Apartment Income REIT Corp - Ordinary Shares (AIRC) 10-Q 4 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 02, 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	Sep. 30, 2022
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
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		149,928,321
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	Sep. 30, 2022
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
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	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Buildings and improvements	$ 6,742,347	$ 5,720,267
Land	1,296,223	1,164,814
Total real estate	8,038,570	6,885,081
Accumulated depreciation	(2,370,792)	(2,284,793)
Net real estate	5,667,778	4,600,288
Cash and cash equivalents	87,732	67,320
Restricted cash	26,914	25,441
Note receivable from Amico	0	534,127
Leased real estate assets	0	466,355
Goodwill	32,286	32,286
Other assets, net	779,205	568,051
Assets held for sale	128,538	146,492
Total assets	6,722,453	6,440,360
LIABILITIES AND EQUITY
Non-recourse property debt, net	2,019,417	2,294,739
Term loans	796,334	1,144,547
Revolving credit facility borrowings	479,000	304,000
Unsecured notes payable, net	397,417	0
Total debt, net	3,692,168	3,743,286
Accrued liabilities and other	758,441	592,774
Liabilities related to assets held for sale	472	85,775
Total liabilities	4,451,081	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	1,530	1,570
Additional paid-in capital	3,583,111	3,763,105
Accumulated other comprehensive income	45,948	0
Distributions in excess of earnings	(1,589,409)	(1,953,779)
Total AIR equity	2,043,180	1,813,025
Noncontrolling interests in consolidated real estate partnerships	(76,200)	(70,883)
Common noncontrolling interests in AIR Operating Partnership	225,062	197,013
Total equity	2,192,042	1,939,155
Total liabilities and equity	6,722,453	6,440,360
Apartment Income REIT, L.P [Member]
ASSETS
Buildings and improvements	6,742,347	5,720,267
Land	1,296,223	1,164,814
Total real estate	8,038,570	6,885,081
Accumulated depreciation	(2,370,792)	(2,284,793)
Net real estate	5,667,778	4,600,288
Cash and cash equivalents	87,732	67,320
Restricted cash	26,914	25,441
Note receivable from Amico	0	534,127
Leased real estate assets	0	466,355
Goodwill	32,286	32,286
Other assets, net	779,205	568,051
Assets held for sale	128,538	146,492
Total assets	6,722,453	6,440,360
LIABILITIES AND EQUITY
Non-recourse property debt, net	2,019,417	2,294,739
Term loans	796,334	1,144,547
Revolving credit facility borrowings	479,000	304,000
Unsecured notes payable, net	397,417	0
Total debt, net	3,692,168	3,743,286
Accrued liabilities and other	758,441	592,774
Liabilities related to assets held for sale	472	85,775
Total liabilities	4,451,081	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	2,041,180	1,810,896
Limited Partners	225,062	197,013
Partners’ capital attributable to the AIR Operating Partnership	2,268,242	2,010,038
Noncontrolling interests in consolidated real estate partnerships	(76,200)	(70,883)
Total partners’ capital	2,192,042	1,939,155
Total liabilities and equity	$ 6,722,453	$ 6,440,360

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Sep. 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)	152,993,448	156,998,367
Common Stock, shares outstanding (in shares)	152,993,448	156,998,367

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
REVENUES
Total revenues	$ 200,871	$ 191,777	$ 565,849	$ 546,523
EXPENSES
Property operating expenses	71,250	73,925	198,273	203,300
Depreciation and amortization	90,445	81,121	253,650	232,192
General and administrative expenses	7,663	5,875	19,593	15,510
Other expenses, net	4,941	3,816	5,883	9,207
Total operating expenses	174,299	164,737	477,399	460,209
Interest income	9,613	13,432	48,746	45,088
Interest expense	(32,656)	(30,530)	(80,790)	(100,212)
Loss on extinguishment of debt	0	(6,673)	(23,636)	(44,833)
Gain on dispositions of real estate and derecognition of leased properties	0	7,127	587,609	94,512
Loss from unconsolidated real estate partnerships	(87)	0	(2,974)	0
Income before income tax (expense) benefit	3,442	10,396	617,405	80,869
Income tax (expense) benefit			(966)	(770)
Net income	3,396	10,671	616,439	80,099
Noncontrolling interests:
Net loss attributable to noncontrolling interests in consolidated real estate partnerships	102	785	285	3,417
Net income attributable to preferred noncontrolling interests in AIR Operating Partnership	(1,602)	(1,603)	(4,807)	(4,810)
Net income attributable to common noncontrolling interests in AIR Operating Partnership	(137)	(475)	(37,053)	(3,966)
Net income attributable to noncontrolling interests	(1,637)	(1,293)	(41,575)	(5,359)
Net income attributable to AIR	1,759	9,378	574,864	74,740
Net income attributable to AIR preferred stockholders	(43)	(43)	(128)	(136)
Net (income) loss attributable to participating securities	44	(46)	(373)	(149)
Net income attributable to AIR common stockholders	$ 1,760	$ 9,289	$ 574,363	$ 74,455
Earnings (loss) per common share - diluted
Net income attributable to AIR common stockholders per share - basic	$ 0.01	$ 0.06	$ 3.69	$ 0.49
Net income attributable to AIR common stockholders per share - diluted	$ 0.01	$ 0.06	$ 3.68	$ 0.48
Weighted average common shares/units outstanding - basic	153,811	156,646	155,488	153,289
Weighted average common shares/units outstanding - diluted	154,057	157,042	157,440	153,650
Continuing Operations [Member]
EXPENSES
Income tax (expense) benefit	$ (46)	$ 275	$ (966)	$ (770)
Rental And Other Property Revenues [Member]
REVENUES
Total revenues	198,413	190,082	558,686	541,533
Other Revenues [Member]
REVENUES
Total revenues	2,458	1,695	7,163	4,990
Apartment Income REIT, L.P. [Member]
REVENUES
Total revenues	200,871	191,777	565,849	546,523
EXPENSES
Property operating expenses	71,250	73,925	198,273	203,300
Depreciation and amortization	90,445	81,121	253,650	232,192
General and administrative expenses	7,663	5,875	19,593	15,510
Other expenses, net	4,941	3,816	5,883	9,207
Total operating expenses	174,299	164,737	477,399	460,209
Interest income	9,613	13,432	48,746	45,088
Interest expense	(32,656)	(30,530)	(80,790)	(100,212)
Loss on extinguishment of debt	0	(6,673)	(23,636)	(44,833)
Gain on dispositions of real estate and derecognition of leased properties	0	7,127	587,609	94,512
Loss from unconsolidated real estate partnerships	(87)	0	(2,974)	0
Income before income tax (expense) benefit	3,442	10,396	617,405	80,869
Income tax (expense) benefit			(966)	(770)
Net income	3,396	10,671	616,439	80,099
Noncontrolling interests:
Net loss attributable to noncontrolling interests in consolidated real estate partnerships	102	785	285	3,417
Net income attributable to preferred noncontrolling interests in AIR Operating Partnership	(1,645)	(1,646)	(4,935)	(4,946)
Net income attributable to AIR	3,498	11,456	616,724	83,516
Net (income) loss attributable to participating securities	44	(46)	(373)	(149)
Net income attributable to AIR common stockholders	$ 1,897	$ 9,764	$ 611,416	$ 78,421
Earnings (loss) per common share - diluted
Net income attributable to AIR common stockholders per share - basic	$ 0.01	$ 0.06	$ 3.69	$ 0.49
Net income attributable to AIR common stockholders per share - diluted	$ 0.01	$ 0.06	$ 3.68	$ 0.48
Weighted average common shares/units outstanding - basic	163,866	164,603	165,578	161,336
Weighted average common shares/units outstanding - diluted	164,112	164,999	167,529	161,697
Apartment Income REIT, L.P. [Member] | Continuing Operations [Member]
EXPENSES
Income tax (expense) benefit	$ (46)	$ 275	$ (966)	$ (770)
Apartment Income REIT, L.P. [Member] | Rental And Other Property Revenues [Member]
REVENUES
Total revenues	198,413	190,082	558,686	541,533
Apartment Income REIT, L.P. [Member] | Other Revenues [Member]
REVENUES
Total revenues	$ 2,458	$ 1,695	$ 7,163	$ 4,990

