.P [Member]
Net income (loss)	211,659	(19,687)	613,043	69,428
Unrealized gains on derivative instruments	13,715		12,932
Losses on derivative instruments reclassified into interest expense from accumulated other comprehensive income (loss)	1,989		1,989
Unrealized losses on available for sale debt securities		(1,180)		(3,251)
Comprehensive income (loss)	227,363	(20,867)	627,964	66,177
Comprehensive (income) loss attributable to noncontrolling interests	(381)	2,397	183	2,632
Comprehensive income (loss) attributable to the AIR Operating Partnership	$ 226,982	$ (18,470)	$ 628,147	$ 68,809

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Total	Perpetual Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Distributions in Excess of Earnings	Total AIR Equity	Noncontrolling Interest in Consolidated Real Estate Partnerships	Common Noncontrolling Interests In AIR Operating Partnerships
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	148,861,036
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
Issuance costs	(306)			(306)			(306)
Redemption of AIR Operating Partnership units	(3,550)								(3,550)
Conversion of AIR Operating Partnership units, Shares			43,319
Conversion of AIR Operating Partnership units			$ 2	1,957			1,959		(1,959)
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				(4,423)			(4,423)		4,423
Contribution from noncontrolling interest in consolidated real estate partnerships	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	(733)		$ (1)	(804)		(38)	(843)	(120)	230
Other, net (in shares)			94,597
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	156,856,952
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	148,974,839
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
Issuance costs	(306)			(306)			(306)
Redemption of AIR Operating Partnership units	(327)								(327)
Conversion of AIR Operating Partnership units, Shares			43,363
Conversion of AIR Operating Partnership units			$ 2	1,957			1,959		(1,959)
Amortization of share-based compensation cost	1,889			629			629		1,260
Effect of changes in ownership for consolidated entities				(1,833)			(1,833)		1,833
Contribution from noncontrolling interest in consolidated real estate partnerships	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	1,042		$ (2)	(52)		(53)	(107)	919	230
Other, net (in shares)			13,750
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	156,856,952
Balances at Dec. 31, 2021	1,939,155	$ 2,129	$ 1,570	3,763,105	0	(1,953,779)	1,813,025	(70,883)	197,013
Balances (in shares) at Dec. 31, 2021		145	156,998,367
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchases of Common Stock	(125,000)		$ (29)	(124,971)			(125,000)
Repurchases of Common Stock (in shares)			(2,911,761)
Redemption of AIR Operating Partnership units	(4,245)								(4,245)
Amortization of share-based compensation cost	4,451			2,641			2,641		1,810
Effect of changes in ownership for consolidated entities				(3,264)			(3,264)		3,264
Contribution from noncontrolling interest in consolidated real estate partnerships	7,808							7,808
Change in accumulated other comprehensive income (loss)	14,921				13,750		13,750		1,171
Net income (loss)	609,838					573,105	573,105	(183)	36,916
Common Stock dividends	(140,984)					(140,984)	(140,984)
Distributions to noncontrolling interests	(16,271)							(7,335)	(8,936)
Other, net	(848)	$ (129)	$ 1	(605)		(91)	(824)	(16)	(8)
Other, net (in shares)		(125)	100,635
Balances at Jun. 30, 2022	2,288,825	$ 2,000	$ 1,542	3,636,906	13,750	(1,521,749)	2,132,449	(70,609)	226,985
Balances (in shares) at Jun. 30, 2022		20	154,187,241
Balances at Mar. 31, 2022	2,263,838	$ 2,000	$ 1,571	3,762,457	(783)	(1,648,077)	2,117,168	(70,157)	216,827
Balances (in shares) at Mar. 31, 2022		20	157,082,823
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchases of Common Stock	(125,000)		$ (29)	(124,971)			(125,000)
Repurchases of Common Stock (in shares)			(2,911,761)
Redemption of AIR Operating Partnership units	(793)								(793)
Amortization of share-based compensation cost	1,701			751			751		950
Effect of changes in ownership for consolidated entities				(578)			(578)		578
Contribution from noncontrolling interest in consolidated real estate partnerships	3,483							3,483
Change in accumulated other comprehensive income (loss)	15,704				14,533		14,533		1,171
Net income (loss)	210,057					196,927	196,927	381	12,749
Common Stock dividends	(70,556)					(70,556)	(70,556)
Distributions to noncontrolling interests	(8,677)							(4,188)	(4,489)
Other, net	(932)			(753)		(43)	(796)	(128)	(8)
Other, net (in shares)			16,179
Balances at Jun. 30, 2022	$ 2,288,825	$ 2,000	$ 1,542	$ 3,636,906	$ 13,750	$ (1,521,749)	$ 2,132,449	$ (70,609)	$ 226,985
Balances (in shares) at Jun. 30, 2022		20	154,187,241

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 613,043	$ 69,428
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	163,205	151,071
Loss on extinguishment of debt	23,636	38,160
Gain on derecognition of leased properties and dispositions of real estate	(587,609)	(87,385)
Income tax expense	920	1,045
Other, net	2,939	9,314
Net changes in operating assets and operating liabilities	(14,638)	(87,836)
Net cash provided by operating activities	201,496	93,797
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate and deposits related to purchases of real estate	(472,317)	(225,526)
Capital expenditures	(90,599)	(76,469)
Proceeds from dispositions of real asset	759,344	6,230
Proceeds from dispositions of unconsolidated real estate partnerships	7,244
Purchases of corporate assets	(6,135)	(4,509)
Proceeds from repayment of note receivable	387,088
Proceeds from investments in debt securities		100,852
Other investing activities	(9,958)	(61)
Net cash provided by (used in) investing activities	574,667	(199,483)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal repayments on non-recourse property debt	(353,770)	(566,523)
Proceeds from term loans		800,000
Repayment of term loan	(350,000)	(350,000)
Net (repayments of) borrowings on revolving credit facility	(154,795)	81,600
Payment of debt issuance costs	(3,990)	(9,885)
Payment of debt extinguishment costs	(22,723)	(36,198)
Proceeds from the issuance of unsecured notes payable	400,000
Proceeds from Issuance of Common Stock		342,163
Repurchases of Common Stock	(125,000)
Payment of dividends to holders of Common Stock	(141,104)	(131,654)
Payment of distributions to preferred noncontrolling interests	(3,221)	(3,209)
Payment of distributions to common noncontrolling interests	(16,306)	(12,092)
Redemptions of noncontrolling interests in the AIR Operating Partnership	(4,269)	(3,622)
Contributions from noncontrolling interests in consolidated real estate partnerships	7,808	1,998
Other financing activities	(663)	329
Net cash used in financing activities	(768,033)	112,907
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	8,130	7,221
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	92,761	73,480
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	100,891	80,701
Apartment Income REIT, L.P [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	613,043	69,428
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	163,205	151,071
Loss on extinguishment of debt	23,636	38,160
Gain on derecognition of leased properties and dispositions of real estate	(587,609)	(87,385)
Income tax expense	920	1,045
Other, net	2,939	9,314
Net changes in operating assets and operating liabilities	(14,638)	(87,836)
Net cash provided by operating activities	201,496	93,797
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate and deposits related to purchases of real estate	(472,317)	(225,526)
Capital expenditures	(90,599)	(76,469)
Proceeds from dispositions of real asset	759,344	6,230
Proceeds from dispositions of unconsolidated real estate partnerships	7,244
Purchases of corporate assets	(6,135)	(4,509)
Proceeds from repayment of note receivable	387,088
Proceeds from investments in debt securities		100,852
Other investing activities	(9,958)	(61)
Net cash provided by (used in) investing activities	574,667	(199,483)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal repayments on non-recourse property debt	(353,770)	(566,523)
Proceeds from term loans		800,000
Repayment of term loan	(350,000)	(350,000)
Net (repayments of) borrowings on revolving credit facility	(154,795)	81,600
Payment of debt issuance costs	(3,990)	(9,885)
Payment of debt extinguishment costs	(22,723)	(36,198)
Proceeds from the issuance of unsecured notes payable	400,000
Proceeds from issuance of common partnership units to AIR, net		342,163
Repurchases of Common Stock	(125,000)
Payment of distributions to preferred units	(3,221)	(3,300)
Payment of distributions General Partner and Special Limited Partner	(141,104)	(131,654)
Payment of distributions to Limited Partners	(8,970)	(7,258)
Payment of distributions to noncontrolling interests	(7,336)	(4,836)
Redemption of common and preferred units	(4,269)	(3,622)
Contributions from noncontrolling interests in consolidated real estate partnerships	7,808	1,998
Other financing activities	(663)	422
Net cash used in financing activities	(768,033)	112,907
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	8,130	7,221
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	92,761	73,480
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	$ 100,891	$ 80,701

