Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 24, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Entity Registrant Name | APARTMENT INCOME REIT CORP. | ||
Entity Central Index Key | 0001820877 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2022 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
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 | 149,103,157 | ||
Title of 12(b) Security | Class A Common Stock (Apartment Income REIT Corp.) | ||
Security Exchange Name | NYSE | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 6.4 | ||
ICFR Auditor Attestation Flag | true | ||
Documents Incorporated by Reference | None. | ||
Auditor Firm ID | 34 | ||
Auditor Name | DELOITTE & TOUCHE LLP | ||
Auditor Location | Denver, Colorado | ||
Apartment Income REIT, L.P [Member] | |||
Document Information [Line Items] | |||
Entity Registrant Name | APARTMENT INCOME REIT, L.P. | ||
Entity Central Index Key | 0000926660 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2022 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | 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 | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Firm ID | 34 | ||
Auditor Name | DELOITTE & TOUCHE LLP | ||
Auditor Location | Denver, Colorado |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Buildings and improvements | $ 6,784,965 | $ 5,720,267 |
Land | 1,291,429 | 1,164,814 |
Total real estate | 8,076,394 | 6,885,081 |
Accumulated depreciation | (2,449,883) | (2,284,793) |
Net real estate | 5,626,511 | 4,600,288 |
Cash and cash equivalents | 95,797 | 67,320 |
Restricted cash | 205,608 | 25,441 |
Note receivable from Aimco | 0 | 534,127 |
Leased real estate assets | 10,358 | 466,355 |
Goodwill | 32,286 | 32,286 |
Other assets, net | 581,323 | 568,051 |
Assets held for sale | 0 | 146,492 |
Total assets | 6,551,883 | 6,440,360 |
LIABILITIES AND PARTNERS' CAPITAL | ||
Non-recourse property debt, net | 1,985,430 | 2,294,739 |
Term loans | 796,713 | 1,144,547 |
Revolving credit facility borrowings | 462,000 | 304,000 |
Unsecured notes payable, net | 397,486 | 0 |
Total indebtedness | 3,641,629 | 3,743,286 |
Accrued liabilities and other | 513,805 | 592,774 |
Liabilities related to assets held for sale | 0 | 85,775 |
Total liabilities | 4,155,434 | 4,421,835 |
Commitments and contingencies (Note 6) | ||
Preferred noncontrolling interests in AIR Operating Partnership | 77,143 | 79,370 |
Equity/Partners' Capital: | ||
Perpetual preferred stock | 2,000 | 2,129 |
Common Stock, $0.01 par value, 1,021,175,000 shares authorized at December 31, 2022 and December 31, 2021, and 149,086,548 and 156,998,367 shares issued/outstanding at December 31, 2022 and December 31, 2021, respectively | 1,491 | 1,570 |
Additional paid-in capital | 3,436,635 | 3,763,105 |
Accumulated other comprehensive income | 43,562 | 0 |
Distributions in excess of earnings | (1,327,271) | (1,953,779) |
Total AIR equity | 2,156,417 | 1,813,025 |
Noncontrolling interests in consolidated real estate partnerships | (78,785) | (70,883) |
Common noncontrolling interests in AIR Operating Partnership | 241,674 | 197,013 |
Total equity | 2,319,306 | 1,939,155 |
Total liabilities, preferred noncontrolling interests in AIR Operating Partnership, and equity | 6,551,883 | 6,440,360 |
Apartment Income REIT, L.P [Member] | ||
ASSETS | ||
Buildings and improvements | 6,784,965 | 5,720,267 |
Land | 1,291,429 | 1,164,814 |
Total real estate | 8,076,394 | 6,885,081 |
Accumulated depreciation | (2,449,883) | (2,284,793) |
Net real estate | 5,626,511 | 4,600,288 |
Cash and cash equivalents | 95,797 | 67,320 |
Restricted cash | 205,608 | 25,441 |
Note receivable from Aimco | 0 | 534,127 |
Leased real estate assets | 10,358 | 466,355 |
Goodwill | 32,286 | 32,286 |
Other assets, net | 581,323 | 568,051 |
Assets held for sale | 0 | 146,492 |
Total assets | 6,551,883 | 6,440,360 |
LIABILITIES AND PARTNERS' CAPITAL | ||
Non-recourse property debt, net | 1,985,430 | 2,294,739 |
Term loans | 796,713 | 1,144,547 |
Revolving credit facility borrowings | 462,000 | 304,000 |
Unsecured notes payable, net | 397,486 | 0 |
Total indebtedness | 3,641,629 | 3,743,286 |
Accrued liabilities and other | 513,805 | 592,774 |
Liabilities related to assets held for sale | 0 | 85,775 |
Total liabilities | 4,155,434 | 4,421,835 |
Commitments and contingencies (Note 6) | ||
Preferred noncontrolling interests in AIR Operating Partnership | 77,143 | 79,370 |
Equity/Partners' Capital: | ||
Preferred units | 2,000 | 2,129 |
General Partner and Special Limited Partner | 2,154,417 | 1,810,896 |
Limited Partners | 241,674 | 197,013 |
Partners’ capital attributable to the AIR Operating Partnership | 2,398,091 | 2,010,038 |
Noncontrolling interests in consolidated real estate partnerships | (78,785) | (70,883) |
Total partners’ capital | 2,319,306 | 1,939,155 |
Total liabilities, preferred noncontrolling interests in AIR Operating Partnership, and equity | $ 6,551,883 | $ 6,440,360 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 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) | 149,086,548 | 156,998,367 |
Common Stock, shares outstanding (in shares) | 149,086,548 | 156,998,367 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUES: | |||
Total revenues | $ 773,723 | $ 740,853 | $ 719,556 |
EXPENSES | |||
Property operating expenses | 261,264 | 268,101 | 249,036 |
Depreciation and amortization | 350,945 | 319,742 | 320,943 |
General and administrative expenses | 24,939 | 18,585 | 46,377 |
Provision for real estate impairment loss | 47,281 | ||
Other expenses, net | 9,073 | 27,220 | 73,860 |
Total operating expenses | 646,221 | 633,648 | 737,497 |
Interest income | 50,264 | 58,651 | 12,374 |
Interest expense | (116,459) | (129,467) | (147,035) |
Loss on extinguishment of debt | (23,636) | (156,707) | (13,324) |
Gain on dispositions of real estate and derecognition of leased properties | 939,806 | 594,861 | 119,215 |
Mezzanine investment income, net | 0 | 0 | 27,576 |
loss from unconsolidated real estate partnerships | (3,504) | (565) | 0 |
Income (loss) from continuing operations before income tax benefit (expense) and discontinued operations | 973,973 | 473,978 | (19,135) |
Income tax benefit | (3,923) | 5,246 | (95,437) |
Income (loss) from continuing operations | 970,050 | 479,224 | (114,572) |
Income from discontinued operations, net of tax | 0 | 0 | 11,228 |
Net income (loss) | 970,050 | 479,224 | (103,344) |
Noncontrolling interests: | |||
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships | 458 | (3,243) | (798) |
Net income attributable to preferred noncontrolling interests in AIR Operating Partnership | (6,388) | (6,413) | (7,019) |
Net (income) loss attributable to common noncontrolling interests in AIR Operating Partnership | (58,772) | (28,433) | 5,438 |
Net (income) loss attributable to noncontrolling interests | (65,618) | (31,603) | (783) |
Net income (loss) attributable to the AIR | 904,432 | 447,621 | (104,127) |
Net income attributable to AIR preferred stockholders | (172) | (181) | 0 |
Net income attributable to participating securities | (618) | (316) | (202) |
Basic net income (loss) attributable to AIR | $ 903,642 | $ 447,124 | $ (104,329) |
Earnings (loss) per common unit - basic: | |||
Income (loss) from continuing operations attributable to AIR per common share | $ 5.86 | $ 2.90 | $ (0.94) |
Income (loss) from discontinued operations attributable to AIR per common share | 0 | 0 | 0.09 |
Earnings per share - basic | 5.86 | 2.90 | (0.85) |
Earnings (loss) per common share - diluted | |||
Income (loss) from continuing operations attributable to AIR per common share/unit | 5.81 | 2.89 | (0.94) |
Income (loss) from discontinued operations attributable to AIR per common share | 0 | 0 | 0.09 |
Earnings per share - diluted | $ 5.81 | $ 2.89 | $ (0.85) |
Weighted average common shares/units outstanding - basic | 154,093 | 154,135 | 122,446 |
Weighted average common shares/units outstanding - diluted | 156,587 | 154,503 | 122,446 |
Apartment Income REIT, L.P [Member] | |||
REVENUES: | |||
Total revenues | $ 773,723 | $ 740,853 | $ 719,556 |
EXPENSES | |||
Property operating expenses | 261,264 | 268,101 | 249,036 |
Depreciation and amortization | 350,945 | 319,742 | 320,943 |
General and administrative expenses | 24,939 | 18,585 | 46,377 |
Provision for real estate impairment loss | 0 | 0 | 47,281 |
Other expenses, net | 9,073 | 27,220 | 73,860 |
Total operating expenses | 646,221 | 633,648 | 737,497 |
Interest income | 50,264 | 58,651 | 12,374 |
Interest expense | (116,459) | (129,467) | (147,035) |
Loss on extinguishment of debt | (23,636) | (156,707) | (13,324) |
Gain on dispositions of real estate and derecognition of leased properties | 939,806 | 594,861 | 119,215 |
Mezzanine investment income, net | 0 | 0 | 27,576 |
loss from unconsolidated real estate partnerships | (3,504) | (565) | 0 |
Income (loss) from continuing operations before income tax benefit (expense) and discontinued operations | 973,973 | 473,978 | (19,135) |
Income tax benefit | (3,923) | 5,246 | (95,437) |
Income (loss) from continuing operations | 970,050 | 479,224 | (114,572) |
Income from discontinued operations, net of tax | 0 | 0 | 11,228 |
Net income (loss) | 970,050 | 479,224 | (103,344) |
Noncontrolling interests: | |||
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships | (458) | 3,243 | 798 |
Net income (loss) attributable to the AIR | 969,592 | 482,467 | (102,546) |
Net income attributable to AIR preferred stockholders | (6,560) | (6,594) | (7,019) |
Net income attributable to participating securities | (618) | (316) | (202) |
Basic net income (loss) attributable to AIR | $ 962,414 | $ 475,557 | $ (109,767) |
Earnings (loss) per common unit - basic: | |||
Income (loss) from continuing operations attributable to AIR per common share | $ 5.86 | $ 2.92 | $ (0.94) |
Income (loss) from discontinued operations attributable to AIR per common share | 0 | 0 | 0.09 |
Earnings per share - basic | 5.86 | 2.92 | (0.85) |
Earnings (loss) per common share - diluted | |||
Income (loss) from continuing operations attributable to AIR per common share/unit | 5.81 | 2.92 | (0.94) |
Income (loss) from discontinued operations attributable to AIR per common share | 0 | 0 | 0.09 |
Earnings per share - diluted | $ 5.81 | $ 2.92 | $ (0.85) |
Weighted average common shares/units outstanding - basic | 164,141 | 162,739 | 128,775 |
Weighted average common shares/units outstanding - diluted | 166,635 | 163,108 | 128,775 |
Rental and Other Property Revenues [Member] | |||
REVENUES: | |||
Total revenues | $ 764,192 | $ 733,483 | $ 719,556 |
Rental and Other Property Revenues [Member] | Apartment Income REIT, L.P [Member] | |||
REVENUES: | |||
Total revenues | 764,192 | 733,483 | 719,556 |
Other Revenues [Member] | |||
REVENUES: | |||
Total revenues | 9,531 | 7,370 | 0 |
Other Revenues [Member] | Apartment Income REIT, L.P [Member] | |||
REVENUES: | |||
Total revenues | $ 9,531 | $ 7,370 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income (loss) | $ 970,050 | $ 479,224 | $ (103,344) |
Unrealized gains on derivative instruments | 47,049 | 0 | 0 |
Reclassification of interest rate derivatives, net to net income | 273 | ||
Reclassification of unrealized losses on available for sale debt securities | 0 | (3,251) | (1,236) |
Comprehensive income (loss) | 1,017,372 | 475,973 | (104,580) |
Comprehensive (income) loss attributable to noncontrolling interests | (69,378) | (31,391) | (703) |
Comprehensive income (loss) attributable to AIR Operating Partnership | 947,994 | 444,582 | (105,283) |
Apartment Income REIT, L.P. [Member] | |||
Net income (loss) | 970,050 | 479,224 | (103,344) |
Unrealized gains on derivative instruments | 47,049 | 0 | 0 |
Reclassification of interest rate derivatives, net to net income | 273 | 0 | 0 |
Reclassification of unrealized losses on available for sale debt securities | 0 | (3,251) | (1,236) |
Comprehensive income (loss) | 1,017,372 | 475,973 | (104,580) |
Comprehensive (income) loss attributable to noncontrolling interests | (458) | 3,243 | 798 |
Comprehensive income (loss) attributable to AIR Operating Partnership | $ 1,016,914 | $ 479,216 | $ (103,782) |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Preferred Stock | Perpetual Preferred Stock | Perpetual Preferred Stock Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Distributions in Excess of Earnings | Distributions in Excess of Earnings Cumulative Effect, Period of Adoption, Adjustment | Total AIR Equity | Total AIR Equity Cumulative Effect, Period of Adoption, Adjustment | Total AIR Equity Preferred Stock | Noncontrolling Interest in Consolidated Real Estate Partnerships | Common Noncontrolling Interests In AIR Operating Partnership |
Balances at Dec. 31, 2019 | $ 1,860,795 | $ 1,202 | $ 3,497,654 | $ 4,195 | $ (1,722,402) | $ 1,780,649 | $ (3,296) | $ 83,442 | |||||||
Balances (in shares) at Dec. 31, 2019 | 120,242,385 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Repurchases of Common Stock | (10,004) | $ (2) | (10,002) | (10,004) | |||||||||||
Repurchases of Common Stock (in shares) | (188,727) | ||||||||||||||
Issuance of Preferred Stock | 2,000 | $ 2,000 | 2,000 | ||||||||||||
Issuance of Preferred Stock, Shares | 20 | ||||||||||||||
Issuance costs | (305) | (305) | (305) | ||||||||||||
Redemption of AIR Operating Partnership units | (2,642) | (2,642) | |||||||||||||
Conversion of AIR Operating Partnership units | $ 3 | 5,136 | 5,139 | (5,139) | |||||||||||
Conversion of AIR Operating Partnership units (in shares) | 128,361 | ||||||||||||||
Amortization of share-based compensation cost | 9,241 | 4,900 | 4,900 | 4,341 | |||||||||||
Amortization of share-based compensation cost (in shares) | 19,945 | ||||||||||||||
Effect of changes in ownership of consolidated entities | 438,470 | 494,589 | 494,589 | (61,320) | 5,201 | ||||||||||
Contributions from noncontrolling interests in consolidated real estate partnerships | 4,701 | 4,701 | |||||||||||||
Change in other comprehensive loss | (1,236) | (1,156) | (1,156) | (80) | |||||||||||
Net income (loss) | (109,944) | (104,127) | (104,127) | (379) | (5,438) | ||||||||||
Common Stock dividends | (304,992) | (304,992) | (304,992) | ||||||||||||
Common Stock issued in special dividend | $ 286 | (286) | |||||||||||||
Common Stock issued in special dividend (in shares) | 28,628,500 | ||||||||||||||
Distributions to Aimco for the business separation | (559,856) | (559,753) | (559,753) | (103) | |||||||||||
Distributions to noncontrolling interests | (18,182) | (1,682) | (16,500) | ||||||||||||
Other, net | 324 | 188 | 188 | 136 | |||||||||||
Other, net (in shares) | (30,572) | ||||||||||||||
Balances at Dec. 31, 2020 | 1,308,093 | $ (277) | $ 2,000 | $ 1,489 | 3,432,121 | 3,039 | (2,131,798) | $ (277) | 1,306,851 | $ (277) | (61,943) | 63,185 | |||
Balances (in shares) at Dec. 31, 2020 | 20 | 148,861,036 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Issuance of Preferred Stock | 342,470 | $ 129 | $ 129 | $ 79 | 342,391 | 342,470 | $ 129 | ||||||||
Issuance of Preferred Stock, Shares | 125 | 7,825,000 | |||||||||||||
Issuance costs | (486) | (486) | (486) | ||||||||||||
Issuance of AIR Operating Partnership Units | 121,557 | 121,557 | |||||||||||||
Redemption of AIR Operating Partnership units | (17,827) | (17,827) | |||||||||||||
Conversion of AIR Operating Partnership units | $ 1 | 8,332 | 8,333 | (8,333) | |||||||||||
Conversion of AIR Operating Partnership units (in shares) | 170,820 | ||||||||||||||
Amortization of share-based compensation cost | 7,655 | 3,771 | 3,771 | 3,884 | |||||||||||
Amortization of share-based compensation cost (in shares) | 33,000 | ||||||||||||||
Effect of changes in ownership of consolidated entities | (21,312) | (21,312) | 21,312 | ||||||||||||
Contributions from noncontrolling interests in consolidated real estate partnerships | 7,458 | 7,458 | |||||||||||||
Change in other comprehensive loss | (3,251) | (3,039) | (3,039) | (212) | |||||||||||
Net income (loss) | 472,811 | 447,621 | 447,621 | (3,243) | 28,433 | ||||||||||
Common Stock dividends | (269,385) | (269,385) | (269,385) | ||||||||||||
Preferred Stock dividends | (179) | (179) | (179) | ||||||||||||
Distributions to noncontrolling interests | (28,129) | (12,913) | (15,216) | ||||||||||||
Other, net | (1,761) | $ 1 | (1,712) | (38) | (1,749) | (242) | 230 | ||||||||
Other, net (in shares) | (108,511) | ||||||||||||||
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 | (316,710) | $ (80) | (316,630) | (316,710) | |||||||||||
Repurchases of Common Stock (in shares) | (8,020,139) | ||||||||||||||
Redemption of AIR Operating Partnership units | (11,174) | (11,174) | |||||||||||||
Conversion of AIR Operating Partnership units | 119 | 119 | (119) | ||||||||||||
Conversion of AIR Operating Partnership units (in shares) | 3,116 | ||||||||||||||
Amortization of share-based compensation cost | 7,966 | 4,270 | 4,270 | 3,696 | |||||||||||
Effect of changes in ownership of consolidated entities | (7,791) | (7,791) | 7,791 | ||||||||||||
Contributions from noncontrolling interests in consolidated real estate partnerships | 9,206 | 9,206 | |||||||||||||
Purchase of noncontrolling interests in consolidated real estate partnerships | (5,409) | (5,529) | (5,529) | 120 | |||||||||||
Change in other comprehensive loss | 47,322 | 43,562 | 43,562 | 3,760 | |||||||||||
Net income (loss) | 963,662 | 904,432 | 904,432 | 458 | 58,772 | ||||||||||
Common Stock dividends | (277,639) | (277,639) | (277,639) | ||||||||||||
Preferred Stock dividends | (35,444) | (17,623) | (17,821) | ||||||||||||
Other, net | (1,629) | $ (129) | $ 1 | (909) | (285) | (1,322) | (63) | (244) | |||||||
Other, net (in shares) | (125) | 105,204 | |||||||||||||
Balances at Dec. 31, 2022 | $ 2,319,306 | $ 2,000 | $ 1,491 | $ 3,436,635 | $ 43,562 | $ (1,327,271) | $ 2,156,417 | $ (78,785) | $ 241,674 | ||||||
Balances (in shares) at Dec. 31, 2022 | 20 | 149,086,548 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ 970,050 | $ 479,224 | $ (103,344) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 350,945 | 319,742 | 320,943 |
Provision for real estate impairment loss | 47,281 | ||
Loss on extinguishment of debt | 23,636 | 156,707 | 0 |
Gain on derecognition of leased properties and dispositions of real estate | 939,806 | 594,861 | 119,215 |
Income tax expense (benefit) | 3,923 | (5,246) | 95,437 |
Other, net | (10,658) | 14,590 | (15,147) |
Income tax benefit | (3,923) | 5,246 | (95,437) |
Net changes in operating assets and operating liabilities: | |||
Accounts receivable and other assets, net | 27,864 | (19,646) | (57,881) |
Accounts payable, accrued liabilities and other | (26,713) | (17,554) | 12,672 |
Total adjustments | (549,493) | (146,268) | 379,993 |
Net cash provided by operating activities | 420,557 | 332,956 | 276,649 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of real estate and deposits related to purchases of real estate | (861,320) | (364,055) | (4,353) |
Capital expenditures | (192,404) | (174,499) | (346,914) |
Proceeds from dispositions of real estate | 1,209,241 | 915,926 | 159,422 |
Purchases of corporate assets | 13,940 | (5,171) | (17,328) |
Proceeds from repayment of note receivable | 534,127 | 0 | 0 |
Proceeds from investments in debt securities | 0 | 100,852 | 0 |
Other investing activities | 25,447 | 5,229 | (29,326) |
Net cash provided by (used in) investing activities | 650,257 | 478,282 | (349,999) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from non-recourse property debt | 54,156 | 643,756 | |
Principal repayments on non-recourse property debt of continuing operations | (449,535) | (1,492,446) | (772,935) |
Proceeds from term loans | 1,150,000 | 350,000 | |
Repayment of term loan | (350,000) | (350,000) | |
Net borrowings on (repayments of) revolving credit facility | 159,205 | 36,756 | (9,400) |
Payment of debt extinguishment costs | (22,680) | (149,725) | (14,831) |
Cash distributed to Aimco in Separation | (257,296) | ||
Proceeds from issuance of unsecured notes payable | 400,000 | ||
Proceeds from the issuance of Common Stock | 342,470 | ||
Repurchases of common partnership units held by GP and Special Limited Partner | (316,710) | 0 | (10,004) |
Payment of dividends to holders of Common Stock | (277,551) | (269,601) | (304,992) |
Payment of distributions to noncontrolling interests | (35,472) | (28,170) | (18,455) |
Redemptions of noncontrolling interests in the AIR Operating Partnership | (13,394) | (17,905) | (20,259) |
Contribution from noncontrolling interests in consolidated real estate partnerships | 9,206 | 7,458 | 456,675 |
Other financing activities | (19,395) | (20,794) | (24,103) |
Net cash used in financing activities | (862,170) | (791,957) | (26,037) |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 208,644 | 19,281 | (99,387) |
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH OF DISCONTINUED OPERATIONS | 6,326 | ||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH OF CONTINUING OPERATIONS | 208,644 | 19,281 | (93,061) |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD | 92,761 | 73,480 | 166,541 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD | 301,405 | 92,761 | 73,480 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Interest paid, net of amounts capitalized | 114,340 | 130,202 | 145,000 |
Cash paid for income taxes | 5,528 | 6,763 | 12,168 |
Non-cash transactions associated with the acquisition or disposition of real estate: | |||
Non-recourse property debt assumed in connection with the acquisition of real estate | 0 | 259,248 | 0 |
Real estate tax liability assumed in connection with the acquisition of real estate | 802 | 0 | 0 |
Issuance of common OP Units in connection with acquisition of real estate | 0 | 121,557 | 0 |
Other non-cash transactions: | |||
Assets, net of liabilities distributed to Aimco | 0 | 0 | 559,753 |
Other liabilities incurred in the Separation, net | 0 | 7,541 | 5,506 |
Recognition of right-of-use lease assets | 80,651 | 0 | 9,667 |
Recognition of lease liabilities | 80,651 | 0 | 9,667 |
Accrued capital expenditures (at end of period) | 10,701 | 9,732 | 31,323 |
Accrued dividends on TSR restricted stock and LTIP awards (at end of period) | 1,131 | 1,070 | 1,327 |
Apartment Income REIT, L.P [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | 970,050 | 479,224 | (103,344) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 350,945 | 319,742 | 320,943 |
Provision for real estate impairment loss | 0 | 0 | 47,281 |
Loss on extinguishment of debt | 23,636 | 156,707 | 0 |
Gain on derecognition of leased properties and dispositions of real estate | (939,806) | (594,861) | (119,215) |
Income tax expense (benefit) | 3,923 | (5,246) | 95,437 |
Other, net | 10,658 | 14,590 | (15,147) |
Income tax benefit | (3,923) | 5,246 | (95,437) |
Net changes in operating assets and operating liabilities: | |||
Accounts receivable and other assets, net | 27,864 | (19,646) | (57,881) |
Accounts payable, accrued liabilities and other | (26,713) | (17,554) | 12,672 |
Total adjustments | (549,493) | (146,268) | 379,993 |
Net cash provided by operating activities | 420,557 | 332,956 | 276,649 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of real estate and deposits related to purchases of real estate | (861,320) | (364,055) | (4,353) |
Capital expenditures | (192,404) | (174,499) | (346,914) |
Proceeds from dispositions of real estate | 1,209,241 | 915,926 | 159,422 |
Purchases of corporate assets | (13,940) | (5,171) | (17,328) |
Proceeds from repayment of note receivable | 534,127 | ||
Proceeds from investments in debt securities | 100,852 | ||
Other investing activities | (25,447) | (5,229) | (29,326) |
Net cash provided by (used in) investing activities | 650,257 | 478,282 | (349,999) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from non-recourse property debt | 54,156 | 643,756 | |
Principal repayments on non-recourse property debt of continuing operations | (449,535) | (1,492,446) | (772,935) |
Proceeds from term loans | 1,150,000 | 350,000 | |
Repayment of term loan | (350,000) | (350,000) | |
Net borrowings on (repayments of) revolving credit facility | 159,205 | 36,756 | (9,400) |
Payment of debt extinguishment costs | (22,680) | (149,725) | (14,831) |
Cash distributed to Aimco in Separation | (257,296) | ||
Proceeds from issuance of unsecured notes payable | 400,000 | ||
Proceeds from the issuance of Common Stock | 342,470 | ||
Repurchases of common partnership units held by GP and Special Limited Partner | (316,710) | (10,004) | |
Payment of distributions General Partner and Special Limited Parter | (277,551) | (269,601) | (304,992) |
Payment of distributions to Limited Partners | (17,849) | (15,257) | (16,667) |
Payment of distributions to noncontrolling interests | (17,623) | (12,913) | (1,788) |
Redemption of common and preferred units | (13,394) | (17,905) | (20,259) |
Contribution from noncontrolling interests in consolidated real estate partnerships | 9,206 | 7,458 | 456,675 |
Other financing activities | (19,395) | (20,794) | (24,103) |
Net cash used in financing activities | (862,170) | (791,957) | (26,037) |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 208,644 | 19,281 | (99,387) |
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH OF DISCONTINUED OPERATIONS | 6,326 | ||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH OF CONTINUING OPERATIONS | 208,644 | 19,281 | (93,061) |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD | 92,761 | 73,480 | 166,541 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD | 301,405 | 92,761 | 73,480 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Interest paid, net of amounts capitalized | 114,340 | 130,202 | 145,000 |
Cash paid for income taxes | 5,528 | 6,763 | 12,168 |
Non-cash transactions associated with the acquisition or disposition of real estate: | |||
Non-recourse property debt assumed in connection with the acquisition of real estate | 0 | 259,248 | 0 |
Real estate tax liability assumed in connection with the acquisition of real estate | 802 | 0 | 0 |
Issuance of common OP Units in connection with acquisition of real estate | 0 | 121,557 | 0 |
Other non-cash transactions: | |||
Assets, net of liabilities distributed to Aimco | 0 | 0 | 559,753 |
Other liabilities incurred in the Separation, net | 0 | 7,541 | 5,506 |
Recognition of right-of-use lease assets | 80,651 | 0 | 9,667 |
Recognition of lease liabilities | 80,651 | 0 | 9,667 |
Accrued capital expenditures (at end of period) | 10,701 | 9,732 | 31,323 |
Accrued dividends on TSR restricted stock and LTIP awards (at end of period) | 1,131 | 1,070 | 1,327 |
Discontinued Operations [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Income tax expense (benefit) | (7,939) | ||
Depreciation and amortization | 72,729 | ||
Income tax benefit | 7,939 | ||
Other non-cash adjustments, net | 819 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of real estate and deposits related to purchases of real estate | 0 | 0 | (92,485) |
Capital expenditures | 0 | 0 | (19,015) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Principal repayments on non-recourse property debt of continuing operations | (44,193) | ||
Discontinued Operations [Member] | Apartment Income REIT, L.P [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Income tax expense (benefit) | (7,939) | ||
Depreciation and amortization | 72,729 | ||
Income tax benefit | 7,939 | ||
Other non-cash adjustments, net | 819 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of real estate and deposits related to purchases of real estate | (92,485) | ||
Capital expenditures | (19,015) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Principal repayments on non-recourse property debt of continuing operations | $ (44,193) |
Consolidated Statements of Part
Consolidated Statements of Partners' Capital - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | 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 Interests In Consolidated Real Estate Partnerships [Member] |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Cumulative effect of a change in accounting principle | $ 1,860,795 | |||||||
Balances at Dec. 31, 2019 | $ 1,860,795 | $ 1,780,649 | $ 83,442 | $ 1,864,091 | $ (3,296) | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Repurchases of common partnership units | (10,004) | (10,004) | (10,004) | |||||
Proceeds from the issuance of Common Stock | ||||||||
Issuance of Preferred Stock | 2,000 | 2,000 | $ 2,000 | 2,000 | ||||
Issuance costs | (305) | (305) | (305) | |||||
Redemption of common partnership units | (2,642) | (2,642) | (2,642) | |||||
Conversion of common partnership units | 5,139 | (5,139) | ||||||
Amortization of share-based compensation cost | 9,241 | 4,900 | 4,341 | 9,241 | ||||
Effect of changes in ownership for consolidated entities | 438,470 | 494,589 | 5,201 | 499,790 | (61,320) | |||
Contributions from noncontrolling interests in consolidated real estate partnerships | 4,701 | 4,701 | 4,701 | |||||
Cumulative effect of a change in accounting principle | (277) | (277) | (277) | |||||
Change in other comprehensive loss | (1,236) | (1,236) | (1,156) | (80) | (1,236) | |||
Net income (loss) | (109,944) | (109,944) | (104,127) | (5,438) | (109,565) | (379) | ||
Distributions to common unitholders | (304,992) | (304,992) | (304,992) | |||||
Distributions to Aimco for the business separation | (559,856) | (559,753) | (559,753) | (103) | ||||
Distributions to noncontrolling interests | (18,182) | (18,182) | (16,500) | (16,500) | (1,682) | |||
Repurchase of common partnership units | (10,004) | (10,004) | ||||||
Other, net | 324 | 188 | 188 | 136 | ||||
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] | ||||||||
Cumulative effect of a change in accounting principle | 1,308,093 | $ (277) | ||||||
Proceeds from the issuance of Common Stock | 342,470 | 342,470 | 342,470 | 342,470 | ||||
Issuance of common partnership units | 121,557 | 121,557 | 121,557 | |||||
Issuance of Preferred Stock | 342,470 | 129 | 129 | 129 | ||||
Issuance costs | (486) | (486) | (486) | |||||
Redemption of common partnership units | (17,827) | (17,827) | (17,827) | |||||
Conversion of common partnership units | 8,333 | (8,333) | ||||||
Amortization of share-based compensation cost | 7,655 | 3,771 | 3,884 | 7,655 | ||||
Effect of changes in ownership for consolidated entities | (21,312) | 21,312 | ||||||
Contributions from noncontrolling interests in consolidated real estate partnerships | 7,458 | 7,458 | 7,458 | |||||
Change in other comprehensive loss | (3,251) | (3,251) | (3,039) | (212) | (3,251) | |||
Net income (loss) | 472,811 | 472,811 | 447,621 | 28,433 | 476,054 | (3,243) | ||
Distributions to common unitholders | (269,385) | (269,385) | (269,385) | |||||
Distributions to preferred unitholders | (179) | (179) | (179) | |||||
Distributions to noncontrolling interests | (28,129) | (28,129) | (15,216) | (15,216) | (12,913) | |||
Repurchase of common partnership units | 0 | |||||||
Other, net | (1,761) | (1,749) | 230 | (1,519) | (242) | |||
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] | ||||||||
Cumulative effect of a change in accounting principle | 1,939,155 | |||||||
Proceeds from the issuance of Common Stock | ||||||||
Redemption of common partnership units | (11,174) | (11,174) | (11,174) | |||||
Conversion of common partnership units | 119 | (119) | ||||||
Amortization of share-based compensation cost | 7,966 | 4,270 | 3,696 | 7,966 | ||||
Effect of changes in ownership for consolidated entities | 7,791 | (7,791) | ||||||
Purchase of noncontrolling interest in consolidated real estate partnerships | (5,409) | (5,529) | (5,529) | 120 | ||||
Contributions from noncontrolling interests in consolidated real estate partnerships | 9,206 | 9,206 | 9,206 | |||||
Change in other comprehensive loss | 47,322 | 47,322 | 43,562 | 3,760 | 47,322 | |||
Net income (loss) | 963,662 | 963,662 | 904,432 | 58,772 | 963,204 | 458 | ||
Distributions to common unitholders | (295,460) | (277,639) | (17,821) | (295,460) | ||||
Distributions to noncontrolling interests | (17,623) | (17,623) | ||||||
Repurchase of common partnership units | (316,710) | (316,710) | (316,710) | (316,710) | ||||
Other, net | (1,629) | (129) | (1,193) | (244) | (1,566) | (63) | ||
Balances at Dec. 31, 2022 | $ 2,319,306 | $ 2,000 | $ 2,154,417 | $ 241,674 | $ 2,398,091 | $ 78,785 | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Cumulative effect of a change in accounting principle | $ 2,319,306 |
Basis of Presentation and Organ
Basis of Presentation and Organization | 12 Months Ended |