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net income	$ 3,396	$ 10,671	$ 616,439	$ 80,099
Unrealized gains on derivative instruments	34,209		47,141
Losses on derivative instruments reclassified into interest expense from accumulated other comprehensive income	731		2,720
Unrealized losses on available for sale debt securities				(3,251)
Other comprehensive income	38,336	10,671	666,300	76,848
Comprehensive income attributable to noncontrolling interests	(4,379)	(1,293)	(45,488)	(5,147)
Comprehensive income attributable to the AIR Operating Partnership	33,957	9,378	620,812	71,701
Apartment Income REIT, L.P [Member]
Net income	3,396	10,671	616,439	80,099
Unrealized gains on derivative instruments	34,209		47,141
Losses on derivative instruments reclassified into interest expense from accumulated other comprehensive income	731		2,720
Unrealized losses on available for sale debt securities				(3,251)
Other comprehensive income	38,336	10,671	666,300	76,848
Comprehensive income attributable to noncontrolling interests	102	785	285	3,417
Comprehensive income attributable to the AIR Operating Partnership	$ 38,438	$ 11,456	$ 666,585	$ 80,265

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	342,469		$ 79	342,390			342,469
Issuance of Common Stock (in shares)			7,825,000
Issuance costs	(337)			(337)			(337)
Redemption of AIR Operating Partnership units	(3,975)								(3,975)
Conversion of AIR Operating Partnership units, Shares			168,940
Conversion of AIR Operating Partnership units	(2)		$ 1	8,239			8,240		(8,242)
Amortization of share-based compensation cost	5,928			2,953			2,953		2,975
Amortization of share-based compensation cost (in shares)			33,000
Effect of changes in ownership for consolidated entities	(230)			(9,846)			(9,846)		(10,076)
Contribution from noncontrolling interest in consolidated real estate partnerships	6,126							6,126
Change in accumulated other comprehensive income (loss)	(3,251)				(3,039)		(3,039)		(212)
Net income (loss)	75,289					74,740	74,740	(3,417)	3,966
Common Stock dividends	(200,327)					(200,327)	(200,327)
Preferred Stock dividends	(136)					(136)	(136)
Distributions to noncontrolling interests	(19,428)							(8,744)	10,684
Other, net	(1,744)		$ 1	(1,584)		(41)	(1,624)	(120)
Other, net (in shares)			95,566
Balances at Sep. 30, 2021	1,508,935	$ 2,000	$ 1,570	3,773,936		(2,257,562)	1,519,944	(68,098)	57,089
Balances (in shares) at Sep. 30, 2021		20	156,983,542
Balances at Jun. 30, 2021	1,571,756	$ 2,000	$ 1,569	3,773,173		(2,197,843)	1,578,899	(67,531)	60,388
Balances (in shares) at Jun. 30, 2021		20	156,856,952
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance costs	(31)			31			31
Redemption of AIR Operating Partnership units	(425)								(425)
Conversion of AIR Operating Partnership units, Shares			125,621
Conversion of AIR Operating Partnership units			$ 1	6,282			6,283		(6,283)
Amortization of share-based compensation cost	1,401			409			409		992
Effect of changes in ownership for consolidated entities	(230)			(5,423)			(5,423)		(5,653)
Contribution from noncontrolling interest in consolidated real estate partnerships	4,128							4,128
Net income (loss)	9,068					9,378	9,378	(785)	475
Common Stock dividends	(69,051)					69,051	69,051
Preferred Stock dividends	(43)					43	43
Distributions to noncontrolling interests	(7,391)							3,910	3,481
Other, net	(707)			(474)		(3)	(477)		(230)
Other, net (in shares)			969
Balances at Sep. 30, 2021	1,508,935	$ 2,000	$ 1,570	3,773,936		(2,257,562)	1,519,944	(68,098)	57,089
Balances (in shares) at Sep. 30, 2021		20	156,983,542
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	(171,711)		$ (41)	(171,670)			(171,711)
Repurchases of Common Stock (in shares)			(4,107,451)
Redemption of AIR Operating Partnership units	(7,423)								(7,423)
Amortization of share-based compensation cost	6,272			3,519			3,519		2,753
Effect of changes in ownership for consolidated entities				(5,404)			(5,404)		(5,404)
Contribution from noncontrolling interest in consolidated real estate partnerships	8,337							8,337
Change in accumulated other comprehensive income (loss)	49,861				45,948		45,948		3,913
Net income (loss)	611,632					574,864	574,864	(285)	37,053
Purchase of noncontrolling interests in consolidated real estate partnerships	(5,409)			(5,529)			(5,529)	120
Common Stock dividends	(210,361)					(210,361)	(210,361)
Distributions to noncontrolling interests	(26,969)							(13,561)	13,408
Other, net	(1,342)	$ (129)	$ 1	(910)		(133)	(1,171)	(72)	(243)
Other, net (in shares)		(125)	102,532
Balances at Sep. 30, 2022	2,192,042	$ 2,000	$ 1,530	3,583,111	45,948	(1,589,409)	2,043,180	(76,200)	225,062
Balances (in shares) at Sep. 30, 2022		20	152,993,448
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchases of Common Stock	(46,711)		$ 12	46,699			46,711
Repurchases of Common Stock (in shares)			1,195,690
Redemption of AIR Operating Partnership units	(3,178)								(3,178)
Amortization of share-based compensation cost	1,821			878			878		943
Effect of changes in ownership for consolidated entities				(2,140)			(2,140)		(2,140)
Contribution from noncontrolling interest in consolidated real estate partnerships	529							529
Change in accumulated other comprehensive income (loss)	34,940				32,198		32,198		2,742
Net income (loss)	1,794					1,759	1,759	(102)	137
Purchase of noncontrolling interests in consolidated real estate partnerships	(5,409)			(5,529)			(5,529)	120
Common Stock dividends	(69,377)					69,377	69,377
Distributions to noncontrolling interests	(10,698)							6,226	4,472
Other, net	(494)			(305)		(42)	(347)	88	(235)
Other, net (in shares)			1,897
Balances at Sep. 30, 2022	$ 2,192,042	$ 2,000	$ 1,530	$ 3,583,111	$ 45,948	$ (1,589,409)	$ 2,043,180	$ (76,200)	$ 225,062
Balances (in shares) at Sep. 30, 2022		20	152,993,448

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 616,439	$ 80,099
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	253,650	232,192
Loss on extinguishment of debt	23,636	44,833
Gain on dispositions of real estate and derecognition of leased properties	(587,609)	(94,512)
Income tax expense	966	770
Other, net	6,890	10,645
Net changes in operating assets and operating liabilities	37,484	(41,286)
Net cash provided by operating activities	351,456	232,741
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate and deposits related to purchases of real estate	(858,815)	(225,526)
Capital expenditures	(151,115)	(130,877)
Proceeds from dispositions of real asset	759,227	45,752
Proceeds from dispositions of unconsolidated real estate partnerships	7,244	0
Proceeds from repayment of note receivable	534,127	0
Proceeds from investments in debt securities	0	100,852
Other investing activities	(37,744)	(40,792)
Net cash provided by (used in) investing activities	252,924	(250,591)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal repayments on non-recourse property debt	(361,056)	(618,111)
Proceeds from term loans	0	1,150,000
Repayment of term loan	(350,000)	(350,000)
Net borrowings on (repayments of) revolving credit facility	176,205	(206,144)
Payment of debt issuance costs	(4,793)	(11,124)
Payment of debt extinguishment costs	(22,723)	(42,760)
Proceeds from the issuance of unsecured notes payable	400,000	0
Proceeds from Issuance of Common Stock	0	342,132
Repurchases of Common Stock	(171,711)	0
Payment of dividends to holders of Common Stock	(210,377)	(200,624)
Other financing activities	(38,040)	(21,872)
Net cash (used in) provided by financing activities	(582,495)	41,497
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	21,885	23,647
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	92,761	73,480
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	114,646	97,127
Apartment Income REIT, L.P [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	616,439	80,099
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	253,650	232,192
Loss on extinguishment of debt	23,636	44,833
Gain on dispositions of real estate and derecognition of leased properties	(587,609)	(94,512)
Income tax expense	966	770
Other, net	6,890	10,645
Net changes in operating assets and operating liabilities	37,484	(41,286)
Net cash provided by operating activities	351,456	232,741
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate and deposits related to purchases of real estate	(858,815)	(225,526)
Capital expenditures	(151,115)	(130,877)
Proceeds from dispositions of real asset	759,227	45,752
Proceeds from dispositions of unconsolidated real estate partnerships	7,244	0
Proceeds from repayment of note receivable	534,127	0
Proceeds from investments in debt securities	0	100,852
Other investing activities	(37,744)	(40,792)
Net cash provided by (used in) investing activities	252,924	(250,591)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal repayments on non-recourse property debt	(361,056)	(618,111)
Proceeds from term loans	0	1,150,000
Repayment of term loan	(350,000)	(350,000)
Net borrowings on (repayments of) revolving credit facility	176,205	(206,144)
Payment of debt issuance costs	(4,793)	(11,124)
Payment of debt extinguishment costs	(22,723)	(42,760)
Proceeds from the issuance of unsecured notes payable	400,000	0
Proceeds from issuance of common partnership units to AIR, net	0	342,132
Repurchases of Common Stock	(171,711)	0
Payment of distributions General Partner and Special Limited Partner	(210,377)	(200,624)
Other financing activities	(38,040)	(21,872)
Net cash (used in) provided by financing activities	(582,495)	41,497
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	21,885	23,647
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	92,761	73,480
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	$ 114,646	$ 97,127