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] Preferred Units [Member]	Apartment Income REIT, L.P. [Member] General Partner and Special Limited Partner [Member]	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] Noncontrolling Interest in Consolidated Real Estate Partnerships
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, net		342,163		342,163		342,163
Issuance costs		(306)		(306)		(306)
Conversion of common partnership units				1,959	(1,959)
Redemption of common partnership units		(3,550)			(3,550)	(3,550)
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 to preferred unitholders		(93)				(93)
Distributions to noncontrolling interests	(12,037)	(4,834)		(93)			(4,834)
Other, net		(733)		(843)	230	(613)	(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, net		342,163		342,163		342,163
Issuance costs		(306)		(306)		(306)
Conversion of common partnership units				1,959	(1,959)
Redemption of common partnership units		(327)			(327)	(327)
Amortization of share-based compensation cost		1,889		629	1,260	1,889
Effect of changes in ownership of consolidated entities				(1,833)	1,833
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 to preferred unitholders		(43)		(43)		(43)
Distributions to noncontrolling interests	(6,868)	(3,432)					(3,432)
Other, net		1,042		(107)	230	123	919
Balances at Jun. 30, 2021		1,571,756	2,000	1,576,899	60,388	1,639,287	(67,531)
Balances at Dec. 31, 2021		1,939,155	2,129	1,810,896	197,013	2,010,038	(70,883)
Increase (Decrease) in Partners' Capital [Roll Forward]
Repurchases of common partnership units		(125,000)		(125,000)		(125,000)
Redemption of common partnership units		(4,245)			(4,245)	(4,245)
Amortization of share-based compensation cost		4,451		2,641	1,810	4,451
Effect of changes in ownership of consolidated entities				(3,264)	3,264
Contribution from noncontrolling interest in consolidated real estate partnerships	7,808	7,808					7,808
Change in accumulated other comprehensive income (loss)	14,921	14,921		13,750	1,171	14,921
Net income (loss)	609,838	609,838		573,105	36,916	610,021	(183)
Distributions to common unitholders		(140,984)		(140,984)		(140,984)
Distributions to noncontrolling interests	(16,271)	(16,271)			(8,936)	(8,936)	(7,335)
Other, net		(848)	(129)	(695)	(8)	(832)	(16)
Balances at Jun. 30, 2022		2,288,825	2,000	2,130,449	226,985	2,359,434	(70,609)
Balances at Mar. 31, 2022		2,263,838	2,000	2,115,168	216,827	2,333,995	(70,157)
Increase (Decrease) in Partners' Capital [Roll Forward]
Repurchases of common partnership units		(125,000)		(125,000)		(125,000)
Redemption of common partnership units		(793)			(793)	(793)
Amortization of share-based compensation cost		1,701		751	950	1,701
Effect of changes in ownership of consolidated entities				(578)	578
Contribution from noncontrolling interest in consolidated real estate partnerships	3,483	3,483					3,483
Change in accumulated other comprehensive income (loss)	15,704	15,704		14,533	1,171	15,704
Net income (loss)	210,057	210,057		196,927	12,749	209,676	381
Distributions to common unitholders		(70,556)		(70,556)		(70,556)
Distributions to noncontrolling interests	$ (8,677)	(8,677)			(4,489)	(4,489)	(4,188)
Other, net		(932)		(796)	(8)	(804)	(128)
Balances at Jun. 30, 2022		$ 2,288,825	$ 2,000	$ 2,130,449	$ 226,985	$ 2,359,434	$ (70,609)

Basis of Presentation and Organ

Basis of Presentation and Organization	6 Months Ended
	Jun. 30, 2022
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. The AIR Operating Partnership’s condensed consolidated financial statements include the accounts of the AIR Operating Partnership and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company. Interests in the AIR Operating Partnership that are held by limited partners other than AIR are reflected in AIR’s accompanying condensed consolidated balance sheets as noncontrolling interests in the AIR Operating Partnership. Interests in partnerships consolidated by the AIR Operating Partnership that are held by third parties are reflected in AIR’s and AIR Operating Partnership’s accompanying condensed consolidated balance sheets as noncontrolling interests in consolidated real estate partnerships. Except as the context otherwise requires, “we,” “our,” and “us” refer to AIR, the AIR Operating Partnership, and their consolidated subsidiaries, collectively. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments, consisting of normal recurring items, considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The condensed consolidated balance sheets of AIR, the AIR Operating Partnership, and their consolidated subsidiaries as of December 31, 2021, 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, 2021. Except where indicated, the footnotes refer to AIR, the AIR Operating Partnership and their consolidated subsidiaries, collectively. 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 formed 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; 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 11 states and the District of Columbia. As of June 30, 2022, our portfolio included 75 apartment communities with 25,363 apartment homes, in which we held an average ownership of approximately 88 % . We also have four properties, one land parcel, and one indirect land interest that we lease to third parties. As further discussed in Note 3, we expect four of these leases to be cancelled in the third quarter of 2022. 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, 2022, after elimination of units held by consolidated subsidiaries, the AIR Operating Partnership had 167,313,269 common OP Units outstanding. As of June 30, 2022, AIR owned 154,187,241 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 92.2 % legal interest in the AIR Operating Partnership and a 93.8 % e conomic interest.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
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 The AIR Operating Partnership has various classes of preferred OP units, which may be redeemed at the holders' option for cash, or at its option, shares of Common Stock. The preferred OP units are therefore presented within temporary equity in AIR’s condensed consolidated balance sheets and within temporary partners' capital in the AIR Operating Partnership’s condensed consolidated balance sheets. The following table presents a rollforward of the AIR Operating Partnership’s preferred OP Units (in thousands): Balance at January 1, 2022 $ 79,370 Preferred distributions ( 3,221 ) Redemption of preferred units and other ( 24 ) Net income allocated to preferred units 3,205 Balance at June 30, 2022 $ 79,330 The AIR Operating Partnership has outstanding various classes of redeemable preferred OP Units. As of June 30, 2022 and December 31, 2021, the AIR Operating Partnership had 2,934,063 and 2,935,662 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. 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.

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	Note 4 — Leases Tenant Lessor Arrangements The majority of lease pa yments we receive from our residents and tenants are fixed. We receive variable payments from our residents primarily for utility reimbursements. Our total lease income was comprised of the following amounts for all operating leases (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Fixed lease income $ 169,337 $ 165,044 $ 337,567 $ 329,012 Variable lease income 11,216 11,177 22,021 21,636 Total lease income $ 180,553 $ 176,221 $ 359,588 $ 350,648 Generally, our residential leases do not provide extension options and, as of June 30, 2022, have an average remaining term of 8.8 months. In general, our commercial leases have options to extend for a certain period of time at the tenant’s option. Future minimum annual rental payments we are contractually obligated to receive under residential and commercial leases, excluding such extension options, are as follows as of June 30, 2022 (in thousands): 2022 (remaining) $ 324,862 2023 352,182 2024 62,478 2025 11,183 2026 9,470 Thereafter 42,416 Total $ 802,591 Lessor Arrangements As of June 30, 2022, the aggregate minimum lease payments owed to us under the sales-type leases is as follows (in thousands): 2022 (remaining) $ 12,632 2023 25,262 2024 25,262 2025 25,373 2026 25,966 Thereafter 704,267 Total lease receivable (1) $ 818,762 Add: Unguaranteed residual value 131,580 Less: Discount 484,329 Total leased real estate assets $ 466,013 (1) As of June 30, 2022, this amount includes $ 244.8 million of guaranteed residual value and $ 574.0 million of remaining cash lease payments. The total future minimum lease payments assume that no early termination option is elected. The term of each of the leases ranges from 10 to 25 years. During the three and six months ended June 30, 2022, we recognized income of $ 6.5 million and $ 13.1 million r elated to these sales-type leases, respectively, compared to $ 6.5 million and $ 12.9 million, respectively, during the same periods in 2021, 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 statements of operations. During the second quarter of 2022, we reached an agreement with Aimco to cancel the existing sales-type leases, which is expected to occur during the third quarter of 2022. Accordingly, the preceding Lessor Arrangements table will not have any minimum lease payments associated with these sales-type leases going forward.