Dec. 31, 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 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 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 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 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. Reclassifications and Revisions Certain prior period balances in the consolidated statements of cash flows have been combined to conform to current period presentation. These changes had no impact on net income, cash flows, stockholders’ equity or partners’ capital previously reported. On December 15, 2020, Aimco completed the separation of its business into two separate and distinct, publicly traded companies, AIR and Aimco (the “Separation”). Notwithstanding the legal form of the Separation, for accounting and financial reporting purposes, Aimco is presented as being spun-off from AIR. This presentation is in accordance with generally accepted accounting principles in the U.S. (“GAAP”) and is due primarily to the relative significance of AIR’s business, as measured in terms of revenues, net income, assets, and other relevant indicators, as compared to Aimco before the Separation. Therefore, AIR is considered the divesting entity and treated as the accounting spinnor, and Aimco is presented as the predecessor for AIR’s financial statements. Unless otherwise stated, financial results prior to the Separation on December 15, 2020 include the financial results of Aimco. The financial results attributable to the apartment communities retained by Aimco in the Separation are presented as discontinued operations. Unless otherwise noted, all disclosures in the notes accompanying the consolidated financial statements reflect only continuing operations. Please refer to Note 14 for further details regarding our discontinued operations. Organization and Business AIR is a self-administered and self-managed 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. 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 10 s tates and the District of Columbia. As of December 31, 2022, our portfolio included 74 apartment communities with 25,301 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. Any references to the number of apartment communities and homes, square footage, or occupancy percentage in these notes to our consolidated financial statements are unaudited. Interests 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 December 31, 2022, after elimination of units held by consolidated subsidiaries, the AIR Operating Partnership had 162,038,925 common OP Units outstanding. As of December 31, 2022, AIR owned 149,086,548 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 92.0 % legal interest in the AIR Operating Partnership and a 93.8 % econom ic interest. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 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 variable interest entities (“VIE”), in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. As of December 31, 2022 and 2021, AIR consolidated seven and 11 VIEs, respectively, including the AIR Operating Partnership. Real Estate Acquisitions Upon the acquisition of real estate, we determine whether the purchase qualifies as an asset acquisition or meets the definition of an acquisition of a business. We generally recognize the acquisition of apartment communities or interests in partnerships that own communities at our cost, including the related transaction costs, as asset acquisitions. We allocate the cost of apartment communities acquired based on the relative fair value of the assets acquired and liabilities assumed. The fair value of these assets and liabilities is determined using valuation techniques that rely on Level 2 and Level 3 inputs within the fair value framework. We determine the fair value of tangible assets, such as land, buildings, furniture, fixtures, and equipment using valuation techniques that consider comparable market transactions, replacement costs, and other available information. We determine the fair value of identified intangible assets or liabilities, which typically relate to in-place leases, using valuation techniques that consider the terms of the in-place leases, current market data for comparable leases, and our experience in leasing similar communities. The intangible assets or liabilities related to in-place leases are comprised of: (a) the value of the above- and below-market leases in-place, measured over the period, including probable lease renewals for below-market leases, that the leases are expected to remain in effect; (b) the estimated unamortized portion of avoided leasing commissions and other costs that ordinarily would be incurred to originate the in-place leases; and (c) the value associated with leased apartment homes during an estimated absorption period, which estimates rental revenue that would not have been earned had leased apartment homes been vacant at the time of acquisition, assuming lease-up periods based on market demand and stabilized occupancy levels. The above- and below-market lease intangibles are amortized to rental revenue over the expected remaining terms of the associated leases, which include reasonably assured renewal periods. Other intangible assets related to in-place leases are amortized to depreciation and amortization over the expected remaining terms of the associated leases. Capital Additions We capitalize costs, including certain indirect costs, incurred in connection with our capital additions activities, including tangible apartment community improvements and replacements of existing apartment community components. Costs, including ordinary repairs, maintenance, and resident turnover costs, are charged to property operating expense as incurred. For the years ended December 31, 2022, 2021, and 2020, we capitalized to buildings and improvements $ 1.5 million, $ 2.4 million, and $ 13.7 million of interest costs, respectively, and $ 16.6 million, $ 10.3 million, and $ 33.0 million of other direct and indirect costs, respectively. Dispositions A property is classified as held for sale when all of the following criteria for a plan of sale have been met: (i) management, having the authority to approve the action, commits to a plan to sell the asset or disposal group; (ii) the asset or disposal group is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset or disposal group have been initiated; (iv) the sale of the asset or disposal group is probable and is expected to be completed within one year; (v) the asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn, which is typically indicated by receipt of all non-refundable deposits from the buyer pursuant to a sales contract. Depreciation of assets ceases upon designation of a property as held for sale. For sales of real estate, we evaluate whether the disposition represents a strategic shift that has, or will have, a major effect on our operations and financial results. If so, it is classified as discontinued operations in our consolidated financial statements for all periods presented. If not, it is presented in continuing operations in our consolidated financial statements. The disposal of an individual property generally will not represent a strategic shift that has a major effect, and therefore will typically not meet the criteria for classification as a discontinued operations. Gain or loss on real estate dispositions are recognized when we no longer hold a controlling financial interest in the real estate and sufficient consideration has been received. Upon disposition, the related assets and liabilities are derecognized, and the gain or loss on disposition is recognized as the difference between the carrying amount of those assets and liabilities and the value of consideration received. Impairment Real estate and other long-lived assets to be held and used are individually evaluated for impairment when conditions exist that may indicate the carrying amount of a long-lived asset may not be recoverable. We use the held for sale impairment model for properties classified as held for sale, whereby an impairment charge is recognized if the carrying amount of the long-lived asset classified as held for sale exceeds its fair value less cost to sell. If an impairment indicator exists, we compare the asset’s expected future undiscounted cash flows to its current carrying value to assess whether impairment measurement is necessary. Upon determinat ion that an impairment has occurred, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the real estate and other long-lived assets. During 2020, we recognized an impairment loss on real estate of $ 47.3 million. We did no t recognize any such impairment during the years ended December 31, 2022 and 2021. The measurement of impairment is based on the fair value of the community and incorporates various estimates and assumptions, the most significant being market rental rates, operating expense assumptions, expected hold period, and capitalization rate. We project future rental revenue growth rates using forecasted rates from third-party market research analytics. Property expense growth rates and capitalization rates are based on the apartment communities’ historical, current, and expected future operating results, existing operating expense assumptions, and operational strategies. These projections are adjusted to reflect current economic conditions and require considerable management judgment. Cash and Cash Equivalents We classify highly liquid investments with an original maturity of three months or less as cash equivalents. We maintain cash equivalents in financial institutions in excess of insured limits. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions. Restricted Cash As of December 31, 2022, restricted cash primarily consists of cash deposited into 1031 exchange accounts in connection with tax-deferred exchange transactions that was released in conjunction with the Southgate Towers acquisition in January 2023, capital repla cement reserves, completion repair reserves, bond sinking fund amounts, real estate tax, insurance escrow accounts held by lenders, and resident security deposits. Sales-Type Lease Arrangements During 2021, we entered into leases of existing properties with Aimco, which were accounted for as sales-type leases in accordance with Accounting Standards Codification Topic 842, Leases (“ASC 842”), with terms ranging from 10 to 25 years . As of December 31, 2021, we had assets recorded reflecting our net investment in such leased properties totalin g $ 466 million. During the third quarter of 2022, we canceled the existing sales-type leases. Please refer to Note 3 for further information regarding the lease cancellation. Goodwill As of December 31, 2022 and 2021, goodwill associated with our reportable segments totaled $ 32.3 million. In connection with the Separation during 2020, we allocated goodwill in the amount of $ 5.5 milli on that was attributable to the properties retained by Aimco, with an offsetting amount recognized in additional paid in capital. Annually, or when an interim triggering event occurs, we perform an impairment test of goodwill by evaluating qualitative factors and quantitative factors, if necessary, to determine the likelihood that goodwill may be impaired. As a result of our annual impairment test, we determined that our goodwill was not impaired during the years ended December 31, 2022, 2021, and 2020 . Other Assets, net As of December 31, 2022 and 2021, other assets, net was comprised of the following amounts (in thousands): 2022 2021 Mezzanine investment $ 158,726 $ 337,800 Right-of-use lease assets 126,020 53,425 Other receivables, net 69,944 40,675 Other 226,633 136,151 Total other assets, net $ 581,323 $ 568,051 Accrued Liabilities and Other As of December 31, 2022 and 2021, accrued liabilities and other was comprised of the following amounts (in thousands): 2022 2021 Mezzanine liability $ 158,726 $ 337,800 Accrued expenses 225,888 161,321 Other 129,191 93,653 Total accrued liabilities and other $ 513,805 $ 592,774 Investments in Unconsolidated Real Estate Partnerships We may own general and limited partner interests in partnerships that either directly, or through interests in other real estate partnerships, own apartment communities. We generally account for investments in real estate partnerships that we do not consolidate under the equity method. Under the equity method, we recognize our share of the earnings or losses of the entity for the periods presented, inclusive of our share of any impairments and disposition gains or losses recognized by and related to such entities, and we present such amounts within income from unconsolidated real estate partnerships in our consolidated statements of operations. Investments in unconsolidated real estate partnerships are included in other assets, net, in our consolidated balance sheets. Investments in unconsolidated real estate partnerships are reviewed for impairments. An impairment loss is recorded when there is a decline in the fair value below the carrying value and we conclude such decline is other-than-temporary. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. We determine the fair value of investments in unconsolidated real estate partnerships using valuation techniques that consider the terms of the in-place leases, current market data for comparable leases, our experience in leasing similar communities, and current plans. We recognized no such impairments for any of the years ended December 31, 2022, 2021, and 2020. The excess of our cost of the acquired partnership interests over our share of the partners’ equity or deficit is generally ascribed to the fair values of land and buildings owned by the partnerships. We amortize the excess cost ascribed to the buildings over the related estimated useful life. Such amortization is recorded as an adjustment of the amounts of earnings or losses we recognize from such unconsolidated real estate partnerships. Noncontrolling Interests in Consolidated Real Estate Partnerships We generally report the unaffiliated partners’ interests in the net assets of our consolidated real estate partnerships as noncontrolling interests in consolidated real estate partnerships within consolidated equity and partners’ capital. If a real estate partnership includes redemption rights that are not within AIR and the AIR Operating Partnership’s control, the noncontrolling interest is included as temporary equity or temporary capital. If the redemption right is not currently redeemable but probable of being redeemable in the future, changes in redemption value are recognized each quarter with the change in value being reflected in additional paid-in-capital. The assets of real estate partnerships consolidated by the AIR Operating Partnership must first be used to settle the liabilities of such consolidated real estate partnerships. These consolidated real estate partnerships’ creditors do not have recourse to the general credit of the AIR Operating Partnership. Noncontrolling interests in consolidated real estate partnerships consist primarily of equity interests held by limited partners in consolidated real estate partnerships that have finite lives. We generally attribute to noncontrolling interests their share of income or loss of consolidated partnerships based on their proportionate interest in the results of operations of the partnerships, including their share of losses even if such attribution results in a deficit noncontrolling interest balance within our equity and partners’ capital accounts. The terms of the related partnership agreements generally require the partnerships to be liquidated following the sale of the underlying real estate. As the general partner in these partnerships, we ordinarily control the execution of real estate sales and other events that could lead to the liquidation, redemption or other settlement of noncontrolling interests. Changes in our ownership interest in consolidated real estate partnerships generally consist of our purchase of an additional interest in or the sale of our entire or partial interest in a consolidated real estate partnership. The effect on our equity and partners’ capital of our purchase of additional interests in consolidated real estate partnerships during the years ended December 31, 2022, 2021, and 2020 , is shown in our consolidated statements of equity and partners’ capital. The effect on our equity and partners’ capital of sales of consolidated real estate or sales of our entire interest in consolidated real estate partnerships is reflected in our consolidated statements of operations as gains or losses on dispositions of real estate and accordingly the effect on our equity and partners’ capital is reflected within the amount of net income allocated to us and to noncontrolling interests. Upon our deconsolidation of a real estate partnership following the sale of our partnership interests or liquidation of the partnership following sale of the related apartment community, we derecognize any remaining noncontrolling interest of the associated partnership previously recorded in our consolidated balance sheets. Noncontrolling Interests in the AIR Operating Partnership Noncontrolling interests in the AIR Operating Partnership consist of common OP Units and preferred OP Units and are reflected in AIR’s accompanying consolidated balance sheets as noncontrolling interests in AIR Operating Partnership. Holders of preferred OP Units participate in the AIR Operating Partnership’s income or loss only to the extent of their preferred distributions. Within AIR’s consolidated financial statements, after provision for preferred OP Unit distributions, the AIR Operating Partnership’s income or loss is allocated to the holders of common OP Units based on the weighted-average number of common OP Units (including those held by AIR) outstanding during the period. During the years ended December 31, 2022, 2021, and 2020, the holders of common OP Units (excluding those held by AIR) had a weighted-average economic ownership interest in the AIR Operating Partnership of 6.25 % , 6.07 % , and 5.07 % , respectively. Please refer to Note 8 for further information regarding the items comprising noncontrolling interests in the AIR Operating Partnership. Substantially all of the assets and liabilities of AIR are those of the AIR Operating Partnership. Revenue from Leases We are a lessor primarily for residential leases. Our operating leases with residents may also provide that the resident reimburse us for certain costs, primarily the resident’s share of utilities expenses, incurred by the apartment community. These reimbursements represent revenue attributable to nonlease components for which the timing and pattern of recognition is the same as the revenue for the lease components. We use the practical expedient that allows us to account for the lease and nonlease components as a single component. Reimbursement and related expense are presented on a gross basis in our consolidated statements of operations, with the reimbursement included in rental and other property revenues attributable to real estate in our consolidated statements of operations. We recognize rental revenue attributed to lease components, net of any concessions, on a straight-line basis over the term of the lease. Insurance We believe our insurance coverages insure our apartment communities adequately against the risk of loss attributable to fire, earthquake, hurricane, tornado, flood, and other perils. In addition, we have third-party insurance coverage (after self-insured retentions) that defray the costs of large workers’ compensation, health, and general liability exposures. We accrue losses based upon our estimates of the aggregate liability for uninsured losses incurred using certain actuarial assumptions followed in the insurance industry and based on our experience. Depreciation and Amortization Depreciation for all tangible assets is calculated using the straight-line method over their estimated useful life. Acquired buildings and improvements are depreciated over a useful life based on the age, condition, and other physical characteristics of the asset. Furniture, fixtures, and equipment are generally depreciated over five years . We depreciate capitalized costs using the straight-line method over the estimated useful life of the related improvement, which is generally 5 , 15 , or 30 years. Purchased software and other costs related to software purchased or developed for internal use are capitalized during the application development stage and are amortized using the straight-line method over the estimated useful life of the software, generally three to five years. Purchased equipment is recognized at cost and depreciated using the straight-line method over the estimated useful life of the asset, which is generally five years. Leasehold improvements are also recorded at cost and depreciated on a straight-line basis over the shorter of the asset’s estimated useful life or the term of the related lease. Certain homogeneous items that are purchased in bulk on a recurring basis, such as appliances, are depreciated using group methods that reflect the average estimated useful life of the items in each group. Except in the case of apartment community casualties, where the net book value of the lost asset is written off in the determination of casualty gains or losses, we generally do not recognize any loss in connection with the replacement of an existing apartment community component because normal replacements are considered in determining the estimated useful life used in connection with our composite and group depreciation methods. Share-Based Compensation We issue various forms of share-based compensation, including stock options and restricted stock awards with service conditions or market conditions. We recognize share-based employee compensation based on the fair value on the grant date and recognize compensation cost over the awards’ requisite service periods. We reduce compensation cost related to forfeited awards in the period of forfeiture. Please refer to Note 9 for further discussion of our share-based compensation. Income Taxes AIR has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2020, and it intends to continue to operate in such a manner. AIR’s current and continuing qualification as a REIT depends on its ability to meet the various requirements imposed by the Code, which are related to organizational structure, distribution levels, diversity of stock ownership, and certain restrictions with regard to owned assets and categories of income. As a REIT, we are generally not subject to federal and certain state income tax on the net income that we currently distribute to stockholders. This treatment substantially eliminates the “double taxation” (at the corporate and stockholder levels) that generally results from an investment in a corporation. Even if AIR qualifies as a REIT, it may be subject to United States federal income and excise taxes in various situations, such as on undistributed income. AIR could also be subject to a 100 % tax on transactions between it and a TRS (described below) that are determined to be non-arm’s length and on any net income from sales of apartment communities that are determined to be dealer-type prohibited transactions. The state and local tax laws may not conform to the United States federal income tax treatment, and AIR may be subject to state or local taxation in various state or local jurisdictions, including those in which we transact business. Any taxes imposed on us reduce our operating cash flow and net income. Certain of AIR’s operations, or a portion thereof, including property management and risk management, are conducted through taxable REIT subsidiaries, which are subsidiaries of the AIR Operating Partnership, and each of which we refer to as a TRS. A TRS is a corporate subsidiary that has elected to be a TRS instead of a REIT and, as such, is subject to United States federal corporate income tax. We use TRS entities to facilitate our ability to offer certain services and activities to our residents and investment partners that cannot be offered directly by a REIT. For our TRS entities, deferred income taxes result from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts reported for United States federal income tax purposes, and are measured using the enacted tax rates and laws that are expected to be in effect when the differences reverse. We reduce deferred tax assets by recording a valuation allowance when we determine, based on available evidence, that it is more likely than not that the assets will not be realized. We recognize the tax consequences associated with intercompany transfers between the AIR Operating Partnership and TRS entities when such transactions occur. Please refer to Note 10 for further information about our income taxes. Earnings per Share and Unit AIR and the AIR Operating Partnership calculate earnings per share and unit, respectively, based on the weighted-average number of shares of Common Stock or common OP units, participating securities, Common Stock or common unit equivalents, and dilutive convertible securities outstanding during the period. The AIR Operating Partnership considers both common OP units and equivalents, which have identical rights to distributions and undistributed earnings, to be common units for purposes of the earnings per unit computations. Please refer to Note 11 for further information regarding earnings per share and unit computations. Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the consolidated financial statements and accompanying notes thereto. Actual results could differ from those estimates. |
Significant Transactions
Significant Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Significant Transactions [Abstract] | |
Significant Transactions | Note 3 — Significant Transactions Apartment Community Acquisitions During the year ended December 31, 2022, we acqui red 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): Number of apartment communities 4 Number of apartment homes 1,351 Purchase price $ 640,067 Capitalized transaction costs 7,325 Total consideration $ 647,392 Land $ 54,825 Building and improvements 576,779 Right-of-use lease asset 80,651 Intangible assets (1) 17,203 Lease liability ( 80,651 ) Below-market lease liabilities (1) ( 613 ) Real estate tax liability assumed ( 802 ) Total consideration $ 647,392 (1) Intangible assets and below-market lease liabilities have a weighted-average term of 2.2 years and 1.4 years , respectively. Subsequent to the year ended December 31, 2022, we acquired Southgate Towers, a 495 apartment home community located in the South Beach neighborhood of Miami Beach. Total consideration of $ 298.0 million includes $ 101.2 million of debt assumed and the issuance of $ 22.4 million in common OP Units. Apartment Community Dispositions Sold apartment communities during the years ended December 31, 2022, 2021, and 2020, are summarized below (dollars in thousands): 2022 2021 2020 Number of apartment communities sold 18 16 2 Number of apartment homes sold 3,364 1,395 485 Gain on apartment community sales $ 939,806 $ 243,369 $ 119,215 The apartment communities sold were predominantly located outside of primary markets or in lower-rated locations within primary markets and had average revenues per apartment home significantly below those of our retained portfolio. The apartment communities sold during 2020 were sold by Aimco prior to the Separation. 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 December 31, 2022, no communities were classified as held for sale. Lease Cancellation During 2021, we leased certain properties to Aimco for the purpose of their development, which were accounted for as sales-type leases. In accordance with ASC 842, we recorded a net investment in the leases, equal to the sum of the lease receivable and residual asset, discounted at the rate implicit to the leases. During the years ended December 31, 2022 and 2021, we recognized income of $ 17.3 million and $ 26.0 million, respectively, related to these sales-type leases, which is reflected in interest income in our consolidated statements of operations . On September 1, 2022, we canceled the existing master leases and accordingly, we will not receive any lease payments associated with these sales-type leases going forward. As a result of the cancellation, we now again own these properties. AIR paid $ 200 million to Aimco for the improvements added during the development period in accordance with the lease agreement. AIR held a $ 466 million leased real estate asset on the consolidated balance sheet as of August 31, 2022. The 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. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | Note 4 — Leases Tenant Lessor Arrangements The majority of lease payments we receive from our residents are fixed. We receive variable payments from our residents primarily for utility reimbursements. Our total lease income included in continuing operations was comprised of the following amounts for all operating leases for the years ended December 31, 2022, 2021, and 2020 (in thousands): 2022 2021 2020 Fixed lease income $ 715,060 $ 685,423 $ 677,060 Variable lease income 47,358 46,246 43,588 Straight-line rent write-off (1) — — ( 2,850 ) Total lease income $ 762,418 $ 731,669 $ 717,798 (1) The onset of COVID-19 and the anticipated economic slowdown resulted in a $ 2.9 million write-off of accrued straight-line rent during the year ended December 31, 2020. Generally, our residential leases do not provide extension options and, as of December 31, 2022, have an average remaining term of 8.3 months . In general, our commercial leases have options to extend for a certain period of time at the tenant’s option. As of December 31, 2022, future minimum annual rental payments we are contractually obligated to receive under residential and commercial leases, excluding such extension options, are as follows (in thousands): 2023 $ 451,818 2024 94,241 2025 11,781 2026 9,738 2027 8,834 Thereafter 34,888 Total $ 611,300 Lessee Arrangements We recognize right-of-use assets and related lease liabilities, which are included in other assets, net and accrued liabilities and other, respectively, in our consolidated balance sheets. We estimated the value of the lease liabilities using a discount rate equivalent to the rate we would pay on a secured borrowing with similar terms to the lease. Substantially all of the payments under our ground and office leases are fixed. We exclude options to extend the lease in our minimum lease terms unless the option is reasonably certain to be exercised. During 2022, we assumed a ground lease for a property acquired in the Washington, D.C. area. Our total lease cost for ground and office leases for the years ended December 31, 2022, 2021, and 2020 was $ 15.4 million, $ 5.3 million, and $ 8.0 million, respectively. As of December 31, 2022, the ground and office leases have weighted-average remaining terms of 89.0 years and 6.2 years, respectively, and weighted-average discount rates of 6.8 % and 3.8 % , respectively. As of December 31, 2022, minimum annual rental payments under these operating leases, reconciled to the lease liability included in accrued liabilities and other in our consolidated balance sheets, are as follows (in thousands): Operating Lease 2023 $ 7,857 2024 8,053 2025 8,084 2026 8,390 2027 8,344 Thereafter 1,716,754 Total $ 1,757,482 Less: Discount 1,622,955 Total lease liability $ 134,527 Of the total lease liability as of December 31, 2022, $ 125.8 m illion of the balance relates to our ground leases, with the remainder relating to our office leases. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Note 5 — Debt The following table summarizes our outstanding debt balances as of December 31, 2022 and 2021 (in thousands): 2022 2021 Secured debt: Fixed-rate property debt due May 2025 to January 2055 (1) $ 1,906,151 $ 2,217,256 Variable-rate property debt due October 2024 (2) 88,500 88,500 Total non-recourse property debt 1,994,651 2,305,756 Debt issuance costs, net of accumulated amortization ( 9,221 ) ( 11,017 ) Total non-recourse property debt, net $ 1,985,430 $ 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) 462,000 304,000 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 1,662,000 1,454,000 Debt issuance costs, net of accumulated amortization ( 5,801 ) ( 5,453 ) Total unsecured debt, net $ 1,656,199 $ 1,448,547 Total indebtedness $ 3,641,629 $ 3,743,286 (1) The stated rates on our fixed-rate property debt are between 2.4 % to 5.7 % . (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 December 31, 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 % . The term loans mature on the following schedule: $ 150 million mature on December 15, 2023, with two one-year extension options; $ 300 million mature on December 15, 2024, with a one-year extension option; $ 150 million mature on December 15, 2025; and $ 200 million mature on April 14, 2026. (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 December 31, 2022, we had capacity to borrow up to $ 526.9 mi llion 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 December 31, 2022, the weighted-average interest rate for our revolving credit facility was 5.3 % . (5) During the second quarter of 2022, we issued three tranches of guaranteed, senior unsecured notes, totaling $ 400 million. As of December 31, 2022, the weighted-average interest rate for senior unsecured notes was 4.3 % . Subsequent to December 31, 2022, and on a leverage neutral basis, AIR borrowed $ 320 million using 10-year fixed rate financing, bearing interest at 4.9 %. Proceeds were used to refinance a floating rate loan and reduce borrowings by $ 230 million on our revolving credit facility. This transaction reduced floating rate debt not subject to interest rate caps or swaps to 4 %, or $ 150 million, and increased our weighted-average maturity by nine months. After this transaction, AIR has no debt maturing before the second quarter of 2025. As of December 31, 2022, our fixed-rate property debt was secured by 23 apartment communities that had an aggregate net book value of $ 2.0 billion and our variable-rate property debt was secured by one apartment community that had an aggregate net book value of $ 171.0 million. Principal and interest on fixed-rate property debt are generally payable monthly or in monthly interest-only payments with balloon payments due at maturity. Principal and interest on variable-rate property debt are generally payable in monthly installments with balloon payments due at maturity. As of December 31, 2022, the scheduled principal amortization and maturity payments for our outstanding debt balances were as follows (in thousands): Amortization Maturities Total 2023 (1) $ 29,362 $ — $ 29,362 2024 (1) 30,841 88,500 119,341 2025 (1) (2) 29,539 971,323 1,000,862 2026 (1) 24,012 361,950 385,962 2027 21,445 163,098 184,543 Thereafter 186,190 1,288,391 1,474,581 Total $ 321,389 $ 2,873,262 $ 3,194,651 (1) Amounts presented above are inclusive of extension options on our terms loans, as outlined above. (2) The table above excludes our revolving credit facility due April 2025, which had an outstanding balance of $ 462 million as of December 31, 2022 . Under our credit agreement and unsecured notes payable, 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 no less than 1.50 to 1.00, 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. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 6 — Commitments and Contingencies Commitments We enter into certain commitments for future purchases of goods and services in connection with the operations of our apartment communities. Those commitments generally have terms of one year or less and reflect expenditure levels comparable to our historical expenditures. Legal Matters In addition to the matters described below, we are a party to various legal actions and administrative proceedings arising in the ordinary course of business, some of which are covered by our general liability insurance program, and none of which we expect to have a material adverse effect on our consolidated financial condition, results of operations or cash flows. Environmental Various federal, state and local laws subject apartment community owners or operators to liability for management and the costs of removal or remediation of certain potentially hazardous materials that may be present in the land or buildings of an apartment community. Such laws often impose liability without regard to fault or whether the owner or operator knew of, or was responsible for, the presence of such materials. The presence of, or the failure to manage or remediate properly, these materials may adversely affect occupancy at such apartment communities as well as the ability to sell or finance such apartment communities. In addition, governmental agencies may bring claims for costs associated with investigation and remediation actions. Moreover, private plaintiffs may potentially make claims for investigation and remediation costs they incur or for personal injury, disease, disability, or other infirmities related to the alleged presence of hazardous materials. In addition to potential environmental liabilities or costs associated with our current apartment communities, we may also be responsible for such liabilities or costs associated with communities we acquire or manage in the future or apartment communities we no longer own or operate. We are engaged in discussions with the Environmental Protection Agency (“EPA”), regarding contaminated groundwater near an Indiana apartment community that has not been owned by us since 2008, for which we have recognized a contingent liability. The contamination allegedly derives from a dry cleaner that operated on our former property, prior to our ownership. We undertook a voluntary remediation of the dry cleaner contamination under state oversight. In 2016, EPA listed our former community and a number of residential communities in the vicinity on the National Priorities List (“NPL”) (i.e., as a Superfund site). In May 2018, we prevailed on our federal judicial appeal vacating the Superfund listing. We continue to work with EPA to formulate an agreed order to reimburse EPA costs and finish clean-up of the site outside the Superfund program. Although the outcome of this process is uncertain, we do not expect the resolution to have a material adverse effect on our consolidated financial condition, results of operations, or cash flows. We have a contingent liability related to a property in Lake Tahoe, California. An entity owned by us was the former general partner of a now-dissolved partnership that previously owned a site where a laundromat, with a self-service dry-cleaning machine, operated. That entity and the current property owner have been remediating the site since 2009, under the oversight of the Lahontan Regional Water Quality Control Board (“Lahontan”). In May 2017, Lahontan issued a final cleanup and abatement order that names four potentially-responsible parties, acknowledges that there may be additional responsible parties, and requires the named parties to perform additional groundwater investigation and corrective actions with respect to onsite and offsite contamination. We appealed the final order, and on June 1, 2020, the court vacated the Order against us. However, there are still civil suits pending related to this contingent liability. Although the outcome of this process is uncertain, we do not expect the resolution to have a material adverse effect on our consolidated financial condition, results of operations, or cash flows. We have determined that our legal obligations to remove or remediate certain potentially hazardous materials may be conditional asset retirement obligations (“AROs”), as defined by GAAP. Except in limited circumstances where the asset retirement activities are expected to be performed in connection with a planned construction project or apartment community casualty, we believe that the fair value of our AROs cannot be reasonably estimated due to significant uncertainties in the timing and manner of settlement of those obligations. AROs that are reasonably estimable as of December 31, 2022, are immaterial to our c onsolidated financial statements. |
AIR Equity
AIR Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
AIR Equity | Note 7 — AIR Equity Common Stock During the years ended December 31, 2022, 2021, and 2020, we declared regular, recurring cash dividends per common share of $ 1.80 , $ 1.74 , and $ 1.64 , respectively. During the year ended December 31, 2020, we declared an $ 8.20 special dividend, which also included the regular fourth quarter 2020 dividend and the acceleration of Aimco’s first quarter 2021 dividend. Share Repurchases During the year ended December 31, 2022, we repurchased 8.0 million shares of Common Stock for $ 316.7 million, at an average price of $ 39.49 . We are authorized by the AIR Board of Directors to purchase an additional $ 183.3 million of shares. We consider share buybacks as part of a balanced investment program. Equity Issuance On April 23, 2021, we issued and sold 7.825 million shares of our Class A Common Stock for $ 43.766 per share in a private placement to a large global real estate-focused investment firm and received cash proceeds of $ 342.2 million, net of fees. Proceeds raised were used to repay $ 318.4 million of property debt with a weighted-average interest rate of 4.6 %. Separation from Aimco On December 15, 2020, we completed the Separation, which was effected through a pro rata distribution, in which stockholders received one share of AIR Common Stock for every one share of Aimco common stock held as of the close of business on December 5, 2020. 2020 Special Stock Dividend and Reverse Stock Split Property sales in 2020, including the California joint venture, generated taxable gains in excess of our regular quarterly dividend. On October 21, 2020, Aimco’s Board of Directors declared a special dividend and reverse stock split on its Common Stock in which every 1.23821 common share was combined into one common share, effective on the close of business on November 30, 2020. The special dividend consisted of $ 121.8 million in cash and 35.4 million shares of Aimco’s Common Stock. The special dividend was paid on November 30, 2020 to stockholders of record as of November 4, 2020. The special dividend amount of $ 8.20 per share included the regular quarterly cash dividend for the fourth quarter of 2020 and accelerated into 2020 what would have been Aimco’s first regular quarterly cash dividend for 2021. As a result of the 2020 reverse stock split, the total number of shares outstanding after the stock dividend and reverse split was unchanged from the number of shares outstanding immediately prior to the two actions. Preferred Stock As of December 31, 2022 and 2021, we had a single class of perpetual Preferred Stock outstanding, our Class A Preferred Stock, wi th twenty shares issued and outstanding and a balance of $ 2.0 million. Our Class A Preferred Stock has a $ 0.01 per share par value, is senior to our Common Stock, has a liquidation preference per share of $ 100,000 , and is redeemable at our option on or after December 15, 2025. The holders of our Class A Preferred Stock are generally not entitled to vote on matters submitted to stockholders. Dividends in an amount per share equal to 8.5 % per annum are subject to declaration by our Board of Directors. |
Partners' Capital
Partners' Capital | 12 Months Ended |
Dec. 31, 2022 | |
Partners' Capital [Abstract] | |
Partners' Capital | Note 8 — Partners’ Capital Partnership Preferred Units Owned by AIR At December 31, 2022 and 2021, the AIR Operating Partnership had Class A outstanding preferred units similar to AIR’s Preferred Stock discussed in Note 7. All Class A Partnership Preferred Units are senior to the AIR Operating Partnership common partnership units. Distributions on all Partnership Preferred Units are subject to being declared by the General Partner. The Partnership Preferred Units are redeemable by the AIR Operating Partnership only in connection with a concurrent redemption by AIR of the corresponding AIR Preferred Stock held by unrelated parties. Redeemable Preferred OP Units The AIR Operating Partnership has outstanding various classes of redeemable preferred OP Units. As of December 31, 2022 and 2021, the AIR Operating Partnership had the following classes of preferred OP Units (stated at their redemption values, in thousands, except unit and per unit data): Distributions per Annum Units Issued and Redemption Values Class of Preferred Units Percent Per Unit 2022 2021 2022 2021 Class One 8.75 % $ 8.00 90,000 90,000 $ 8,229 $ 8,229 Class Two 1.92 % $ 0.48 5,418 10,814 135 270 Class Three 7.88 % $ 1.97 1,310,902 1,311,095 32,772 32,777 Class Four 8.00 % $ 2.00 644,954 644,954 16,124 16,124 Class Six 8.50 % $ 2.13 769,585 773,693 19,240 19,342 Class Seven 7.87 % $ 1.97 25,715 26,150 643 654 Class Nine 6.00 % $ 1.50 — 78,956 — 1,974 Total 2,846,574 2,935,662 $ 77,143 $ 79,370 Each class of preferred OP Units is currently redeemable at the holders’ option. The AIR Operating Partnership, at its sole discretion, may settle such redemption requests in cash or cause AIR to issue shares of its Common Stock with a value equal to the redemption price. In the event the AIR Operating Partnership requires AIR to issue shares of Common Stock to settle a redemption request, the AIR Operating Partnership would issue to AIR a corresponding number of common OP Units. The AIR Operating Partnership has a redemption policy that requires cash settlement of redemption requests for the preferred OP Units, subject to limited exceptions. Subject to certain conditions, the Class Four and Class Six preferred OP Units may be converted into common OP Units. These redeemable units are classified within temporary equity in AIR’s consolidated balance sheets and within temporary capital in the AIR Operating Partnership’s consolidated balance sheets. During the years ended December 31, 2022, 2021, and 2020, approximately 89,000 , 3,000 , and 705,000 preferred OP Units, respectively, were redeemed in exchang e for cash, and no preferred OP Units were redeemed in exchange for shares o f AIR Common Stock or common OP Units. The following table presents a rollforward of the AIR Operating Partnership’s preferred OP Units’ redemption value (in thousands): Balance at January 1, 2022 $ 79,370 Preferred distributions ( 6,396 ) Redemption of preferred units and other ( 2,219 ) Net income allocated to preferred units 6,388 Balance at December 31, 2022 $ 77,143 AIR Operating Partnership Partners’ Capital Common Partnership Units The common partnership units held by AIR are classified within Partners’ Capital as General Partner and Special Limited Partner capital and the common OP Units are classified within Limited Partners’ capital in the AIR Operating Partnership’s consolidated balance sheets. The common OP Units are classified within permanent equity as common noncontrolling interests in the AIR Operating Partnership in AIR’s consolidated balance sheets. Common partnership units held by AIR are not redeemable whereas common OP Units are redeemable at the holders’ option, subject to certain restrictions, on the basis of one common OP Unit for either one share of Common Stock or cash equal to the fair value of a share of Common Stock at the time of redemption. AIR has the option to deliver shares of Common Stock in exchange for all or any portion of the common OP Units tendered for redemption. When a limited partner redeems a common OP Unit for Common Stock, Limited Partners’ capital is reduced and the General Partner and Special Limited Partners’ capital is increased. During the years ended December 31, 2022, 2021, and 2020, approximately 251,000 , 356,000 , and 64,000 common OP Units, respectively, were redeemed in exchange for cash. During the years ended December 31, 2022, 2021, and 2020, 3,000 , 171,000 , and 159,000 common OP Units were redeemed in exchange for shares of Common Stock. The holders of the common OP Units receive distributions, prorated from the date of issuance, in an amount equivalent to the dividends paid to holders of Common Stock. During the years ended December 31, 2022, 2021, and 2020, the AIR Operating Partnership declared regular, recurring distributions per common unit of $ 1.80 , $ 1.74 , and $ 1.64 , respectively. During the year ended December 31, 2020, we declared an $ 8.20 special distribution, which also included the regular fourth quarter 2020 distribution and the acceleration of Aimco’s first quarter 2021 distribution. Separation from Aimco On December 15, 2020, AIR Operating Partnership completed the Separation, which was effected through a pro rata distribution of all of the outstanding common limited partnership units of Aimco Operating Partnership to holders of AIR Operating Partnership common limited partnership units and AIR Operating Partnership Class I High Performance partnership units as of the close of business on December 5, 2020. Stockholders of Aimco received one share of Class A Common Stock of AIR for every one share of Class A Common Stock of Aimco held as of the close of business on the record date, and received cash in lieu of fractional shares of Class A Common Stock of AIR. 2020 Special Distribution and Reverse Unit Split On October 21, 2020, the Board of Directors authorized a reverse unit split and special distribution in the same form and with the same timing as the reverse stock split and special dividend discussed in Note 7. The special distribution to the holders of Aimco Operating Partnership common partnership units consisted of $ 128.7 million in cash and 35.4 million common partnership units. Total common partnership units outstanding prior to and following both transactions was unchanged. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | Note 9 — Share-Based Compensation We have a stock award and incentive program to attract and retain officers and independent directors. As of December 31, 2022, approximately three million shares were available for issuance under our Amended and Restated 2020 Stock Award and Incentive Plan (the “Plan”). The total number of shares available for issuance under this Plan may increase due to any forfeiture, cancellation, exchange, surrender, termination, or expiration of an award outstanding under the Plan. Awards under the Plan may be in the form of incentive stock options, non-qualified stock options, or other types of awards as authorized under the Plan. Our plans are administered by the Compensation and Human Resources Committee of the Board of Directors. Subsequent to the year ended December 31, 2022, an additional 3.5 million shares were available for issuance under the Plan, as amended on January 31, 2023, and as approved by AIR’s shareholders on December 7, 2022. We grant stock options and restricted stock awards that are subject to time-based vesting and require continuous employment, typically over a period of four years from the grant date, and we refer to these awards as Time-Based Stock Options and Time-Based Restricted Stock, respectively. We also grant stock options, restricted stock awards, and two forms of long-term incentive partnership units (“LTIP units”) that vest conditioned on AIR’s total stockholder return (“TSR”), relative to the NAREIT Equity Apartments Index ( 60 % weighting) and the MSCI US REIT Index ( 40 % weighting) over a forward-looking performance period of three years . We refer to these awards as TSR Stock Options, TSR Restricted Stock, TSR LTIP I units, and TSR LTIP II units. Vested LTIP II units may be converted at the holders’ option to common OP Units for a strike price over a term of 10 years. Earned TSR-based awards, if any, will vest 50 % on each of the third anniversary and fourth anniversary of the grant date, based on continued employment. Our Time-Based Stock Options and TSR Stock Options expire generally 10 years from the date of grant. In the case of stock options, the exercise price of the options granted may not be less than the fair market value of a share of Common Stock at the date of grant. We recognize compensation cost associated with Time-Based awards ratably over the requisite service periods, which are typically four years . We recognize compensation cost related to the TSR-based awards, which have graded vesting periods, over the requisite service period for each separate vesting tranche of the award, commencing on the grant date. The value of the TSR-based awards takes into consideration the probability that the market condition will be achieved; therefore previously recorded compensation cost is not adjusted in the event that the market condition is not achieved and awards do not vest. We had TSR and Time-Based Stock Options, TSR and Time-Based Restricted Stock Awards, TSR and Time-Based LTIP I units, and TSR LTIP II units outstanding as of December 31, 2022. The annual activity related to our stock and unit awards are immaterial. In connection with the Separation, we entered into an Employee Matters Agreement to modify all outstanding stock and unit awards granted to Aimco’s teammates. Under the agreement, holders of Aimco’s stock and unit awards received AIR stock and unit awards. Generally, AIR awards retain the same terms and vesting conditions as the original Aimco awards. Holders of Aimco’s TSR stock options and TSR LTIP II awards will have a modified exercise price adjusted by a ratio specified in the Employee Matters Agreement. Compensation expense related to replacement awards for the teammates retained by Aimco is recognized by Aimco. The compensation expense related to replacement awards for teammates of AIR is recognized by AIR. Total compensation cost recognized for share-based awards was as follows for the years ended December 31, 2022, 2021, and 2020 (in thousands): 2022 2021 2020 Share-based compensation expense (1) $ 7,463 $ 7,360 $ 8,295 Capitalized share-based compensation (2) 503 295 946 Total share-based compensation (3) $ 7,966 $ 7,655 $ 9,241 (1) Amounts are recorded in general and administrative expenses in our consolidated statements of operations . (2) Amounts are recorded in building and improvements in our consolidated balance sheets. (3) Amounts are recorded in additional paid-in capital and common noncontrolling interests in the AIR Operating Partnership in the AIR consolidated balance sheets, and in general partner and special limited partner and limited partners in the AIR Operating Partnership consolidated balance sheets. As of December 31, 2022, total unvested compensation cost not yet recognized was $ 9.8 million. We expect to recognize this compensation over a weighted-average period of approximately 1.7 years . TSR and Time-Based Stock Options As of December 31, 2022, we had stock options outstanding of 807,405 , which had no aggregate intrinsic value and a weighted-average remaining contractual term of 3.1 years . We had 718,961 of stock options exercisable as of December 31, 2022, which had no aggregate intrinsic value and a weighted-average remaining contractual term of 2.8 years . The intrinsic value of a stock option represents the amount by which the current price of the underlying stock exceeds the exercise price of the option. These options will be settled in accordance with the Employee Matters Agreement. During 2020, we granted TSR Stock Options with a weighted-average grant date fair value of $ 8.15 . W e did no t grant any TSR Stock Options during 2022 and 2021. TSR and Time-Based Restricted Stock Awards As of December 31, 2022, we had 116,026 shares unvested at a weighted-average grant date fair value of $ 52.07 per share for Time-Based Restricted Stock Awards. As of December 31, 2022, we had 243,966 of shares unvested based on the target performance payout, at a weighted-average grant date fair value of $ 48.51 per share for TSR Restricted Stock Awards. The aggregate fair value of Time-Based Restricted Stock awards and TSR Restricted Stock awards that vested during the years ended December 31, 2022, 2021, and 2020 was $ 4.3 million, $ 3.2 million, and $ 7.5 million, respectively. These awards will be settled in accordance with the Employee Matters Agreement. TSR LTIP II Units As of December 31, 2022, we had 1,843,761 of TSR LTIP II units outstanding, at a weighted-average grant date fair value of $ 8.67 per share. These units will be settled in accordance with the Employee Matters Agreement. Determination of Grant-Date Fair Value of Awards Options are granted with an exercise price at the fair market value of our Common Stock on the date of grant and expire, subject to employment, which is generally 10 years from the date of grant. Factors considered are the simulated stock price as well as total stockholder return relative to both the NAREIT Equity Apartment Index and the MSCI US REIT Index. We estimated the fair value of TSR-based awards granted in 2022, 2021, and 2020 using a Monte Carlo model with the assumptions set forth in the table below. The risk-free interest rate reflects the annualized yield of a zero coupon United States Treasury security with a term equal to the expected term of the awards. The expected dividend yield reflects expectations regarding cash dividend amounts per share paid on our Common Stock during the expected term of the awards. Expected volatility reflects an average of the historical volatility of our Common Stock during the historical period commensurate with the expected term of the award that ended on the date of grant, and the implied volatility is calculated from observed call option contracts closest to the expected term. The derived vesting period of TSR Restricted Stock and TSR LTIP I units was determined based on the graded vesting terms. The expected term of the TSR-options and TSR LTIP II units was based on historical exercises and post-vesting terminations. The valuation assumptions for the 2022, 2021, and 2020 grants were as follows: 2022 2021 2020 Grant date market value of a common share $ 53.91 $ 36.84 $ 53.26 Risk-free interest rate 1.20 % - 1.68 % 0.24 % - 0.78 % 1.48 % - 1.58 % Dividend yield 3.50 % 4.00 % 2.93 % Expected volatility 22.63 % - 24.83 % 23.08 % - 28.21 % 15.82 % - 16.84 % Derived vesting period of TSR Restricted Stock and TSR LTIP I units 3.5 years 3.2 years 3.5 years Weighted average expected term of TSR Stock Options and LTIP II units 5.4 years 5.4 years 5.9 years The grant date fair value for the Time-Based awards reflects the closing price of a share of our Common Stock on the grant date. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10 — Income Taxes During the year ended December 31, 2020, and consistent with AIR’s simplified business structure and strategy, we converted one of our former taxable REIT subsidiaries into a REIT, and we elected for such entity to be taxed as a REIT under the Code commencing with its taxable year ended December 31, 2021. As a result, AIR has lower income taxes on a consolidated basis, providing more cash for distributions and other corporate uses. As a REIT, this subsidiary will generally be allowed a deduction for dividends that it pays, and therefore, will not be subject to United States federal corporate income tax on the taxable income that is currently distributed to stockholders, however, it may be subject to federal and state tax on the net built-in gain in the converted property under the rules of Section 1374 of the Code, certain state gross income and franchise taxes, as well as taxes on any undistributed income and federal and state corporate taxes on any income earned. The income tax effects of a REIT conversion for financial reporting purposes are reflected in the period in which all significant actions necessary to qualify as a REIT are completed and the entity has committed to becoming a REIT, including (i) obtaining approval from the appropriate parties; (ii) purging through a distribution to stockholders any accumulated earnings and profits from its operations as a C corporation; and (iii) having any remaining actions for the entity to achieve REIT status be perfunctory legal and administrative matters. All significant actions necessary to qualify as a REIT were met as of December 31, 2020, and as such its deferred tax assets and liabilities as of that date were adjusted to reflect a tax rate of zero percent, resulting in the elimination of its deferred tax assets and liabilities as of December 31, 2020. Because the statute of limitations has not yet elapsed, our United States federal income tax returns for the year ended December 31, 2015, and subsequent years and certain of our state income tax returns for the year ended December 31, 2018, and subsequent years are currently subject to examination by the IRS or other taxing authorities. We include any interest and penalties related to income taxes within income tax (expense) benefit in our consolidated statements of operations. Significant components of the income tax benefit or expense are as follows and are classified within income tax (expense) benefit in our consolidated statements of operations for the years ended December 31, 2022, 2021, and 2020 (in thousands): 2022 2021 2020 Current: Federal $ ( 756 ) $ 7,409 $ ( 6,271 ) State ( 2,807 ) ( 1,971 ) ( 8,637 ) Total current ( 3,563 ) 5,438 ( 14,908 ) Deferred: Federal ( 291 ) ( 153 ) 7,691 State ( 69 ) ( 39 ) 2,694 Revaluation of deferred taxes due to change in tax rate — — ( 90,914 ) Total deferred ( 360 ) ( 192 ) ( 80,529 ) Total (expense) benefit $ ( 3,923 ) $ 5,246 $ ( 95,437 ) Consolidated income or loss from continuing operations subject to tax consists of pretax income or loss from the continuing operations of our TRS entities and income and gains retained by the continuing operations of the REIT. For the years ended December 31, 2022, 2021, and 2020, we had consolidated net income (loss) from continuing operations subject to tax of $ 7.4 million, $ 28.9 million, ($ 16.7 ) million, respectively. The reconciliation of income tax attributable to continuing operations computed at the United States statutory rate to income tax benefit is shown below (dollars in thousands): 2022 2021 2020 Amount Percent Amount Percent Amount Percent Tax (expense) benefit provision at United States statutory rates on consolidated income (loss) from continuing operations subject to tax $ ( 1,554 ) ( 21.0 %) $ ( 6,064 ) ( 21.0 %) $ 3,516 ( 21.0 %) State income tax (expense) benefit, net of federal tax (expense) benefit (1) ( 2,853 ) ( 38.6 %) ( 2,011 ) ( 7.0 %) 1,964 ( 11.7 %) Effect of permanent differences — — % — — % ( 434 ) 2.6 % Tax credits 191 2.6 % 3,508 12.1 % 296 ( 1.8 %) Separation — — % — — % ( 7,596 ) 45.4 % TRS REIT election (2) — — % 9,656 33.4 % ( 90,914 ) 543.1 % Other 293 4.0 % 157 0.5 % ( 2,269 ) 13.6 % Total income tax (expense) benefit $ ( 3,923 ) ( 53.0 %) $ 5,246 18.0 % $ ( 95,437 ) 570.2 % (1) I n addition to the $ 7.4 million of net income for the year ended December 31, 2022, which is subject to federal income tax, due to varying state income tax law s, $ 39.0 million of inc ome is subject to only state income tax, resulting in $ 2.9 million of state income tax expense. (2) Consistent with our simplified business structure and strategy, during the year ended December 31, 2020, we elected to treat one of our taxable subsidiaries as a REIT, resulting in the removal of deferred tax asset balances. For income tax purposes, dividends paid to holders of Common Stock primarily consist of ordinary income, capital gains, qualified dividends, unrecaptured Section 1250 gains, and return of capital, or a combination thereof. For the years ended December 31, 2022, 2021, and 2020, dividends per share held for the entire year were estimated to have the following tax attributes: 2022 2021 2020 (unaudited) Amount Percentage Amount Percentage Amount Percentage Ordinary income $ 0.21 11.8 % $ — — % $ 2.41 6.0 % Capital gains 1.37 76.0 % 0.44 25.3 % 15.00 37.4 % Qualified dividends 0.03 1.9 % — — % 0.48 1.2 % Unrecaptured Section 1250 gain 0.19 10.3 % 0.13 7.5 % 6.74 16.8 % Return of capital — — % 1.17 67.2 % 15.49 38.6 % Total $ 1.80 100.0 % $ 1.74 100.0 % $ 40.12 100.0 % |
Earnings per Share and per Unit