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		342,469		342,469		342,469
Issuance costs		(337)		(337)		(337)
Conversion of common partnership units	$ (2)			8,240	(8,242)	(2)
Redemption of common partnership units		(3,975)			(3,975)	(3,975)
Amortization of share-based compensation cost		5,928		2,953	2,975	5,928
Effect of changes in ownership of consolidated entities				(9,846)	10,076
Contribution from noncontrolling interest in consolidated real estate partnerships	6,126	6,126					6,126
Change in accumulated other comprehensive income (loss)	(3,251)	(3,251)		(3,039)	(212)	(3,251)
Net income (loss)	75,289	75,289		74,740	3,966	78,706	(3,417)
Distributions to common unitholders		(211,011)		(200,327)	(10,684)	(211,011)
Distributions to preferred unitholders		(136)		136		(136)
Distributions to noncontrolling interests	(19,428)	(8,744)					(8,744)
Other, net		(1,744)		(1,624)		(1,624)	(120)
Balances at Sep. 30, 2021		1,508,935	2,000	1,517,944	57,089	1,577,033	(68,098)
Balances at Jun. 30, 2021		1,571,756	2,000	1,576,899	60,388	1,639,287	(67,531)
Increase (Decrease) in Partners' Capital [Roll Forward]
Issuance costs		(31)		(31)		(31)
Conversion of common partnership units				6,283	(6,283)
Redemption of common partnership units		(425)			(425)	(425)
Amortization of share-based compensation cost		1,401		409	992	1,401
Effect of changes in ownership of consolidated entities		230		(5,423)	5,653	230
Contribution from noncontrolling interest in consolidated real estate partnerships	4,128	4,128					4,128
Net income (loss)	9,068	9,068		9,378	475	9,853	(785)
Distributions to common unitholders		(72,532)		(69,051)	(3,481)	(72,532)
Distributions to preferred unitholders		(43)		(43)		(43)
Distributions to noncontrolling interests	(7,391)	(3,910)					(3,910)
Other, net		(707)		(477)	(230)	(707)
Balances at Sep. 30, 2021		1,508,935	2,000	1,517,944	57,089	1,577,033	(68,098)
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		(171,711)		(171,711)		(171,711)
Redemption of common partnership units		7,423			7,423	7,423
Amortization of share-based compensation cost		6,272		3,519	2,753	6,272
Purchase of noncontrolling interests in consolidated real estate partnerships	(5,409)	(5,409)		(5,529)		(5,529)	120
Effect of changes in ownership of consolidated entities				(5,404)	5,404
Contribution from noncontrolling interest in consolidated real estate partnerships	8,337	8,337					8,337
Change in accumulated other comprehensive income (loss)	49,861	49,861		45,948	3,913	49,861
Net income (loss)	611,632	611,632		574,864	37,053	611,917	(285)
Distributions to common unitholders		(223,769)		(210,361)	13,408	(223,769)
Distributions to noncontrolling interests	(26,969)	(13,561)					(13,561)
Other, net		(1,342)	(129)	(1,042)	(243)	(1,414)	72
Balances at Sep. 30, 2022		2,192,042	2,000	2,041,180	225,062	2,268,242	(76,200)
Balances at Jun. 30, 2022		2,288,825	2,000	2,130,449	226,985	2,359,434	(70,609)
Increase (Decrease) in Partners' Capital [Roll Forward]
Repurchases of common partnership units		(46,711)		(46,711)		(46,711)
Redemption of common partnership units		(3,178)			(3,178)	(3,178)
Amortization of share-based compensation cost		1,821		878	943	1,821
Purchase of noncontrolling interests in consolidated real estate partnerships	(5,409)	(5,409)		(5,529)		(5,529)	120
Effect of changes in ownership of consolidated entities				(2,140)	2,140
Contribution from noncontrolling interest in consolidated real estate partnerships	529	529					529
Change in accumulated other comprehensive income (loss)	34,940	34,940		32,198	2,742	34,940
Net income (loss)	1,794	1,794		1,759	137	1,896	(102)
Distributions to common unitholders		(73,849)		(69,377)	4,472	(73,849)
Distributions to noncontrolling interests	$ (10,698)	(6,226)					(6,226)
Other, net		(494)		(347)	(235)	(582)	88
Balances at Sep. 30, 2022		$ 2,192,042	$ 2,000	$ 2,041,180	$ 225,062	$ 2,268,242	$ (76,200)

Basis of Presentation and Organ

Basis of Presentation and Organization	9 Months Ended
	Sep. 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 nine months ended September 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. Reclassifications Certain prior period balances in the condensed consolidated statements of cash flows have been combined to conform to current period presentation pursuant to Rule 10-01(a)(2) of Regulation S-X of the SEC. These changes had no impact on net income, cash flows, shareholders’ equity or partners' capital previously reported. 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 September 30, 2022, our portfolio included 80 apartment communities with 26,600 apartment homes, in which we held an average ownership of approximately 88 % . We also have one land parcel and one indirect land interest that we lease to third parties. 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 September 30, 2022, after elimination of units held by consolidated subsidiaries, the AIR Operating Partnership had 166,045,781 common OP Units outstanding. As of September 30, 2022, AIR owned 152,993,448 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 92.1 % legal interest in the AIR Operating Partnership and a 93.8 % e conomic interest.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 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 ( 4,823 ) Redemption of preferred units and other ( 24 ) Net income allocated to preferred units 4,807 Balance at September 30, 2022 $ 79,330 The AIR Operating Partnership has outstanding various classes of redeemable preferred OP Units. As of September 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.

Significant Transactions

Significant Transactions	9 Months Ended
	Sep. 30, 2022
Significant Transactions [Abstract]
Significant Transactions	Note 3 — Significant Transactions Apartment Community Acquisitions During the nine months ended September 30, 2022, we acquired three apartment communities in South Florida and one in the Washington, D.C. area. Summarized information regarding these acquisitions is set forth in the table below (dollars in thousands): Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Number of apartment communities 1 4 Number of apartment homes 350 1,351 Purchase price $ 173,000 $ 640,067 Capitalized transaction costs 1,551 7,325 Total consideration $ 174,551 $ 647,392 Land $ 14,480 $ 54,918 Building and improvements 156,980 577,712 Right-of-use lease asset — 80,651 Intangible assets (1) 3,465 17,203 Lease liability — ( 80,651 ) Below-market lease liabilities (1) ( 103 ) ( 613 ) Real estate tax liability assumed ( 271 ) ( 1,828 ) Total consideration $ 174,551 $ 647,392 (1) Intangible assets and below-market lease liabilities have a weighted-average term of 2.2 years and 1.4 years, respectively. Apartment Community Dispositions During the three months ended September 30, 2022 , we did no t sell any apartment communities. During the nine months ended September 30, 2022 , we sold 12 apartment communities with 2,050 homes for gross proceeds of $ 781.1 million. From time to time we may be marketing for sale certain communities that are inconsistent with our long-term investment strategy. At the end of each reporting period we evaluate whether such communities meet the criteria to be classified as held for sale. As of September 30, 2022 , we had six apartment communities with 1,314 apartment homes that were classified as held for sale. Lease Cancellation On September 1, 2022, we canceled existing master leases at four properties owned by AIR and previously leased to Apartment Investment and Management Company (“Aimco”) for the purpose of their development. As part of the cancellation, AIR paid $ 200 million to Aimco for the improvements added during the development period in accordance with the lease agreement. As AIR accounted for these leases as sales-type leases, we held a $ 466 million leased real estate asset on the consolidated balance sheet as of August 31, 2022. T he total consideration of the added improvement value payment, leased real estate asset, and related costs were allocated to the underlying assets returned to AIR based on the following allocation (dollars in thousands): Number of apartment communities 4 Number of apartment homes 865 Land $ 133,471 Building and improvements 520,448 Intangible assets (1) 13,470 Below-market lease liabilities (1) ( 866 ) Total consideration (2) $ 666,523 (1) Intangible assets and below-market lease liabilities have a weighted-average term of less than a year. (2) Includes the leased real estate asset as of the cancellation date and the added improvement value payment. Capital Allocation – Share Repurchases During the three months ended September 30, 2022, AIR repurchased 1.2 million shares for $ 47 million, at an average price of $ 39.07 per share. Subsequent to quarter end and through November 2, 2022 we have purchased an additional 3.1 million shares for $ 115 million. In aggregate, we have repurchased 7.2 million shares during 2022 at an average price of $ 39.96 . We are authorized by the AIR Board of Directors to repurchase an additional $ 213 million of shares. We consider share buybacks as part of a balanced investment program.