Debt

Debt	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Debt	Note 5 — Debt The following table summarizes debt as of June 30, 2022 and December 31, 2021 (dollars in thousands): Outstanding Balance June 30, 2022 December 31, 2021 Secured debt: Fixed-rate property debt due December 2022 to June 2032 (1) $ 1,947,527 $ 2,217,256 Variable-rate property debt due October 2024 (2) 88,500 88,500 Total non-recourse property debt 2,036,027 2,305,756 Debt issuance costs, net of accumulated amortization ( 9,514 ) ( 11,017 ) Total non-recourse property debt, net $ 2,026,513 $ 2,294,739 Unsecured debt: Term loans due December 2023 to April 2026 (2) (3) 800,000 1,150,000 Revolving credit facility borrowings due April 2025 (4) 148,000 304,000 4.58 % Notes payable due June 2027 (5) 100,000 — 4.77 % Notes payable due June 2029 (5) 100,000 — 4.84 % Notes payable due June 2032 (5) 200,000 — Total unsecured debt 1,348,000 1,454,000 Debt issuance costs, net of accumulated amortization ( 6,056 ) ( 5,453 ) Total unsecured debt, net $ 1,341,944 $ 1,448,547 Total indebtedness $ 3,368,457 $ 3,743,286 (1) The stated rate on our fixed-rate property debt is 2.4 % to 4.2 %. (2) During the second quarter of 2022, we hedged $ 830 million of our floating rate debt through placement of floating to fixed rate swaps, which have been designated as cash flow hedges. These hedges lock $830 million of floating rate debt at an all in cost of 4.2 %. (3) The term loans bear interest at a 1-month Term Secured Overnight Financing Rate ("SOFR") plus 1.00 % and a SOFR adjustment of 10 basis points, with a SOFR floor of 0.00%, based on our current credit rating. As of June 30, 2022, the weighted-average interest rate for our term loans was 4.1 %. (4) On May 2, 2022, we exercised the accordion feature on our revolving credit facility, increasing the revolving credit facility by $ 400 million to $ 1.0 billion. As of June 30, 2022, we had capacity to borrow up to $ 840.9 million under our revolving credit facility after consideration of undrawn letters of credit. The revolving credit facility bears interest a t a 1-month Term SOFR plus 0.89 % and a SOFR adjustment of 10 basis points, based on our current credit rating. A s of June 30, 2022 , the weighted-average interest rate for our revolving credit facility was 3.2 %. (5) During the three months ended June 30, 2022 , we issued three tranches of guaranteed, senior unsecured notes, totaling $ 400 million at a weighted-average effective interest rate of 4.3 %, inclusive of the previously-placed treasury lock, and a weighted-average maturity of eight years . Under our unsecured notes payable and revolving credit facility, we have agreed to maintain certain financial covenants, as well as other covenants customary for similar credit arrangements. The financial covenants we are required to maintain include a Maximum Leverage ratio of no greater than 0.60 to 1.00 ; a Fixed Charge Coverage Ratio of greater than 1.5 x, a Maximum Secured Indebtedness to Total Assets ratio of no greater than 0.45 to 1.00 through March 31, 2023, and 0.40 to 1.00 thereafter, a Maximum Unsecured Leverage ratio no greater than 0.60 to 1.00 , and a Minimum Unsecured Interest Coverage Ratio no greater than 1.50 to 1.00 . We were in compliance with these covenants as of June 30, 2022 and expect to remain in compliance during the next 12 months.

Significant Transactions

Significant Transactions	6 Months Ended
	Jun. 30, 2022
Significant Transactions [Abstract]
Significant Transactions	Note 3 — Significant Transactions Apartment Community Acquisitions During the three months ended June 30, 2022, we acquired three apartment communities, one located in the Washington, D.C. area and two located in South Florida. Summarized information regarding these acquisitions is set forth in the table below (dollars in thousands): Number of apartment communities 3 Number of apartment homes 1,001 Purchase price $ 467,067 Capitalized transaction costs 5,250 Total consideration $ 472,317 Land $ 40,066 Building and improvements 419,023 Right of use lease asset 80,651 Intangible assets (1) 13,738 Lease liability ( 80,651 ) Below-market lease liabilities (1) ( 510 ) Total consideration $ 472,317 (1) Intangible assets and below-market lease liabilities have a weighted-average term of 2.6 years and 1.6 years, respectively. Subsequent to June 30, 2022, we acquired an additional apartment community located in South Florida with 350 apartment homes for a total purchase price of $ 173.0 million. Apartment Community Dispositions During the three months ended June 30, 2022, we sold four apartment communities with 718 homes for gross proceeds of $ 203.1 million. During the six months ended June 30, 2022, we sold twelve apartment communities with 2,050 homes for gross proceeds of $ 781.1 million. We did not sell any apartment communities during the three and six months ended June 30, 2021. Lease Cancellation During the three months ended June 30, 2022 , we reached an agreement with Apartment Investment and Management Company ("Aimco") to cancel existing master leases at four properties owned by AIR and leased to Aimco for the purpose of their development. With the developments largely completed, we agreed to terminate the leases for a payment of $ 200 million. The four properties include 865 apartment homes with average monthly rents of approximately $ 3,400 per home.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 6 — 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. 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, 2022, are immaterial to ou r condensed consolidated financial statements.

Earnings and Dividends per Shar

Earnings and Dividends per Share and per Unit	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Earnings and Dividends per Share and per Unit	Note 7 — Earnings and Dividends per Share and per Unit Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit are as follows (in thousands, except per share and per unit data): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Earnings (loss) per share Numerator: Basic and dilutive net income (loss) attributable to AIR common stockholders $ 196,722 $ ( 18,030 ) $ 572,603 $ 65,166 Denominator – shares: Basic weighted-average common shares outstanding 155,927 154,608 156,327 151,609 Dilutive common share equivalents outstanding 209 — 280 474 Dilutive weighted-average common shares outstanding 156,136 154,608 156,607 152,083 Earnings (loss) per common share – basic and diluted $ 1.26 $ ( 0.12 ) $ 3.66 $ 0.43 Earnings (loss) per unit Numerator: Basic and dilutive net income (loss) attributable to the AIR Operating Partnership's common unitholders $ 209,471 $ ( 18,975 ) $ 609,519 $ 68,657 Denominator – units Basic weighted-average common units outstanding 166,023 162,698 166,434 159,701 Dilutive common unit equivalents outstanding 209 — 280 474 Dilutive weighted-average common units outstanding 166,232 162,698 166,714 160,175 Earnings (loss) per common unit – basic and diluted $ 1.26 $ ( 0.12 ) $ 3.66 $ 0.43 For the three and six months ended June 30, 2022 and 2021, dividends and distributions paid per share of Common Stock and per commo n unit were $ 0.45 and $ 0.90 , respectively, and $ 0.43 and $ 0.86 , respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 8 — Fair Value Measurements Recurring Fair Value Measurements During 2022, we entered into floating to fixed interest rate swaps for $ 830 million notional principal value of debt. These swaps have been designated as cash flow hedges of expected future variable interest payments. Changes in the fair value are recognized as unrealized gains (losses) on derivative instruments in other comprehensive income (loss). Amounts reported in accumulated other comprehensive income will be reclassified into interest expense as interest payments are made on our variable-rate debt. We estimate that during the next twelve months, we will reclassify into earnings approximately $ 3.3 million of the unrealized losses in accumulated other comprehensive income. Additionally, in connection with our issuance of senior unsecured notes, we entered into a $ 400 million treasury hedge, locking the interest rate of the ten-year treasury at 2.43 % . During the three months ended June 30, 2022, we received $ 15.9 million for the settlement of this hedge, which was designated as a cash flow hedge. The settlement value of the treasury hedge is included in unrealized gains (losses) on derivative instruments in other comprehensive income (loss) and will be amortized to interest expense over the term of the senior unsecured notes issued. 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. In connection with the separation on December 15, 2020 (“Separation”), AIR assigned all of the risks and rewards of ownership related to this swap to Aimco, with an offsetting and equal asset and liability recognized for the amount of gain or loss. We estimate the fair value using pricing models that rely on observable market information, including contractual terms, market prices, and interest rate yield curves. These investments are measured at fair value on a recurring basis and presented in other assets, net, and accrued liabilities and other in our condensed consolidated balance sheets. The following table summarizes fair value for our interest rate option and swaps (in thousands): As of June 30, 2022 As of December 31, 2021 Total Fair Value Level 1 Level 2 Level 3 Total Fair Value Level 1 Level 2 Level 3 Interest rate option $ 47,990 $ — $ 47,990 $ — $ 21,699 $ — $ 21,699 $ — Interest rate swap asset $ 4,052 $ — $ 4,052 $ — $ — $ — $ — $ — Interest rate swap liability $ ( 4,988 ) $ — $ ( 4,988 ) $ — $ — $ — $ — $ — We have not posted any collateral related to these agreements. If we had breached any of these provisions at June 30, 2022, we could have been required to settle our swap liabilities, including accrued interest, under the agreements at their termination value of $ 3.6 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 estimated fair value as of June 30, 2022 and December 31, 2021, due to their relatively short-term nature and high probability of realization. The carrying value of our unsecured notes payable, revolving credit facility and term loans, which we classify as Level 2 in the GAAP fair value hierarchy, approximated their estimated fair value as of June 30, 2022 and December 31, 2021. We classify the fair value of our non-recourse property debt within Level 2 of the GAAP fair value hierarchy. The following table summarizes carrying value and fair value of our non-recourse property debt, excluding debt issuance costs (in thousands): As of June 30, 2022 As of December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 2,036,027 $ 1,871,223 $ 2,305,756 $ 2,367,713