Earnings per Share and per Unit | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per Share and per Unit | Note 11 — Earnings per Share and per Unit AIR and the AIR Operating Partnership calculate basic earnings (loss) per common share and basic earnings (loss) per common unit, respectively, based on the weighted-average number of shares of Common Stock and common partnership units outstanding, respectively. We calculate diluted earnings (loss) per share and diluted earnings (loss) per unit taking into consideration dilutive Common Stock and common partnership unit equivalents and dilutive convertible securities outstanding during the period. Our Common Stock and common partnership unit equivalents include: (i) options to purchase shares of Common Stock, which, if exercised, would result in AIR’s issuance of additional shares and the AIR Operating Partnership’s issuance to AIR of additional common partnership units equal to the number of shares purchased under the options; (ii) unvested total stockholder return (“TSR”) restricted stock awards that do not meet the definition of participating securities, which would result in an increase in the number of shares of Common Stock and common partnership units outstanding equal to the number of the shares that vest; and (iii) preferred OP Units, which may be redeemed at the holders’ option for cash or shares of Common Stock. Common partnership unit equivalents also include unvested long-term incentive partnership units. We include in the denominator securities with dilutive effect in calculating diluted earnings (loss) per share and per unit during these periods. Our restricted stock awards that are subject to time-based vesting receive non-forfeitable dividends similar to shares of Common Stock and common partnership units prior to vesting. Our TSR long-term incentive partnership units receive non-forfeitable distributions based on specified percentages of the distributions paid to common partnership units prior to vesting and conversion. The unvested restricted shares and units related to these awards are participating securities. We include the effect of participating securities in basic and diluted earnings (loss) per share and unit computations using the two-class method of allocating distributed and undistributed earnings when the two-class method is more dilutive than the treasury stock method. In our consolidated statements of operations, noncontrolling interests in consolidated real estate partnerships is related to both continuing and discontinued operations. For purposes of our earnings (loss) per share calculation, we have appropriately allocated the noncontrolling interests in consolidated real estate partnerships for all periods presented. Please refer to Note 14 for detail of noncontrolling interests in consolidated real estate partnerships associated with discontinued operations. Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings (loss) per share and per unit for the years ended December 31, 2022, 2021, and 2020 are as follows (in thousands, except per share and per unit data): 2022 2021 2020 Earnings (loss) per share Numerator: Income (loss) from continuing operations attributable to AIR common stockholders $ 903,642 $ 447,124 $ ( 115,961 ) Income from discontinued operations attributable to AIR common stockholders — — 11,632 Basic net income (loss) attributable to AIR common stockholders $ 903,642 $ 447,124 $ ( 104,329 ) Effect of dilutive instruments 6,388 — — Dilutive net income (loss) attributable to AIR common stockholders $ 910,030 $ 447,124 $ ( 104,329 ) Denominator – shares: Basic weighted-average common shares outstanding 154,093 154,135 122,446 Dilutive common share equivalents outstanding 2,494 368 — Dilutive weighted-average common shares outstanding 156,587 154,503 122,446 Income (loss) from continuing operations attributable to AIR per common share $ 5.86 $ 2.90 $ ( 0.94 ) Income from discontinued operations attributable to AIR per common share — — 0.09 Earnings (loss) per share – basic $ 5.86 $ 2.90 $ ( 0.85 ) Earnings (loss) per share – diluted $ 5.81 $ 2.89 $ ( 0.85 ) Earnings (loss) per unit Numerator: Income (loss) from continuing operations attributable to the AIR Operating Partnership $ 962,414 $ 475,557 $ ( 121,399 ) Income from discontinued operations attributable to the AIR Operating Partnership — — 11,632 Basic net income (loss) attributable to the AIR Operating Partnership’s common unitholders $ 962,414 $ 475,557 $ ( 109,767 ) Effect of dilutive instruments 6,388 — — Dilutive net income (loss) attributable to the AIR Operating Partnership’s common unitholders $ 968,802 $ 475,557 $ ( 109,767 ) Denominator – units: Basic weighted-average common units outstanding 164,141 162,739 128,775 Dilutive common unit equivalents outstanding 2,494 369 — Dilutive weighted-average common units outstanding 166,635 163,108 128,775 Income (loss) from continuing operations attributable to the AIR Operating Partnership per common unit $ 5.86 $ 2.92 $ ( 0.94 ) Income from discontinued operations attributable to the AIR Operating Partnership per common unit — — 0.09 Earnings (loss) per unit – basic $ 5.86 $ 2.92 $ ( 0.85 ) Earnings (loss) per unit – diluted $ 5.81 $ 2.92 $ ( 0.85 ) The number of common share equivalent securities excluded from the diluted earnings per share calculation were approximately 1.5 million for the year ended December 31, 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 year ended December 31, 2022 and were included in the calculation of diluted earnings per share. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 12 — 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 comprehensive income (loss). Amounts reported in accumulated 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 $ 16.7 million of the unrealized gains in accumulated other comprehensive income. In connection with our issuance of senior unsecured notes during 2022, we entered into a $ 400.0 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 comprehensive income (loss) and will be reclassified into earnings as a decrease to interest expense over the term of the senior unsecured notes issued. In connection with our anticipated issuance of secured debt in 2023, we entered into a $ 100 million treasury hedge on November 15, 2022, locking the interest rate of the ten-year treasury at 3.83 % through February 15, 2023. The fair value of the treasury hedge is included in unrealized gains (losses) on derivative instruments in comprehensive income (loss) and will be reclassified into interest expense over the term of anticipated secured debt. Amounts reported in accumulated other comprehensive income will be reclassified into interest expense as interest payments are made on our variable-rate debt. Prior to 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 its 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 consolidated balance sheets. The following table summarizes fair value for our interest rate option and swaps (in thousands): As of December 31, 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 $ 53,481 $ — $ 53,481 $ — $ 21,699 $ — $ 21,699 $ — Interest rate swap asset $ 32,222 $ — $ 32,222 $ — $ — $ — $ — $ — Treasury rate lock $ 319 $ — $ 319 $ — $ — $ — $ — $ — Financial Assets and Liabilities Not Measured at Fair Value We believe that the carrying value of the consolidated amounts of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable approximated their estimated fair value as of December 31, 2022 and 2021, due to their relatively short-term nature and high probability of realization. The carrying value of our 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 December 31, 2022, and 2021, as they bear interest at floating rates which approximate market rates. We classify the fair value of our non-recourse property debt, unsecured notes payable, and seller financing notes receivable 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, seller financing note, net and unsecured notes payable excluding debt issuance costs (in thousands): As of December 31, 2022 As of December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 1,994,651 $ 1,753,222 $ 2,305,756 $ 2,367,713 Seller financing note, net (1) $ 31,611 $ 32,286 $ — $ — Unsecured notes payable $ 400,000 $ 371,368 $ — $ — (1) During the year ended December 31, 2022, we provided $ 40.0 million of seller financing as partial consideration for the sale of our New England portfolio. The contractual interest rate on the note is 4.5 % . The difference between the stated rate and the effective interest rate as of the date of sale resulted in a discount recorded of $ 8.5 million. The seller financing note and related discount are included in other assets, net in our consolidated balance sheets. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Note 13 — 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: December 31, 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): December 31, 2022 December 31, 2021 ASSETS: Net real estate $ 1,066,482 $ 1,096,039 Cash and cash equivalents 54,319 29,863 Restricted cash 2,378 2,380 Other assets, net 20,944 21,745 LIABILITIES: Non-recourse property debt, net $ 1,212,065 $ 1,227,345 Accrued liabilities and other 35,365 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 December 31, 2022 and 2021, the carrying value of the investment of $ 20.7 million and $ 26.0 million, respectively, is included in other assets, net in our consolidated balance sheets. AIR’s exposure to the obligations of the VIE is limited to the carrying value of the limited partnership interest and 20 % of Blackstone ’s guarantor liabilities, which were $ 79.0 million as of December 31, 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 December 31, 2022 and 2021, the investment balance of $ 158.7 million and $ 337.8 m illion, respectively, is included in other assets, net in our 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 consolidated balance sheets. Accordingly, there is no net effect on AIR’s stockholders’ equity or the AIR Operating Partnership’s partners’ capital. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Note 14 — Discontinued Operations The financial results attributable to apartment communities retained by Aimco for the year ended December 31, 2020 have been classified as discontinued operations within the consolidated financial statements. There were no discontinued operations for the years ended December 31, 2022 and 2021. Summarized results of discontinued operations for the year ended December 31, 2020 are shown below (in thousands): 2020 REVENUES Rental and other property revenues $ 144,757 OPERATING EXPENSES Property operating expenses 51,710 Depreciation and amortization 72,729 Other expenses, net 1,897 Total operating expenses 126,336 Interest income 2,076 Interest expense ( 17,972 ) Income from unconsolidated real estate partnerships 764 Income before income tax benefit 3,289 Income tax benefit 7,939 Income from discontinued operations, net of tax 11,228 Net loss attributable to noncontrolling interests in consolidated real estate partnerships 404 Net income from discontinued operations attributable to Aimco $ 11,632 Separation and Transition Services Agreements We entered into various separation and transition services agreements with Aimco that provide for a framework of our relationship with Aimco after the Separation, including: (i) a separation agreement setting forth the mechanics of the Separation, the key provisions relating to the Separation of our assets and liabilities from those of Aimco, and certain organizational matters and conditions; (ii) an Employee Matters Agreement to allocate liabilities and responsibilities relating to employment matters, teammate compensation, and benefits plans and programs, and other related matters; (iii) Property Management Agreements, as amended and restated on December 30, 2022, pursuant to which we provide property management and related services at a majority of the properties owned or leased by Aimco in exchange for a fee generally based on an agreed percentage of revenue collected; (iv) Master Services Agreement pursuant to which we provide Aimco with customary administrative and support services on an ongoing basis in exchange for payment for the fully-burdened costs (including internal allocated costs); and (v) a Master Leasing Agreement pursuant to which Aimco may enter into leases with us pursuant to which Aimco, as lessee, at its option, may redevelop, develop, or lease-up apartment communities. These agreements may be terminated in accordance with the respective agreements. During the years ended December 31, 2022 and 2021, we recognized revenue of $ 4.4 million and $ 7.4 million, respectively, from the Property Management Agreement and Master Services Agreement, all of which is reflected in other revenues in our consolidated statements of oper ations. In addition, during the year ended December 31, 2021, we recognized a reduction to general and administrative expense of $ 5.8 millio n from services provided under the Employee Matters Agreement. Note Receivable from Aimco In connection with the Separation, we acquired a $ 534 million note receivable (the “Note” ) pledged by a subsidiary of Aimco and was secured by a pool of properties owned by Aimco. The Note had an original maturity date of January 31, 2024, and bore interest at a rate of 5.2 % per annum. The Note was reported at the outstanding principal balance, and interest receivable related to the unpaid principal was recorded separately in other assets, net in our consolidated balance sheets. During the years ended December 31, 2022 and 2021, we recognized interest income of $ 13.8 million and $ 27.8 million, respectively, related to the Note. Interest income for the year ended December 31, 2022, also includes a $ 17.4 million prepayment penalty associated with the full repayment of the Note during 2022 . |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Business Segments | Note 15 — 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 that do not meet the criteria to be classified as Same Store. Communities included in discontinued operations are excluded from our evaluation of segment performance, as they are no longer included in information used by our chief operating decision maker (“CODM”). Our CODM uses proportionate property net operating income (“NOI”) to assess the operating performance of our communities. Proportionate property NOI reflects our share of rental and other property revenues, excluding utility reimbursements, less direct property operating expenses, net of utility reimbursements. In our consolidated statements of operations, utility reimbursements are included in rental and other property revenues in accordance with GAAP. As of December 31, 2022, our Same Store segment included 58 apartment communities with 20,742 apartment homes, our Other Real Estate segment included 16 apartment communities with 4,559 apartment homes. As of December 31, 2022, no communities 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) from continuing operations before income tax (expense) benefit of our segments on a proportionate basis, excluding amounts related to communities sold or communities included in discontinued operations. To reflect how the CODM evaluates the business, prior period segment information has been recast to conform with our reportable segment composition as of December 31, 2022 (in thousands): Same Other Proportionate Corporate and Consolidated Year ended December 31, 2022: Total revenues $ 544,199 $ 100,803 $ 81,204 $ 47,517 $ 773,723 Property operating expenses 139,418 35,863 40,555 45,428 261,264 Other operating expenses not allocated to segments (3) — — — 384,957 384,957 Total operating expenses 139,418 35,863 40,555 430,385 646,221 Proportionate property net operating income (loss) 404,781 64,940 40,649 ( 382,868 ) 127,502 Other items included in income before income tax expense (4) — — — 846,471 846,471 Income from continuing operations before income tax expense $ 404,781 $ 64,940 $ 40,649 $ 463,603 $ 973,973 Same Other Proportionate Corporate and Consolidated Year ended December 31, 2021: Total revenues $ 516,980 $ 22,852 $ 78,938 $ 122,083 $ 740,853 Property operating expenses 143,130 10,697 39,768 74,506 268,101 Other operating expenses not allocated to segments (3) — — — 365,547 365,547 Total operating expenses 143,130 10,697 39,768 440,053 633,648 Proportionate property net operating income (loss) 373,850 12,155 39,170 ( 317,970 ) 107,205 Other items included in income before income tax benefit (4) — — — 366,773 366,773 Income from continuing operations before income tax benefit $ 373,850 $ 12,155 $ 39,170 $ 48,803 $ 473,978 Same Other Proportionate Corporate and Consolidated Year ended December 31, 2020: Total revenues $ 551,325 $ 7,592 $ 40,929 $ 119,710 $ 719,556 Property operating expenses 151,350 7,610 28,115 61,961 249,036 Other operating expenses not allocated to segments (3) — — — 488,461 488,461 Total operating expenses 151,350 7,610 28,115 550,422 737,497 Proportionate property net operating income (loss) 399,975 ( 18 ) 12,814 ( 430,712 ) ( 17,941 ) Other items included in income (loss) before income tax expense (4) — — — ( 1,194 ) ( 1,194 ) Income (loss) from continuing operations before income tax expense $ 399,975 $ ( 18 ) $ 12,814 $ ( 431,906 ) $ ( 19,135 ) (1) Represents adjustments to: (i) include AIR’s proportionate share of the results of unconsolidated apartment communities, which is excluded in the related consolidated amounts, and (ii) exclude the noncontrolling interests in consolidated real estate partnerships’ proportionate share of the results of communities in our segments, which is included i n the related consolidated amounts. Also includes the reclassification of utility reimbursements from revenues to property operating expenses for the purpose of evaluating segment results. Utility reimbursements are included in rental and other property revenues in our consolidated statements of operations prepared in accordance with GAAP. 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. The write-off of straight-line rent receivables, recognized due to the impact of COVID-19 and the resulting economic impact on our commercial tenants, are included in consolidated rental and property revenues and are not included in our measurement of segment performance for the year ended December 31, 2020. (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): December 31, 2022 December 31, 2021 Same Store $ 3,867,412 $ 3,824,277 Other Real Estate 2,031,506 787,534 Corporate and other assets (1) 652,965 1,828,549 Total consolidated assets $ 6,551,883 $ 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) properties sold or classified as held for sale. 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 our segments were as follows (in thousands): 2022 2021 2020 Same Store $ 145,290 $ 119,231 $ 94,824 Other Real Estate 44,056 17,314 195,698 Total capital additions $ 189,346 $ 136,545 $ 290,522 |
Schedule III_ Real Estate and
Schedule III: Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III: Real Estate and Accumulated Depreciation | APARTMENT INCOME REIT CORP. APARTMENT INCOME REIT, L.P. SCHEDULE III: REAL ESTATE AN D ACCUMULATED DEPRECIATION December 31, 2022 (In Thousands Except Apartment Home Data) (2) As of December 31, 2022 (1) Initial Cost Cost Capitalized (4) Apartment Date Year Apartment Buildings and Subsequent to Buildings and (3) Accumulated Total Cost (5) Apartment Community Name Type Consolidated Location Built Homes Land Improvements Consolidation Land Improvements Total Depreciation (AD) Net of AD Encumbrances Same Store Sales: 21 Fitzsimons Mid Rise Aug 2014 Aurora, CO 2008 601 $ 12,864 $ 104,720 $ 37,521 $ 12,864 $ 142,241 $ 155,105 $ ( 47,685 ) $ 107,420 $ 83,827 3400 Avenue of the Arts Mid Rise Mar 2002 Costa Mesa, CA 1987 770 57,241 65,506 100,235 57,241 165,741 222,982 ( 110,355 ) 112,627 — 777 South Broad Street Mid Rise May 2018 Philadelphia, PA 2010 146 6,986 67,512 4,746 6,986 72,258 79,244 ( 13,004 ) 66,240 37,500 Avery Row Mid Rise Dec 2018 Arlington, VA 2013 67 8,165 21,348 2,582 8,165 23,930 32,095 ( 4,264 ) 27,831 — Axiom Mid Rise Apr 2015 Cambridge, MA 2015 115 — 63,612 4,184 — 67,796 67,796 ( 18,932 ) 48,864 — Bay Parc High Rise Sep 2004 Miami, FL 2000 474 22,680 41,847 56,222 22,680 98,069 120,749 ( 39,207 ) 81,542 71,726 Boston Lofts High Rise Apr 2001 Denver, CO 1890 158 3,446 20,589 7,014 3,446 27,603 31,049 ( 16,719 ) 14,330 — Boulder Creek Garden Jul 1994 Boulder, CO 1973 221 754 7,730 19,727 754 27,457 28,211 ( 21,128 ) 7,083 — Broadcast Center Garden Mar 2002 Los Angeles, CA 1990 279 29,407 41,244 41,554 29,407 82,798 112,205 ( 42,283 ) 69,922 — Calhoun Beach Club High Rise Dec 1998 Minneapolis, MN 1928 332 11,708 73,334 62,742 11,708 136,076 147,784 ( 98,116 ) 49,668 — Charlesbank Apartment Homes Mid Rise Sep 2013 Watertown, MA 2012 44 3,399 11,726 1,347 3,399 13,073 16,472 ( 4,495 ) 11,977 — Chestnut Hall High Rise Oct 2006 Philadelphia, PA 1923 315 12,338 14,299 15,262 12,338 29,561 41,899 ( 15,760 ) 26,139 33,195 Creekside Garden Jan 2000 Denver, CO 1974 328 3,189 12,698 8,773 3,189 21,471 24,660 ( 15,579 ) 9,081 — Flamingo Point, Center Tower High Rise Sep 1997 Miami Beach, FL 2003 513 15,279 29,358 226,522 15,279 255,880 271,159 ( 131,717 ) 139,442 — Flamingo Point, South Tower (6) High Rise Sep 1997 Miami Beach, FL 1960 256 — 13,061 74,208 — 87,269 87,269 ( 18,235 ) 69,034 — Four Quarters Habitat Garden Jan 2006 Miami, FL 1976 336 2,379 17,199 40,466 2,379 57,665 60,044 ( 44,859 ) 15,185 — Foxchase Garden Dec 1997 Alexandria, VA 1940 2,113 15,496 96,062 89,239 15,496 185,301 200,797 ( 116,237 ) 84,560 — Hidden Cove Garden Jul 1998 Escondido, CA 1983 334 3,043 17,616 18,343 3,043 35,959 39,002 ( 20,935 ) 18,067 64,757 Hidden Cove II Garden Jul 2007 Escondido, CA 1986 118 12,849 6,530 6,337 12,849 12,867 25,716 ( 7,383 ) 18,333 25,183 Hillcreste Garden Mar 2002 Los Angeles, CA 1989 315 35,862 47,216 24,118 35,862 71,334 107,196 ( 37,357 ) 69,839 — Indian Oaks Garden Mar 2002 Simi Valley, CA 1986 254 24,523 15,801 12,877 24,523 28,678 53,201 ( 20,041 ) 33,160 58,955 Indigo High Rise Aug 2016 Redwood City, CA 2016 463 26,932 296,116 11,426 26,932 307,542 334,474 ( 69,079 ) 265,395 175,459 Island Club Garden Oct 2000 Oceanside, CA 1986 592 18,027 28,654 39,520 18,027 68,174 86,201 ( 41,884 ) 44,317 — Latrobe High Rise Jan 2003 Washington, D.C. 1980 175 3,459 9,103 13,374 3,459 22,477 25,936 ( 16,965 ) 8,971 — Laurel Crossing Garden Jan 2006 San Mateo, CA 1971 418 49,474 17,756 17,574 49,474 35,330 84,804 ( 20,793 ) 64,011 — Lincoln Place (7) Garden Oct 2004 Venice, CA 1951 795 128,332 10,439 257,698 44,197 352,272 396,469 ( 182,175 ) 214,294 173,676 Locust on the Park High Rise May 2018 Philadelphia, PA 1911 151 5,292 53,823 9,831 5,292 63,654 68,946 ( 11,937 ) 57,009 33,442 Malibu Canyon Garden Mar 2002 Calabasas, CA 1986 698 69,834 53,438 43,872 69,834 97,310 167,144 ( 66,921 ) 100,223 158,950 Mariners Cove Garden Mar 2002 San Diego, CA 1984 500 — 66,861 18,288 — 85,149 85,149 ( 50,561 ) 34,588 — Meadow Creek Garden Jul 1994 Boulder, CO 1968 332 1,435 24,533 10,561 1,435 35,094 36,529 ( 25,615 ) 10,914 — Mezzo High Rise Mar 2015 Atlanta, GA 2008 95 4,292 34,178 2,699 4,292 36,877 41,169 ( 10,730 ) 30,439 — Monterey Grove Garden Jun 2008 San Jose, CA 1999 224 34,325 21,939 19,146 34,325 41,085 75,410 ( 18,659 ) 56,751 46,630 Ocean House on Prospect Mid Rise Apr 2013 La Jolla, CA 1970 53 12,528 18,805 16,979 12,528 35,784 48,312 ( 13,885 ) 34,427 — One Ardmore Mid Rise Apr 2019 Ardmore, PA 2019 110 4,929 61,631 3,698 4,929 65,329 70,258 ( 8,902 ) 61,356 29,175 One Canal High Rise Sep 2013 Boston, MA 2016 310 — 15,873 183,644 — 199,517 199,517 ( 52,273 ) 147,244 — Pacific Bay Vistas (7) Garden Mar 2001 San Bruno, CA 1987 308 28,694 62,460 34,481 23,354 102,281 125,635 ( 48,697 ) 76,938 98,127 Pacifica Park Garden Jul 2006 Pacifica, CA 1977 104 12,970 6,579 9,171 12,970 15,750 28,720 ( 9,703 ) 19,017 37,264 Palazzo at Park La Brea, The Mid Rise Feb 2004 Los Angeles, CA 2002 521 48,362 125,464 59,730 48,362 185,194 233,556 ( 105,338 ) 128,218 209,689 Palazzo East at Park La Brea, The Mid Rise Mar 2005 Los Angeles, CA 2005 611 72,578 136,503 40,036 72,578 176,539 249,117 ( 101,739 ) 147,378 179,147 Parc Mosaic Garden Dec 2014 Boulder, CO 1970 226 15,300 — 111,135 15,300 111,135 126,435 ( 18,741 ) 107,694 — (2) As of December 31, 2022 (1) Initial Cost Cost Capitalized (4) Apartment Date Year Apartment Buildings and Subsequent to Buildings and (3) Accumulated Total Cost (5) Apartment Community Name Type Consolidated Location Built Homes Land Improvements Consolidation Land Improvements Total Depreciation (AD) Net of AD Encumbrances Park Towne Place High Rise Apr 2000 Philadelphia, PA 1959 941 $ 10,472 $ 47,301 $ 353,314 $ 10,472 $ 400,615 $ 411,087 $ ( 230,094 ) $ 180,993 $ — Peachtree Park Garden Jan 1996 Atlanta, GA 1969 303 4,684 11,713 16,466 4,684 28,179 32,863 ( 19,235 ) 13,628 — Preserve at Marin Mid Rise Aug 2011 Corte Madera, CA 1964 126 13,516 30,132 84,137 13,516 114,269 127,785 ( 46,845 ) 80,940 — Riverloft High Rise Oct 1999 Philadelphia, PA 1910 184 2,120 11,286 38,851 2,120 50,137 52,257 ( 32,457 ) 19,800 — Royal Crest Estates Garden Aug 2002 North Andover, MA 1970 588 51,292 36,808 29,078 51,292 65,886 117,178 ( 43,339 ) 73,839 — Saybrook Pointe Garden Dec 2014 San Jose, CA 1995 324 32,842 84,457 27,092 32,842 111,549 144,391 ( 33,326 ) 111,065 107,347 SouthStar Lofts High Rise May 2018 Philadelphia, PA 2014 85 1,780 37,428 1,245 1,780 38,673 40,453 ( 6,730 ) 33,723 17,000 Sterling Apartment Homes, The Garden Oct 1999 Philadelphia, PA 1961 534 8,871 55,365 119,946 8,871 175,311 184,182 ( 115,551 ) 68,631 — The Left Bank Mid Rise May 2018 Philadelphia, PA 1929 282 — 130,893 25,492 — 156,385 156,385 ( 27,357 ) 129,028 75,466 Township Residences Town Home Nov 1996 Centennial, CO 1985 161 1,536 9,773 17,202 1,536 26,975 28,511 ( 17,161 ) 11,350 — Tremont Mid Rise Dec 2014 Atlanta, GA 2009 78 5,274 18,011 4,168 5,274 22,179 27,453 ( 6,846 ) 20,607 — Villas at Park La Brea, The Garden Mar 2002 Los Angeles, CA 2002 250 8,630 48,871 22,003 8,630 70,874 79,504 ( 43,013 ) 36,491 — Villas of Pasadena Mid Rise Jan 2006 Pasadena, CA 1973 92 9,693 6,818 5,685 9,693 12,503 22,196 ( 7,415 ) 14,781 20,500 Vivo High Rise Jun 2016 Cambridge, MA 2015 91 6,450 35,974 6,372 6,450 42,346 48,796 ( 17,972 ) 30,824 — Waterways Village Garden Jun 1997 Aventura, FL 1994 180 4,504 11,064 19,210 4,504 30,274 34,778 ( 18,807 ) 15,971 — Total Same Store Sales 18,994 $ 980,035 $ 2,409,057 $ 2,527,143 $ 890,560 $ 5,025,675 $ 5,916,235 $ ( 2,385,036 ) $ 3,531,199 $ 1,737,015 Other Real Estate: 234 East 88th Street Mid Rise Jan 2014 New York, NY 1900 20 2,448 4,449 897 2,448 5,346 7,794 ( 2,043 ) 5,751 — 236-238 East 88th Street High Rise Jan 2004 New York, NY 1900 42 8,820 2,914 23,438 8,820 26,352 35,172 ( 2,435 ) 32,737 — 240 West 73rd Street (7) High Rise Sep 2004 New York, NY 1900 195 68,109 12,140 ( 29,093 ) 20,828 30,328 51,156 ( 12,002 ) 39,154 — 707 Leahy Garden Sep 2022 Redwood City, CA 1973 110 20,956 62,605 — 20,956 62,605 83,561 ( 697 ) 82,864 — City Center on 7th Garden Jun 2021 Pembroke Pines, FL 2014 700 35,196 186,823 19,172 35,196 205,995 241,191 ( 12,320 ) 228,871 — Flamingo Point, North Tower High Rise Sep 2022 Miami Beach, FL 1960 366 91,529 290,682 324 91,529 291,006 382,535 ( 3,115 ) 379,420 — Huntington Gateway High Rise Oct 2021 Alexandria, VA 1990 443 38,785 83,832 9,515 38,785 93,347 132,132 ( 4,823 ) 127,309 93,510 North Park High Rise Oct 2021 Chevy Chase, MD 1973 310 42,900 68,090 7,359 42,900 75,449 118,349 ( 3,451 ) 114,898 75,626 Prism Mid Rise Sep 2022 Cambridge, MA 2019 136 13,768 74,541 — 13,768 74,541 88,309 ( 826 ) 87,483 — Residences at Capital Crescent Trail High Rise Oct 2021 Bethesda, MD 2002 258 15,975 84,167 4,368 15,975 88,535 104,510 ( 4,045 ) 100,465 — The District at Flagler Village High Rise Jul 2022 Fort Lauderdale, FL 2021 350 14,472 156,718 434 14,472 157,152 171,624 ( 2,734 ) 168,890 — The Fremont Mid Rise Sep 2022 Aurora, CO 2020 253 7,218 92,621 — 7,218 92,621 99,839 ( 1,064 ) 98,775 — The Reserve at Coconut Point Garden May 2022 Estero, FL 2022 180 5,162 66,593 ( 794 ) 5,162 65,799 70,961 ( 1,767 ) 69,194 — Vaughan Place (6) High Rise Oct 2021 Washington, D.C. 1988 375 47,276 122,092 7,912 47,276 130,004 177,280 ( 6,272 ) 171,008 88,500 Watermarc at Biscayne Bay High Rise Jun 2022 Miami, FL 2021 296 34,710 174,237 839 34,710 175,076 209,786 ( 3,604 ) 206,182 — Willard Towers High Rise Jun 2022 Chevy Chase, MD 1969 525 334 179,141 1,492 334 180,633 180,967 ( 3,646 ) 177,321 — Other (8) 4,863 — 130 492 4,501 4,993 ( 3 ) 4,990 — Total Other Real Estate 4,559 $ 452,521 $ 1,661,645 $ 45,993 $ 400,869 $ 1,759,290 $ 2,160,159 $ ( 64,847 ) $ 2,095,312 $ 257,636 Total Portfolio 23,553 $ 1,432,556 $ 4,070,702 $ 2,573,136 $ 1,291,429 $ 6,784,965 $ 8,076,394 $ ( 2,449,883 ) $ 5,626,511 $ 1,994,651 (1) Date we acquired the apartment community or first consolidated the partnership that owns the community. (2) Includes costs capitalized since acquisition or date of initial consolidation of the community. (3) The aggregate cost of land and depreciable property for federal income tax purposes was approx imate ly $ 7.4 billion as of December 31, 2022 . (4) Depreciable life for buildings and improvements ranges from 5 to 30 years and is calculated on a straight-line basis. (5) Encumbrances are presented before reduction for debt issuance costs. (6) Initial cost of buildings and improvements includes the cost of additional apartment homes acquired subsequent to consolidation. (7) The current carrying value of the apartment community reflects an impairment loss recognized. (8) Other includes apartment communities under development, land parcels, and certain non-residential properties held for future development. APARTMENT INCOME REIT CORP. APARTMENT INCOME REIT, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION For the Years Ended December 31, 2022, 2021, and 2020 (In Thousands) 2022 2021 2020 Total real estate balance at beginning of year $ 6,885,081 $ 7,468,864 $ 7,351,979 Additions during the year: Acquisitions and lease cancellation 1,300,122 723,599 6,062 Capital additions 193,360 168,920 329,156 Amounts related to assets held for sale — ( 253,547 ) — Dispositions and other ( 302,169 ) ( 1,222,755 ) ( 218,333 ) Total real estate balance at end of year $ 8,076,394 $ 6,885,081 $ 7,468,864 Accumulated depreciation balance at beginning of year $ 2,284,793 $ 2,455,505 $ 2,268,839 Depreciation 308,382 298,789 310,400 Amounts related to assets held for sale — ( 107,055 ) — Dispositions and other ( 143,292 ) ( 362,446 ) ( 123,734 ) Accumulated depreciation balance at end of year $ 2,449,883 $ 2,284,793 $ 2,455,505 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation We consolidate variable interest entities (“VIE”), in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. As of December 31, 2022 and 2021, AIR consolidated seven and 11 VIEs, respectively, including the AIR Operating Partnership. |
Real Estate | Real Estate Acquisitions Upon the acquisition of real estate, we determine whether the purchase qualifies as an asset acquisition or meets the definition of an acquisition of a business. We generally recognize the acquisition of apartment communities or interests in partnerships that own communities at our cost, including the related transaction costs, as asset acquisitions. We allocate the cost of apartment communities acquired based on the relative fair value of the assets acquired and liabilities assumed. The fair value of these assets and liabilities is determined using valuation techniques that rely on Level 2 and Level 3 inputs within the fair value framework. We determine the fair value of tangible assets, such as land, buildings, furniture, fixtures, and equipment using valuation techniques that consider comparable market transactions, replacement costs, and other available information. We determine the fair value of identified intangible assets or liabilities, which typically relate to in-place leases, using valuation techniques that consider the terms of the in-place leases, current market data for comparable leases, and our experience in leasing similar communities. The intangible assets or liabilities related to in-place leases are comprised of: (a) the value of the above- and below-market leases in-place, measured over the period, including probable lease renewals for below-market leases, that the leases are expected to remain in effect; (b) the estimated unamortized portion of avoided leasing commissions and other costs that ordinarily would be incurred to originate the in-place leases; and (c) the value associated with leased apartment homes during an estimated absorption period, which estimates rental revenue that would not have been earned had leased apartment homes been vacant at the time of acquisition, assuming lease-up periods based on market demand and stabilized occupancy levels. The above- and below-market lease intangibles are amortized to rental revenue over the expected remaining terms of the associated leases, which include reasonably assured renewal periods. Other intangible assets related to in-place leases are amortized to depreciation and amortization over the expected remaining terms of the associated leases. Capital Additions We capitalize costs, including certain indirect costs, incurred in connection with our capital additions activities, including tangible apartment community improvements and replacements of existing apartment community components. Costs, including ordinary repairs, maintenance, and resident turnover costs, are charged to property operating expense as incurred. For the years ended December 31, 2022, 2021, and 2020, we capitalized to buildings and improvements $ 1.5 million, $ 2.4 million, and $ 13.7 million of interest costs, respectively, and $ 16.6 million, $ 10.3 million, and $ 33.0 million of other direct and indirect costs, respectively. Dispositions A property is classified as held for sale when all of the following criteria for a plan of sale have been met: (i) management, having the authority to approve the action, commits to a plan to sell the asset or disposal group; (ii) the asset or disposal group is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset or disposal group have been initiated; (iv) the sale of the asset or disposal group is probable and is expected to be completed within one year; (v) the asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn, which is typically indicated by receipt of all non-refundable deposits from the buyer pursuant to a sales contract. Depreciation of assets ceases upon designation of a property as held for sale. For sales of real estate, we evaluate whether the disposition represents a strategic shift that has, or will have, a major effect on our operations and financial results. If so, it is classified as discontinued operations in our consolidated financial statements for all periods presented. If not, it is presented in continuing operations in our consolidated financial statements. The disposal of an individual property generally will not represent a strategic shift that has a major effect, and therefore will typically not meet the criteria for classification as a discontinued operations. Gain or loss on real estate dispositions are recognized when we no longer hold a controlling financial interest in the real estate and sufficient consideration has been received. Upon disposition, the related assets and liabilities are derecognized, and the gain or loss on disposition is recognized as the difference between the carrying amount of those assets and liabilities and the value of consideration received. Impairment Real estate and other long-lived assets to be held and used are individually evaluated for impairment when conditions exist that may indicate the carrying amount of a long-lived asset may not be recoverable. We use the held for sale impairment model for properties classified as held for sale, whereby an impairment charge is recognized if the carrying amount of the long-lived asset classified as held for sale exceeds its fair value less cost to sell. If an impairment indicator exists, we compare the asset’s expected future undiscounted cash flows to its current carrying value to assess whether impairment measurement is necessary. Upon determinat ion that an impairment has occurred, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the real estate and other long-lived assets. During 2020, we recognized an impairment loss on real estate of $ 47.3 million. We did no t recognize any such impairment during the years ended December 31, 2022 and 2021. The measurement of impairment is based on the fair value of the community and incorporates various estimates and assumptions, the most significant being market rental rates, operating expense assumptions, expected hold period, and capitalization rate. We project future rental revenue growth rates using forecasted rates from third-party market research analytics. Property expense growth rates and capitalization rates are based on the apartment communities’ historical, current, and expected future operating results, existing operating expense assumptions, and operational strategies. These projections are adjusted to reflect current economic conditions and require considerable management judgment. |