Leases

Leases	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Fixed lease income $ 184,509 $ 176,388 $ 522,074 $ 505,400 Variable lease income 13,141 12,953 35,165 34,589 Total lease income $ 197,650 $ 189,341 $ 557,239 $ 539,989 Generally, our residential leases do not provide extension options and, as of September 30, 2022, have an average remaining term of 10.5 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 September 30, 2022 (in thousands): 2022 (remaining) $ 184,873 2023 440,389 2024 85,643 2025 11,264 2026 9,572 Thereafter 42,923 Total $ 774,664 Lessor Arrangements During the three and nine months ended September 30, 2022, we recognized income of $ 4.4 million and $ 17.3 million, respectively, related to sales-type leases, compared t o $ 6.5 million and $ 19.4 million, respectively, during the same periods in 2021 , which is reflected in interest income in our condensed consolidated statements of operations. During the three months ended September 30, 2022, we canceled the existing sales-type leases, as described in Note 3. Accordingly, we will not receive any lease payments associated with these sales-type leases going forward.

Debt

Debt	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	Note 5 — Debt The following table summarizes debt as of September 30, 2022 and December 31, 2021 (in thousands): Outstanding Balance September 30, 2022 December 31, 2021 Secured debt: Fixed-rate property debt due December 2022 to June 2032 (1) $ 1,940,158 $ 2,217,256 Variable-rate property debt due October 2024 (2) 88,500 88,500 Total non-recourse property debt 2,028,658 2,305,756 Debt issuance costs, net of accumulated amortization ( 9,241 ) ( 11,017 ) Total non-recourse property debt, net $ 2,019,417 $ 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) 479,000 304,000 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 1,679,000 1,454,000 Debt issuance costs, net of accumulated amortization ( 6,249 ) ( 5,453 ) Total unsecured debt, net $ 1,672,751 $ 1,448,547 Total indebtedness $ 3,692,168 $ 3,743,286 (1) The stated rates on our fixed-rate property debt are 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, based on our current credit rating. As of September 30, 2022, the weighted-average interest rate for our term loans, which is fixed via interest rate swaps beginning with the second quarter of 2022, 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 September 30, 2022, we had capacity to borrow up to $ 509.9 million under our revolving credit facility after consideration of undrawn letters of credit. The revolving credit facility bears interest at a 1-month Term SOFR plus 0.89 %, based on our current credit rating, and a SOFR adjustment of 10 basis points. As of September 30, 2022, the weighted-average interest rate for our revolving credit facility was 4.1 % . (5) During the second quarter of 2022, we issued three tranches of guaranteed, senior unsecured notes, totaling $ 400 million. As of September 30, 2022, the weighted-average interest rate for senior unsecured notes was 4.3 % 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 less than 1.50 to 1.00 . We were in compliance with these covenants as of September 30, 2022 and expect to remain in compliance during the next 12 months.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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 September 30, 2022, are immaterial to ou r condensed consolidated financial statements.

Earnings and Dividends per Shar

Earnings and Dividends per Share and per Unit	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Earnings per share Numerator: Basic net income attributable to AIR common stockholders $ 1,760 $ 9,289 $ 574,363 $ 74,455 Effect of dilutive instruments — — 4,807 — Dilutive net income attributable to AIR common stockholders $ 1,760 $ 9,289 $ 579,170 $ 74,455 Denominator – shares: Basic weighted-average common shares outstanding 153,811 156,646 155,488 153,289 Dilutive common share equivalents outstanding 246 396 1,952 361 Dilutive weighted-average common shares outstanding 154,057 157,042 157,440 153,650 Earnings per share – basic $ 0.01 $ 0.06 $ 3.69 $ 0.49 Earnings per share – diluted $ 0.01 $ 0.06 $ 3.68 $ 0.48 Earnings per unit Numerator: Basic net income attributable to the AIR Operating Partnership's common unitholders $ 1,897 $ 9,764 $ 611,416 $ 78,421 Effect of dilutive instruments — — 4,935 — Basic and dilutive net income attributable to the AIR Operating Partnership's common unitholders $ 1,897 $ 9,764 $ 616,351 $ 78,421 Denominator – units: Basic weighted-average common units outstanding 163,866 164,603 165,578 161,336 Dilutive common unit equivalents outstanding 246 396 1,951 361 Dilutive weighted-average common units outstanding 164,112 164,999 167,529 161,697 Earnings per unit – basic $ 0.01 $ 0.06 $ 3.69 $ 0.49 Earnings per unit – diluted $ 0.01 $ 0.06 $ 3.68 $ 0.48 For the three and nine months ended September 30, 2022 and 2021, dividends and distributions paid per share of Common Stock and per commo n unit were $ 0.45 and $ 1.35 , respectively, and $ 0.44 and $ 1.30 , respectively. The number of common share equivalent securities excluded from the diluted earnings per share calculation were approximately 1.9 million, 1.6 million, and 1.7 million for the three months ended September 30, 2022 and 2021, and the nine months ended September 30, 2021, respectively. These securities, which include preferred OP Units redeemable for Common Stock, were excluded from the diluted earnings per share calculations as they are anti-dilutive. These securities were dilutive for the nine months ended September 30, 2022 and were included in the calculation of diluted earnings per share.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 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. 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 $ 13.3 million of the unrealized gains 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 second quarter of 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 reclassified into earnings as a decrease to interest expense over the term of the senior unsecured notes issued. Prior to the December 15, 2020, separation (the “Separation”), Aimco 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, all of the risks and rewards of ownership related to this swap were assigned to post-Separation 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 September 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 $ 53,989 $ — $ 53,989 $ — $ 21,699 $ — $ 21,699 $ — Interest rate swap asset $ 34,543 $ — $ 34,543 $ — $ — $ — $ — $ — 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 September 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 September 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 September 30, 2022 As of December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 2,028,658 $ 1,785,851 $ 2,305,756 $ 2,367,713