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Note 9 — Variable Interest Entities Consolidated Entities AIR consolidates the AIR Operating Partnership, a VIE of which AIR is the primary beneficiary. AIR, through the AIR Operating Partnership, consolidates all VIEs for which it is the primary beneficiary. Substantially all of the assets and liabilities of AIR are that of the AIR Operating Partnership. The AIR Operating Partnership consolidates (i) five VIEs that own interests in one or more apartment communities and are typically structured to generate a return for their partners through the operation and ultimate sale of the communities and (ii) five VIEs related to lessor entities that own interests in properties leased to third parties. The assets and liabilities of the VIEs associated with the leased properties consist 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, 2022 December 31, 2021 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, 2022 December 31, 2021 ASSETS: Net real estate $ 1,080,247 $ 1,096,039 Cash and cash equivalents 42,668 29,863 Restricted cash 2,202 2,380 Other assets, net 22,446 21,745 LIABILITIES: Non-recourse property debt $ 1,219,770 $ 1,227,345 Accrued liabilities and other 35,899 34,659 Unconsolidated Entities During 2021, we formed a joint venture with an affiliate of Blackstone by selling an 80 % interest in three multi-family properties with 1,748 units located in Virginia. Our 20 % interest in the venture meets the definition of a VIE, however, we are not the primary beneficiary and do not consolidate these communities. As of June 30, 2022 and December 31, 2021, the carrying value of the investment of $ 21.7 million and $ 26.0 million, respectively, is included in other assets, net, in our condensed consolidated balance sheets. AIR's exposure to the obligations of the VIE is limited to the carrying value of the limited partnership interests and 20 % of Blackstone's guarantor liabilities, which were $ 79 million as of June 30, 2022. 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. As of June 30, 2022, and December 31, 2021, the investment balance of $ 354.4 million and $ 337.8 million, respectively, is included in other assets, net, in our condensed consolidated balance sheets. Subsequent to the Separation, all risks and rewards of ownership are Aimco’s, however, as legal transfer has not occurred, there is an equal and offsetting liability included in accrued liabilities and other in our condensed consolidated balance sheets. Accordingly, there is no net effect on AIR’s stockholders’ equity or the AIR Operating Partnership's partners' capital.

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Business Segments	Note 10 — 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 five properties acquired in 2021, three properties acquired in the second quarter of 2022, and three communities we expect to sell or lease to a third party, but do not yet meet the criteria to be classified as held for sale. Our chief operating decision maker (“CODM”) uses proportionate property net operating income (“NOI”) to assess the operating performance of our communities. Proportionate property NOI reflects our share of rental and other property revenues, excluding utility reimbursements, less direct property operating expenses, net of utility reimbursements. In our condensed consolidated statements of operations, utility reimbursements are included in rental and other property revenues in accordance with GAAP. As of June 30, 2022, our Same Store segment included 64 apartment communities with 22,022 apartment homes and our Other Real Estate segment included 11 apartment communities with 3,341 apartment homes. The following tables present the total revenues, property operating expenses, proportionate property net operating income (loss), and income (loss) before income tax (expense) benefit of our segments on a proportionate basis. To reflect how the CODM evaluates the business, prior period segment information has been recast to conform with our reportable segment composition as of June 30, 2022 (in thousands): Same Other Proportionate Corporate and Consolidated Three months ended June 30, 2022: Total revenues $ 142,066 $ 17,279 $ 20,047 $ 4,108 $ 183,500 Property operating expenses 37,556 6,765 9,691 9,775 63,787 Other operating expenses not allocated to segments (3) — — — 80,913 80,913 Total operating expenses 37,556 6,765 9,691 90,688 144,700 Proportionate property net operating income (loss) 104,510 10,514 10,356 ( 86,580 ) 38,800 Other items included in income before income tax expense (4) — — — 174,358 174,358 Income before income tax expense $ 104,510 $ 10,514 $ 10,356 $ 87,778 $ 213,158 Same Other Proportionate Corporate and Consolidated Six months ended June 30, 2022: Total revenues $ 280,174 $ 32,113 $ 39,744 $ 12,947 $ 364,978 Property operating expenses 75,059 12,873 19,698 19,393 127,023 Other operating expenses not allocated to segments (3) — — — 176,077 176,077 Total operating expenses 75,059 12,873 19,698 195,470 303,100 Proportionate property net operating income (loss) 205,115 19,240 20,046 ( 182,523 ) 61,878 Other items included in income before income tax expense (4) — — — 552,085 552,085 Income before income tax expense $ 205,115 $ 19,240 $ 20,046 $ 369,562 $ 613,963 Same Other Proportionate Corporate and Consolidated Three months ended June 30, 2021: Total revenues $ 134,478 $ 1,840 $ 19,400 $ 22,615 $ 178,333 Property operating expenses 38,990 1,263 10,050 14,455 64,758 Other operating expenses not allocated to segments (3) — — — 83,527 83,527 Total operating expenses 38,990 1,263 10,050 97,982 148,285 Proportionate property net operating income (loss) 95,488 577 9,350 ( 75,367 ) 30,048 Other items included in income (loss) before income tax benefit (4) — — — ( 51,770 ) ( 51,770 ) Income (loss) before income tax benefit $ 95,488 $ 577 $ 9,350 $ ( 127,137 ) $ ( 21,722 ) Same Other Proportionate Corporate and Consolidated Six months ended June 30, 2021: Total revenues $ 268,036 $ 3,004 $ 38,623 $ 45,083 $ 354,746 Property operating expenses 76,891 2,396 19,814 30,274 129,375 Other operating expenses not allocated to segments (3) — — — 166,097 166,097 Total operating expenses 76,891 2,396 19,814 196,371 295,472 Proportionate property net operating income (loss) 191,145 608 18,809 ( 151,288 ) 59,274 Other items included in income (loss) before income tax expense (4) — — — 11,199 11,199 Income (loss) before income tax expense $ 191,145 $ 608 $ 18,809 $ ( 140,089 ) $ 70,473 (1) Represents adjustments for third-party share of unconsolidated apartment communities and the noncontrolling interests in consolidated real estate partnerships’ share of the results of communities in our segments, which are included in the related consolidated amounts but excluded from proportionate property NOI 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. (3) Includes depreciation and amortization, general and administrative expenses, and other (income) expenses, net, and may also 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 dispositions of real estate and derecognition of leased properties, interest income, including interest income related to the leased properties, interest expense, loss from unconsolidated real estate partnerships, and loss on extinguishment of debt. The assets of our segments and the consolidated assets not allocated to our segments were as follows (in thousands): June 30, 2022 December 31, 2021 Same Store $ 3,978,640 $ 3,962,175 Other Real Estate 1,270,661 788,572 Corporate and other assets (1) 1,183,984 1,689,613 Total consolidated assets $ 6,433,285 $ 6,440,360 (1) Includes the assets not allocated to our segments including: (i) corporate assets; (ii) our note receivable from Aimco, which was partially paid off during the second quarter of 2022; (iii) our mezzanine loan investment; and (iv) assets of leased apartment communities, sold properties, or properties classified as held for sale as of June 30, 2022 . For the six months ended June 30, 2022 and 2021, capital additions related to our segments were as follows (in thousands): 2022 2021 Same Store $ 72,768 $ 53,930 Other Real Estate 16,891 300 Total capital additions $ 89,659 $ 54,230

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
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 The AIR Operating Partnership has various classes of preferred OP units, which may be redeemed at the holders' option for cash, or at its option, shares of Common Stock. The preferred OP units are therefore presented within temporary equity in AIR’s condensed consolidated balance sheets and within temporary partners' capital in the AIR Operating Partnership’s condensed consolidated balance sheets. The following table presents a rollforward of the AIR Operating Partnership’s preferred OP Units (in thousands): Balance at January 1, 2022 $ 79,370 Preferred distributions ( 3,221 ) Redemption of preferred units and other ( 24 ) Net income allocated to preferred units 3,205 Balance at June 30, 2022 $ 79,330 The AIR Operating Partnership has outstanding various classes of redeemable preferred OP Units. As of June 30, 2022 and December 31, 2021, the AIR Operating Partnership had 2,934,063 and 2,935,662 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.
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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2022
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 January 1, 2022 $ 79,370 Preferred distributions ( 3,221 ) Redemption of preferred units and other ( 24 ) Net income allocated to preferred units 3,205 Balance at June 30, 2022 $ 79,330