Cash, Cash Equivalents and Restricted Cash | Cash and Cash Equivalents We classify highly liquid investments with an original maturity of three months or less as cash equivalents. We maintain cash equivalents in financial institutions in excess of insured limits. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions. Restricted Cash As of December 31, 2022, restricted cash primarily consists of cash deposited into 1031 exchange accounts in connection with tax-deferred exchange transactions that was released in conjunction with the Southgate Towers acquisition in January 2023, capital repla cement reserves, completion repair reserves, bond sinking fund amounts, real estate tax, insurance escrow accounts held by lenders, and resident security deposits. |
Sales-Type Lease Arrangements | Sales-Type Lease Arrangements During 2021, we entered into leases of existing properties with Aimco, which were accounted for as sales-type leases in accordance with Accounting Standards Codification Topic 842, Leases (“ASC 842”), with terms ranging from 10 to 25 years . As of December 31, 2021, we had assets recorded reflecting our net investment in such leased properties totalin g $ 466 million. During the third quarter of 2022, we canceled the existing sales-type leases. Please refer to Note 3 for further information regarding the lease cancellation. |
Goodwill | Goodwill As of December 31, 2022 and 2021, goodwill associated with our reportable segments totaled $ 32.3 million. In connection with the Separation during 2020, we allocated goodwill in the amount of $ 5.5 milli on that was attributable to the properties retained by Aimco, with an offsetting amount recognized in additional paid in capital. Annually, or when an interim triggering event occurs, we perform an impairment test of goodwill by evaluating qualitative factors and quantitative factors, if necessary, to determine the likelihood that goodwill may be impaired. As a result of our annual impairment test, we determined that our goodwill was not impaired during the years ended December 31, 2022, 2021, and 2020 . |
Other Assets, net | Other Assets, net As of December 31, 2022 and 2021, other assets, net was comprised of the following amounts (in thousands): 2022 2021 Mezzanine investment $ 158,726 $ 337,800 Right-of-use lease assets 126,020 53,425 Other receivables, net 69,944 40,675 Other 226,633 136,151 Total other assets, net $ 581,323 $ 568,051 |
Accrued Liabilities and Other | Accrued Liabilities and Other As of December 31, 2022 and 2021, accrued liabilities and other was comprised of the following amounts (in thousands): 2022 2021 Mezzanine liability $ 158,726 $ 337,800 Accrued expenses 225,888 161,321 Other 129,191 93,653 Total accrued liabilities and other $ 513,805 $ 592,774 |
Investments in Unconsolidated Real Estate Partnerships | Investments in Unconsolidated Real Estate Partnerships We may own general and limited partner interests in partnerships that either directly, or through interests in other real estate partnerships, own apartment communities. We generally account for investments in real estate partnerships that we do not consolidate under the equity method. Under the equity method, we recognize our share of the earnings or losses of the entity for the periods presented, inclusive of our share of any impairments and disposition gains or losses recognized by and related to such entities, and we present such amounts within income from unconsolidated real estate partnerships in our consolidated statements of operations. Investments in unconsolidated real estate partnerships are included in other assets, net, in our consolidated balance sheets. Investments in unconsolidated real estate partnerships are reviewed for impairments. An impairment loss is recorded when there is a decline in the fair value below the carrying value and we conclude such decline is other-than-temporary. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. We determine the fair value of investments in unconsolidated real estate partnerships using valuation techniques that consider the terms of the in-place leases, current market data for comparable leases, our experience in leasing similar communities, and current plans. We recognized no such impairments for any of the years ended December 31, 2022, 2021, and 2020. The excess of our cost of the acquired partnership interests over our share of the partners’ equity or deficit is generally ascribed to the fair values of land and buildings owned by the partnerships. We amortize the excess cost ascribed to the buildings over the related estimated useful life. Such amortization is recorded as an adjustment of the amounts of earnings or losses we recognize from such unconsolidated real estate partnerships. |
Noncontrolling Interests in Consolidated Real Estate Partnerships | Noncontrolling Interests in Consolidated Real Estate Partnerships We generally report the unaffiliated partners’ interests in the net assets of our consolidated real estate partnerships as noncontrolling interests in consolidated real estate partnerships within consolidated equity and partners’ capital. If a real estate partnership includes redemption rights that are not within AIR and the AIR Operating Partnership’s control, the noncontrolling interest is included as temporary equity or temporary capital. If the redemption right is not currently redeemable but probable of being redeemable in the future, changes in redemption value are recognized each quarter with the change in value being reflected in additional paid-in-capital. The assets of real estate partnerships consolidated by the AIR Operating Partnership must first be used to settle the liabilities of such consolidated real estate partnerships. These consolidated real estate partnerships’ creditors do not have recourse to the general credit of the AIR Operating Partnership. Noncontrolling interests in consolidated real estate partnerships consist primarily of equity interests held by limited partners in consolidated real estate partnerships that have finite lives. We generally attribute to noncontrolling interests their share of income or loss of consolidated partnerships based on their proportionate interest in the results of operations of the partnerships, including their share of losses even if such attribution results in a deficit noncontrolling interest balance within our equity and partners’ capital accounts. The terms of the related partnership agreements generally require the partnerships to be liquidated following the sale of the underlying real estate. As the general partner in these partnerships, we ordinarily control the execution of real estate sales and other events that could lead to the liquidation, redemption or other settlement of noncontrolling interests. Changes in our ownership interest in consolidated real estate partnerships generally consist of our purchase of an additional interest in or the sale of our entire or partial interest in a consolidated real estate partnership. The effect on our equity and partners’ capital of our purchase of additional interests in consolidated real estate partnerships during the years ended December 31, 2022, 2021, and 2020 , is shown in our consolidated statements of equity and partners’ capital. The effect on our equity and partners’ capital of sales of consolidated real estate or sales of our entire interest in consolidated real estate partnerships is reflected in our consolidated statements of operations as gains or losses on dispositions of real estate and accordingly the effect on our equity and partners’ capital is reflected within the amount of net income allocated to us and to noncontrolling interests. Upon our deconsolidation of a real estate partnership following the sale of our partnership interests or liquidation of the partnership following sale of the related apartment community, we derecognize any remaining noncontrolling interest of the associated partnership previously recorded in our consolidated balance sheets. |
Noncontrolling Interests in the AIR Operating Partnership | Noncontrolling Interests in the AIR Operating Partnership Noncontrolling interests in the AIR Operating Partnership consist of common OP Units and preferred OP Units and are reflected in AIR’s accompanying consolidated balance sheets as noncontrolling interests in AIR Operating Partnership. Holders of preferred OP Units participate in the AIR Operating Partnership’s income or loss only to the extent of their preferred distributions. Within AIR’s consolidated financial statements, after provision for preferred OP Unit distributions, the AIR Operating Partnership’s income or loss is allocated to the holders of common OP Units based on the weighted-average number of common OP Units (including those held by AIR) outstanding during the period. During the years ended December 31, 2022, 2021, and 2020, the holders of common OP Units (excluding those held by AIR) had a weighted-average economic ownership interest in the AIR Operating Partnership of 6.25 % , 6.07 % , and 5.07 % , respectively. Please refer to Note 8 for further information regarding the items comprising noncontrolling interests in the AIR Operating Partnership. Substantially all of the assets and liabilities of AIR are those of the AIR Operating Partnership. |
Revenue from Leases | Revenue from Leases We are a lessor primarily for residential leases. Our operating leases with residents may also provide that the resident reimburse us for certain costs, primarily the resident’s share of utilities expenses, incurred by the apartment community. These reimbursements represent revenue attributable to nonlease components for which the timing and pattern of recognition is the same as the revenue for the lease components. We use the practical expedient that allows us to account for the lease and nonlease components as a single component. Reimbursement and related expense are presented on a gross basis in our consolidated statements of operations, with the reimbursement included in rental and other property revenues attributable to real estate in our consolidated statements of operations. We recognize rental revenue attributed to lease components, net of any concessions, on a straight-line basis over the term of the lease. |
Insurance | Insurance We believe our insurance coverages insure our apartment communities adequately against the risk of loss attributable to fire, earthquake, hurricane, tornado, flood, and other perils. In addition, we have third-party insurance coverage (after self-insured retentions) that defray the costs of large workers’ compensation, health, and general liability exposures. We accrue losses based upon our estimates of the aggregate liability for uninsured losses incurred using certain actuarial assumptions followed in the insurance industry and based on our experience. |
Depreciation and Amortization | Depreciation and Amortization Depreciation for all tangible assets is calculated using the straight-line method over their estimated useful life. Acquired buildings and improvements are depreciated over a useful life based on the age, condition, and other physical characteristics of the asset. Furniture, fixtures, and equipment are generally depreciated over five years . We depreciate capitalized costs using the straight-line method over the estimated useful life of the related improvement, which is generally 5 , 15 , or 30 years. Purchased software and other costs related to software purchased or developed for internal use are capitalized during the application development stage and are amortized using the straight-line method over the estimated useful life of the software, generally three to five years. Purchased equipment is recognized at cost and depreciated using the straight-line method over the estimated useful life of the asset, which is generally five years. Leasehold improvements are also recorded at cost and depreciated on a straight-line basis over the shorter of the asset’s estimated useful life or the term of the related lease. Certain homogeneous items that are purchased in bulk on a recurring basis, such as appliances, are depreciated using group methods that reflect the average estimated useful life of the items in each group. Except in the case of apartment community casualties, where the net book value of the lost asset is written off in the determination of casualty gains or losses, we generally do not recognize any loss in connection with the replacement of an existing apartment community component because normal replacements are considered in determining the estimated useful life used in connection with our composite and group depreciation methods. |
Share-Based Compensation | Share-Based Compensation We issue various forms of share-based compensation, including stock options and restricted stock awards with service conditions or market conditions. We recognize share-based employee compensation based on the fair value on the grant date and recognize compensation cost over the awards’ requisite service periods. We reduce compensation cost related to forfeited awards in the period of forfeiture. Please refer to Note 9 for further discussion of our share-based compensation. |
Income Taxes | Income Taxes AIR has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2020, and it intends to continue to operate in such a manner. AIR’s current and continuing qualification as a REIT depends on its ability to meet the various requirements imposed by the Code, which are related to organizational structure, distribution levels, diversity of stock ownership, and certain restrictions with regard to owned assets and categories of income. As a REIT, we are generally not subject to federal and certain state income tax on the net income that we currently distribute to stockholders. This treatment substantially eliminates the “double taxation” (at the corporate and stockholder levels) that generally results from an investment in a corporation. Even if AIR qualifies as a REIT, it may be subject to United States federal income and excise taxes in various situations, such as on undistributed income. AIR could also be subject to a 100 % tax on transactions between it and a TRS (described below) that are determined to be non-arm’s length and on any net income from sales of apartment communities that are determined to be dealer-type prohibited transactions. The state and local tax laws may not conform to the United States federal income tax treatment, and AIR may be subject to state or local taxation in various state or local jurisdictions, including those in which we transact business. Any taxes imposed on us reduce our operating cash flow and net income. Certain of AIR’s operations, or a portion thereof, including property management and risk management, are conducted through taxable REIT subsidiaries, which are subsidiaries of the AIR Operating Partnership, and each of which we refer to as a TRS. A TRS is a corporate subsidiary that has elected to be a TRS instead of a REIT and, as such, is subject to United States federal corporate income tax. We use TRS entities to facilitate our ability to offer certain services and activities to our residents and investment partners that cannot be offered directly by a REIT. For our TRS entities, deferred income taxes result from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts reported for United States federal income tax purposes, and are measured using the enacted tax rates and laws that are expected to be in effect when the differences reverse. We reduce deferred tax assets by recording a valuation allowance when we determine, based on available evidence, that it is more likely than not that the assets will not be realized. We recognize the tax consequences associated with intercompany transfers between the AIR Operating Partnership and TRS entities when such transactions occur. Please refer to Note 10 for further information about our income taxes. |
Earnings Per Share and Unit | Earnings per Share and Unit AIR and the AIR Operating Partnership calculate earnings per share and unit, respectively, based on the weighted-average number of shares of Common Stock or common OP units, participating securities, Common Stock or common unit equivalents, and dilutive convertible securities outstanding during the period. The AIR Operating Partnership considers both common OP units and equivalents, which have identical rights to distributions and undistributed earnings, to be common units for purposes of the earnings per unit computations. Please refer to Note 11 for further information regarding earnings per share and unit computations. |
Use of Estimates | Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the consolidated financial statements and accompanying notes thereto. Actual results could differ from those estimates. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Other Assets, Net | As of December 31, 2022 and 2021, other assets, net was comprised of the following amounts (in thousands): 2022 2021 Mezzanine investment $ 158,726 $ 337,800 Right-of-use lease assets 126,020 53,425 Other receivables, net 69,944 40,675 Other 226,633 136,151 Total other assets, net $ 581,323 $ 568,051 |
Summary of Accrued Liabilities and Others | As of December 31, 2022 and 2021, accrued liabilities and other was comprised of the following amounts (in thousands): 2022 2021 Mezzanine liability $ 158,726 $ 337,800 Accrued expenses 225,888 161,321 Other 129,191 93,653 Total accrued liabilities and other $ 513,805 $ 592,774 |
Significant Transactions (Table
Significant Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Acquisition [Line Items] | |
Schedule of Acquisition | During the year ended December 31, 2022, we acqui red 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): Number of apartment communities 4 Number of apartment homes 1,351 Purchase price $ 640,067 Capitalized transaction costs 7,325 Total consideration $ 647,392 Land $ 54,825 Building and improvements 576,779 Right-of-use lease asset 80,651 Intangible assets (1) 17,203 Lease liability ( 80,651 ) Below-market lease liabilities (1) ( 613 ) Real estate tax liability assumed ( 802 ) Total consideration $ 647,392 (1) Intangible assets and below-market lease liabilities have a weighted-average term of 2.2 years and 1.4 years , respectively. Subsequent to the year ended December 31, 2022, we acquired Southgate Towers, a 495 apartment home community located in the South Beach neighborhood of Miami Beach. Total consideration of $ 298.0 million includes $ 101.2 million of debt assumed and the issuance of $ 22.4 million in common OP Units. |
Summary of Apartment Community Sold | Sold apartment communities during the years ended December 31, 2022, 2021, and 2020, are summarized below (dollars in thousands): 2022 2021 2020 Number of apartment communities sold 18 16 2 Number of apartment homes sold 3,364 1,395 485 Gain on apartment community sales $ 939,806 $ 243,369 $ 119,215 |
Summary of Lease cancellation of cost | The 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. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lease Income for Operating Leases | The majority of lease payments we receive from our residents are fixed. We receive variable payments from our residents primarily for utility reimbursements. Our total lease income included in continuing operations was comprised of the following amounts for all operating leases for the years ended December 31, 2022, 2021, and 2020 (in thousands): 2022 2021 2020 Fixed lease income $ 715,060 $ 685,423 $ 677,060 Variable lease income 47,358 46,246 43,588 Straight-line rent write-off (1) — — ( 2,850 ) Total lease income $ 762,418 $ 731,669 $ 717,798 The onset of COVID-19 and the anticipated economic slowdown resulted in a $ 2.9 million write-off of accrued straight-line rent during the year ended December 31, 2020. |
Future Minimum Annual Rental Payments Receivable Under Residential and Commercial Leases | As of December 31, 2022, future minimum annual rental payments we are contractually obligated to receive under residential and commercial leases, excluding such extension options, are as follows (in thousands): 2023 $ 451,818 2024 94,241 2025 11,781 2026 9,738 2027 8,834 Thereafter 34,888 Total $ 611,300 |
Minimum Annual Rental Payments Under these Operating Leases | As of December 31, 2022, minimum annual rental payments under these operating leases, reconciled to the lease liability included in accrued liabilities and other in our consolidated balance sheets, are as follows (in thousands): Operating Lease 2023 $ 7,857 2024 8,053 2025 8,084 2026 8,390 2027 8,344 Thereafter 1,716,754 Total $ 1,757,482 Less: Discount 1,622,955 Total lease liability $ 134,527 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Non-Recourse Property Loans Payable Related to Properties | The following table summarizes our outstanding debt balances as of December 31, 2022 and 2021 (in thousands): 2022 2021 Secured debt: Fixed-rate property debt due May 2025 to January 2055 (1) $ 1,906,151 $ 2,217,256 Variable-rate property debt due October 2024 (2) 88,500 88,500 Total non-recourse property debt 1,994,651 2,305,756 Debt issuance costs, net of accumulated amortization ( 9,221 ) ( 11,017 ) Total non-recourse property debt, net $ 1,985,430 $ 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) 462,000 304,000 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 1,662,000 1,454,000 Debt issuance costs, net of accumulated amortization ( 5,801 ) ( 5,453 ) Total unsecured debt, net $ 1,656,199 $ 1,448,547 Total indebtedness $ 3,641,629 $ 3,743,286 (1) The stated rates on our fixed-rate property debt are between 2.4 % to 5.7 % . (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 December 31, 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 % . The term loans mature on the following schedule: $ 150 million mature on December 15, 2023, with two one-year extension options; $ 300 million mature on December 15, 2024, with a one-year extension option; $ 150 million mature on December 15, 2025; and $ 200 million mature on April 14, 2026. (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 December 31, 2022, we had capacity to borrow up to $ 526.9 mi llion 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 December 31, 2022, the weighted-average interest rate for our revolving credit facility was 5.3 % . (5) During the second quarter of 2022, we issued three tranches of guaranteed, senior unsecured notes, totaling $ 400 million. As of December 31, 2022, the weighted-average interest rate for senior unsecured notes was 4.3 % . |
Scheduled of principal amortization and maturity payments for our outstanding debt balances | As of December 31, 2022, the scheduled principal amortization and maturity payments for our outstanding debt balances were as follows (in thousands): Amortization Maturities Total 2023 (1) $ 29,362 $ — $ 29,362 2024 (1) 30,841 88,500 119,341 2025 (1) (2) 29,539 971,323 1,000,862 2026 (1) 24,012 361,950 385,962 2027 21,445 163,098 184,543 Thereafter 186,190 1,288,391 1,474,581 Total $ 321,389 $ 2,873,262 $ 3,194,651 (1) Amounts presented above are inclusive of extension options on our terms loans, as outlined above. (2) The table above excludes our revolving credit facility due April 2025, which had an outstanding balance of $ 462 million as of December 31, 2022 . |
Partners' Capital (Tables)
Partners' Capital (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Partners' Capital [Abstract] | |
Classes of Preferred OP Units | As of December 31, 2022 and 2021, the AIR Operating Partnership had the following classes of preferred OP Units (stated at their redemption values, in thousands, except unit and per unit data): Distributions per Annum Units Issued and Redemption Values Class of Preferred Units Percent Per Unit 2022 2021 2022 2021 Class One 8.75 % $ 8.00 90,000 90,000 $ 8,229 $ 8,229 Class Two 1.92 % $ 0.48 5,418 10,814 135 270 Class Three 7.88 % $ 1.97 1,310,902 1,311,095 32,772 32,777 Class Four 8.00 % $ 2.00 644,954 644,954 16,124 16,124 Class Six 8.50 % $ 2.13 769,585 773,693 19,240 19,342 Class Seven 7.87 % $ 1.97 25,715 26,150 643 654 Class Nine 6.00 % $ 1.50 — 78,956 — 1,974 Total 2,846,574 2,935,662 $ 77,143 $ 79,370 |
Reconciliation of Preferred OP Units | The following table presents a rollforward of the AIR Operating Partnership’s preferred OP Units’ redemption value (in thousands): Balance at January 1, 2022 $ 79,370 Preferred distributions ( 6,396 ) Redemption of preferred units and other ( 2,219 ) Net income allocated to preferred units 6,388 Balance at December 31, 2022 $ 77,143 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Total Compensation Cost Recognized for Share-Based Awards | Total compensation cost recognized for share-based awards was as follows for the years ended December 31, 2022, 2021, and 2020 (in thousands): 2022 2021 2020 Share-based compensation expense (1) $ 7,463 $ 7,360 $ 8,295 Capitalized share-based compensation (2) 503 295 946 Total share-based compensation (3) $ 7,966 $ 7,655 $ 9,241 (1) Amounts are recorded in general and administrative expenses in our consolidated statements of operations . (2) Amounts are recorded in building and improvements in our consolidated balance sheets. (3) Amounts are recorded in additional paid-in capital and common noncontrolling interests in the AIR Operating Partnership in the AIR consolidated balance sheets, and in general partner and special limited partner and limited partners in the AIR Operating Partnership consolidated balance sheets. |
Assumptions Used in Determination of Grant-Date Fair Value of Awards | The valuation assumptions for the 2022, 2021, and 2020 grants were as follows: 2022 2021 2020 Grant date market value of a common share $ 53.91 $ 36.84 $ 53.26 Risk-free interest rate 1.20 % - 1.68 % 0.24 % - 0.78 % 1.48 % - 1.58 % Dividend yield 3.50 % 4.00 % 2.93 % Expected volatility 22.63 % - 24.83 % 23.08 % - 28.21 % 15.82 % - 16.84 % Derived vesting period of TSR Restricted Stock and TSR LTIP I units 3.5 years 3.2 years 3.5 years Weighted average expected term of TSR Stock Options and LTIP II units 5.4 years 5.4 years 5.9 years |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Benefit or Expense | Significant components of the income tax benefit or expense are as follows and are classified within income tax (expense) benefit in our consolidated statements of operations for the years ended December 31, 2022, 2021, and 2020 (in thousands): 2022 2021 2020 Current: Federal $ ( 756 ) $ 7,409 $ ( 6,271 ) State ( 2,807 ) ( 1,971 ) ( 8,637 ) Total current ( 3,563 ) 5,438 ( 14,908 ) Deferred: Federal ( 291 ) ( 153 ) 7,691 State ( 69 ) ( 39 ) 2,694 Revaluation of deferred taxes due to change in tax rate — — ( 90,914 ) Total deferred ( 360 ) ( 192 ) ( 80,529 ) Total (expense) benefit $ ( 3,923 ) $ 5,246 $ ( 95,437 ) |
Reconciliation of Income Tax Attributable to Operations | The reconciliation of income tax attributable to continuing operations computed at the United States statutory rate to income tax benefit is shown below (dollars in thousands): 2022 2021 2020 Amount Percent Amount Percent Amount Percent Tax (expense) benefit provision at United States statutory rates on consolidated income (loss) from continuing operations subject to tax $ ( 1,554 ) ( 21.0 %) $ ( 6,064 ) ( 21.0 %) $ 3,516 ( 21.0 %) State income tax (expense) benefit, net of federal tax (expense) benefit (1) ( 2,853 ) ( 38.6 %) ( 2,011 ) ( 7.0 %) 1,964 ( 11.7 %) Effect of permanent differences — — % — — % ( 434 ) 2.6 % Tax credits 191 2.6 % 3,508 12.1 % 296 ( 1.8 %) Separation — — % — — % ( 7,596 ) 45.4 % TRS REIT election (2) — — % 9,656 33.4 % ( 90,914 ) 543.1 % Other 293 4.0 % 157 0.5 % ( 2,269 ) 13.6 % Total income tax (expense) benefit $ ( 3,923 ) ( 53.0 %) $ 5,246 18.0 % $ ( 95,437 ) 570.2 % (1) I n addition to the $ 7.4 million of net income for the year ended December 31, 2022, which is subject to federal income tax, due to varying state income tax law s, $ 39.0 million of inc ome is subject to only state income tax, resulting in $ 2.9 million of state income tax expense. (2) Consistent with our simplified business structure and strategy, during the year ended December 31, 2020, we elected to treat one of our taxable subsidiaries as a REIT, resulting in the removal of deferred tax asset balances. |
Schedule of Dividends Per Share Held | For the years ended December 31, 2022, 2021, and 2020, dividends per share held for the entire year were estimated to have the following tax attributes: 2022 2021 2020 (unaudited) Amount Percentage Amount Percentage Amount Percentage Ordinary income $ 0.21 11.8 % $ — — % $ 2.41 6.0 % Capital gains 1.37 76.0 % 0.44 25.3 % 15.00 37.4 % Qualified dividends 0.03 1.9 % — — % 0.48 1.2 % Unrecaptured Section 1250 gain 0.19 10.3 % 0.13 7.5 % 6.74 16.8 % Return of capital — — % 1.17 67.2 % 15.49 38.6 % Total $ 1.80 100.0 % $ 1.74 100.0 % $ 40.12 100.0 % |
Earnings per Share and per Un_2
Earnings per Share and per Unit (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings per Share and per Unit | Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings (loss) per share and per unit for the years ended December 31, 2022, 2021, and 2020 are as follows (in thousands, except per share and per unit data): 2022 2021 2020 Earnings (loss) per share Numerator: Income (loss) from continuing operations attributable to AIR common stockholders $ 903,642 $ 447,124 $ ( 115,961 ) Income from discontinued operations attributable to AIR common stockholders — — 11,632 Basic net income (loss) attributable to AIR common stockholders $ 903,642 $ 447,124 $ ( 104,329 ) Effect of dilutive instruments 6,388 — — Dilutive net income (loss) attributable to AIR common stockholders $ 910,030 $ 447,124 $ ( 104,329 ) Denominator – shares: Basic weighted-average common shares outstanding 154,093 154,135 122,446 Dilutive common share equivalents outstanding 2,494 368 — Dilutive weighted-average common shares outstanding 156,587 154,503 122,446 Income (loss) from continuing operations attributable to AIR per common share $ 5.86 $ 2.90 $ ( 0.94 ) Income from discontinued operations attributable to AIR per common share — — 0.09 Earnings (loss) per share – basic $ 5.86 $ 2.90 $ ( 0.85 ) Earnings (loss) per share – diluted $ 5.81 $ 2.89 $ ( 0.85 ) Earnings (loss) per unit Numerator: Income (loss) from continuing operations attributable to the AIR Operating Partnership $ 962,414 $ 475,557 $ ( 121,399 ) Income from discontinued operations attributable to the AIR Operating Partnership — — 11,632 Basic net income (loss) attributable to the AIR Operating Partnership’s common unitholders $ 962,414 $ 475,557 $ ( 109,767 ) Effect of dilutive instruments 6,388 — — Dilutive net income (loss) attributable to the AIR Operating Partnership’s common unitholders $ 968,802 $ 475,557 $ ( 109,767 ) Denominator – units: Basic weighted-average common units outstanding 164,141 162,739 128,775 Dilutive common unit equivalents outstanding 2,494 369 — Dilutive weighted-average common units outstanding 166,635 163,108 128,775 Income (loss) from continuing operations attributable to the AIR Operating Partnership per common unit $ 5.86 $ 2.92 $ ( 0.94 ) Income from discontinued operations attributable to the AIR Operating Partnership per common unit — — 0.09 Earnings (loss) per unit – basic $ 5.86 $ 2.92 $ ( 0.85 ) Earnings (loss) per unit – diluted $ 5.81 $ 2.92 $ ( 0.85 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 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 $ 53,481 $ — $ 53,481 $ — $ 21,699 $ — $ 21,699 $ — Interest rate swap asset $ 32,222 $ — $ 32,222 $ — $ — $ — $ — $ — Treasury rate lock $ 319 $ — $ 319 $ — $ — $ — $ — $ — |