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 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) one VIE related to a lessor entity that owns an interest in a property leased to a third party. The AIR Operating Partnership is the primary beneficiary in the limited partnerships in which it is the sole decision maker and has a substantial economic interest. The table below summarizes apartment community information regarding VIEs consolidated by the AIR Operating Partnership: September 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): September 30, 2022 December 31, 2021 ASSETS: Net real estate $ 1,075,327 $ 1,096,039 Cash and cash equivalents 51,199 29,863 Restricted cash 2,329 2,380 Other assets, net 21,873 21,745 LIABILITIES: Non-recourse property debt $ 1,215,933 $ 1,227,345 Accrued liabilities and other 40,814 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 September 30, 2022 and December 31, 2021, the carrying value of the investment of $ 21.3 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 wer e $ 79.0 million as of September 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 September 30, 2022, and December 31, 2021, the investment balance of $ 362.8 million and $ 337.8 mi llion, 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	9 Months Ended
	Sep. 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 are owned and managed by AIR and had reached a stabilized level of operations. Our Other Real Estate segment includes five properties acquired in 2021, four properties acquired in 2022, four properties previously leased to Aimco, 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 September 30, 2022, our Same Store segment included 58 apartment communities with 20,730 apartment homes and our Other Real Estate segment included 16 apartment communities with 4,556 apartment homes. As of September 30, 2022, we had six apartment communities with 1,314 homes that were classified as held for sale. 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 September 30, 2022 (in thousands): Same Other Proportionate Corporate and Consolidated Three months ended September 30, 2022: Total revenues $ 139,107 $ 30,258 $ 20,725 $ 10,781 $ 200,871 Property operating expenses 35,632 10,606 10,562 14,450 71,250 Other operating expenses not allocated to segments (3) — — — 103,049 103,049 Total operating expenses 35,632 10,606 10,562 117,499 174,299 Proportionate property net operating income (loss) 103,475 19,652 10,163 ( 106,718 ) 26,572 Other items included in income before income tax expense (4) — — — ( 23,130 ) ( 23,130 ) Income (loss) before income tax expense $ 103,475 $ 19,652 $ 10,163 $ ( 129,848 ) $ 3,442 Same Other Proportionate Corporate and Consolidated Nine months ended September 30, 2022: Total revenues $ 402,756 $ 62,371 $ 60,153 $ 40,569 $ 565,849 Property operating expenses 105,570 23,486 30,064 39,153 198,273 Other operating expenses not allocated to segments (3) — — — 279,126 279,126 Total operating expenses 105,570 23,486 30,064 318,279 477,399 Proportionate property net operating income (loss) 297,186 38,885 30,089 ( 277,710 ) 88,450 Other items included in income before income tax — — — 528,955 528,955 Income before income tax expense $ 297,186 $ 38,885 $ 30,089 $ 251,245 $ 617,405 Same Other Proportionate Corporate and Consolidated Three months ended September 30, 2021: Total revenues $ 134,102 $ 5,558 $ 20,608 $ 31,509 $ 191,777 Property operating expenses 36,883 2,963 10,604 23,475 73,925 Other operating expenses not allocated to segments (3) — — — 90,812 90,812 Total operating expenses 36,883 2,963 10,604 114,287 164,737 Proportionate property net operating income (loss) 97,219 2,595 10,004 ( 82,778 ) 27,040 Other items included in income (loss) before income tax benefit (4) — — — ( 16,644 ) ( 16,644 ) Income (loss) before income tax benefit $ 97,219 $ 2,595 $ 10,004 $ ( 99,422 ) $ 10,396 Same Other Proportionate Corporate and Consolidated Nine months ended September 30, 2021: Total revenues $ 386,998 $ 8,562 $ 58,904 $ 92,059 $ 546,523 Property operating expenses 109,299 5,351 30,091 58,559 203,300 Other operating expenses not allocated to segments (3) — — — 256,909 256,909 Total operating expenses 109,299 5,351 30,091 315,468 460,209 Proportionate property net operating income (loss) 277,699 3,211 28,813 ( 223,409 ) 86,314 Other items included in income (loss) before income tax expense (4) — — — ( 5,445 ) ( 5,445 ) Income (loss) before income tax expense $ 277,699 $ 3,211 $ 28,813 $ ( 228,854 ) $ 80,869 (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. Effective in 2022, corporate and amounts not allocated to segments includes the depreciation of capitalized costs of non-real estate assets. (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 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, 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): September 30, 2022 December 31, 2021 Same Store $ 3,861,337 $ 3,824,277 Other Real Estate 2,077,214 787,534 Corporate and other assets (1) 783,902 1,828,549 Total consolidated assets $ 6,722,453 $ 6,440,360 (1) Includes the assets not allocated to our segments including: (i) corporate assets; (ii) the mezzanine loan investment where the rights and obligations of ownership have been assigned to Aimco; and (iii) sold properties, or properties classified as held for sale as of September 30, 2022. Corporate and other assets as of December 31, 2021, also includes the note receivable from Aimco, which was repaid in 2022, and the lease receivable related to properties leased to Aimco, which was canceled during the third quarter of 2022 . For the nine months ended September 30, 2022 and 2021, capital additions related to our segments were as follows (in thousands): 2022 2021 Same Store $ 114,679 $ 97,294 Other Real Estate 30,459 13,588 Total capital additions $ 145,138 $ 110,882

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 ( 4,823 ) Redemption of preferred units and other ( 24 ) Net income allocated to preferred units 4,807 Balance at September 30, 2022 $ 79,330 The AIR Operating Partnership has outstanding various classes of redeemable preferred OP Units. As of September 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)	9 Months Ended
	Sep. 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 ( 4,823 ) Redemption of preferred units and other ( 24 ) Net income allocated to preferred units 4,807 Balance at September 30, 2022 $ 79,330

Significant Transactions (Table

Significant Transactions (Tables) - Apartment Community [Member]	9 Months Ended
	Sep. 30, 2022
Business Acquisition [Line Items]
Summary of Lease cancellation of cost	he total consideration of the added improvement value payment, leased real estate asset, and related costs were allocated to the underlying assets returned to AIR based on the following allocation (dollars in thousands): Number of apartment communities 4 Number of apartment homes 865 Land $ 133,471 Building and improvements 520,448 Intangible assets (1) 13,470 Below-market lease liabilities (1) ( 866 ) Total consideration (2) $ 666,523 (1) Intangible assets and below-market lease liabilities have a weighted-average term of less than a year. (2) Includes the leased real estate asset as of the cancellation date and the added improvement value payment. Capital Allocation – Share Repurchases During the three months ended September 30, 2022, AIR repurchased 1.2 million shares for $ 47 million, at an average price of $ 39.07 per share. Subsequent to quarter end and through November 2, 2022 we have purchased an additional 3.1 million shares for $ 115 million. In aggregate, we have repurchased 7.2 million shares during 2022 at an average price of $ 39.96 . We are authorized by the AIR Board of Directors to repurchase an additional $ 213 million of shares. We consider share buybacks as part of a balanced investment program.
Pembroke Pines, Florida [Member]
Business Acquisition [Line Items]
Schedule of Acquisition	the nine months ended September 30, 2022, we acquired three apartment communities in South Florida and one in the Washington, D.C. area. Summarized information regarding these acquisitions is set forth in the table below (dollars in thousands): Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Number of apartment communities 1 4 Number of apartment homes 350 1,351 Purchase price $ 173,000 $ 640,067 Capitalized transaction costs 1,551 7,325 Total consideration $ 174,551 $ 647,392 Land $ 14,480 $ 54,918 Building and improvements 156,980 577,712 Right-of-use lease asset — 80,651 Intangible assets (1) 3,465 17,203 Lease liability — ( 80,651 ) Below-market lease liabilities (1) ( 103 ) ( 613 ) Real estate tax liability assumed ( 271 ) ( 1,828 ) Total consideration $ 174,551 $ 647,392 (1) Intangible assets and below-market lease liabilities have a weighted-average term of 2.2 years and 1.4 years, respectively.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Fixed lease income $ 184,509 $ 176,388 $ 522,074 $ 505,400 Variable lease income 13,141 12,953 35,165 34,589 Total lease income $ 197,650 $ 189,341 $ 557,239 $ 539,989
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 September 30, 2022 (in thousands): 2022 (remaining) $ 184,873 2023 440,389 2024 85,643 2025 11,264 2026 9,572 Thereafter 42,923 Total $ 774,664

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2022
Table Text Block Supplement [Abstract]
Schedule of Debt summmary	The following table summarizes debt as of September 30, 2022 and December 31, 2021 (in thousands): Outstanding Balance September 30, 2022 December 31, 2021 Secured debt: Fixed-rate property debt due December 2022 to June 2032 (1) $ 1,940,158 $ 2,217,256 Variable-rate property debt due October 2024 (2) 88,500 88,500 Total non-recourse property debt 2,028,658 2,305,756 Debt issuance costs, net of accumulated amortization ( 9,241 ) ( 11,017 ) Total non-recourse property debt, net $ 2,019,417 $ 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) 479,000 304,000 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 1,679,000 1,454,000 Debt issuance costs, net of accumulated amortization ( 6,249 ) ( 5,453 ) Total unsecured debt, net $ 1,672,751 $ 1,448,547 Total indebtedness $ 3,692,168 $ 3,743,286 (1) The stated rates on our fixed-rate property debt are 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, based on our current credit rating. As of September 30, 2022, the weighted-average interest rate for our term loans, which is fixed via interest rate swaps beginning with the second quarter of 2022, 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 September 30, 2022, we had capacity to borrow up to $ 509.9 million under our revolving credit facility after consideration of undrawn letters of credit. The revolving credit facility bears interest at a 1-month Term SOFR plus 0.89 %, based on our current credit rating, and a SOFR adjustment of 10 basis points. As of September 30, 2022, the weighted-average interest rate for our revolving credit facility was 4.1 % . (5) During the second quarter of 2022, we issued three tranches of guaranteed, senior unsecured notes, totaling $ 400 million. As of September 30, 2022, the weighted-average interest rate for senior unsecured notes was 4.3 %