Significant Transactions (Table

Significant Transactions (Tables)	6 Months Ended
	Jun. 30, 2022
Apartment Community [Member] | Pembroke Pines, Florida [Member]
Business Acquisition [Line Items]
Schedule of Acquisition	During the three months ended June 30, 2022, we acquired three apartment communities, one located in the Washington, D.C. area and two located in South Florida. Summarized information regarding these acquisitions is set forth in the table below (dollars in thousands): Number of apartment communities 3 Number of apartment homes 1,001 Purchase price $ 467,067 Capitalized transaction costs 5,250 Total consideration $ 472,317 Land $ 40,066 Building and improvements 419,023 Right of use lease asset 80,651 Intangible assets (1) 13,738 Lease liability ( 80,651 ) Below-market lease liabilities (1) ( 510 ) Total consideration $ 472,317 (1) Intangible assets and below-market lease liabilities have a weighted-average term of 2.6 years and 1.6 years, respectively.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Lease Income for Operating Leases	Our total lease income was comprised of the following amounts for all operating leases (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Fixed lease income $ 169,337 $ 165,044 $ 337,567 $ 329,012 Variable lease income 11,216 11,177 22,021 21,636 Total lease income $ 180,553 $ 176,221 $ 359,588 $ 350,648
Future Minimum Annual Rental Payments Receivable Under Residential and Commercial Leases	Future minimum annual rental payments we are contractually obligated to receive under residential and commercial leases, excluding such extension options, are as follows as of June 30, 2022 (in thousands): 2022 (remaining) $ 324,862 2023 352,182 2024 62,478 2025 11,183 2026 9,470 Thereafter 42,416 Total $ 802,591
Schedule of Aggregate Minimum Lease Payments	As of June 30, 2022, the aggregate minimum lease payments owed to us under the sales-type leases is as follows (in thousands): 2022 (remaining) $ 12,632 2023 25,262 2024 25,262 2025 25,373 2026 25,966 Thereafter 704,267 Total lease receivable (1) $ 818,762 Add: Unguaranteed residual value 131,580 Less: Discount 484,329 Total leased real estate assets $ 466,013

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Table Text Block Supplement [Abstract]
Schedule of Debt summmary	The following table summarizes debt as of June 30, 2022 and December 31, 2021 (dollars in thousands): Outstanding Balance June 30, 2022 December 31, 2021 Secured debt: Fixed-rate property debt due December 2022 to June 2032 (1) $ 1,947,527 $ 2,217,256 Variable-rate property debt due October 2024 (2) 88,500 88,500 Total non-recourse property debt 2,036,027 2,305,756 Debt issuance costs, net of accumulated amortization ( 9,514 ) ( 11,017 ) Total non-recourse property debt, net $ 2,026,513 $ 2,294,739 Unsecured debt: Term loans due December 2023 to April 2026 (2) (3) 800,000 1,150,000 Revolving credit facility borrowings due April 2025 (4) 148,000 304,000 4.58 % Notes payable due June 2027 (5) 100,000 — 4.77 % Notes payable due June 2029 (5) 100,000 — 4.84 % Notes payable due June 2032 (5) 200,000 — Total unsecured debt 1,348,000 1,454,000 Debt issuance costs, net of accumulated amortization ( 6,056 ) ( 5,453 ) Total unsecured debt, net $ 1,341,944 $ 1,448,547 Total indebtedness $ 3,368,457 $ 3,743,286 (1) The stated rate on our fixed-rate property debt is 2.4 % to 4.2 %. (2) During the second quarter of 2022, we hedged $ 830 million of our floating rate debt through placement of floating to fixed rate swaps, which have been designated as cash flow hedges. These hedges lock $830 million of floating rate debt at an all in cost of 4.2 %. (3) The term loans bear interest at a 1-month Term Secured Overnight Financing Rate ("SOFR") plus 1.00 % and a SOFR adjustment of 10 basis points, with a SOFR floor of 0.00%, based on our current credit rating. As of June 30, 2022, the weighted-average interest rate for our term loans was 4.1 %. (4) On May 2, 2022, we exercised the accordion feature on our revolving credit facility, increasing the revolving credit facility by $ 400 million to $ 1.0 billion. As of June 30, 2022, we had capacity to borrow up to $ 840.9 million under our revolving credit facility after consideration of undrawn letters of credit. The revolving credit facility bears interest a t a 1-month Term SOFR plus 0.89 % and a SOFR adjustment of 10 basis points, based on our current credit rating. A s of June 30, 2022 , the weighted-average interest rate for our revolving credit facility was 3.2 %. (5) During the three months ended June 30, 2022 , we issued three tranches of guaranteed, senior unsecured notes, totaling $ 400 million at a weighted-average effective interest rate of 4.3 %, inclusive of the previously-placed treasury lock, and a weighted-average maturity of eight years .

Earnings and Dividends per Sh_2

Earnings and Dividends per Share and per Unit (Tables)	6 Months Ended
	Jun. 30, 2022
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 per share and per unit are as follows (in thousands, except per share and per unit data): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Earnings (loss) per share Numerator: Basic and dilutive net income (loss) attributable to AIR common stockholders $ 196,722 $ ( 18,030 ) $ 572,603 $ 65,166 Denominator – shares: Basic weighted-average common shares outstanding 155,927 154,608 156,327 151,609 Dilutive common share equivalents outstanding 209 — 280 474 Dilutive weighted-average common shares outstanding 156,136 154,608 156,607 152,083 Earnings (loss) per common share – basic and diluted $ 1.26 $ ( 0.12 ) $ 3.66 $ 0.43 Earnings (loss) per unit Numerator: Basic and dilutive net income (loss) attributable to the AIR Operating Partnership's common unitholders $ 209,471 $ ( 18,975 ) $ 609,519 $ 68,657 Denominator – units Basic weighted-average common units outstanding 166,023 162,698 166,434 159,701 Dilutive common unit equivalents outstanding 209 — 280 474 Dilutive weighted-average common units outstanding 166,232 162,698 166,714 160,175 Earnings (loss) per common unit – basic and diluted $ 1.26 $ ( 0.12 ) $ 3.66 $ 0.43

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Summary of Fair Value for Interest Rate Options and swaps	The following table summarizes fair value for our interest rate option and swaps (in thousands): As of June 30, 2022 As of December 31, 2021 Total Fair Value Level 1 Level 2 Level 3 Total Fair Value Level 1 Level 2 Level 3 Interest rate option $ 47,990 $ — $ 47,990 $ — $ 21,699 $ — $ 21,699 $ — Interest rate swap asset $ 4,052 $ — $ 4,052 $ — $ — $ — $ — $ — Interest rate swap liability $ ( 4,988 ) $ — $ ( 4,988 ) $ — $ — $ — $ — $ —
Summary of Carrying Value and Fair Value of Non-recourse Property Debt	The following table summarizes carrying value and fair value of our non-recourse property debt, excluding debt issuance costs (in thousands): As of June 30, 2022 As of December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 2,036,027 $ 1,871,223 $ 2,305,756 $ 2,367,713

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 December 31, 2021 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, 2022 December 31, 2021 ASSETS: Net real estate $ 1,080,247 $ 1,096,039 Cash and cash equivalents 42,668 29,863 Restricted cash 2,202 2,380 Other assets, net 22,446 21,745 LIABILITIES: Non-recourse property debt $ 1,219,770 $ 1,227,345 Accrued liabilities and other 35,899 34,659