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, seller financing note, net and unsecured notes payable excluding debt issuance costs (in thousands): As of December 31, 2022 As of December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 1,994,651 $ 1,753,222 $ 2,305,756 $ 2,367,713 Seller financing note, net (1) $ 31,611 $ 32,286 $ — $ — Unsecured notes payable $ 400,000 $ 371,368 $ — $ — (1) During the year ended December 31, 2022, we provided $ 40.0 million of seller financing as partial consideration for the sale of our New England portfolio. The contractual interest rate on the note is 4.5 % . The difference between the stated rate and the effective interest rate as of the date of sale resulted in a discount recorded of $ 8.5 million. The seller financing note and related discount are included in other assets, net in our consolidated balance sheets. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 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): December 31, 2022 December 31, 2021 ASSETS: Net real estate $ 1,066,482 $ 1,096,039 Cash and cash equivalents 54,319 29,863 Restricted cash 2,378 2,380 Other assets, net 20,944 21,745 LIABILITIES: Non-recourse property debt, net $ 1,212,065 $ 1,227,345 Accrued liabilities and other 35,365 34,659 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of discontinued operations | Summarized results of discontinued operations for the year ended December 31, 2020 are shown below (in thousands): 2020 REVENUES Rental and other property revenues $ 144,757 OPERATING EXPENSES Property operating expenses 51,710 Depreciation and amortization 72,729 Other expenses, net 1,897 Total operating expenses 126,336 Interest income 2,076 Interest expense ( 17,972 ) Income from unconsolidated real estate partnerships 764 Income before income tax benefit 3,289 Income tax benefit 7,939 Income from discontinued operations, net of tax 11,228 Net loss attributable to noncontrolling interests in consolidated real estate partnerships 404 Net income from discontinued operations attributable to Aimco $ 11,632 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Summary of Information for Reportable Segments | The following tables present the total revenues, property operating expenses, proportionate property net operating income (loss), and income (loss) from continuing operations before income tax (expense) benefit of our segments on a proportionate basis, excluding amounts related to communities sold or communities included in discontinued operations. To reflect how the CODM evaluates the business, prior period segment information has been recast to conform with our reportable segment composition as of December 31, 2022 (in thousands): Same Other Proportionate Corporate and Consolidated Year ended December 31, 2022: Total revenues $ 544,199 $ 100,803 $ 81,204 $ 47,517 $ 773,723 Property operating expenses 139,418 35,863 40,555 45,428 261,264 Other operating expenses not allocated to segments (3) — — — 384,957 384,957 Total operating expenses 139,418 35,863 40,555 430,385 646,221 Proportionate property net operating income (loss) 404,781 64,940 40,649 ( 382,868 ) 127,502 Other items included in income before income tax expense (4) — — — 846,471 846,471 Income from continuing operations before income tax expense $ 404,781 $ 64,940 $ 40,649 $ 463,603 $ 973,973 Same Other Proportionate Corporate and Consolidated Year ended December 31, 2021: Total revenues $ 516,980 $ 22,852 $ 78,938 $ 122,083 $ 740,853 Property operating expenses 143,130 10,697 39,768 74,506 268,101 Other operating expenses not allocated to segments (3) — — — 365,547 365,547 Total operating expenses 143,130 10,697 39,768 440,053 633,648 Proportionate property net operating income (loss) 373,850 12,155 39,170 ( 317,970 ) 107,205 Other items included in income before income tax benefit (4) — — — 366,773 366,773 Income from continuing operations before income tax benefit $ 373,850 $ 12,155 $ 39,170 $ 48,803 $ 473,978 Same Other Proportionate Corporate and Consolidated Year ended December 31, 2020: Total revenues $ 551,325 $ 7,592 $ 40,929 $ 119,710 $ 719,556 Property operating expenses 151,350 7,610 28,115 61,961 249,036 Other operating expenses not allocated to segments (3) — — — 488,461 488,461 Total operating expenses 151,350 7,610 28,115 550,422 737,497 Proportionate property net operating income (loss) 399,975 ( 18 ) 12,814 ( 430,712 ) ( 17,941 ) Other items included in income (loss) before income tax expense (4) — — — ( 1,194 ) ( 1,194 ) Income (loss) from continuing operations before income tax expense $ 399,975 $ ( 18 ) $ 12,814 $ ( 431,906 ) $ ( 19,135 ) (1) Represents adjustments to: (i) include AIR’s proportionate share of the results of unconsolidated apartment communities, which is excluded in the related consolidated amounts, and (ii) exclude the noncontrolling interests in consolidated real estate partnerships’ proportionate share of the results of communities in our segments, which is included i n the related consolidated amounts. Also includes the reclassification of utility reimbursements from revenues to property operating expenses for the purpose of evaluating segment results. Utility reimbursements are included in rental and other property revenues in our consolidated statements of operations prepared in accordance with GAAP. 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. The write-off of straight-line rent receivables, recognized due to the impact of COVID-19 and the resulting economic impact on our commercial tenants, are included in consolidated rental and property revenues and are not included in our measurement of segment performance for the year ended December 31, 2020. (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): December 31, 2022 December 31, 2021 Same Store $ 3,867,412 $ 3,824,277 Other Real Estate 2,031,506 787,534 Corporate and other assets (1) 652,965 1,828,549 Total consolidated assets $ 6,551,883 $ 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) properties sold or classified as held for sale. 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 | Capital additions related to our segments were as follows (in thousands): 2022 2021 2020 Same Store $ 145,290 $ 119,231 $ 94,824 Other Real Estate 44,056 17,314 195,698 Total capital additions $ 189,346 $ 136,545 $ 290,522 |
Basis of Presentation and Org_2
Basis of Presentation and Organization (Details Textual) | 12 Months Ended | |
Dec. 31, 2022 StateAndDistrict ApartmentHome Property shares | Dec. 31, 2021 Multi_family_apartment | |
Basis of Presentation and Organization [Line Items] | ||
Number of apartment homes in apartment communities | 23,553 | 1,748 |
Number Of States And District | StateAndDistrict | 10 | |
Partially Owned Properties [Member] | ||
Basis of Presentation and Organization [Line Items] | ||
Number of apartment homes | Property | 74 | |
Number of apartment homes in apartment communities | ApartmentHome | 25,301 | |
Percentage of average ownership of portfolio | 88% | |
AIR Operating Partnership [Member] | ||
Basis of Presentation and Organization [Line Items] | ||
Common operating partnership units and equivalents outstanding | 162,038,925 | |
Common operating partnership units and equivalents outstanding | 149,086,548 | |
Percentage of the Aimco Operating Partnership's common partnership units and equivalents owned by Aimco | 92% | |
Percentage of economic interest | 93.80% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Provision for real estate impairment loss | $ 47,281 | ||
Interest costs capitalized | 1,500 | 2,400 | 13,700 |
Other direct and indirect costs capitalized | 16,600 | 10,300 | $ 33,000 |
Net investment | 466,000 | ||
Goodwill | $ 32,286 | $ 32,286 | |
Percentage of income tax on income from non-arms length transactions | 100% | ||
Minimum [Member] | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Terms of leases | 10 years | ||
Estimated useful life | 5 years | ||
Median [Member] | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 15 years | ||
Maximum [Member] | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Terms of leases | 25 years | ||
Estimated useful life | 30 years | ||
Furniture, Fixtures and Equipment [Member] | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 5 years | ||
AIMCO [Member] | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Weighted average ownership interest | 6.25% | 6.07% | 5.07% |
Goodwill | $ 5,500 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Other Assets, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Mezzanine investment | $ 158,726 | $ 337,800 |
Right of use lease assets | $ 126,020 | $ 53,425 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Total other assets, net | Total other assets, net |
Other receivables, net | $ 69,944 | $ 40,675 |
Other | 226,633 | 136,151 |
Total other assets, net | $ 581,323 | $ 568,051 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary Of Accrued Liabilities And Other (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Mezzanine liability | $ 158,726 | $ 337,800 |
Accrued expenses | 225,888 | 161,321 |
Other | 129,191 | 93,653 |
Total accrued liabilities and other | $ 513,805 | $ 592,774 |
Significant Transactions - Sche
Significant Transactions - Schedule of Acquisition (Details) - Florida and Washington, DC. [Member] - Apartment Community [Member] $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) Unit | ||
Business Acquisition [Line Items] | ||
Number of apartment communities | Unit | 4 | |
Number of apartment homes | Unit | 1,351 | |
Purchase price | $ 640,067 | |
Capitalized transaction costs | 7,325 | |
Total consideration | 647,392 | |
Consideration allocated to land | 54,825 | |
Consideration allocated to building and improvements | 576,779 | |
Consideration allocated to right of use lease asset | 80,651 | |
Consideration allocated to intangible assets | 17,203 | [1] |
Consideration allocated to Lease liability | (80,651) | |
Consideration allocated to below-market lease liabilities | (613) | |
Consideration allocated to Real estate tax liability assumed | $ (802) | [1] |
[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) | 12 Months Ended |
Dec. 31, 2022 | |
Below-market leases [Member] | |
Business Acquisition [Line Items] | |
Weighted-average term | 1 year 4 months 24 days |
Intangible Assets [Member] | |
Business Acquisition [Line Items] | |
Weighted-average term | 2 years 2 months 12 days |
Significant Transactions - Summ
Significant Transactions - Summary of Apartment Community Dispositions (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Property ApartmentHome | Dec. 31, 2021 USD ($) Property Multi_family_apartment | Dec. 31, 2020 USD ($) Property | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Number of Units in Real Estate Property | 23,553 | 1,748 | |
Gain on apartment community sales | $ | $ 939,806 | $ 594,861 | $ 119,215 |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Wholly And Partially Owned Consolidated Properties | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Number of owned and managed apartment communities in segments | Property | 18 | 16 | 2 |
Number of Units in Real Estate Property | Property | 3,364 | 1,395 | 485 |
Gain on apartment community sales | $ | $ 939,806 | $ 243,369 | $ 119,215 |
Significant Transactions (Detai
Significant Transactions (Details Textual) $ in Thousands | 2 Months Ended | 12 Months Ended | |||
Sep. 01, 2022 USD ($) | Feb. 28, 2023 USD ($) ApartmentHome | Dec. 31, 2022 USD ($) Property | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Leased real estate assets | $ 10,358 | $ 466,355 | |||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | $ (458) | 3,243 | $ 798 | ||
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 | ||||
Lease Cancellation Member | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Payments to Acquire Assets, Investing Activities | $ 200,000 | ||||
Leased real estate assets | $ 466,000 | ||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | $ 17,300 | $ 26,000 | |||
Southgate Towers | Subsequent Event | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Number of apartment homes | ApartmentHome | 495 | ||||
Total consideration | $ 298,000 | ||||
Debts assumed | 101,200 | ||||
Common OP units issuance | $ 22,400 |
Significant Transactions - Su_2
Significant Transactions - Summary of Lease cancellation of cost (Details) $ in Thousands | 1 Months Ended | |||
Aug. 31, 2022 USD ($) Segment | Dec. 31, 2022 ApartmentHome | Dec. 31, 2021 Multi_family_apartment | ||
Restructuring Cost and Reserve [Line Items] | ||||
Number of apartment homes | 23,553 | 1,748 | ||
A I M C O [Member] | Apartment Community [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Number of owned and managed apartment communities in segments | Segment | 4 | |||
Number of apartment homes | Segment | 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. |
Leases - Lease Income for Opera
Leases - Lease Income for Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Leases [Abstract] | ||||
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Assets | Other Assets | Other Assets | |
Fixed lease income | $ 715,060 | $ 685,423 | $ 677,060 | |
Variable lease income | 47,358 | 46,246 | 43,588 | |
Straight-line rent write-off | [1] | 0 | 0 | (2,850) |
Total lease income | $ 762,418 | $ 731,669 | $ 717,798 | |
[1] The onset of COVID-19 and the anticipated economic slowdown resulted in a $ 2.9 million write-off of accrued straight-line rent during the year ended December 31, 2020. |
Leases - Lease Income for Ope_2
Leases - Lease Income for Operating Leases (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disaggregation Of Revenue [Line Items] | ||||
Straight-line rent write-off | [1] | $ 0 | $ 0 | $ (2,850) |
[1] The onset of COVID-19 and the anticipated economic slowdown resulted in a $ 2.9 million write-off of accrued straight-line rent during the year ended December 31, 2020. |
Leases - Future Minimum Annual
Leases - Future Minimum Annual Payments Receivable Under Residential and Commercial Leases (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Lessor, Lease, Description [Line Items] | |
2023 | $ 451,818 |
2024 | 94,241 |
2025 | 11,781 |
2026 | 9,738 |
2027 | 8,834 |
Thereafter | 34,888 |
Total lease receivable | $ 611,300 |
Leases (Details Textual)
Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Total lease liability | $ 134,527 | ||
Commercial lease [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Lease, existence of option to extend | true | ||
Residential Lease [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Lease, existence of option to extend | false | ||
Lessee, Operating Lease, Term of Contract | 8 months 9 days | ||
Ground and Office Leases [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Lease cost | $ 15,400 | $ 5,300 | $ 8,000 |
Ground Lease [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Weighted average remaining term | 89 years | ||
Operating lease, weighted average discount rate, percent | 6.80% | ||
Total lease liability | $ 125,800 | ||
Office Lease [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Weighted average remaining term | 6 years 2 months 12 days | ||
Operating lease, weighted average discount rate, percent | 3.80% |
Leases - Aggregate Minimum Leas
Leases - Aggregate Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Leases [Abstract] | |
Total lease receivable | $ 611,300 |
Leases - Minimum Annual Rental
Leases - Minimum Annual Rental Payments Under these Operating Leases (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Leases [Abstract] | |
2023 | $ 7,857 |
2024 | 8,053 |
2025 | 8,084 |
2026 | 8,390 |
2027 | 8,344 |
Thereafter | 1,716,754 |
Total | 1,757,482 |
Less: Discount | 1,622,955 |
Total lease liability | $ 134,527 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Accrued liabilities and other |
Debt (Details Textual)
Debt (Details Textual) | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||
Feb. 28, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) Ratio Property | May 02, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | |||||
Hedged Asset, Fair Value Hedge | $ 830,000,000 | ||||
Secured Debt | 1,985,430,000 | $ 2,294,739,000 | |||
Revolving credit facility borrowings | $ 462,000,000 | $ 304,000,000 | |||
Interest Rate | 5.20% | ||||
Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum unsecured leverage ratio | 0.60% | ||||
Fixed charges coverage ratio | Ratio | 1.50 | ||||
Secured indebtedness to total assets ratio | Ratio | 0.45 | ||||
Secured indebtedness to total assets ratio thereafter | Ratio | 0.40 | ||||
Unsecured Interest Coverage Ratio | Ratio | 1.50 | ||||
Minimum [Member] | Leverage Ratio [Member] | |||||
Debt Instrument [Line Items] | |||||
Unsecured leverage ratio | Ratio | 0.60 | ||||
Fixed Rate Property Debt | |||||
Debt Instrument [Line Items] | |||||
Aggregate gross book value | $ 2,000,000,000 | ||||
Fixed Rate Property Debt | Pledged as Collateral | |||||
Debt Instrument [Line Items] | |||||
Number of apartment homes | Property | 23 | ||||
Variable Rate Property Debt | |||||
Debt Instrument [Line Items] | |||||
Aggregate gross book value | $ 171,000,000 | ||||
Variable Rate Property Debt | Pledged as Collateral | |||||
Debt Instrument [Line Items] | |||||
Number of apartment homes | Property | 1 | ||||
Subsequent Event | Ten Year Fixed Rate Financing [Member] | |||||
Debt Instrument [Line Items] | |||||
Floor interest rate | 4% | ||||
Payment for borrowings | $ 230,000,000 | ||||
Revolving credit facility | $ 150,000,000 | ||||
Interest Rate | 4.90% | ||||
Loan borrowed | $ 320,000,000 | ||||
Loan Term | 10 years | ||||
Secured Debt [Member] | Fixed Rate Property Debt | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 5.70% | ||||
Secured Debt [Member] | Fixed Rate Property Debt | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 2.40% | ||||
Secured Debt [Member] | Variable Rate Property Debt | |||||
Debt Instrument [Line Items] | |||||
Hedged Asset, Fair Value Hedge | $ 830,000,000 | ||||
Secured Debt [Member] | Floating Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument All In Cost Rate | 4.20% | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility | $ 1,000,000,000 | ||||
Revolving credit facility borrowings | $ 526,900,000 | ||||
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Spread on variable interest rate | 0.89% | ||||
Term Loan [Member] | Unsecured Debt [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 1% |
Debt - Schedule of Debt Instrum
Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 2,873,262 | ||
Total indebtedness | 3,641,629 | $ 3,743,286 | |
Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 1,985,430 | 2,294,739 | |
Debt issuance costs, net of accumulated amortization | (9,221) | (11,017) | |
Unsecured debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 1,656,199 | 1,448,547 | |
Debt issuance costs, net of accumulated amortization | (5,801) | (5,453) | |
Unsecured Debt Gross [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 1,662,000 | 1,454,000 | |
Term Loan [Member] | Unsecured debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | [1] | 800,000 | 1,150,000 |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 462,000 | ||
Revolving Credit Facility [Member] | Unsecured debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | [2] | 462,000 | 304,000 |
Fixed-rate property debt | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | [3] | 1,906,151 | 2,217,256 |
Variable Rate Property Debt | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | [4] | 88,500 | 88,500 |
Non Recourse Property Debt [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 1,994,651 | 2,305,756 | |
4.58% Notes payable due June 2027 [Member] | Unsecured debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | [5] | 100,000 | 0 |
4.77% Notes payable due June 2029 [Member] | Unsecured debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | [5] | 100,000 | 0 |
4.84% Notes payable due June 2032 [Member] | Unsecured debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | [5] | $ 200,000 | $ 0 |
[1] 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 December 31, 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 % . The term loans mature on the following schedule: $ 150 million mature on December 15, 2023, with two one-year extension options; $ 300 million mature on December 15, 2024, with a one-year extension option; $ 150 million mature on December 15, 2025; and $ 200 million mature on April 14, 2026. 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 December 31, 2022, we had capacity to borrow up to $ 526.9 mi llion 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 December 31, 2022, the weighted-average interest rate for our revolving credit facility was 5.3 % . The stated rates on our fixed-rate property debt are between 2.4 % to 5.7 % . 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 % . During the second quarter of 2022, we issued three tranches of guaranteed, senior unsecured notes, totaling $ 400 million. As of December 31, 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 ($) | 12 Months Ended | |||
Dec. 31, 2022 | May 02, 2022 | Dec. 31, 2021 | Apr. 23, 2021 | |
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | |||
Weighted-Average Interest Rate | 4.60% | |||
New unsecured credit facility | $ 462,000,000 | $ 304,000,000 | ||
Term loans | $ 796,713,000 | $ 1,144,547,000 | ||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Weighted-Average Interest Rate | 5.30% | |||
Revolving credit facility | $ 1,000,000,000 | |||
Line Of Credit Facility, Incremental Increase In Borrowing Capacity | $ 400,000,000 | |||
New unsecured credit facility | $ 526,900,000 | |||
Revolving Credit Facility [Member] | SOFR | ||||
Debt Instrument [Line Items] | ||||
Spread on variable interest rate | 0.89% | |||
Debt Instrument, Adjustment On Variable Rate, Basis Spread | 10% | |||
Schedule Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 150,000,000 | |||
Long-Term Debt, Term | 1 year | |||
Schedule Term Loan One [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 300,000,000 | |||
Long-Term Debt, Term | 1 year | |||
Schedule Term Loan Two Member | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 150,000,000 | |||
Schedule Term Loan Three [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 200,000,000 | |||
Secured Debt [Member] | Maximum [Member] | Fixed Rate Property Debt | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.70% | |||
Secured Debt [Member] | Minimum [Member] | Fixed Rate Property Debt | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.40% | |||
Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Weighted-Average Interest Rate | 4.30% | |||
Term loans | $ 400,000,000 | |||
Unsecured Debt [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Weighted-Average Interest Rate | 4.10% | |||
Unsecured Debt [Member] | Term Loan [Member] | SOFR | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1% | |||
Unsecured Debt [Member] | 4.58% Notes payable due June 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.58% | 4.58% | ||
Unsecured Debt [Member] | 4.77% Notes payable due June 2029 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.77% | 4.77% | ||
Unsecured Debt [Member] | 4.84% Notes payable due June 2032 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.84% | 4.84% |
Debt - Scheduled of principal a
Debt - Scheduled of principal amortization and maturity payments for our outstanding debt balances (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Amortization | |||
2023 | [1] | $ 29,362 | |
2024 | [1] | 30,841 | |
2025 | [1],[2] | 29,539 | |
2026 | [1] | 24,012 | |
2027 | 21,445 | ||
Thereafter | 186,190 | ||
Total | 321,389 | ||
Maturities | |||
2023 | [1] | 0 | |
2024 | [1] | 88,500 | |
2025 | [1],[2] | 971,323 | |
2026 | [1] | 361,950 | |
2027 | 163,098 | ||
Thereafter | 1,288,391 | ||
Total | 2,873,262 | ||
Total indebtedness | 3,641,629 | $ 3,743,286 | |
Long Term Debt Amortization and Maturities | |||
2023 | [1] | 29,362 | |
2024 | [1] | 119,341 | |
2025 | [1],[2] | 1,000,862 | |
2026 | [1] | 385,962 | |
2027 | 184,543 | ||
Thereafter | 1,474,581 | ||
Total | $ 3,194,651 | ||
[1] Amounts presented above are inclusive of extension options on our terms loans, as outlined above. The table above excludes our revolving credit facility due April 2025, which had an outstanding balance of $ 462 million as of December 31, 2022 . |
Debt - Scheduled of principal_2
Debt - Scheduled of principal amortization and maturity payments for our outstanding debt balances (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Long-Term Line of Credit | $ 462,000 | $ 304,000 | |
Debt outstanding balance | 2,873,262 | ||
Unsecured debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt outstanding balance | 1,656,199 | 1,448,547 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Long-Term Line of Credit | 526,900 | ||
Debt outstanding balance | 462,000 | ||
Revolving Credit Facility [Member] | Unsecured debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt outstanding balance | [1] | $ 462,000 | $ 304,000 |
[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 December 31, 2022, we had capacity to borrow up to $ 526.9 mi llion 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 December 31, 2022, the weighted-average interest rate for our revolving credit facility was 5.3 % . |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments related to operations [Member] | Maximum [Member] | |
Long-term Purchase Commitment [Line Items] | |
Time Period of Long-term Purchase Commitment | 1 year |
AIR Equity (Details Textual)
AIR Equity (Details Textual) | 12 Months Ended | ||||
Apr. 23, 2021 USD ($) $ / shares shares | Nov. 30, 2020 USD ($) shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) $ / shares shares | |
Class Of Stock [Line Items] | |||||
Dividends declared per common share (in dollars per share) | $ / shares | $ 1.80 | $ 1.74 | $ 40.12 | ||
Equity reverse stock split | 0.0123821 | ||||
Cash dividends on common stock declared | $ 277,639,000 | $ 269,385,000 | $ 304,992,000 | ||
Common Stock, shares issued (in shares) | shares | 149,086,548 | 156,998,367 | |||
Common stock per share | $ / shares | $ 43.766 | ||||
Cash proceeds, net of fees | $ 342,200,000 | $ 342,470,000 | |||
Repayment of Property Debt | $ 318,400,000 | ||||
Weighted-Average Interest Rate | 4.60% | ||||
Prepayment penalties of Debt | 22,680,000 | 149,725,000 | 14,831,000 | ||
Repurchases of Common Stock | $ 316,710,000 | $ 0 | $ 10,004,000 | ||
Common Class A [Member] | |||||
Class Of Stock [Line Items] | |||||
Preferred stock, dividend rate | 8.50% | ||||
Common Stock, shares issued (in shares) | shares | 7,825,000 | ||||
Special Dividend Paid [Member] | |||||
Class Of Stock [Line Items] | |||||
Quarterly cash dividend amount (in dollars per share) | $ / shares | $ 8.20 | ||||
Cash dividends on common stock declared | $ 121,800,000 | ||||
Common shares issued in special dividend | shares | 35,400,000 | ||||
Board of Directors | |||||
Class Of Stock [Line Items] | |||||
Repurchases of Common Stock | $ 316,700,000 | ||||
Repurchase of common stock shares | shares | 8,000,000 | ||||
Additional authorized purchase share | $ 183,300,000 | ||||
Common stock average price | $ / shares | $ 39.49 | ||||
Common Stock | |||||
Class Of Stock [Line Items] | |||||
Dividends declared per common share (in dollars per share) | $ / shares | $ 1.80 | $ 1.74 | 1.64 | ||
Quarterly cash dividend amount (in dollars per share) | $ / shares | $ 8.20 | ||||
Common shares issued in special dividend | shares | (28,628,500) | ||||
Class A Cumulative Preferred Stock | |||||
Class Of Stock [Line Items] | |||||
Preferred stock, shares issued | shares | 20 | ||||
Preferred stock, shares outstanding | shares | 20 | ||||
Outstanding principal balance of shares issued and outstanding | $ 2,000,000 | ||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | ||||
Preferred Stock, Liquidation Preference, Value | $ 100,000 |
Partners' Capital - Classes of
Partners' Capital - Classes of Preferred OP Units (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Limited Partners Capital Account [Line Items] | ||
Units issued (in shares) | 2,846,574 | 2,935,662 |
Units outstanding (in shares) | 2,846,574 | 2,935,662 |
Redemption values | $ 77,143 | $ 79,370 |
AIMCO PROPERTIES, L.P. [Member] | Class One [Member] | ||
Limited Partners Capital Account [Line Items] | ||
Distributions per annum | 8.75% | |
Distributions per annum (in dollars per share) | $ 8 | |
Units issued (in shares) | 90,000 | 90,000 |
Units outstanding (in shares) | 90,000 | 90,000 |
Redemption values | $ 8,229 | $ 8,229 |
AIMCO PROPERTIES, L.P. [Member] | Class Two [Member] | ||
Limited Partners Capital Account [Line Items] | ||
Distributions per annum | 1.92% | |
Distributions per annum (in dollars per share) | $ 0.48 | |
Units issued (in shares) | 5,418 | 10,814 |
Units outstanding (in shares) | 5,418 | 10,814 |
Redemption values | $ 135 | $ 270 |
AIMCO PROPERTIES, L.P. [Member] | Class Three [Member] | ||
Limited Partners Capital Account [Line Items] | ||
Distributions per annum | 7.88% | |
Distributions per annum (in dollars per share) | $ 1.97 | |
Units issued (in shares) | 1,310,902 | 1,311,095 |
Units outstanding (in shares) | 1,310,902 | 1,311,095 |
Redemption values | $ 32,772 | $ 32,777 |
AIMCO PROPERTIES, L.P. [Member] | Class Four [Member] | ||
Limited Partners Capital Account [Line Items] | ||
Distributions per annum | 8% | |
Distributions per annum (in dollars per share) | $ 2 | |
Units issued (in shares) | 644,954 | 644,954 |
Units outstanding (in shares) | 644,954 | 644,954 |
Redemption values | $ 16,124 | $ 16,124 |
AIMCO PROPERTIES, L.P. [Member] | Class Six [Member] | ||
Limited Partners Capital Account [Line Items] | ||
Distributions per annum | 8.50% | |
Distributions per annum (in dollars per share) | $ 2.13 | |
Units issued (in shares) | 769,585 | 773,693 |
Units outstanding (in shares) | 769,585 | 773,693 |
Redemption values | $ 19,240 | $ 19,342 |
AIMCO PROPERTIES, L.P. [Member] | Class Seven [Member] | ||
Limited Partners Capital Account [Line Items] | ||
Distributions per annum | 7.87% | |
Distributions per annum (in dollars per share) | $ 1.97 | |
Units issued (in shares) | 25,715 | 26,150 |
Units outstanding (in shares) | 25,715 | 26,150 |
Redemption values | $ 643 | $ 654 |
AIMCO PROPERTIES, L.P. [Member] | Class Nine [Member] | ||
Limited Partners Capital Account [Line Items] | ||
Distributions per annum | 6% | |
Distributions per annum (in dollars per share) | $ 1.50 | |
Units issued (in shares) | 0 | 78,956 |
Units outstanding (in shares) | 0 | 78,956 |
Redemption values | $ 0 | $ 1,974 |
Partners' Capital - Narrative (
Partners' Capital - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 15, 2020 | Oct. 21, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||||
Cash dividends on common stock declared | $ 277,639 | $ 269,385 | $ 304,992 | ||
AIMCO PROPERTIES, L.P. [Member] | |||||
Related Party Transaction [Line Items] | |||||
Redeemable partnership preferred units redeemed for cash during period (in units) | 89,000 | 3,000 | 705,000 | ||
Redeemable partnership preferred units redeemed in exchange for shares during period (in units) | 0 | ||||
Common OP Units redeemed in exchange for cash during period (in units) | 251,000 | 356,000 | 64,000 | ||
Common OP Units redeemed in exchange for shares during period | 3,000 | 171,000 | 159,000 | ||
Allotment Through Pro Rata Distribution | 1 | ||||
Dividends per share | $ 1.80 | $ 1.74 | $ 1.64 | ||
Quarterly cash dividend amount (in dollars per share) | $ 8.20 | ||||
AIMCO PROPERTIES, L.P. [Member] | Special Distribution [Member] | |||||
Related Party Transaction [Line Items] | |||||
Cash dividends on common stock declared | $ 128,700 | ||||
Stock dividends on common stock declared (in shares) | 35,400,000 |
Partners' Capital - Reconciliat
Partners' Capital - Reconciliation of Preferred OP Units (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Temporary Equity [Line Items] | |
Balance at January 1 | $ 79,370 |
Preferred distributions | (6,396) |
Redemption of preferred units and other | (2,219) |
Net income allocated to preferred units | 6,388 |
Balance at December 31 | $ 77,143 |
Share-Based Compensation (Detai
Share-Based Compensation (Details Textual) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) $ / shares | Jan. 31, 2023 shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total unvested compensation cost not yet recognized for options and restricted stock awards | $ | $ 9.8 | |||