Earnings and Dividends per Sh_2

Earnings and Dividends per Share and per Unit (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Earnings per share Numerator: Basic net income attributable to AIR common stockholders $ 1,760 $ 9,289 $ 574,363 $ 74,455 Effect of dilutive instruments — — 4,807 — Dilutive net income attributable to AIR common stockholders $ 1,760 $ 9,289 $ 579,170 $ 74,455 Denominator – shares: Basic weighted-average common shares outstanding 153,811 156,646 155,488 153,289 Dilutive common share equivalents outstanding 246 396 1,952 361 Dilutive weighted-average common shares outstanding 154,057 157,042 157,440 153,650 Earnings per share – basic $ 0.01 $ 0.06 $ 3.69 $ 0.49 Earnings per share – diluted $ 0.01 $ 0.06 $ 3.68 $ 0.48 Earnings per unit Numerator: Basic net income attributable to the AIR Operating Partnership's common unitholders $ 1,897 $ 9,764 $ 611,416 $ 78,421 Effect of dilutive instruments — — 4,935 — Basic and dilutive net income attributable to the AIR Operating Partnership's common unitholders $ 1,897 $ 9,764 $ 616,351 $ 78,421 Denominator – units: Basic weighted-average common units outstanding 163,866 164,603 165,578 161,336 Dilutive common unit equivalents outstanding 246 396 1,951 361 Dilutive weighted-average common units outstanding 164,112 164,999 167,529 161,697 Earnings per unit – basic $ 0.01 $ 0.06 $ 3.69 $ 0.49 Earnings per unit – diluted $ 0.01 $ 0.06 $ 3.68 $ 0.48

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 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 September 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 $ 53,989 $ — $ 53,989 $ — $ 21,699 $ — $ 21,699 $ — Interest rate swap asset $ 34,543 $ — $ 34,543 $ — $ — $ — $ — $ —
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 September 30, 2022 As of December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 2,028,658 $ 1,785,851 $ 2,305,756 $ 2,367,713

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 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: September 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): September 30, 2022 December 31, 2021 ASSETS: Net real estate $ 1,075,327 $ 1,096,039 Cash and cash equivalents 51,199 29,863 Restricted cash 2,329 2,380 Other assets, net 21,873 21,745 LIABILITIES: Non-recourse property debt $ 1,215,933 $ 1,227,345 Accrued liabilities and other 40,814 34,659

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Sep. 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 September 30, 2022 (in thousands): Same Other Proportionate Corporate and Consolidated Three months ended September 30, 2022: Total revenues $ 139,107 $ 30,258 $ 20,725 $ 10,781 $ 200,871 Property operating expenses 35,632 10,606 10,562 14,450 71,250 Other operating expenses not allocated to segments (3) — — — 103,049 103,049 Total operating expenses 35,632 10,606 10,562 117,499 174,299 Proportionate property net operating income (loss) 103,475 19,652 10,163 ( 106,718 ) 26,572 Other items included in income before income tax expense (4) — — — ( 23,130 ) ( 23,130 ) Income (loss) before income tax expense $ 103,475 $ 19,652 $ 10,163 $ ( 129,848 ) $ 3,442 Same Other Proportionate Corporate and Consolidated Nine months ended September 30, 2022: Total revenues $ 402,756 $ 62,371 $ 60,153 $ 40,569 $ 565,849 Property operating expenses 105,570 23,486 30,064 39,153 198,273 Other operating expenses not allocated to segments (3) — — — 279,126 279,126 Total operating expenses 105,570 23,486 30,064 318,279 477,399 Proportionate property net operating income (loss) 297,186 38,885 30,089 ( 277,710 ) 88,450 Other items included in income before income tax — — — 528,955 528,955 Income before income tax expense $ 297,186 $ 38,885 $ 30,089 $ 251,245 $ 617,405 Same Other Proportionate Corporate and Consolidated Three months ended September 30, 2021: Total revenues $ 134,102 $ 5,558 $ 20,608 $ 31,509 $ 191,777 Property operating expenses 36,883 2,963 10,604 23,475 73,925 Other operating expenses not allocated to segments (3) — — — 90,812 90,812 Total operating expenses 36,883 2,963 10,604 114,287 164,737 Proportionate property net operating income (loss) 97,219 2,595 10,004 ( 82,778 ) 27,040 Other items included in income (loss) before income tax benefit (4) — — — ( 16,644 ) ( 16,644 ) Income (loss) before income tax benefit $ 97,219 $ 2,595 $ 10,004 $ ( 99,422 ) $ 10,396 Same Other Proportionate Corporate and Consolidated Nine months ended September 30, 2021: Total revenues $ 386,998 $ 8,562 $ 58,904 $ 92,059 $ 546,523 Property operating expenses 109,299 5,351 30,091 58,559 203,300 Other operating expenses not allocated to segments (3) — — — 256,909 256,909 Total operating expenses 109,299 5,351 30,091 315,468 460,209 Proportionate property net operating income (loss) 277,699 3,211 28,813 ( 223,409 ) 86,314 Other items included in income (loss) before income tax expense (4) — — — ( 5,445 ) ( 5,445 ) Income (loss) before income tax expense $ 277,699 $ 3,211 $ 28,813 $ ( 228,854 ) $ 80,869 (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. Effective in 2022, corporate and amounts not allocated to segments includes the depreciation of capitalized costs of non-real estate assets. (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 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, 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): September 30, 2022 December 31, 2021 Same Store $ 3,861,337 $ 3,824,277 Other Real Estate 2,077,214 787,534 Corporate and other assets (1) 783,902 1,828,549 Total consolidated assets $ 6,722,453 $ 6,440,360 (1) Includes the assets not allocated to our segments including: (i) corporate assets; (ii) the mezzanine loan investment where the rights and obligations of ownership have been assigned to Aimco; and (iii) sold properties, or properties classified as held for sale as of September 30, 2022. Corporate and other assets as of December 31, 2021, also includes the note receivable from Aimco, which was repaid in 2022, and the lease receivable related to properties leased to Aimco, which was canceled during the third quarter of 2022 .
Capital Additions Related to Segments	2022 2021 Same Store $ 114,679 $ 97,294 Other Real Estate 30,459 13,588 Total capital additions $ 145,138 $ 110,882

Basis of Presentation and Org_2

Basis of Presentation and Organization (Details Textual)	9 Months Ended
	Sep. 30, 2022 ApartmentHome Property StateAndDistrict shares	Dec. 31, 2021 Multi_family_apartment
Organization [Line Items]
Number of apartment communities | Property	80
Number of apartment homes in apartment communities | Multi_family_apartment		1,748
Number of states and district | StateAndDistrict	11
Partially Owned Properties [Member]
Organization [Line Items]
Number of apartment homes in apartment communities | ApartmentHome	26,600
Percentage of average ownership of portfolio	88%
AIR Operating Partnership [Member]
Organization [Line Items]
Common operating partnership units and equivalents outstanding	166,045,781
Common operating partnership units and equivalents outstanding	152,993,448
Percentage of the Aimco Operating Partnership's common partnership units and equivalents owned by Aimco	92.10%
Percentage of economic interest	93.80%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Reconciliation of Preferred OP Units (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at January 1, 2022	$ 79,370
Preferred distributions	(4,823)
Redemption of preferred units	(24)
Net income	4,807
Balance at September 30, 2022	$ 79,330

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details Textual) - AIMCO PROPERTIES, L.P [Member] - $ / shares	9 Months Ended
	Sep. 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		3 Months Ended	9 Months Ended
		Sep. 30, 2022 USD ($) Property Unit	Sep. 30, 2022 USD ($) Unit Property	Dec. 31, 2021 Multi_family_apartment
Business Acquisition [Line Items]
Number of apartment communities | Property		80	80
Number of apartment homes | Multi_family_apartment				1,748
Florida and Washington, DC. [Member] | Apartment Community [Member]
Business Acquisition [Line Items]
Number of apartment communities | Unit		1	4
Number of apartment homes purchased | Unit		350	1,351
Purchase price		$ 173,000	$ 640,067
Capitalized transaction costs		1,551	7,325
Total consideration		174,551	647,392
Consideration allocated to land		14,480	54,918
Consideration allocated to building and improvements		156,980	577,712
Consideration allocated to right of use lease asset		0	80,651
Consideration allocated to intangible assets	[1]	3,465	17,203
Consideration allocated to Lease liability		0	(80,651)
Consideration allocated to below-market lease liabilities	[1]	(103)	(613)
Consideration allocated to Real estate tax liability assumed		$ 271	$ 1,828
[1] Intangible assets and below-market lease liabilities have a weighted-average term of 2.2 years and 1.4 years, respectively.