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Summary of Information for Reportable Segments	To reflect how the CODM evaluates the business, prior period segment information has been recast to conform with our reportable segment composition as of June 30, 2022 (in thousands): Same Other Proportionate Corporate and Consolidated Three months ended June 30, 2022: Total revenues $ 142,066 $ 17,279 $ 20,047 $ 4,108 $ 183,500 Property operating expenses 37,556 6,765 9,691 9,775 63,787 Other operating expenses not allocated to segments (3) — — — 80,913 80,913 Total operating expenses 37,556 6,765 9,691 90,688 144,700 Proportionate property net operating income (loss) 104,510 10,514 10,356 ( 86,580 ) 38,800 Other items included in income before income tax expense (4) — — — 174,358 174,358 Income before income tax expense $ 104,510 $ 10,514 $ 10,356 $ 87,778 $ 213,158 Same Other Proportionate Corporate and Consolidated Six months ended June 30, 2022: Total revenues $ 280,174 $ 32,113 $ 39,744 $ 12,947 $ 364,978 Property operating expenses 75,059 12,873 19,698 19,393 127,023 Other operating expenses not allocated to segments (3) — — — 176,077 176,077 Total operating expenses 75,059 12,873 19,698 195,470 303,100 Proportionate property net operating income (loss) 205,115 19,240 20,046 ( 182,523 ) 61,878 Other items included in income before income tax expense (4) — — — 552,085 552,085 Income before income tax expense $ 205,115 $ 19,240 $ 20,046 $ 369,562 $ 613,963 Same Other Proportionate Corporate and Consolidated Three months ended June 30, 2021: Total revenues $ 134,478 $ 1,840 $ 19,400 $ 22,615 $ 178,333 Property operating expenses 38,990 1,263 10,050 14,455 64,758 Other operating expenses not allocated to segments (3) — — — 83,527 83,527 Total operating expenses 38,990 1,263 10,050 97,982 148,285 Proportionate property net operating income (loss) 95,488 577 9,350 ( 75,367 ) 30,048 Other items included in income (loss) before income tax benefit (4) — — — ( 51,770 ) ( 51,770 ) Income (loss) before income tax benefit $ 95,488 $ 577 $ 9,350 $ ( 127,137 ) $ ( 21,722 ) Same Other Proportionate Corporate and Consolidated Six months ended June 30, 2021: Total revenues $ 268,036 $ 3,004 $ 38,623 $ 45,083 $ 354,746 Property operating expenses 76,891 2,396 19,814 30,274 129,375 Other operating expenses not allocated to segments (3) — — — 166,097 166,097 Total operating expenses 76,891 2,396 19,814 196,371 295,472 Proportionate property net operating income (loss) 191,145 608 18,809 ( 151,288 ) 59,274 Other items included in income (loss) before income tax expense (4) — — — 11,199 11,199 Income (loss) before income tax expense $ 191,145 $ 608 $ 18,809 $ ( 140,089 ) $ 70,473 (1) Represents adjustments for third-party share of unconsolidated apartment communities and the noncontrolling interests in consolidated real estate partnerships’ share of the results of communities in our segments, which are included in the related consolidated amounts but excluded from proportionate property NOI 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. (3) Includes depreciation and amortization, general and administrative expenses, and other (income) expenses, net, and may also 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 dispositions of real estate and derecognition of leased properties, interest income, including interest income related to the leased properties, interest expense, loss from unconsolidated real estate partnerships, and loss on extinguishment of debt.
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, 2022 December 31, 2021 Same Store $ 3,978,640 $ 3,962,175 Other Real Estate 1,270,661 788,572 Corporate and other assets (1) 1,183,984 1,689,613 Total consolidated assets $ 6,433,285 $ 6,440,360 (1) Includes the assets not allocated to our segments including: (i) corporate assets; (ii) our note receivable from Aimco, which was partially paid off during the second quarter of 2022; (iii) our mezzanine loan investment; and (iv) assets of leased apartment communities, sold properties, or properties classified as held for sale as of June 30, 2022 .
Capital Additions Related to Segments	For the six months ended June 30, 2022 and 2021, capital additions related to our segments were as follows (in thousands): 2022 2021 Same Store $ 72,768 $ 53,930 Other Real Estate 16,891 300 Total capital additions $ 89,659 $ 54,230

Basis of Presentation and Org_2

Basis of Presentation and Organization (Details Textual)	6 Months Ended
	Jun. 30, 2022 ApartmentHome Property shares	Jul. 01, 2022 ApartmentHome	Dec. 31, 2021 Multi_family_apartment
Organization [Line Items]
Number of apartment communities | Property	75
Number of apartment homes in apartment communities	865	350	1,748
Partially Owned Properties [Member]
Organization [Line Items]
Number of apartment homes in apartment communities | ApartmentHome	25,363
Percentage of average ownership of portfolio	88%
AIR Operating Partnership [Member]
Organization [Line Items]
Common operating partnership units and equivalents outstanding	167,313,269
Common operating partnership units and equivalents outstanding	154,187,241
Percentage of the Aimco Operating Partnership's common partnership units and equivalents owned by Aimco	92.20%
Percentage of economic interest	93.80%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Reconciliation of Preferred OP Units (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at January 1, 2022	$ 79,370
Preferred distributions	(3,221)
Redemption of preferred units	(24)
Net income	3,205
Balance at June 30, 2022	$ 79,330

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details Textual) - AIMCO PROPERTIES, L.P [Member] - $ / shares	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Units outstanding (in shares)	2,934,063	2,935,662
Minimum [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Distributions per annum (in dollars per share)	$ 0.48
Distributions per annum	1.92%
Maximum [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Distributions per annum (in dollars per share)	$ 8
Distributions per annum	8.75%

Significant Transactions - Sche

Significant Transactions - Schedule of Acquisition (Details) $ in Thousands		6 Months Ended
		Jun. 30, 2022 USD ($) ApartmentHome Property	Jul. 01, 2022 ApartmentHome	Dec. 31, 2021 Multi_family_apartment
Business Acquisition [Line Items]
Number of apartment communities | Property		75
Number of apartment homes		865	350	1,748
Pembroke Pines, Florida [Member] | Apartment Community [Member]
Business Acquisition [Line Items]
Number of apartment communities | ApartmentHome		3
Number of apartment homes | ApartmentHome		1,001
Purchase price		$ 467,067
Capitalized transaction costs		5,250
Total consideration		472,317
Consideration allocated to land		40,066
Consideration allocated to building and improvements		419,023
Consideration allocated to right of use lease asset		80,651
Consideration allocated to intangible assets	[1]	13,738
Consideration allocated to Lease liability		(80,651)
Consideration allocated to below-market lease liabilities	[1]	$ (510)
[1] Intangible assets and below-market lease liabilities have a weighted-average term of 2.6 years and 1.6 years, respectively.

Significant Transactions - Sc_2

Significant Transactions - Schedule of Acquisition (Parenthetical) (Details)	6 Months Ended
	Jun. 30, 2022
Below-market leases [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted-average term	1 year 7 months 6 days
Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted-average term	2 years 7 months 6 days

Significant Transactions (Detai

Significant Transactions (Details Textual) $ in Thousands		3 Months Ended	6 Months Ended
	Jul. 01, 2022 USD ($) ApartmentHome	Jun. 30, 2022 USD ($) ApartmentHome Property	Jun. 30, 2022 USD ($) ApartmentHome Property	Dec. 31, 2021 Multi_family_apartment
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Number of Real Estate Properties | Property		75	75
Number of apartment homes in apartment communities	350	865	865	1,748
Number Of Units In Real Estate Property Held For Sale | ApartmentHome		718	718
Proceeds from Sale of Real Estate		$ 203,100
Payment to acquire additional Properties		$ 200
Purchase price of apartment communities	$ 173,000
Average monthly rent per property			$ 3,400
Apartment Communities Sold | ApartmentHome		4
Apartment Community [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Number Of Units In Real Estate Property Sold | ApartmentHome		2,050	2,050
Proceeds from Sale of Real Estate			$ 781,100
Apartment Communities Sold | ApartmentHome			12

Leases - Lease Income for Opera

Leases - Lease Income for Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Fixed lease income	$ 169,337	$ 165,044	$ 337,567	$ 329,012
Variable lease income	11,216	11,177	22,021	21,636
Total lease income	$ 180,553	$ 176,221	$ 359,588	$ 350,648

Leases - Future Minimum Annual

Leases - Future Minimum Annual Rental Payments Receivable Under Residential and Commercial Leases (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Lessor, Lease, Description [Line Items]
2022 (remaining)	$ 12,632
Total lease receivable	818,762	[1]
Commercial Real Estate [Member]
Lessor, Lease, Description [Line Items]
2022 (remaining)	324,862
2023	352,182
2024	62,478
2025	11,183
2026	9,470
Thereafter	42,416
Total lease receivable	$ 802,591
[1] As of June 30, 2022, this amount includes $ 244.8 million of guaranteed residual value and $ 574.0 million of remaining cash lease payments. The total future minimum lease payments assume that no early termination option is elected. The term of each of the leases ranges from 10 to 25 years.

Leases - Schedule of aggregate

Leases - Schedule of aggregate minimum lease payments (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Leases [Abstract]
2022 (remaining)	$ 12,632
2023	25,262
2024	25,262
2025	25,373
2026	25,966
Thereafter	704,267
Total lease receivable	818,762	[1]
Add: Unguaranteed residual value	131,580
Less: Discount	484,329
Total leased real estate assets	$ 466,013
[1] As of June 30, 2022, this amount includes $ 244.8 million of guaranteed residual value and $ 574.0 million of remaining cash lease payments. The total future minimum lease payments assume that no early termination option is elected. The term of each of the leases ranges from 10 to 25 years.