Weighted average period over which unvested compensation cost expected to be recognized | 1 year 8 months 12 days | |||
Options granted, weighted average grant-date fair value (dollars per share) | $ / shares | $ 8.15 | |||
Grant period | 10 years | |||
Employee Stock Option [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Term of stock options | 10 years | |||
Requisite service period | 4 years | |||
Stock option outstanding | 807,405 | |||
Stock options outstanding, weighted average remaining contractual term | 3 years 1 month 6 days | |||
Stock options exercisable | 718,961 | |||
Stock options exercisable, weighted average remaining contractual term | 2 years 9 months 18 days | |||
TSR Stock Options [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
TSR restricted shares performance measurement period | 3 years | |||
Term of stock options | 10 years | |||
Options granted, weighted average grant-date fair value (dollars per share) | $ / shares | $ 0 | $ 0 | ||
TSR Stock Options [Member] | NAREIT Apartment Index [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
percentage of shareholders return | 0.60 | |||
TSR Stock Options [Member] | MSCI US REIT Index [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
percentage of shareholders return | 0.40 | |||
TSR LTIP Units [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
TSR restricted shares performance measurement period | 3 years | |||
Term of stock options | 10 years | |||
TSR LTIP Units [Member] | 36 Months After Grant Date [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting percentage, TSR restricted stock | 50% | |||
TSR LTIP Units [Member] | 48 Months After Grant Date [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting percentage, TSR restricted stock | 50% | |||
TSR and Time-Based Restricted Stock Awards [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Aggregate fair value of restricted stock awards that vested | $ | $ 4.3 | $ 3.2 | $ 7.5 | |
Time-Based Restricted Stock Awards [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Requisite service period | 4 years | |||
Number of share unvested | 116,026 | |||
Weighted average grant fair value | $ / shares | $ 52.07 | |||
TSR Restricted Stock Awards [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of share unvested | 243,966 | |||
Weighted average grant fair value | $ / shares | $ 48.51 | |||
TSR LTIP II Units [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
TSR restricted shares performance measurement period | 3 years | |||
Term of stock options | 10 years | |||
Number of share unvested | 1,843,761 | |||
Weighted average grant fair value | $ / shares | $ 8.67 | |||
Subsequent Event [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares reserve for future issuance | 3,500,000 | |||
2020 Stock Award and Incentive Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares available to be granted under plan (in shares) | 3,000,000 |
Share-Based Compensation - Tota
Share-Based Compensation - Total Compensation Cost Recognized for Share-based Awards (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Share-Based Payment Arrangement [Abstract] | ||||
Share-based compensation expense | [1] | $ 7,463 | $ 7,360 | $ 8,295 |
Capitalized share-based compensation | [2] | 503 | 295 | 946 |
Total share-based compensation | [3] | $ 7,966 | $ 7,655 | $ 9,241 |
[1] Amounts are recorded in general and administrative expenses in our consolidated statements of operations Amounts are recorded in building and improvements in our consolidated balance sheets. Amounts are recorded in additional paid-in capital and common noncontrolling interests in the AIR Operating Partnership in the AIR consolidated balance sheets, and in general partner and special limited partner and limited partners in the AIR Operating Partnership consolidated balance sheets. |
Share-Based Compensation - Assu
Share-Based Compensation - Assumptions Used in the Determination of Grant-Date Fair Value of Awards (Details) - TSR Stock Options [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant date market value of a common share | $ 53.91 | $ 36.84 | $ 53.26 |
Risk-free interest rate, minimum | 1.20% | 0.24% | 1.48% |
Risk-free interest rate, maximum | 1.68% | 0.78% | 1.58% |
Dividend yield | 3.50% | 4% | 2.93% |
Derived vesting period of TSR Restricted Stock and TSR LTIP I units | 3 years 6 months | 3 years 2 months 12 days | 3 years 6 months |
Weighted average expected term of TSR Stock Options and LTIP II units | 5 years 4 months 24 days | 5 years 4 months 24 days | 5 years 10 months 24 days |
Minimum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility | 22.63% | 23.08% | 15.82% |
Maximum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility | 24.83% | 28.21% | 16.84% |
Income Taxes (Details Textual)
Income Taxes (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Income Tax Disclosure [Abstract] | |||
Tax rate of deferred tax assets and liabilities | 0 | ||
Consolidated income (loss) subject to tax | $ 7.4 | $ (28.9) | $ (16.7) |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Benefit or Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | |||
Federal | $ 756 | $ 7,409 | $ (6,271) |
State | 2,807 | 1,971 | 8,637 |
Total current | 3,563 | 5,438 | (14,908) |
Deferred: | |||
Federal | 291 | (153) | 7,691 |
State | 69 | (39) | 2,694 |
Revaluation of deferred taxes due to change in tax rate | 0 | 0 | 90,914 |
Total deferred | 360 | 192 | 80,529 |
Total (expense) benefit | $ (3,923) | $ 5,246 | $ (95,437) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Attributable to Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Amount | ||||
Tax (benefit) provision at United States statutory rates on consolidated income or loss from continuing operations subject to tax | $ 1,554 | $ (6,064) | $ 3,516 | |
State income tax expense, net of federal tax (benefit) expense | [1] | 2,853 | (2,011) | 1,964 |
Effect of permanent differences | 0 | 0 | 434 | |
Tax credits | (191) | (3,508) | (296) | |
Separation | 0 | 0 | 7,596 | |
TRS REIT election | [2] | 0 | 9,656 | (90,914) |
Other | (293) | 157 | (2,269) | |
Total (expense) benefit | $ (3,923) | $ 5,246 | $ (95,437) | |
Percent | ||||
Tax (benefit) provision at United States statutory rates on consolidated income or loss from continuing operations subject to tax | 21% | 21% | 21% | |
State income tax expense, net of federal tax (benefit) expense | [1] | 38.60% | 7% | 11.70% |
Effect of permanent differences | 0% | 0% | (2.60%) | |
Tax credits | 2.60% | 12.10% | 1.80% | |
Separation | 0% | 0% | (45.40%) | |
TRS REIT election | [2] | (0.00%) | (33.40%) | (543.10%) |
Other | (4.00%) | (0.50%) | (13.60%) | |
Total income tax (benefit) expense | (53.00%) | (18.00%) | (570.20%) | |
[1] n addition to the $ 7.4 million of net income for the year ended December 31, 2022, which is subject to federal income tax, due to varying state income tax law s, $ 39.0 million of inc ome is subject to only state income tax, resulting in $ 2.9 million of state income tax expense. Consistent with our simplified business structure and strategy, during the year ended December 31, 2020, we elected to treat one of our taxable subsidiaries as a REIT, resulting in the removal of deferred tax asset balances. |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Income Tax Attributable to Operations (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Consolidated income (loss) subject to tax | $ 7,400 | $ (28,900) | $ (16,700) | |
State taxable income | 39,000 | |||
State income tax expense, net of federal tax (benefit) expense | [1] | $ 2,853 | $ (2,011) | $ 1,964 |
[1] n addition to the $ 7.4 million of net income for the year ended December 31, 2022, which is subject to federal income tax, due to varying state income tax law s, $ 39.0 million of inc ome is subject to only state income tax, resulting in $ 2.9 million of state income tax expense. |
Income Taxes - Schedule of Divi
Income Taxes - Schedule of Dividends Per Share Held (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Amount | |||
Ordinary income | $ 0.21 | $ 0 | $ 2.41 |
Capital gains | 1.37 | 0.44 | 15 |
Qualified dividends | 0.03 | 0 | 0.48 |
Unrecaptured Section 1250 gain | 0.19 | 0.13 | 6.74 |
Return of capital | 0 | 1.17 | 15.49 |
Total | $ 1.80 | $ 1.74 | $ 40.12 |
Percentage | |||
Ordinary income | 11.80% | 0% | 6% |
Capital gains | 76% | 25.30% | 37.40% |
Qualified dividends | 1.90% | 0% | 120% |
Unrecaptured Section 1250 gain | 10.30% | 7.50% | 16.80% |
Return of capital | 0% | 6,720% | 3,860% |
Total | 100% | 100% | 100% |
Earnings per Share and per Un_3
Earnings per Share and per Unit - Reconciliations of the numerator and denominator (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Antidilutive securities excluded from diluted EPS calculation (in shares) | 1,500 | ||
Schedule of Earnings Per Share and Per Unit [Line Items] | |||
Dividends declared per common share (in dollars per share) | $ 1.80 | $ 1.74 | $ 40.12 |
Diluted Earnings per Share: | |||
Income from discontinued operations attributable to AIR common stockholders | $ 0 | $ 0 | $ 11,632 |
Basic net income (loss) attributable to AIR | 903,642 | 447,124 | (104,329) |
Effect of dilutive instruments | 6,388 | 0 | 0 |
Dilutive net income (loss) attributable to the AIR Operating Partnership's common unitholders | $ 910,030 | $ 447,124 | $ (104,329) |
Basic weighted-average common shares/unit outstanding | 154,093 | 154,135 | 122,446 |
Dilutive common share/unit equivalents outstanding | 2,494 | 368 | 0 |
Dilutive common share equivalents outstanding | 156,587 | 154,503 | 122,446 |
Income (loss) from continuing operations attributable to AIR per common share | $ 5.86 | $ 2.90 | $ (0.94) |
Income (loss) from discontinued operations attributable to AIR per common share | 0 | 0 | 0.09 |
Income (loss) from continuing operations attributable to AIR per common share/unit | 5.81 | 2.89 | (0.94) |
Income from discontinued operations attributable to AIR per common share/unit | 903,642 | 447,124 | 115,961 |
Earnings per share - basic | 5.86 | 2.90 | (0.85) |
Earnings per share - diluted | $ 5.81 | $ 2.89 | $ (0.85) |
Apartment Income REIT, L.P [Member] | |||
Diluted Earnings per Share: | |||
Income from discontinued operations attributable to AIR common stockholders | $ 0 | $ 0 | $ 11,632 |
Basic net income (loss) attributable to AIR | 962,414 | 475,557 | (109,767) |
Effect of dilutive instruments | 6,388 | 0 | 0 |
Dilutive net income (loss) attributable to the AIR Operating Partnership's common unitholders | $ 968,802 | $ 475,557 | $ (109,767) |
Basic weighted-average common shares/unit outstanding | 164,141 | 162,739 | 128,775 |
Dilutive common share/unit equivalents outstanding | 2,494 | 369 | 0 |
Dilutive common share equivalents outstanding | 166,635 | 163,108 | 128,775 |
Income (loss) from continuing operations attributable to AIR per common share | $ 5.86 | $ 2.92 | $ (0.94) |
Income (loss) from discontinued operations attributable to AIR per common share | 0 | 0 | 0.09 |
Income (loss) from continuing operations attributable to AIR per common share/unit | 5.81 | 2.92 | (0.94) |
Income from discontinued operations attributable to AIR per common share/unit | 962,414 | 475,557 | (121,399) |
Earnings per share - basic | 5.86 | 2.92 | (0.85) |
Earnings per share - diluted | 5.81 | 2.92 | (0.85) |
Common Stock | |||
Schedule of Earnings Per Share and Per Unit [Line Items] | |||
Dividends declared per common share (in dollars per share) | $ 1.80 | $ 1.74 | $ 1.64 |
Fair Value Measurements (Detail
Fair Value Measurements (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 15, 2020 | Jun. 30, 2022 | Dec. 31, 2022 | Nov. 15, 2022 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Hedging amount | $ 830,000,000 | |||
Face amount of investment in available-for-sale debt securities | $ 100,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.43% | 3.83% | ||
Cash received, settlement of hedge | $ 15,900,000 | |||
Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges | $ 16,700,000 | |||
Interest Rate Option [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Payments for purchase of swaption | $ 12,100,000 | |||
Senior Notes [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
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] | ||||
Treasury Hedge, Fair Value | $ 400,000,000 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value for Interest Rate Options and swaps (Details) - Fair value recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest rate option | $ 53,481 | $ 21,699 |
Interest rate swap asset | 32,222 | 0 |
Treasury rate lock | 319 | |
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 |
Treasury rate lock | ||
Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest rate option | 53,481 | 21,699 |
Interest rate swap asset | 32,222 | 0 |
Treasury rate lock | 319 | |
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 |
Treasury rate lock |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Carrying Value and Fair Value of Non-recourse Property Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Carrying value and fair value debt | $ 3,641,629 | $ 3,743,286 | |
Non-recourse property debt [Member] | Fair value Non-recurring [Member] | Carrying Value [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Carrying value and fair value debt | 1,994,651 | 2,305,756 | |
Non-recourse property debt [Member] | Fair value Non-recurring [Member] | Fair Value [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Carrying value and fair value debt | 1,753,222 | 2,367,713 | |
Seller financing note net [Member] | Fair value Non-recurring [Member] | Carrying Value [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Carrying value and fair value debt | 31,611 | [1] | |
Seller financing note net [Member] | Fair value Non-recurring [Member] | Fair Value [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Carrying value and fair value debt | 32,286 | [1] | |
Unsecured notes payable [Member] | Fair value Non-recurring [Member] | Carrying Value [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Carrying value and fair value debt | 400,000 | 0 | |
Unsecured notes payable [Member] | Fair value Non-recurring [Member] | Fair Value [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Carrying value and fair value debt | $ 371,368 | $ 0 | |
[1] During the year ended December 31, 2022, we provided $ 40.0 million of seller financing as partial consideration for the sale of our New England portfolio. The contractual interest rate on the note is 4.5 % . The difference between the stated rate and the effective interest rate as of the date of sale resulted in a discount recorded of $ 8.5 million. The seller financing note and related discount are included in other assets, net in our consolidated balance sheets. |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Carrying Value and Fair Value of Non-recourse Property Debt (Parenthetical) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Contractual interest rate | 4.50% |
Effective interest method of amortization | $ 8.5 |
New England [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Partial consider selling value | $ 40 |
Variable Interest Entities (Det
Variable Interest Entities (Details) $ in Thousands | Dec. 31, 2022 USD ($) Property Unit ApartmentHome Entity | Dec. 31, 2021 USD ($) Entity Property Unit Multi_family_apartment |
Number of apartment homes in apartment communities | 23,553 | 1,748 |
Net real estate | $ 5,626,511 | $ 4,600,288 |
Cash and cash equivalents | 95,797 | 67,320 |
Restricted cash | 205,608 | 25,441 |
Other assets, net | 581,323 | 568,051 |
Non-recourse property debt secured by AIR communities, net | 1,985,430 | 2,294,739 |
Accrued liabilities and other | $ 513,805 | $ 592,774 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
VIEs with interests in apartment communities | Entity | 5 | 5 |
Number of apartment homes | Property | 16 | 16 |
Number of apartment homes in apartment communities | Unit | 5,369 | 5,369 |
Net real estate | $ 1,066,482 | $ 1,096,039 |
Cash and cash equivalents | 54,319 | 29,863 |
Restricted cash | 2,378 | 2,380 |
Other assets, net | 20,944 | 21,745 |
Non-recourse property debt secured by AIR communities, net | 1,212,065 | 1,227,345 |
Accrued liabilities and other | $ 35,365 | $ 34,659 |
Variable Interest Entities (D_2
Variable Interest Entities (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2021 USD ($) Multi_family_apartment | Dec. 31, 2022 USD ($) ApartmentHome | |
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||
Equity Method Investments | $ 337,800 | $ 158,726 |
Percentage of ownership sold to affiliate | 80% | |
Number of apartment homes | 1,748 | 23,553 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||
Equity Method Investments | $ 26,000 | $ 20,700 |
Equity Method Investments | $ 79,000 | |
General partner ownership percentage | 20% | |
Affiliate of Blackstone [Member] | ||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||
Limited partner ownership percentage | 20% | |
Parkmerced Investment [Member] | ||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||
Equity Method Investments | $ 337,800 | $ 158,700 |
Discontinued Operations - Summa
Discontinued Operations - Summarized Results of Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUES: | |||
Rental and other property revenues | $ 144,757 | ||
OPERATING EXPENSES: | |||
Property operating expenses | $ 261,264 | $ 268,101 | 249,036 |
Depreciation and amortization | 72,729 | ||
Total operating expenses | 126,336 | ||
Interest income | 2,076 | ||
Interest expense | (17,972) | ||
Income from unconsolidated real estate partnerships | (3,504) | (565) | 0 |
Income before income tax benefit (expense) | 3,289 | ||
Income tax benefit (expense) | 7,939 | ||
Income from discontinued operations, net of tax | $ 0 | $ 0 | 11,228 |
Net loss attributable to noncontrolling interests in consolidated real estate partnerships | 404 | ||
Net income from discontinued operations attributable to Spinnee | 11,632 | ||
Discontinued Operations [Member] | |||
OPERATING EXPENSES: | |||
Property operating expenses | 51,710 | ||
Other expenses (income), net | 1,897 | ||
Income from unconsolidated real estate partnerships | $ 764 |
Discontinued Operations - (Deta
Discontinued Operations - (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Investment Income, Interest | $ 50,264 | $ 58,651 | $ 12,374 |
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | ||
Prepayment Penalty | $ 17,400 | ||
Interest Income [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Investment Income, Interest | 13,800 | 27,800 | |
General and Administrative Expense [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Reduction to Compensation Related Costs Recognized | 5,800 | ||
Property Management Agreement [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Revenue | 4,400 | $ 7,400 | |
A I M C O [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Proceeds from Sale of Notes Receivable | $ 534,000 |
Business Segments (Details Text
Business Segments (Details Textual) | 12 Months Ended | |
Dec. 31, 2022 ApartmentHome Property Segment | Dec. 31, 2021 Property Multi_family_apartment | |
Business Segments (Textual) [Abstract] | ||
Number of reportable segments | Segment | 2 | |
Number of apartment homes in apartment communities | 23,553 | 1,748 |
Expect To Sell Or Lease To Third Party | ||
Business Segments (Textual) [Abstract] | ||
Number of apartment homes in apartment communities | 4 | |
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 | 20,742 | |
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 | 4,559 | |
Acquired Property | 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 | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Summary information for the reportable segments | ||||
Total revenues | $ 773,723 | $ 740,853 | $ 719,556 | |
Property operating expenses | 261,264 | 268,101 | 249,036 | |
Other operating expenses not allocated to segments | [1] | 384,957 | 365,547 | 488,461 |
Total operating expenses | 646,221 | 633,648 | 737,497 | |
Proportionate property net operating income (loss) | 127,502 | 107,205 | (17,941) | |
Other items included in income before income tax benefit (expense) | [2] | 846,471 | 366,773 | (1,194) |
Income (loss) from continuing operations before income tax benefit (expense) and discontinued operations | 973,973 | 473,978 | (19,135) | |
Segment Reconciling Items [Member] | ||||
Summary information for the reportable segments | ||||
Total revenues | [3] | 81,204 | 78,938 | 40,929 |
Property operating expenses | [3] | 40,555 | 39,768 | 28,115 |
Other operating expenses not allocated to segments | [1],[3] | 0 | 0 | 0 |
Total operating expenses | [3] | 40,555 | 39,768 | 28,115 |
Proportionate property net operating income (loss) | [3] | 40,649 | 39,170 | 12,814 |
Other items included in income before income tax benefit (expense) | [2],[3] | 0 | 0 | 0 |
Income (loss) from continuing operations before income tax benefit (expense) and discontinued operations | [3] | 40,649 | 39,170 | 12,814 |
Corporate Non-Segment [Member] | ||||
Summary information for the reportable segments | ||||
Total revenues | [4] | 47,517 | 122,083 | 119,710 |
Property operating expenses | [4] | 45,428 | 74,506 | 61,961 |
Other operating expenses not allocated to segments | [1],[4] | 384,957 | 365,547 | 488,461 |
Total operating expenses | [4] | 430,385 | 440,053 | 550,422 |
Proportionate property net operating income (loss) | [4] | (382,868) | (317,970) | (430,712) |
Other items included in income before income tax benefit (expense) | [2],[4] | 846,471 | 366,773 | (1,194) |
Income (loss) from continuing operations before income tax benefit (expense) and discontinued operations | [4] | 463,603 | 48,803 | (431,906) |
Same Store [Member] | Operating Segments [Member] | ||||
Summary information for the reportable segments | ||||
Total revenues | 544,199 | 516,980 | 551,325 | |
Property operating expenses | 139,418 | 143,130 | 151,350 | |
Other operating expenses not allocated to segments | [1] | 0 | 0 | 0 |
Total operating expenses | 139,418 | 143,130 | 151,350 | |
Proportionate property net operating income (loss) | 404,781 | 373,850 | 399,975 | |
Other items included in income before income tax benefit (expense) | [2] | 0 | 0 | 0 |
Income (loss) from continuing operations before income tax benefit (expense) and discontinued operations | 404,781 | 373,850 | 399,975 | |
Other Real Estate [Member] | Operating Segments [Member] | ||||
Summary information for the reportable segments | ||||
Total revenues | 100,803 | 22,852 | 7,592 | |
Property operating expenses | 35,863 | 10,697 | 7,610 | |
Other operating expenses not allocated to segments | [1] | 0 | 0 | 0 |
Total operating expenses | 35,863 | 10,697 | 7,610 | |
Proportionate property net operating income (loss) | 64,940 | 12,155 | (18) | |
Other items included in income before income tax benefit (expense) | [2] | 0 | 0 | 0 |
Income (loss) from continuing operations before income tax benefit (expense) and discontinued operations | $ 64,940 | $ 12,155 | $ (18) | |
[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 to: (i) include AIR’s proportionate share of the results of unconsolidated apartment communities, which is excluded in the related consolidated amounts, and (ii) exclude the noncontrolling interests in consolidated real estate partnerships’ proportionate share of the results of communities in our segments, which is included i n the related consolidated amounts. Also includes the reclassification of utility reimbursements from revenues to property operating expenses for the purpose of evaluating segment results. Utility reimbursements are included in rental and other property revenues in our consolidated statements of operations prepared in accordance with GAAP. 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. The write-off of straight-line rent receivables, recognized due to the impact of COVID-19 and the resulting economic impact on our commercial tenants, are included in consolidated rental and property revenues and are not included in our measurement of segment performance for the year ended December 31, 2020. |
Business Segments - Reconciliat
Business Segments - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Total assets | $ 6,551,883 | $ 6,440,360 | |
Corporate Non-Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | [1] | 652,965 | 1,828,549 |
Same Store [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 3,867,412 | 3,824,277 | |
Other Real Estate [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | $ 2,031,506 | $ 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) properties sold or classified as held for sale. 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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Capital additions | $ 189,346 | $ 136,545 | $ 290,522 |
Same Store [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital additions | 145,290 | 119,231 | 94,824 |
Other Real Estate [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital additions | $ 44,056 | $ 17,314 | $ 195,698 |
Schedule III_ Real Estate and A
Schedule III: Real Estate and Accumulated Depreciation - Schedule of Real Estate and Accumulated Depreciation (Details) $ in Thousands | Dec. 31, 2022 USD ($) ApartmentHome | Dec. 31, 2021 USD ($) Multi_family_apartment | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | 23,553 | 1,748 | ||||
Initial Cost, Land | $ 1,432,556 | |||||
Initial Cost, Buildings and Improvements | 4,070,702 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 2,573,136 | ||||
Land | 1,291,429 | |||||
Buildings and Improvements | 6,784,965 | |||||
Total | 8,076,394 | [2] | $ 6,885,081 | $ 7,468,864 | $ 7,351,979 | |
Accumulated Depreciation (AD) | (2,449,883) | [3] | $ (2,284,793) | $ (2,455,505) | $ (2,268,839) | |
Total Cost Net of Accumulated Depreciation | 5,626,511 | |||||
Encumbrances | [4] | $ 1,994,651 | ||||
Other Real Estate [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 4,559 | |||||
Initial Cost, Land | $ 452,521 | |||||
Initial Cost, Buildings and Improvements | 1,661,645 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 45,993 | ||||
Land | 400,869 | |||||
Buildings and Improvements | 1,759,290 | |||||
Total | [2] | 2,160,159 | ||||
Accumulated Depreciation (AD) | [3] | (64,847) | ||||
Total Cost Net of Accumulated Depreciation | 2,095,312 | |||||
Encumbrances | [4] | $ 257,636 | ||||
Other Real Estate [Member] | 234 East and 88th Street [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 20 | |||||
Initial Cost, Land | $ 2,448 | |||||
Initial Cost, Buildings and Improvements | 4,449 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 897 | ||||
Land | 2,448 | |||||
Buildings and Improvements | 5,346 | |||||
Total | [2] | 7,794 | ||||
Accumulated Depreciation (AD) | [3] | (2,043) | ||||
Total Cost Net of Accumulated Depreciation | 5,751 | |||||
Encumbrances | [4] | $ 0 | ||||
Other Real Estate [Member] | 707 Leahy [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 110 | |||||
Initial Cost, Land | $ 20,956 | |||||
Initial Cost, Buildings and Improvements | 62,605 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 0 | ||||
Land | 20,956 | |||||
Buildings and Improvements | 62,605 | |||||
Total | [2] | 83,561 | ||||
Accumulated Depreciation (AD) | [3] | (697) | ||||
Total Cost Net of Accumulated Depreciation | 82,864 | |||||
Encumbrances | [4] | $ 0 | ||||
Other Real Estate [Member] | The Reserve at Coconut Point [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 180 | |||||
Initial Cost, Land | $ 5,162 | |||||
Initial Cost, Buildings and Improvements | 66,593 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | (794) | ||||
Land | 5,162 | |||||
Buildings and Improvements | 65,799 | |||||
Total | [2] | 70,961 | ||||
Accumulated Depreciation (AD) | [3] | (1,767) | ||||
Total Cost Net of Accumulated Depreciation | 69,194 | |||||
Encumbrances | [4] | $ 0 | ||||
Other Real Estate [Member] | District at Flagler Village, The | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 350 | |||||
Initial Cost, Land | $ 14,472 | |||||
Initial Cost, Buildings and Improvements | 156,718 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 434 | ||||
Land | 14,472 | |||||
Buildings and Improvements | 157,152 | |||||
Total | [2] | 171,624 | ||||
Accumulated Depreciation (AD) | [3] | (2,734) | ||||
Total Cost Net of Accumulated Depreciation | 168,890 | |||||
Encumbrances | [4] | $ 0 | ||||
Other Real Estate [Member] | Flamingo Point, North Tower [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 366 | |||||
Initial Cost, Land | $ 91,529 | |||||
Initial Cost, Buildings and Improvements | 290,682 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 324 | ||||
Land | 91,529 | |||||
Buildings and Improvements | 291,006 | |||||
Total | [2] | 382,535 | ||||
Accumulated Depreciation (AD) | [3] | (3,115) | ||||
Total Cost Net of Accumulated Depreciation | 379,420 | |||||
Encumbrances | [4] | $ 0 | ||||
Other Real Estate [Member] | Fremont [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 253 | |||||
Initial Cost, Land | $ 7,218 | |||||
Initial Cost, Buildings and Improvements | 92,621 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 0 | ||||
Land | 7,218 | |||||
Buildings and Improvements | 92,621 | |||||
Total | [2] | 99,839 | ||||
Accumulated Depreciation (AD) | [3] | (1,064) | ||||
Total Cost Net of Accumulated Depreciation | 98,775 | |||||
Encumbrances | [4] | 0 | ||||
Other Real Estate [Member] | Merrill House [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 13,768 | |||||
Initial Cost, Buildings and Improvements | 74,541 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | $ 0 | ||||
Other Real Estate [Member] | Prism | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 136 | |||||
Land | $ 13,768 | |||||
Buildings and Improvements | 74,541 | |||||
Total | [2] | 88,309 | ||||
Accumulated Depreciation (AD) | [3] | (826) | ||||
Total Cost Net of Accumulated Depreciation | 87,483 | |||||
Encumbrances | [4] | $ 0 | ||||
Other Real Estate [Member] | Willard Towers | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 525 | |||||
Initial Cost, Land | $ 334 | |||||
Initial Cost, Buildings and Improvements | 179,141 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 1,492 | ||||
Land | 334 | |||||
Buildings and Improvements | 180,633 | |||||
Total | [2] | 180,967 | ||||
Accumulated Depreciation (AD) | [3] | (3,646) | ||||
Total Cost Net of Accumulated Depreciation | 177,321 | |||||
Encumbrances | [4] | $ 0 | ||||
Other Real Estate [Member] | Watermarc at Biscayne Bay, The | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 296 | |||||
Initial Cost, Land | $ 34,710 | |||||
Initial Cost, Buildings and Improvements | 174,237 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 839 | ||||
Land | 34,710 | |||||
Buildings and Improvements | 175,076 | |||||
Total | [2] | 209,786 | ||||
Accumulated Depreciation (AD) | [3] | (3,604) | ||||
Total Cost Net of Accumulated Depreciation | 206,182 | |||||
Encumbrances | [4] | $ 0 | ||||
Other Real Estate [Member] | 236-238 East and 88th Street [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 42 | |||||
Initial Cost, Land | $ 8,820 | |||||
Initial Cost, Buildings and Improvements | 2,914 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 23,438 | ||||
Land | 8,820 | |||||
Buildings and Improvements | 26,352 | |||||
Total | [2] | 35,172 | ||||
Accumulated Depreciation (AD) | [3] | (2,435) | ||||
Total Cost Net of Accumulated Depreciation | 32,737 | |||||
Encumbrances | [4] | $ 0 | ||||
Other Real Estate [Member] | 240 West and 73rd Street | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | [5] | 195 | ||||
Initial Cost, Land | [5] | $ 68,109 | ||||
Initial Cost, Buildings and Improvements | [5] | 12,140 | ||||
Costs Capitalized Subsequent to Consolidation | [1],[5] | (29,093) | ||||
Land | [5] | 20,828 | ||||
Buildings and Improvements | [5] | 30,328 | ||||
Total | [2],[5] | 51,156 | ||||
Accumulated Depreciation (AD) | [3],[5] | (12,002) | ||||
Total Cost Net of Accumulated Depreciation | [5] | 39,154 | ||||
Encumbrances | [4],[5] | 0 | ||||
Other Real Estate [Member] | Other [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | [6] | 4,863 | ||||
Initial Cost, Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Consolidation | [6] | 130 | ||||
Land | [6] | 492 | ||||
Buildings and Improvements | [6] | 4,501 | ||||
Total | [2],[6] | 4,993 | ||||
Accumulated Depreciation (AD) | [3],[6] | (3) | ||||
Total Cost Net of Accumulated Depreciation | [6] | 4,990 | ||||
Encumbrances | [4],[6] | $ 0 | ||||
Other Real Estate [Member] | City Center on 7th [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 700 | |||||
Initial Cost, Land | $ 35,196 | |||||
Initial Cost, Buildings and Improvements | 186,823 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 19,172 | ||||
Land | 35,196 | |||||
Buildings and Improvements | 205,995 | |||||
Total | [2] | 241,191 | ||||
Accumulated Depreciation (AD) | [3] | (12,320) | ||||
Total Cost Net of Accumulated Depreciation | 228,871 | |||||
Encumbrances | [4] | $ 0 | ||||
Other Real Estate [Member] | Huntington Gateway [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 443 | |||||