Significant Transactions - Sc_2

Significant Transactions - Schedule of Acquisition (Parenthetical) (Details)	9 Months Ended
	Sep. 30, 2022
Below-market leases [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted-average term	1 year 4 months 24 days
Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted-average term	2 years 2 months 12 days

Significant Transactions - Summ

Significant Transactions - Summary of Lease Cancellation cost (Details) $ in Thousands		Sep. 01, 2022 USD ($) Unit	Sep. 30, 2022 Property	Dec. 31, 2021 Multi_family_apartment
Restructuring Cost and Reserve [Line Items]
Number of apartment communities | Property			80
Number of apartment homes | Multi_family_apartment				1,748
Apartment Community [Member] | Aimco [Member]
Restructuring Cost and Reserve [Line Items]
Number of apartment communities | Unit		4
Number of apartment homes | Unit		865
Payments to Acquire Land		$ 133,471
Consideration allocated to building and improvements		520,448
Consideration allocated to intangible assets	[1]	13,470
Consideration allocated to below-market lease liabilities	[1]	(866)
Total consideration	[2]	$ 666,523
[1] Intangible assets and below-market lease liabilities have a weighted-average term of less than a year. Includes the leased real estate asset as of the cancellation date and the added improvement value payment. Capital Allocation – Share Repurchases During the three months ended September 30, 2022, AIR repurchased 1.2 million shares for $ 47 million, at an average price of $ 39.07 per share. Subsequent to quarter end and through November 2, 2022 we have purchased an additional 3.1 million shares for $ 115 million. In aggregate, we have repurchased 7.2 million shares during 2022 at an average price of $ 39.96 . We are authorized by the AIR Board of Directors to repurchase an additional $ 213 million of shares. We consider share buybacks as part of a balanced investment program.

Significant Transactions (Detai

Significant Transactions (Details Textual) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended	9 Months Ended	10 Months Ended
	Sep. 01, 2022 USD ($)	Nov. 02, 2022 USD ($) shares	Sep. 30, 2022 USD ($) Segment Property $ / shares shares	Sep. 30, 2022 USD ($) Segment Property	Nov. 02, 2022 $ / shares shares	Aug. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) Multi_family_apartment
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Number of Real Estate Properties | Property			80	80
Number of apartment homes in apartment communities | Multi_family_apartment							1,748
Number Of Units In Real Estate Property Held For Sale | Segment			1,314	1,314
Payment to acquire additional Properties	$ 200,000
Leased Real Estate Assets			$ 0	$ 0		$ 466,000	$ 466,355
Repurchases of Common Stock			(46,711)	(171,711)
Apartment Income REIT, L.P. [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Leased Real Estate Assets			$ 0	$ 0			$ 466,355
Capital Allocation - Share Repurchases [Member] | Apartment Income REIT, L.P. [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Repurchases of Common Stock (in shares) | shares			(1,200,000)		(7,200,000)
Repurchases of Common Stock			$ (47,000)
Share repurchase average price, per share | $ / shares			$ 39.07		$ 39.96
Capital Allocation - Share Repurchases [Member] | Apartment Income REIT, L.P. [Member] | Board of Directors Chairman [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Remaining Number of Shares Authorized to be Repurchased | shares		213,000,000			213,000,000
Subsequent Event [Member] | Capital Allocation - Share Repurchases [Member] | Apartment Income REIT, L.P. [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Repurchases of Common Stock (in shares) | shares		(3,100,000)
Repurchases of Common Stock		$ (115,000)
Apartment Community [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Number Of Homes In Real Estate Property Sold | Segment				2,050
Proceeds from Sale of Real Estate				$ 781,100
Apartment Communities Sold | Segment			0
South Florida [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Apartment Communities Purchased | Property				3
Washington, D.C. [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Apartment Communities Purchased | Property				1

Leases - Lease Income for Opera

Leases - Lease Income for Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Fixed lease income	$ 184,509	$ 176,388	$ 522,074	$ 505,400
Variable lease income	13,141	12,953	35,165	34,589
Total lease income	$ 197,650	$ 189,341	$ 557,239	$ 539,989

Leases - Future Minimum Annual

Leases - Future Minimum Annual Rental Payments Receivable Under Residential and Commercial Leases (Details) - Commercial Real Estate [Member] $ in Thousands	Sep. 30, 2022 USD ($)
Lessor, Lease, Description [Line Items]
2022 (remaining)	$ 184,873
2023	440,389
2024	85,643
2025	11,264
2026	9,572
Thereafter	42,923
Total lease receivable	$ 774,664

Leases (Details Textual)

Leases (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Sales-type Lease, Interest Income, Lease Receivable	$ 4.4	$ 6.5	$ 17.3	$ 19.4
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	10 months 15 days		10 months 15 days

Debt - Schedule of Debt Instrum

Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Thousands		Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total indebtedness		$ 3,692,168	$ 3,743,286
Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross		2,019,417	2,294,739
Debt issuance costs, net of accumulated amortization		9,241	11,017
Secured Debt | Fixed Rate Property Debt
Debt Instrument [Line Items]
Long-term debt, gross	[1]	1,940,158	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		2,028,658	2,305,756
Unsecured Debt Gross
Debt Instrument [Line Items]
Long-term debt, gross		1,679,000	1,454,000
Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross		1,672,751	1,448,547
Debt issuance costs, net of accumulated amortization		6,249	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]	479,000	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 rates on our fixed-rate property debt are 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, based on our current credit rating. As of September 30, 2022, the weighted-average interest rate for our term loans, which is fixed via interest rate swaps beginning with the second quarter of 2022, 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 September 30, 2022, we had capacity to borrow up to $ 509.9 million under our revolving credit facility after consideration of undrawn letters of credit. The revolving credit facility bears interest at a 1-month Term SOFR plus 0.89 %, based on our current credit rating, and a SOFR adjustment of 10 basis points. As of September 30, 2022, the weighted-average interest rate for our revolving credit facility was 4.1 % . During the second quarter of 2022, we issued three tranches of guaranteed, senior unsecured notes, totaling $ 400 million. As of September 30, 2022, the weighted-average interest rate for senior unsecured notes was 4.3 %

Debt - Schedule of Debt Instr_2

Debt - Schedule of Debt Instruments (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2021	May 02, 2022
Debt Instrument [Line Items]
Hedging amount		$ 830,000
New unsecured credit facility		479,000	$ 304,000
Term loans		$ 796,334	$ 1,144,547
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate		4.10%
New unsecured credit facility		$ 509,900
SOFR | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		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%
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%
Secured Debt [Member] | Variable Rate Property Debt
Debt Instrument [Line Items]
Debt Instrument Maturity Month and Year		2024-10	2024-10
Hedging amount	$ 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%
Term loans		$ 400,000
Unsecured Debt [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate		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%
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%
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%
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%

Debt (Details Textual)

Debt (Details Textual)	9 Months Ended
	Sep. 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 ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Schedule Of Earnings Per Share And Per Unit [Line Items]
Basic net income attributable to AIR common stockholders	$ 1,760,000	$ 9,289,000	$ 574,363,000	$ 74,455,000
Effect of dilutive instruments			4,807,000
Dilutive net income attributable to AIR common stockholders	$ 1,760,000	$ 9,289,000	$ 579,170,000	$ 74,455,000
Denominator:
Basic weighted-average common shares outstanding	153,811	156,646	155,488	153,289
Dilutive common share equivalents outstanding	246	396	1,952	361
Dilutive weighted-average common shares outstanding	154,057	157,042	157,440	153,650
Earnings per share - basic	$ 0.01	$ 0.06	$ 3.69	$ 0.49
Earnings per share - diluted	$ 0.01	$ 0.06	$ 3.68	$ 0.48
AIMCO Properties, LP [Member]
Schedule Of Earnings Per Share And Per Unit [Line Items]
Basic net income attributable to AIR common stockholders	$ 1,897	$ 9,764	$ 611,416	$ 78,421
Effect of dilutive instruments			4,935,000
Dilutive net income attributable to AIR common stockholders	$ 1,897	$ 9,764	$ 616,351	$ 78,421
Denominator:
Earnings per share - basic	$ 0.01	$ 0.06	$ 3.69	$ 0.49
Earnings per share - diluted	$ 0.01	$ 0.06	$ 3.68	$ 0.48
Apartment Income REIT, L.P [Member]
Schedule Of Earnings Per Share And Per Unit [Line Items]
Basic net income attributable to AIR common stockholders	$ 1,897,000	$ 9,764,000	$ 611,416,000	$ 78,421,000
Denominator:
Basic weighted-average common shares outstanding	163,866	164,603	165,578	161,336
Basic weighted-average common units outstanding	163,866	164,603	165,578	161,336
Dilutive common unit equivalents outstanding	246	396	1,951	361
Dilutive weighted-average common shares outstanding	164,112	164,999	167,529	161,697
Weighted Average Limited Partnership Units Outstanding, Diluted	164,112	164,999	167,529	161,697
Earnings per share - basic	$ 0.01	$ 0.06	$ 3.69	$ 0.49
Earnings per share - diluted	$ 0.01	$ 0.06	$ 3.68	$ 0.48
Basic weighted-average common units outstanding	163,866	164,603	165,578	161,336
Dilutive common unit equivalents outstanding	246	396	1,951	361
Dilutive weighted-average common units outstanding	164,112	164,999	167,529	161,697