Leases - Future Minimum Annua_2

Leases - Future Minimum Annual Rental Payments Receivable Under Residential and Commercial (Parenthetical) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Guaranteed residual value	$ 244.8
Remaining cash lease payments	$ 574
Maximum [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lessee, Operating Lease, Term of Contract	25 years
Minimum [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lessee, Operating Lease, Term of Contract	10 years

Leases (Details Textual)

Leases (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Sales-type Lease, Interest Income, Lease Receivable	$ 6.5	$ 6.5	$ 13.1	$ 12.9
Residential Lease [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lessor, Operating Lease, Option to Extend			Generally, our residential leases do not provide extension options
Operating Lease, Weighted Average Remaining Lease Term	8 months 24 days		8 months 24 days

Debt - Schedule of Debt Instrum

Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total indebtedness		$ 3,368,457	$ 3,743,286
Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross		2,026,513	2,294,739
Debt issuance costs, net of accumulated amortization		9,514	11,017
Secured Debt | Fixed Rate Property Debt
Debt Instrument [Line Items]
Long-term debt, gross	[1]	1,947,527	2,217,256
Secured Debt | Variable Rate Property Debt
Debt Instrument [Line Items]
Long-term debt, gross	[2]	88,500	88,500
Secured Debt | Non-recourse property debt
Debt Instrument [Line Items]
Long-term debt, gross		2,036,027	2,305,756
Unsecured Debt Gross
Debt Instrument [Line Items]
Long-term debt, gross		1,348,000	1,454,000
Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross		1,341,944	1,448,547
Debt issuance costs, net of accumulated amortization		6,056	5,453
Unsecured Debt | Term Loan [Member]
Debt Instrument [Line Items]
Long-term debt, gross	[2],[3]	800,000	1,150,000
Unsecured Debt | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt, gross	[4]	148,000	304,000
Unsecured Debt | 4.58% Notes payable due June 2027
Debt Instrument [Line Items]
Long-term debt, gross	[5]	100,000	0
Unsecured Debt | 4.77% Notes payable due June 2029
Debt Instrument [Line Items]
Long-term debt, gross	[5]	100,000	0
Unsecured Debt | 4.84% Notes payable due June 2032
Debt Instrument [Line Items]
Long-term debt, gross	[5]	$ 200,000	$ 0
[1] The stated rate on our fixed-rate property debt is 2.4 % to 4.2 %. During the second quarter of 2022, we hedged $ 830 million of our floating rate debt through placement of floating to fixed rate swaps, which have been designated as cash flow hedges. These hedges lock $830 million of floating rate debt at an all in cost of 4.2 %. The term loans bear interest at a 1-month Term Secured Overnight Financing Rate ("SOFR") plus 1.00 % and a SOFR adjustment of 10 basis points, with a SOFR floor of 0.00%, based on our current credit rating. As of June 30, 2022, the weighted-average interest rate for our term loans was 4.1 %. On May 2, 2022, we exercised the accordion feature on our revolving credit facility, increasing the revolving credit facility by $ 400 million to $ 1.0 billion. As of June 30, 2022, we had capacity to borrow up to $ 840.9 million under our revolving credit facility after consideration of undrawn letters of credit. The revolving credit facility bears interest a t a 1-month Term SOFR plus 0.89 % and a SOFR adjustment of 10 basis points, based on our current credit rating. A s of June 30, 2022 , the weighted-average interest rate for our revolving credit facility was 3.2 %. During the three months ended June 30, 2022 , we issued three tranches of guaranteed, senior unsecured notes, totaling $ 400 million at a weighted-average effective interest rate of 4.3 %, inclusive of the previously-placed treasury lock, and a weighted-average maturity of eight years .

Debt - Schedule of Debt Instr_2

Debt - Schedule of Debt Instruments (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	May 02, 2022
Debt Instrument [Line Items]
New unsecured credit facility	$ 148,000	$ 148,000	$ 304,000
Term loans	$ 795,905	$ 795,905	$ 1,144,547
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	3.20%	3.20%
New unsecured credit facility	$ 840,900	$ 840,900
SOFR | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	0.89%	0.89%
Maximum [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility				$ 1,000,000
Minimum [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility				$ 400,000
Secured Debt [Member] | Fixed Rate Property Debt | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month and Year		2032-06	2032-06
Debt Instrument, Interest Rate, Stated Percentage	4.20%	4.20%
Secured Debt [Member] | Fixed Rate Property Debt | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month and Year		2022-12	2022-12
Debt Instrument, Interest Rate, Stated Percentage	2.40%	2.40%
Secured Debt [Member] | Variable Rate Property Debt
Debt Instrument [Line Items]
Debt Instrument Maturity Month and Year		2024-10	2024-10
Hedging amount	$ 830	$ 830
Secured Debt [Member] | Floating Rate
Debt Instrument [Line Items]
Debt Instrument, All in Cost Rate	4.20%
Unsecured Debt [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	4.30%	4.30%
Term loans	$ 400,000	$ 400,000
Debt Instrument Weighted Average Maturity Period	8 years
Unsecured Debt [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	4.10%	4.10%
Unsecured Debt [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month and Year		2025-04	2025-04
Unsecured Debt [Member] | SOFR | Term Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	1%	1%
Unsecured Debt [Member] | Maximum [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month and Year		2026-04	2026-04
Unsecured Debt [Member] | Minimum [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month and Year		2023-12	2023-12
Unsecured Debt [Member] | 4.58% Notes payable due June 2027
Debt Instrument [Line Items]
Debt Instrument Maturity Month and Year		2027-06	2027-06
Debt Instrument, Interest Rate, Stated Percentage	4.58%	4.58%	4.58%
Unsecured Debt [Member] | 4.77% Notes payable due June 2029
Debt Instrument [Line Items]
Debt Instrument Maturity Month and Year		2029-06	2029-06
Debt Instrument, Interest Rate, Stated Percentage	4.77%	4.77%	4.77%
Unsecured Debt [Member] | 4.84% Notes payable due June 2032
Debt Instrument [Line Items]
Debt Instrument Maturity Month and Year		2032-06	2032-06
Debt Instrument, Interest Rate, Stated Percentage	4.84%	4.84%	4.84%

Debt (Details Textual)

Debt (Details Textual)	6 Months Ended
	Jun. 30, 2022 Ratio
Debt Instrument [Line Items]
Fixed Charge Coverage Ratio	1.5
Maximum [Member]
Debt Instrument [Line Items]
Secured Indebtedness to Total Assets Ratio	1
Secured Indebtedness to Total Assets Ratio Thereafter	1
Unsecured Leverage Ratio	1
Unsecured Interest Coverage Ratio	1
Minimum [Member]
Debt Instrument [Line Items]
Secured Indebtedness to Total Assets Ratio	0.45
Secured Indebtedness to Total Assets Ratio Thereafter	0.40
Unsecured Leverage Ratio	0.60
Unsecured Interest Coverage Ratio	1.50
Leverage Ratio [Member] | Maximum [Member]
Debt Instrument [Line Items]
Unsecured Leverage Ratio	1
Leverage Ratio [Member] | Minimum [Member]
Debt Instrument [Line Items]
Unsecured Leverage Ratio	0.60

Earnings and Dividends per Sh_3

Earnings and Dividends 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, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Basic and dilutive net income (loss) attributable to the AIR Operating Partnership's common unitholders	$ 196,722	$ (18,030)	$ 572,603	$ 65,166
Dilutive net income (loss) attributable to Aimco common stockholders	$ 196,722	$ (18,030)	$ 572,603	$ 65,166
Denominator:
Basic weighted-average common shares outstanding	155,927	154,608	156,327	151,609
Dilutive common share equivalents outstanding	209		280	474
Dilutive weighted-average common shares outstanding	156,136	154,608	156,607	152,083
Basic weighted-average common units outstanding	166,023	162,698	166,434	159,701
Dilutive common unit equivalents outstanding	209		280	474
Dilutive weighted-average common units outstanding	166,232	162,698	166,714	160,175
Earnings (loss) per common unit - basic and diluted	$ 1.26	$ (0.12)	$ 3.66	$ 0.43
AIMCO Properties, LP [Member]
Numerator:
Basic and dilutive net income (loss) attributable to the AIR Operating Partnership's common unitholders	$ 209,471	$ (18,975)	$ 609,519	$ 68,657
Dilutive net income (loss) attributable to Aimco common stockholders	$ 209,471	$ (18,975)	$ 609,519	$ 68,657