Initial Cost, Land | $ 38,785 | |||||
Initial Cost, Buildings and Improvements | 83,832 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 9,515 | ||||
Land | 38,785 | |||||
Buildings and Improvements | 93,347 | |||||
Total | [2] | 132,132 | ||||
Accumulated Depreciation (AD) | [3] | (4,823) | ||||
Total Cost Net of Accumulated Depreciation | 127,309 | |||||
Encumbrances | [4] | $ 93,510 | ||||
Other Real Estate [Member] | North Park [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 310 | |||||
Initial Cost, Land | $ 42,900 | |||||
Initial Cost, Buildings and Improvements | 68,090 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 7,359 | ||||
Land | 42,900 | |||||
Buildings and Improvements | 75,449 | |||||
Total | [2] | 118,349 | ||||
Accumulated Depreciation (AD) | [3] | (3,451) | ||||
Total Cost Net of Accumulated Depreciation | 114,898 | |||||
Encumbrances | [4] | $ 75,626 | ||||
Other Real Estate [Member] | Residences at Capital Crescent Trail [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 258 | |||||
Initial Cost, Land | $ 15,975 | |||||
Initial Cost, Buildings and Improvements | 84,167 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 4,368 | ||||
Land | 15,975 | |||||
Buildings and Improvements | 88,535 | |||||
Total | [2] | 104,510 | ||||
Accumulated Depreciation (AD) | [3] | (4,045) | ||||
Total Cost Net of Accumulated Depreciation | 100,465 | |||||
Encumbrances | [4] | $ 0 | ||||
Other Real Estate [Member] | Vaughan Place Apartments [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | [7] | 375 | ||||
Initial Cost, Land | [7] | $ 47,276 | ||||
Initial Cost, Buildings and Improvements | [7] | 122,092 | ||||
Costs Capitalized Subsequent to Consolidation | [1],[7] | 7,912 | ||||
Land | [7] | 47,276 | ||||
Buildings and Improvements | [7] | 130,004 | ||||
Total | [2],[7] | 177,280 | ||||
Accumulated Depreciation (AD) | [3],[7] | (6,272) | ||||
Total Cost Net of Accumulated Depreciation | [7] | 171,008 | ||||
Encumbrances | [4],[7] | $ 88,500 | ||||
Same Store Sales [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 18,994 | |||||
Initial Cost, Land | $ 980,035 | |||||
Initial Cost, Buildings and Improvements | 2,409,057 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 2,527,143 | ||||
Land | 890,560 | |||||
Buildings and Improvements | 5,025,675 | |||||
Total | [2] | 5,916,235 | ||||
Accumulated Depreciation (AD) | [3] | (2,385,036) | ||||
Total Cost Net of Accumulated Depreciation | 3,531,199 | |||||
Encumbrances | [4] | $ 1,737,015 | ||||
Same Store Sales [Member] | 21 Fitzsimons [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 601 | |||||
Initial Cost, Land | $ 12,864 | |||||
Initial Cost, Buildings and Improvements | 104,720 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 37,521 | ||||
Land | 12,864 | |||||
Buildings and Improvements | 142,241 | |||||
Total | [2] | 155,105 | ||||
Accumulated Depreciation (AD) | [3] | (47,685) | ||||
Total Cost Net of Accumulated Depreciation | 107,420 | |||||
Encumbrances | [4] | $ 83,827 | ||||
Same Store Sales [Member] | 3400 Avenue of the Arts [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 770 | |||||
Initial Cost, Land | $ 57,241 | |||||
Initial Cost, Buildings and Improvements | 65,506 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 100,235 | ||||
Land | 57,241 | |||||
Buildings and Improvements | 165,741 | |||||
Total | [2] | 222,982 | ||||
Accumulated Depreciation (AD) | [3] | (110,355) | ||||
Total Cost Net of Accumulated Depreciation | 112,627 | |||||
Encumbrances | [4] | $ 0 | ||||
Same Store Sales [Member] | 777 South Broad Street [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 146 | |||||
Initial Cost, Land | $ 6,986 | |||||
Initial Cost, Buildings and Improvements | 67,512 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 4,746 | ||||
Land | 6,986 | |||||
Buildings and Improvements | 72,258 | |||||
Total | [2] | 79,244 | ||||
Accumulated Depreciation (AD) | [3] | (13,004) | ||||
Total Cost Net of Accumulated Depreciation | 66,240 | |||||
Encumbrances | [4] | $ 37,500 | ||||
Same Store Sales [Member] | Avery Row [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 67 | |||||
Initial Cost, Land | $ 8,165 | |||||
Initial Cost, Buildings and Improvements | 21,348 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 2,582 | ||||
Land | 8,165 | |||||
Buildings and Improvements | 23,930 | |||||
Total | [2] | 32,095 | ||||
Accumulated Depreciation (AD) | [3] | (4,264) | ||||
Total Cost Net of Accumulated Depreciation | 27,831 | |||||
Encumbrances | [4] | $ 0 | ||||
Same Store Sales [Member] | Axiom [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 115 | |||||
Initial Cost, Land | $ 0 | |||||
Initial Cost, Buildings and Improvements | 63,612 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 4,184 | ||||
Land | 0 | |||||
Buildings and Improvements | 67,796 | |||||
Total | [2] | 67,796 | ||||
Accumulated Depreciation (AD) | [3] | (18,932) | ||||
Total Cost Net of Accumulated Depreciation | 48,864 | |||||
Encumbrances | [4] | $ 0 | ||||
Same Store Sales [Member] | Bay Parc Plaza [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 474 | |||||
Initial Cost, Land | $ 22,680 | |||||
Initial Cost, Buildings and Improvements | 41,847 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 56,222 | ||||
Land | 22,680 | |||||
Buildings and Improvements | 98,069 | |||||
Total | [2] | 120,749 | ||||
Accumulated Depreciation (AD) | [3] | (39,207) | ||||
Total Cost Net of Accumulated Depreciation | 81,542 | |||||
Encumbrances | [4] | $ 71,726 | ||||
Same Store Sales [Member] | Boston Lofts [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 158 | |||||
Initial Cost, Land | $ 3,446 | |||||
Initial Cost, Buildings and Improvements | 20,589 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 7,014 | ||||
Land | 3,446 | |||||
Buildings and Improvements | 27,603 | |||||
Total | [2] | 31,049 | ||||
Accumulated Depreciation (AD) | [3] | (16,719) | ||||
Total Cost Net of Accumulated Depreciation | 14,330 | |||||
Encumbrances | [4] | $ 0 | ||||
Same Store Sales [Member] | Boulder Creek [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 221 | |||||
Initial Cost, Land | $ 754 | |||||
Initial Cost, Buildings and Improvements | 7,730 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 19,727 | ||||
Land | 754 | |||||
Buildings and Improvements | 27,457 | |||||
Total | [2] | 28,211 | ||||
Accumulated Depreciation (AD) | [3] | (21,128) | ||||
Total Cost Net of Accumulated Depreciation | 7,083 | |||||
Encumbrances | [4] | $ 0 | ||||
Same Store Sales [Member] | Broadcast Center [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 279 | |||||
Initial Cost, Land | $ 29,407 | |||||
Initial Cost, Buildings and Improvements | 41,244 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 41,554 | ||||
Land | 29,407 | |||||
Buildings and Improvements | 82,798 | |||||
Total | [2] | 112,205 | ||||
Accumulated Depreciation (AD) | [3] | (42,283) | ||||
Total Cost Net of Accumulated Depreciation | 69,922 | |||||
Encumbrances | [4] | $ 0 | ||||
Same Store Sales [Member] | Calhoun Beach Club [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 332 | |||||
Initial Cost, Land | $ 11,708 | |||||
Initial Cost, Buildings and Improvements | 73,334 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 62,742 | ||||
Land | 11,708 | |||||
Buildings and Improvements | 136,076 | |||||
Total | [2] | 147,784 | ||||
Accumulated Depreciation (AD) | [3] | (98,116) | ||||
Total Cost Net of Accumulated Depreciation | 49,668 | |||||
Encumbrances | [4] | $ 0 | ||||
Same Store Sales [Member] | Charlesbank Apartment Homes [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 44 | |||||
Initial Cost, Land | $ 3,399 | |||||
Initial Cost, Buildings and Improvements | 11,726 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 1,347 | ||||
Land | 3,399 | |||||
Buildings and Improvements | 13,073 | |||||
Total | [2] | 16,472 | ||||
Accumulated Depreciation (AD) | [3] | (4,495) | ||||
Total Cost Net of Accumulated Depreciation | 11,977 | |||||
Encumbrances | [4] | $ 0 | ||||
Same Store Sales [Member] | Chestnut Hall [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 315 | |||||
Initial Cost, Land | $ 12,338 | |||||
Initial Cost, Buildings and Improvements | 14,299 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 15,262 | ||||
Land | 12,338 | |||||
Buildings and Improvements | 29,561 | |||||
Total | [2] | 41,899 | ||||
Accumulated Depreciation (AD) | [3] | (15,760) | ||||
Total Cost Net of Accumulated Depreciation | 26,139 | |||||
Encumbrances | [4] | $ 33,195 | ||||
Same Store Sales [Member] | Creekside [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 328 | |||||
Initial Cost, Land | $ 3,189 | |||||
Initial Cost, Buildings and Improvements | 12,698 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 8,773 | ||||
Land | 3,189 | |||||
Buildings and Improvements | 21,471 | |||||
Total | [2] | 24,660 | ||||
Accumulated Depreciation (AD) | [3] | (15,579) | ||||
Total Cost Net of Accumulated Depreciation | 9,081 | |||||
Encumbrances | [4] | $ 0 | ||||
Same Store Sales [Member] | Flamingo Point, Center Tower [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 513 | |||||
Initial Cost, Land | $ 15,279 | |||||
Initial Cost, Buildings and Improvements | 29,358 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 226,522 | ||||
Land | 15,279 | |||||
Buildings and Improvements | 255,880 | |||||
Total | [2] | 271,159 | ||||
Accumulated Depreciation (AD) | [3] | (131,717) | ||||
Total Cost Net of Accumulated Depreciation | 139,442 | |||||
Encumbrances | [4] | $ 0 | ||||
Same Store Sales [Member] | Flamingo Point, South Tower [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | [7] | 256 | ||||
Initial Cost, Land | [7] | $ 0 | ||||
Initial Cost, Buildings and Improvements | [7] | 13,061 | ||||
Costs Capitalized Subsequent to Consolidation | [1],[7] | 74,208 | ||||
Land | [7] | 0 | ||||
Buildings and Improvements | [7] | 87,269 | ||||
Total | [2],[7] | 87,269 | ||||
Accumulated Depreciation (AD) | [3],[7] | (18,235) | ||||
Total Cost Net of Accumulated Depreciation | [7] | 69,034 | ||||
Encumbrances | [4],[7] | $ 0 | ||||
Same Store Sales [Member] | Four Quarters Habitat [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 336 | |||||
Initial Cost, Land | $ 2,379 | |||||
Initial Cost, Buildings and Improvements | 17,199 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 40,466 | ||||
Land | 2,379 | |||||
Buildings and Improvements | 57,665 | |||||
Total | [2] | 60,044 | ||||
Accumulated Depreciation (AD) | [3] | (44,859) | ||||
Total Cost Net of Accumulated Depreciation | 15,185 | |||||
Encumbrances | [4] | $ 0 | ||||
Same Store Sales [Member] | Foxchase [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 2,113 | |||||
Initial Cost, Land | $ 15,496 | |||||
Initial Cost, Buildings and Improvements | 96,062 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 89,239 | ||||
Land | 15,496 | |||||
Buildings and Improvements | 185,301 | |||||
Total | [2] | 200,797 | ||||
Accumulated Depreciation (AD) | [3] | (116,237) | ||||
Total Cost Net of Accumulated Depreciation | 84,560 | |||||
Encumbrances | [4] | $ 0 | ||||
Same Store Sales [Member] | Hidden Cove [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 334 | |||||
Initial Cost, Land | $ 3,043 | |||||
Initial Cost, Buildings and Improvements | 17,616 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 18,343 | ||||
Land | 3,043 | |||||
Buildings and Improvements | 35,959 | |||||
Total | [2] | 39,002 | ||||
Accumulated Depreciation (AD) | [3] | (20,935) | ||||
Total Cost Net of Accumulated Depreciation | 18,067 | |||||
Encumbrances | [4] | $ 64,757 | ||||
Same Store Sales [Member] | Hidden Cove II [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 118 | |||||
Initial Cost, Land | $ 12,849 | |||||
Initial Cost, Buildings and Improvements | 6,530 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 6,337 | ||||
Land | 12,849 | |||||
Buildings and Improvements | 12,867 | |||||
Total | [2] | 25,716 | ||||
Accumulated Depreciation (AD) | [3] | (7,383) | ||||
Total Cost Net of Accumulated Depreciation | 18,333 | |||||
Encumbrances | [4] | $ 25,183 | ||||
Same Store Sales [Member] | Hillcreste [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 315 | |||||
Initial Cost, Land | $ 35,862 | |||||
Initial Cost, Buildings and Improvements | 47,216 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 24,118 | ||||
Land | 35,862 | |||||
Buildings and Improvements | 71,334 | |||||
Total | [2] | 107,196 | ||||
Accumulated Depreciation (AD) | [3] | (37,357) | ||||
Total Cost Net of Accumulated Depreciation | 69,839 | |||||
Encumbrances | [4] | $ 0 | ||||
Same Store Sales [Member] | Indian Oaks [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 254 | |||||
Initial Cost, Land | $ 24,523 | |||||
Initial Cost, Buildings and Improvements | 15,801 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 12,877 | ||||
Land | 24,523 | |||||
Buildings and Improvements | 28,678 | |||||
Total | [2] | 53,201 | ||||
Accumulated Depreciation (AD) | [3] | (20,041) | ||||
Total Cost Net of Accumulated Depreciation | 33,160 | |||||
Encumbrances | [4] | $ 58,955 | ||||
Same Store Sales [Member] | Indigo [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 463 | |||||
Initial Cost, Land | $ 26,932 | |||||
Initial Cost, Buildings and Improvements | 296,116 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 11,426 | ||||
Land | 26,932 | |||||
Buildings and Improvements | 307,542 | |||||
Total | [2] | 334,474 | ||||
Accumulated Depreciation (AD) | [3] | (69,079) | ||||
Total Cost Net of Accumulated Depreciation | 265,395 | |||||
Encumbrances | [4] | $ 175,459 | ||||
Same Store Sales [Member] | Island Club [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 592 | |||||
Initial Cost, Land | $ 18,027 | |||||
Initial Cost, Buildings and Improvements | 28,654 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 39,520 | ||||
Land | 18,027 | |||||
Buildings and Improvements | 68,174 | |||||
Total | [2] | 86,201 | ||||
Accumulated Depreciation (AD) | [3] | (41,884) | ||||
Total Cost Net of Accumulated Depreciation | 44,317 | |||||
Encumbrances | [4] | $ 0 | ||||
Same Store Sales [Member] | Latrobe [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 175 | |||||
Initial Cost, Land | $ 3,459 | |||||
Initial Cost, Buildings and Improvements | 9,103 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 13,374 | ||||
Land | 3,459 | |||||
Buildings and Improvements | 22,477 | |||||
Total | [2] | 25,936 | ||||
Accumulated Depreciation (AD) | [3] | (16,965) | ||||
Total Cost Net of Accumulated Depreciation | 8,971 | |||||
Encumbrances | [4] | $ 0 | ||||
Same Store Sales [Member] | Laurel Crossing [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 418 | |||||
Initial Cost, Land | $ 49,474 | |||||
Initial Cost, Buildings and Improvements | 17,756 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 17,574 | ||||
Land | 49,474 | |||||
Buildings and Improvements | 35,330 | |||||
Total | [2] | 84,804 | ||||
Accumulated Depreciation (AD) | [3] | (20,793) | ||||
Total Cost Net of Accumulated Depreciation | 64,011 | |||||
Encumbrances | [4] | $ 0 | ||||
Same Store Sales [Member] | Lincoln Place [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | [5] | 795 | ||||
Initial Cost, Land | [5] | $ 128,332 | ||||
Initial Cost, Buildings and Improvements | [5] | 10,439 | ||||
Costs Capitalized Subsequent to Consolidation | [1],[5] | 257,698 | ||||
Land | [5] | 44,197 | ||||
Buildings and Improvements | [5] | 352,272 | ||||
Total | [2],[5] | 396,469 | ||||
Accumulated Depreciation (AD) | [3],[5] | (182,175) | ||||
Total Cost Net of Accumulated Depreciation | [5] | 214,294 | ||||
Encumbrances | [4],[5] | $ 173,676 | ||||
Same Store Sales [Member] | Locust On The Park [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 151 | |||||
Initial Cost, Land | $ 5,292 | |||||
Initial Cost, Buildings and Improvements | 53,823 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 9,831 | ||||
Land | 5,292 | |||||
Buildings and Improvements | 63,654 | |||||
Total | [2] | 68,946 | ||||
Accumulated Depreciation (AD) | [3] | (11,937) | ||||
Total Cost Net of Accumulated Depreciation | 57,009 | |||||
Encumbrances | [4] | $ 33,442 | ||||
Same Store Sales [Member] | Malibu Canyon [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 698 | |||||
Initial Cost, Land | $ 69,834 | |||||
Initial Cost, Buildings and Improvements | 53,438 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 43,872 | ||||
Land | 69,834 | |||||
Buildings and Improvements | 97,310 | |||||
Total | [2] | 167,144 | ||||
Accumulated Depreciation (AD) | [3] | (66,921) | ||||
Total Cost Net of Accumulated Depreciation | 100,223 | |||||
Encumbrances | [4] | $ 158,950 | ||||
Same Store Sales [Member] | Mariners Cove [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 500 | |||||
Initial Cost, Land | $ 0 | |||||
Initial Cost, Buildings and Improvements | 66,861 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 18,288 | ||||
Land | 0 | |||||
Buildings and Improvements | 85,149 | |||||
Total | [2] | 85,149 | ||||
Accumulated Depreciation (AD) | [3] | (50,561) | ||||
Total Cost Net of Accumulated Depreciation | 34,588 | |||||
Encumbrances | [4] | $ 0 | ||||
Same Store Sales [Member] | Meadow Creek [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 332 | |||||
Initial Cost, Land | $ 1,435 | |||||
Initial Cost, Buildings and Improvements | 24,533 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 10,561 | ||||
Land | 1,435 | |||||
Buildings and Improvements | 35,094 | |||||
Total | [2] | 36,529 | ||||
Accumulated Depreciation (AD) | [3] | (25,615) | ||||
Total Cost Net of Accumulated Depreciation | 10,914 | |||||
Encumbrances | [4] | $ 0 | ||||
Same Store Sales [Member] | Mezzo [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 95 | |||||
Initial Cost, Land | $ 4,292 | |||||
Initial Cost, Buildings and Improvements | 34,178 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 2,699 | ||||
Land | 4,292 | |||||
Buildings and Improvements | 36,877 | |||||
Total | [2] | 41,169 | ||||
Accumulated Depreciation (AD) | [3] | (10,730) | ||||
Total Cost Net of Accumulated Depreciation | 30,439 | |||||
Encumbrances | [4] | $ 0 | ||||
Same Store Sales [Member] | Monterey Grove [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 224 | |||||
Initial Cost, Land | $ 34,325 | |||||
Initial Cost, Buildings and Improvements | 21,939 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 19,146 | ||||
Land | 34,325 | |||||
Buildings and Improvements | 41,085 | |||||
Total | [2] | 75,410 | ||||
Accumulated Depreciation (AD) | [3] | (18,659) | ||||
Total Cost Net of Accumulated Depreciation | 56,751 | |||||
Encumbrances | [4] | $ 46,630 | ||||
Same Store Sales [Member] | Ocean House and on into Prospect [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 53 | |||||
Initial Cost, Land | $ 12,528 | |||||
Initial Cost, Buildings and Improvements | 18,805 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 16,979 | ||||
Land | 12,528 | |||||
Buildings and Improvements | 35,784 | |||||
Total | [2] | 48,312 | ||||
Accumulated Depreciation (AD) | [3] | (13,885) | ||||
Total Cost Net of Accumulated Depreciation | 34,427 | |||||
Encumbrances | [4] | $ 0 | ||||
Same Store Sales [Member] | One Ardmore | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 110 | |||||
Initial Cost, Land | $ 4,929 | |||||
Initial Cost, Buildings and Improvements | 61,631 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 3,698 | ||||
Land | 4,929 | |||||
Buildings and Improvements | 65,329 | |||||
Total | [2] | 70,258 | ||||
Accumulated Depreciation (AD) | [3] | (8,902) | ||||
Total Cost Net of Accumulated Depreciation | 61,356 | |||||
Encumbrances | [4] | $ 29,175 | ||||
Same Store Sales [Member] | One Canal [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 310 | |||||
Initial Cost, Land | $ 0 | |||||
Initial Cost, Buildings and Improvements | 15,873 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 183,644 | ||||
Land | 0 | |||||
Buildings and Improvements | 199,517 | |||||
Total | 199,517 | |||||
Accumulated Depreciation (AD) | [3] | (52,273) | ||||
Total Cost Net of Accumulated Depreciation | 147,244 | |||||
Encumbrances | [4] | $ 0 | ||||
Same Store Sales [Member] | Pacific Bay Vistas [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | [5] | 308 | ||||
Initial Cost, Land | [5] | $ 28,694 | ||||
Initial Cost, Buildings and Improvements | [5] | 62,460 | ||||
Costs Capitalized Subsequent to Consolidation | [1],[5] | 34,481 | ||||
Land | [5] | 23,354 | ||||
Buildings and Improvements | [5] | 102,281 | ||||
Total | [2],[5] | 125,635 | ||||
Accumulated Depreciation (AD) | [3],[5] | (48,697) | ||||
Total Cost Net of Accumulated Depreciation | [5] | 76,938 | ||||
Encumbrances | [4],[5] | $ 98,127 | ||||
Same Store Sales [Member] | Pacifica Park [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 104 | |||||
Initial Cost, Land | $ 12,970 | |||||
Initial Cost, Buildings and Improvements | 6,579 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 9,171 | ||||
Land | 12,970 | |||||
Buildings and Improvements | 15,750 | |||||
Total | [2] | 28,720 | ||||
Accumulated Depreciation (AD) | [3] | (9,703) | ||||
Total Cost Net of Accumulated Depreciation | 19,017 | |||||
Encumbrances | [4] | $ 37,264 | ||||
Same Store Sales [Member] | Palazzo at Park La Brea, The [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 521 | |||||
Initial Cost, Land | $ 48,362 | |||||
Initial Cost, Buildings and Improvements | 125,464 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 59,730 | ||||
Land | 48,362 | |||||
Buildings and Improvements | 185,194 | |||||
Total | [2] | 233,556 | ||||
Accumulated Depreciation (AD) | [3] | (105,338) | ||||
Total Cost Net of Accumulated Depreciation | 128,218 | |||||
Encumbrances | [4] | $ 209,689 | ||||
Same Store Sales [Member] | Palazzo East at Park La Brea, The [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 611 | |||||
Initial Cost, Land | $ 72,578 | |||||
Initial Cost, Buildings and Improvements | 136,503 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 40,036 | ||||
Land | 72,578 | |||||
Buildings and Improvements | 176,539 | |||||
Total | [2] | 249,117 | ||||
Accumulated Depreciation (AD) | [3] | (101,739) | ||||
Total Cost Net of Accumulated Depreciation | 147,378 | |||||
Encumbrances | [4] | $ 179,147 | ||||
Same Store Sales [Member] | Park Towne Place [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 941 | |||||
Initial Cost, Land | $ 10,472 | |||||
Initial Cost, Buildings and Improvements | 47,301 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 353,314 | ||||
Land | 10,472 | |||||
Buildings and Improvements | 400,615 | |||||
Total | [2] | 411,087 | ||||
Accumulated Depreciation (AD) | [3] | (230,094) | ||||
Total Cost Net of Accumulated Depreciation | 180,993 | |||||
Encumbrances | [4] | $ 0 | ||||
Same Store Sales [Member] | Parc Mosaic [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 226 | |||||
Initial Cost, Land | $ 15,300 | |||||
Initial Cost, Buildings and Improvements | 0 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 111,135 | ||||
Land | 15,300 | |||||
Buildings and Improvements | 111,135 | |||||
Total | 126,435 | |||||
Accumulated Depreciation (AD) | [3] | (18,741) | ||||
Total Cost Net of Accumulated Depreciation | 107,694 | |||||
Encumbrances | [4] | $ 0 | ||||
Same Store Sales [Member] | Peachtree Park [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 303 | |||||
Initial Cost, Land | $ 4,684 | |||||
Initial Cost, Buildings and Improvements | 11,713 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 16,466 | ||||
Land | 4,684 | |||||
Buildings and Improvements | 28,179 | |||||
Total | [2] | 32,863 | ||||
Accumulated Depreciation (AD) | [3] | (19,235) | ||||
Total Cost Net of Accumulated Depreciation | 13,628 | |||||
Encumbrances | [4] | $ 0 | ||||
Same Store Sales [Member] | Preserve at Marin [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 126 | |||||
Initial Cost, Land | $ 13,516 | |||||
Initial Cost, Buildings and Improvements | 30,132 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 84,137 | ||||
Land | 13,516 | |||||
Buildings and Improvements | 114,269 | |||||
Total | [2] | 127,785 | ||||
Accumulated Depreciation (AD) | [3] | (46,845) | ||||
Total Cost Net of Accumulated Depreciation | 80,940 | |||||
Encumbrances | [4] | $ 0 | ||||
Same Store Sales [Member] | Riverloft [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 184 | |||||
Initial Cost, Land | $ 2,120 | |||||
Initial Cost, Buildings and Improvements | 11,286 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 38,851 | ||||
Land | 2,120 | |||||
Buildings and Improvements | 50,137 | |||||
Total | [2] | 52,257 | ||||
Accumulated Depreciation (AD) | [3] | (32,457) | ||||
Total Cost Net of Accumulated Depreciation | 19,800 | |||||
Encumbrances | [4] | $ 0 | ||||
Same Store Sales [Member] | Royal Crest Estates [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 588 | |||||
Initial Cost, Land | $ 51,292 | |||||
Initial Cost, Buildings and Improvements | 36,808 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 29,078 | ||||
Land | 51,292 | |||||
Buildings and Improvements | 65,886 | |||||
Total | [2] | 117,178 | ||||
Accumulated Depreciation (AD) | [3] | (43,339) | ||||
Total Cost Net of Accumulated Depreciation | 73,839 | |||||
Encumbrances | [4] | $ 0 | ||||
Same Store Sales [Member] | Saybrook Point [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 324 | |||||
Initial Cost, Land | $ 32,842 | |||||
Initial Cost, Buildings and Improvements | 84,457 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 27,092 | ||||
Land | 32,842 | |||||
Buildings and Improvements | 111,549 | |||||
Total | [2] | 144,391 | ||||
Accumulated Depreciation (AD) | [3] | (33,326) | ||||
Total Cost Net of Accumulated Depreciation | 111,065 | |||||
Encumbrances | [4] | $ 107,347 | ||||
Same Store Sales [Member] | SouthStar Lofts [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 85 | |||||
Initial Cost, Land | $ 1,780 | |||||
Initial Cost, Buildings and Improvements | 37,428 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 1,245 | ||||
Land | 1,780 | |||||
Buildings and Improvements | 38,673 | |||||
Total | [2] | 40,453 | ||||
Accumulated Depreciation (AD) | [3] | (6,730) | ||||
Total Cost Net of Accumulated Depreciation | 33,723 | |||||
Encumbrances | [4] | $ 17,000 | ||||
Same Store Sales [Member] | Sterling Apartment Homes, The [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 534 | |||||
Initial Cost, Land | $ 8,871 | |||||
Initial Cost, Buildings and Improvements | 55,365 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 119,946 | ||||
Land | 8,871 | |||||
Buildings and Improvements | 175,311 | |||||
Total | [2] | 184,182 | ||||
Accumulated Depreciation (AD) | [3] | (115,551) | ||||
Total Cost Net of Accumulated Depreciation | 68,631 | |||||
Encumbrances | [4] | $ 0 | ||||
Same Store Sales [Member] | The Left Bank [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 282 | |||||
Initial Cost, Land | $ 0 | |||||
Initial Cost, Buildings and Improvements | 130,893 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 25,492 | ||||
Land | 0 | |||||
Buildings and Improvements | 156,385 | |||||
Total | [2] | 156,385 | ||||
Accumulated Depreciation (AD) | [3] | (27,357) | ||||
Total Cost Net of Accumulated Depreciation | 129,028 | |||||
Encumbrances | [4] | $ 75,466 | ||||
Same Store Sales [Member] | Township At Highlands [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 161 | |||||
Initial Cost, Land | $ 1,536 | |||||
Initial Cost, Buildings and Improvements | 9,773 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 17,202 | ||||
Land | 1,536 | |||||
Buildings and Improvements | 26,975 | |||||
Total | [2] | 28,511 | ||||
Accumulated Depreciation (AD) | [3] | (17,161) | ||||
Total Cost Net of Accumulated Depreciation | 11,350 | |||||
Encumbrances | [4] | $ 0 | ||||
Same Store Sales [Member] | Tremont [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 78 | |||||
Initial Cost, Land | $ 5,274 | |||||
Initial Cost, Buildings and Improvements | 18,011 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 4,168 | ||||
Land | 5,274 | |||||
Buildings and Improvements | 22,179 | |||||
Total | [2] | 27,453 | ||||
Accumulated Depreciation (AD) | [3] | (6,846) | ||||
Total Cost Net of Accumulated Depreciation | 20,607 | |||||
Encumbrances | [4] | $ 0 | ||||
Same Store Sales [Member] | Villas at Park La Brea, The [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 250 | |||||
Initial Cost, Land | $ 8,630 | |||||
Initial Cost, Buildings and Improvements | 48,871 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 22,003 | ||||
Land | 8,630 | |||||
Buildings and Improvements | 70,874 | |||||
Total | [2] | 79,504 | ||||
Accumulated Depreciation (AD) | [3] | (43,013) | ||||
Total Cost Net of Accumulated Depreciation | 36,491 | |||||
Encumbrances | [4] | $ 0 | ||||
Same Store Sales [Member] | Villas of Pasadena [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 92 | |||||
Initial Cost, Land | $ 9,693 | |||||
Initial Cost, Buildings and Improvements | 6,818 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 5,685 | ||||
Land | 9,693 | |||||
Buildings and Improvements | 12,503 | |||||
Total | [2] | 22,196 | ||||
Accumulated Depreciation (AD) | [3] | (7,415) | ||||
Total Cost Net of Accumulated Depreciation | 14,781 | |||||
Encumbrances | [4] | $ 20,500 | ||||
Same Store Sales [Member] | Vivo [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 91 | |||||
Initial Cost, Land | $ 6,450 | |||||
Initial Cost, Buildings and Improvements | 35,974 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 6,372 | ||||
Land | 6,450 | |||||
Buildings and Improvements | 42,346 | |||||
Total | [2] | 48,796 | ||||
Accumulated Depreciation (AD) | [3] | (17,972) | ||||
Total Cost Net of Accumulated Depreciation | 30,824 | |||||
Encumbrances | [4] | $ 0 | ||||
Same Store Sales [Member] | Waterways Village [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of apartment homes | ApartmentHome | 180 | |||||
Initial Cost, Land | $ 4,504 | |||||
Initial Cost, Buildings and Improvements | 11,064 | |||||
Costs Capitalized Subsequent to Consolidation | [1] | 19,210 | ||||
Land | 4,504 | |||||
Buildings and Improvements | 30,274 | |||||
Total | [2] | 34,778 | ||||
Accumulated Depreciation (AD) | [3] | (18,807) | ||||
Total Cost Net of Accumulated Depreciation | 15,971 | |||||
Encumbrances | [4] | $ 0 | ||||
[1] Includes costs capitalized since acquisition or date of initial consolidation of the community. The aggregate cost of land and depreciable property for federal income tax purposes was approx imate ly $ 7.4 billion as of December 31, 2022 . Depreciable life for buildings and improvements ranges from 5 to 30 years and is calculated on a straight-line basis. Encumbrances are presented before reduction for debt issuance costs. The current carrying value of the apartment community reflects an impairment loss recognized. Other includes apartment communities under development, land parcels, and certain non-residential properties held for future development. Initial cost of buildings and improvements includes the cost of additional apartment homes acquired subsequent to consolidation. |
Schedule III_ Real Estate and_2
Schedule III: Real Estate and Accumulated Depreciation - Schedule of Real Estate and Accumulated Depreciation (Parenthetical) (Details) $ in Billions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Aggregate cost of land and depreciable property for federal income tax purposes | $ 7.4 |
Minimum [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable life for buildings and improvements | 5 years |
Maximum [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable life for buildings and improvements | 30 years |
Schedule III_ Real Estate and_3
Schedule III: Real Estate and Accumulated Depreciation - Summary Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Total portfolio balance at beginning of year | $ 6,885,081 | $ 7,468,864 | $ 7,351,979 | |
Additions during the year: | ||||
Acquisitions and lease cancellation | 1,300,122 | 723,599 | 6,062 | |
Capital additions | 193,360 | 168,920 | 329,156 | |
Amounts related to assets held for sale | (253,547) | |||
Dispositions and other | 302,169 | 1,222,755 | 218,333 | |
Total real estate balance at end of year | 8,076,394 | [1] | 6,885,081 | 7,468,864 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Accumulated depreciation balance at beginning of year | 2,284,793 | 2,455,505 | 2,268,839 | |
Depreciation | 308,382 | 298,789 | 310,400 | |
Amounts related to assets held for sale | (107,055) | |||
Dispositions and other | 143,292 | 362,446 | 123,734 | |
Accumulated depreciation balance at end of year | $ 2,449,883 | [2] | $ 2,284,793 | $ 2,455,505 |
[1] The aggregate cost of land and depreciable property for federal income tax purposes was approx imate ly $ 7.4 billion as of December 31, 2022 . Depreciable life for buildings and improvements ranges from 5 to 30 years and is calculated on a straight-line basis. |