Earnings and Dividends per Sh_4

Earnings and Dividends per Share and per Unit (Details Textual) - $ / shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share	1.9	1.6		1.7
Dividends and distributions paid	$ 0.45	$ 0.44	$ 1.35	$ 1.30

Fair Value Measurements (Detail

Fair Value Measurements (Details Textual) - USD ($) $ in Millions		3 Months Ended	9 Months Ended
	Dec. 15, 2020	Jun. 30, 2022	Sep. 30, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Hedged Asset, Fair Value Hedge			$ 830
Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges			$ 13.3
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%
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
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	Sep. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate option	$ 53,989	$ 21,699
Interest rate swap asset	34,543	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
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate option	53,989	21,699
Interest rate swap asset	34,543	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

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Carrying Value and Fair Value of Non-recourse Property Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Non-recourse property debt	$ 3,692,168	$ 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	2,028,658	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	$ 1,785,851	$ 2,367,713

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	Sep. 30, 2022 USD ($) Segment Property	Dec. 31, 2021 USD ($) Segment Multi_family_apartment
Number of owned and managed apartment communities in segments | Property	80
Number of apartment homes in apartment communities | Multi_family_apartment		1,748
Net real estate	$ 5,667,778	$ 4,600,288
Cash and cash equivalents	87,732	67,320
Restricted cash	26,914	25,441
Other assets, net	779,205	568,051
Non-recourse property debt, net	2,019,417	2,294,739
Accrued liabilities and other	$ 758,441	$ 592,774
Variable Interest Entity, Primary Beneficiary [Member]
VIEs with interests in apartment communities | Segment	5	5
Number of owned and managed apartment communities in segments | Segment	16	16
Number of apartment homes in apartment communities | Segment	5,369	5,369
Net real estate	$ 1,075,327	$ 1,096,039
Cash and cash equivalents	51,199	29,863
Restricted cash	2,329	2,380
Other assets, net	21,873	21,745
Non-recourse property debt, net	1,215,933	1,227,345
Accrued liabilities and other	$ 40,814	$ 34,659

Variable Interest Entities (D_2

Variable Interest Entities (Details Textual) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($) Multi_family_apartment
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Percentage of ownership sold to affiliate		80%
Number of apartment homes in apartment communities | Multi_family_apartment		1,748
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	$ 362.8	$ 337.8
Affiliate of Blackstone Investment [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Equity method investments	21.3	$ 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)	9 Months Ended
	Sep. 30, 2022 Property ApartmentHome Segment	Dec. 31, 2021 Multi_family_apartment	Sep. 30, 2021 Property
Business Segments (Textual) [Abstract]
Number of reportable segments | Segment	2
Number of owned and managed apartment communities in segments	80
Number of apartment homes in apartment communities | Multi_family_apartment		1,748
Expect to Sell or Lease to Third Party [Member]
Business Segments (Textual) [Abstract]
Number of apartment homes in apartment communities	4
Wholly And Partially Owned Consolidated Properties [Member] | Held For Sale [Member]
Business Segments (Textual) [Abstract]
Number of owned and managed apartment communities in segments	6
Number of apartment homes in apartment communities	1,314
Wholly And Partially Owned Consolidated Properties [Member] | Same Store [Member]
Business Segments (Textual) [Abstract]
Number of owned and managed apartment communities in segments	58
Number of apartment homes in apartment communities | ApartmentHome	20,730
Wholly And Partially Owned Consolidated Properties [Member] | Other Real Estate [Member]
Business Segments (Textual) [Abstract]
Number of owned and managed apartment communities in segments	16
Number of apartment homes in apartment communities | ApartmentHome	4,556
Wholly Owned Consolidated Properties [Member] | Other Real Estate [Member]
Business Segments (Textual) [Abstract]
Number of owned and managed apartment communities in segments	4		5

Business Segments - Summary of

Business Segments - Summary of Information for Reportable Segments (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Summary information for the reportable segments
Revenues, Total		$ 200,871	$ 191,777	$ 565,849	$ 546,523
Other operating expenses not allocated to segments	[1]	103,049	90,812	279,126	256,909
Total operating expenses		174,299	164,737	477,399	460,209
Proportionate property net operating income		26,572	27,040	88,450	86,314
Other items included in income before income tax expense	[2]	(23,130)	(16,644)	528,955	(5,445)
Income before income tax (expense) benefit		3,442	10,396	617,405	80,869
Real Estate [Member]
Summary information for the reportable segments
Property operating expenses		71,250	73,925	198,273	203,300
Segment Reconciling Items [Member]
Summary information for the reportable segments
Revenues, Total	[3]	20,725	20,608	60,153	58,904
Other operating expenses not allocated to segments	[1],[3]	0	0	0	0
Total operating expenses	[3]	10,562	10,604	30,064	30,091
Proportionate property net operating income	[3]	10,163	10,004	30,089	28,813
Other items included in income before income tax expense	[2],[3]	0	0	0	0
Income before income tax (expense) benefit	[3]	10,163	10,004	30,089	28,813
Segment Reconciling Items [Member] | Real Estate [Member]
Summary information for the reportable segments
Property operating expenses	[3]	10,562	10,604	30,064	30,091
Corporate Non-Segment [Member]
Summary information for the reportable segments
Revenues, Total	[4]	10,781	31,509	40,569	92,059
Other operating expenses not allocated to segments	[1],[4]	103,049	90,812	279,126	256,909
Total operating expenses	[4]	117,499	114,287	318,279	315,468
Proportionate property net operating income	[4]	(106,718)	(82,778)	(277,710)	(223,409)
Other items included in income before income tax expense	[2],[4]	(23,130)	(16,644)	528,955	(5,445)
Income before income tax (expense) benefit	[4]	(129,848)	(99,422)	251,245	(228,854)
Corporate Non-Segment [Member] | Real Estate [Member]
Summary information for the reportable segments
Property operating expenses	[4]	14,450	23,475	39,153	58,559
Same Store [Member] | Operating Segments [Member]
Summary information for the reportable segments
Revenues, Total		139,107	134,102	402,756	386,998
Other operating expenses not allocated to segments	[1]	0	0	0	0
Total operating expenses		35,632	36,883	105,570	109,299
Proportionate property net operating income		103,475	97,219	297,186	277,699
Other items included in income before income tax expense	[2]	0	0	0	0
Income before income tax (expense) benefit		103,475	97,219	297,186	277,699
Same Store [Member] | Operating Segments [Member] | Real Estate [Member]
Summary information for the reportable segments
Property operating expenses		35,632	36,883	105,570	109,299
Other Real Estate [Member] | Operating Segments [Member]
Summary information for the reportable segments
Revenues, Total		30,258	5,558	62,371	8,562
Other operating expenses not allocated to segments	[1]	0	0	0	0
Total operating expenses		10,606	2,963	23,486	5,351
Proportionate property net operating income		19,652	2,595	38,885	3,211
Other items included in income before income tax expense	[2]	0	0	0	0
Income before income tax (expense) benefit		19,652	2,595	38,885	3,211
Other Real Estate [Member] | Operating Segments [Member] | Real Estate [Member]
Summary information for the reportable segments
Property operating expenses		$ 10,606	$ 2,963	$ 23,486	$ 5,351
[1] Includes depreciation and amortization, general and administrative expenses, and other 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. Includes gain on dispositions of real estate and derecognition of leased properties, interest income, interest expense, loss from unconsolidated real estate partnerships, and loss on extinguishment of debt. 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. Effective in 2022, corporate and amounts not allocated to segments includes the depreciation of capitalized costs of non-real estate assets. 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.

Business Segments - Reconciliat

Business Segments - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Thousands		Sep. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total assets		$ 6,722,453	$ 6,440,360
Corporate Non-Segment [Member]
Segment Reporting Information [Line Items]
Total assets	[1]	783,902	1,828,549
Same Store [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total assets		3,861,337	3,824,277
Other Real Estate [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total assets		$ 2,077,214	$ 787,534
[1] Includes the assets not allocated to our segments including: (i) corporate assets; (ii) the mezzanine loan investment where the rights and obligations of ownership have been assigned to Aimco; and (iii) sold properties, or properties classified as held for sale as of September 30, 2022. Corporate and other assets as of December 31, 2021, also includes the note receivable from Aimco, which was repaid in 2022, and the lease receivable related to properties leased to Aimco, which was canceled during the third quarter of 2022

Business Segments - Capital Add

Business Segments - Capital Additions Related to Segments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Capital additions	$ 145,138	$ 110,882
Same Store [Member]
Segment Reporting Information [Line Items]
Capital additions	114,679	97,294
Other Real Estate [Member]
Segment Reporting Information [Line Items]
Capital additions	$ 30,459	$ 13,588