Earnings and Dividends per Sh_4

Earnings and Dividends per Share and per Unit (Details Textual) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Dividends and distributions paid	$ 0.45	$ 0.43	$ 0.90	$ 0.86

Fair Value Measurements (Detail

Fair Value Measurements (Details Textual) - USD ($) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Face amount of investment in available-for-sale debt securities	$ 830	$ 830
Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges	3.3	3.3
Termination value of swap liabilities	3.6	$ 3.6
Cash received, settlement of hedge	$ 15.9
Senior Unsecured Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
interest rate locked on treasury	2.43%	2.43%
Debt Instrument, Interest Rate Terms		locking the interest rate of the ten-year treasury at 2.43%
Hedge Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Face amount of investment in available-for-sale debt securities	$ 400	$ 400
Interest Rate Option [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Payments for purchase of swaption			$ 12.1

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Value for Interest Rate Options (Details) - Fair value recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate option	$ 47,990	$ 21,699
Interest rate swap asset	4,052	0
Interest rate swap liability	4,988	0
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate option	0	0
Interest rate swap asset	0	0
Interest rate swap liability	0	0
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate option	47,990	21,699
Interest rate swap asset	4,052	0
Interest rate swap liability	4,988	0
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate option	0	0
Interest rate swap asset	0	0
Interest rate swap liability	$ 0	$ 0

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Carrying Value and Fair Value of Non-recourse Property Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Non-recourse property debt	$ 3,368,457	$ 3,743,286
Carrying Value [Member] | Fair Value, Nonrecurring [Member] | Non-recourse property debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Non-recourse property debt	2,036,027	2,305,756
Fair Value [Member] | Fair Value, Nonrecurring [Member] | Non-recourse property debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Non-recourse property debt	$ 1,871,223	$ 2,367,713

Variable Interest Entities (Det

Variable Interest Entities (Details) Entity in Thousands, $ in Thousands	Jul. 01, 2022 ApartmentHome	Jun. 30, 2022 USD ($) Entity ApartmentHome Property	Dec. 31, 2021 USD ($) Entity Multi_family_apartment
Number of owned and managed apartment communities in segments | Property		75
Number of apartment homes in apartment communities	350	865	1,748
Net real estate		$ 4,979,143	$ 4,600,288
Cash and cash equivalents		74,949	67,320
Restricted cash		25,942	25,441
Other assets, net		707,913	568,051
Non-recourse property debt, net		2,026,513	2,294,739
Accrued liabilities and other		$ 696,673	$ 592,774
Variable Interest Entity, Primary Beneficiary [Member]
VIEs with interests in apartment communities | Entity		5	5
Number of owned and managed apartment communities in segments | Entity		16	16
Number of apartment homes in apartment communities | Entity		5,369	5,369
Net real estate		$ 1,080,247	$ 1,096,039
Cash and cash equivalents		42,668	29,863
Restricted cash		2,202	2,380
Other assets, net		22,446	21,745
Non-recourse property debt, net		1,219,770	1,227,345
Accrued liabilities and other		$ 35,899	$ 34,659

Variable Interest Entities (D_2

Variable Interest Entities (Details Textual) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) ApartmentHome	Dec. 31, 2021 USD ($) Multi_family_apartment	Jul. 01, 2022 ApartmentHome
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Percentage of ownership sold to affiliate		80%
Number of apartment homes in apartment communities	865	1,748	350
Affiliate of Blackstone [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
General partner ownership percentage		20%
Limited partner ownership percentage	20%
Parkmerced Investment [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Equity method investments	$ 354.4	$ 337.8
Affiliate of Blackstone Investment [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Equity method investments	21.7	$ 26
Affiliate of Blackstone Investment [Member] | Affiliate of Blackstone [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Equity method investments	$ 79

Business Segments (Details Text

Business Segments (Details Textual)	6 Months Ended
	Jun. 30, 2022 Property Segment ApartmentHome	Jul. 01, 2022 ApartmentHome	Dec. 31, 2021 Multi_family_apartment
Business Segments (Textual) [Abstract]
Number of reportable segments | Segment	2
Number of owned and managed apartment communities in segments | Property	75
Number of apartment homes in apartment communities	865	350	1,748
Expect to Sell or Lease to Third Party [Member]
Business Segments (Textual) [Abstract]
Number of apartment homes in apartment communities	3
Wholly And Partially Owned Consolidated Properties [Member] | Same Store [Member]
Business Segments (Textual) [Abstract]
Number of owned and managed apartment communities in segments | Property	64
Number of apartment homes in apartment communities	22,022
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	11
Number of apartment homes in apartment communities	3,341
Wholly Owned Consolidated Properties [Member] | Other Real Estate [Member]
Business Segments (Textual) [Abstract]
Number of owned and managed apartment communities in segments	5

Business Segments - Summary of

Business Segments - Summary of Information for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Summary information for the reportable segments
Revenues, Total	$ 183,500	$ 178,333	$ 364,978	$ 354,746
Other operating expenses not allocated to segments	80,913	83,527	176,077	166,097
Total operating expenses	144,700	148,285	303,100	295,472
Proportionate property net operating income	38,800	30,048	61,878	59,274
Other items included in income before income tax expense	(174,358)	51,770	(552,085)	11,199
Income (loss) before income tax (expense) benefit	213,158	(21,722)	613,963	70,473
Real Estate [Member]
Summary information for the reportable segments
Property operating expenses	63,787	64,758	127,023	129,375
Segment Reconciling Items [Member]
Summary information for the reportable segments
Revenues, Total	20,047	19,400	39,744	38,623
Other operating expenses not allocated to segments	0	0	0	0
Total operating expenses	9,691	10,050	19,698	19,814
Proportionate property net operating income	10,356	9,350	20,046	18,809
Other items included in income before income tax expense	0	0	0	0
Income (loss) before income tax (expense) benefit	10,356	9,350	20,046	18,809
Segment Reconciling Items [Member] | Real Estate [Member]
Summary information for the reportable segments
Property operating expenses	9,691	10,050	19,698	19,814
Corporate Non-Segment [Member]
Summary information for the reportable segments
Revenues, Total	4,108	22,615	12,947	45,083
Other operating expenses not allocated to segments	80,913	83,527	176,077	166,097
Total operating expenses	90,688	97,982	195,470	196,371
Proportionate property net operating income	(86,580)	(75,367)	(182,523)	(151,288)
Other items included in income before income tax expense	(174,358)	51,770	(552,085)	11,199
Income (loss) before income tax (expense) benefit	87,778	(127,137)	369,562	(140,089)
Corporate Non-Segment [Member] | Real Estate [Member]
Summary information for the reportable segments
Property operating expenses	9,775	14,455	19,393	30,274
Same Store [Member] | Operating Segments [Member]
Summary information for the reportable segments
Revenues, Total	142,066	134,478	280,174	268,036
Other operating expenses not allocated to segments	0	0	0	0
Total operating expenses	37,556	38,990	75,059	76,891
Proportionate property net operating income	104,510	95,488	205,115	191,145
Other items included in income before income tax expense	0	0	0	0
Income (loss) before income tax (expense) benefit	104,510	95,488	205,115	191,145
Same Store [Member] | Operating Segments [Member] | Real Estate [Member]
Summary information for the reportable segments
Property operating expenses	37,556	38,990	75,059	76,891
Other Real Estate [Member] | Operating Segments [Member]
Summary information for the reportable segments
Revenues, Total	17,279	1,840	32,113	3,004
Other operating expenses not allocated to segments	0	0	0	0
Total operating expenses	6,765	1,263	12,873	2,396
Proportionate property net operating income	10,514	577	19,240	608
Other items included in income before income tax expense	0	0	0	0
Income (loss) before income tax (expense) benefit	10,514	577	19,240	608
Other Real Estate [Member] | Operating Segments [Member] | Real Estate [Member]
Summary information for the reportable segments
Property operating expenses	$ 6,765	$ 1,263	$ 12,873	$ 2,396

Business Segments - Reconciliat

Business Segments - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total assets	$ 6,433,285	$ 6,440,360
Corporate Non-Segment [Member]
Segment Reporting Information [Line Items]
Total assets	1,183,984	1,689,613
Same Store [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total assets	3,978,640	3,962,175
Other Real Estate [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total assets	$ 1,270,661	$ 788,572

Business Segments - Capital Add

Business Segments - Capital Additions Related to Segments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Capital additions	$ 89,659	$ 54,230
Same Store [Member]
Segment Reporting Information [Line Items]
Capital additions	72,768	53,930
Other Real Estate [Member]
Segment Reporting Information [Line Items]
Capital additions	$ 16,891	$ 300