Apartment Income REIT Corp - Ordinary Shares (AIRC) 10-Q 28 Jul 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 25, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	1-39686
Entity Registrant Name	APARTMENT INCOME REIT CORP.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	84-1299717
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
Title of 12(b) Security	Class A Common Stock (Apartment Income REIT Corp.)
Trading Symbol	AIRC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		149,223,527
Entity Central Index Key	0001820877
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Apartment Income REIT, L.P.
Document Information [Line Items]
Entity File Number	0-24497
Entity Registrant Name	APARTMENT INCOME REIT, L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-1275621
Entity Address, Postal Zip Code	80237
City Area Code	303
Local Phone Number	757-8101
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000926660
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Buildings and improvements	$ 6,888,234	$ 6,784,965
Land	1,345,086	1,291,429
Total real estate	8,233,320	8,076,394
Accumulated depreciation	(2,562,252)	(2,449,883)
Net real estate	5,671,068	5,626,511
Cash and cash equivalents	106,349	95,797
Restricted cash	23,564	205,608
Goodwill	32,286	32,286
Other assets, net	573,743	591,681
Total assets	6,407,010	6,551,883
LIABILITIES AND EQUITY
Non-recourse property debt, net	2,197,437	1,985,430
Term loans, net	797,471	796,713
Revolving credit facility borrowings	292,000	462,000
Unsecured notes payable, net	397,669	397,486
Total indebtedness	3,684,577	3,641,629
Accrued liabilities and other	476,400	513,805
Total liabilities	4,160,977	4,155,434
Commitments and Contingencies
Preferred noncontrolling interests in AIR Operating Partnership	77,143	77,143
Equity:
Perpetual Preferred Stock	2,000	2,000
Common Stock, $0.01 par value, 1,021,175,000 shares authorized at June 30, 2023 and December 31, 2022, and 149,223,526 and 149,086,548 shares issued/outstanding at June 30, 2023 and December 31, 2022, respectively	1,492	1,491
Additional paid-in capital	3,430,731	3,436,635
Accumulated other comprehensive income	39,343	43,562
Distributions in excess of earnings	(1,474,101)	(1,327,271)
Total AIR equity	1,999,465	2,156,417
Noncontrolling interests in consolidated real estate partnerships	(80,087)	(78,785)
Common noncontrolling interests in AIR Operating Partnership	249,512	241,674
Total equity	2,168,890	2,319,306
Total liabilities and equity	6,407,010	6,551,883
Apartment Income REIT, L.P.
ASSETS
Buildings and improvements	6,888,234	6,784,965
Land	1,345,086	1,291,429
Total real estate	8,233,320	8,076,394
Accumulated depreciation	(2,562,252)	(2,449,883)
Net real estate	5,671,068	5,626,511
Cash and cash equivalents	106,349	95,797
Restricted cash	23,564	205,608
Goodwill	32,286	32,286
Other assets, net	573,743	591,681
Total assets	6,407,010	6,551,883
LIABILITIES AND EQUITY
Non-recourse property debt, net	2,197,437	1,985,430
Term loans, net	797,471	796,713
Revolving credit facility borrowings	292,000	462,000
Unsecured notes payable, net	397,669	397,486
Total indebtedness	3,684,577	3,641,629
Accrued liabilities and other	476,400	513,805
Total liabilities	4,160,977	4,155,434
Commitments and Contingencies
Preferred noncontrolling interests in AIR Operating Partnership	77,143	77,143
Equity:
Preferred units	2,000	2,000
General Partner and Special Limited Partner	1,997,465	2,154,417
Limited Partners	249,512	241,674
Partners’ capital attributable to the AIR Operating Partnership	2,248,977	2,398,091
Noncontrolling interests in consolidated real estate partnerships	(80,087)	(78,785)
Total equity	2,168,890	2,319,306
Total liabilities and equity	$ 6,407,010	$ 6,551,883

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	1,021,175,000	1,021,175,000
Common stock, shares issued	149,223,526	149,086,548
Common stock, shares outstanding	149,223,526	149,086,548

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
REVENUES
Total revenues	$ 214,560	$ 183,500	$ 426,553	$ 364,978
EXPENSES
Property operating expenses	72,012	63,787	147,465	127,023
Depreciation and amortization	89,260	78,656	184,926	163,205
General and administrative expenses	6,023	5,333	13,203	11,930
Other expenses (income), net	2,519	(3,076)	6,179	942
Total operating expenses	169,814	144,700	351,773	303,100
Interest income	1,507	25,652	3,032	39,133
Interest expense	(37,554)	(26,027)	(73,741)	(48,134)
Loss on extinguishment of debt	0	0	(2,008)	(23,636)
(Loss) gain on dispositions and impairments of real estate	(17,472)	175,606	(17,472)	587,609
Gain on derivative instruments, net	11,390	0	9,252	0
Loss from unconsolidated real estate partnerships	(842)	(873)	(1,877)	(2,887)
Income (loss) before income tax expense	1,775	213,158	(8,034)	613,963
Income tax expense	(1,177)	(1,499)	(1,316)	(920)
Net income (loss)	598	211,659	(9,350)	613,043
Noncontrolling interests:
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships	(684)	(381)	(1,369)	183
Net income attributable to preferred noncontrolling interests in AIR Operating Partnership	(1,570)	(1,602)	(3,140)	(3,205)
Net loss (income) attributable to common noncontrolling interests in AIR Operating Partnership	315	(12,749)	1,141	(36,916)
Net income attributable to noncontrolling interests	(1,939)	(14,732)	(3,368)	(39,938)
Net (loss) income attributable to AIR	(1,341)	196,927	(12,718)	573,105
Net income attributable to AIR preferred stockholders	(42)	(43)	(85)	(85)
Net income attributable to participating securities	(56)	(162)	(93)	(417)
Net (loss) income attributable to AIR common stockholders	$ (1,439)	$ 196,722	$ (12,896)	$ 572,603
Net income attributable to AIR common stockholders per share - basic (in dollars per share)	$ (0.01)	$ 1.26	$ (0.09)	$ 3.66
Net income attributable to AIR common stockholders per share - diluted (in dollars per share)	$ (0.01)	$ 1.26	$ (0.09)	$ 3.66
Weighted average common shares/units outstanding - basic (in shares)	148,832	155,927	148,821	156,327
Weighted average common shares/units outstanding - diluted	148,832	156,136	148,821	156,607
Rental and other property revenues
REVENUES
Total revenues	$ 212,492	$ 181,012	$ 422,415	$ 360,273
Other revenues
REVENUES
Total revenues	2,068	2,488	4,138	4,705
Apartment Income REIT, L.P.
REVENUES
Total revenues	214,560	183,500	426,553	364,978
EXPENSES
Property operating expenses	72,012	63,787	147,465	127,023
Depreciation and amortization	89,260	78,656	184,926	163,205
General and administrative expenses	6,023	5,333	13,203	11,930
Other expenses (income), net	2,519	(3,076)	6,179	942
Total operating expenses	169,814	144,700	351,773	303,100
Interest income	1,507	25,652	3,032	39,133
Interest expense	(37,554)	(26,027)	(73,741)	(48,134)
Loss on extinguishment of debt	0	0	(2,008)	(23,636)
(Loss) gain on dispositions and impairments of real estate	(17,472)	175,606	(17,472)	587,609
Gain on derivative instruments, net	11,390	0	9,252	0
Loss from unconsolidated real estate partnerships	(842)	(873)	(1,877)	(2,887)
Income (loss) before income tax expense	1,775	213,158	(8,034)	613,963
Income tax expense	(1,177)	(1,499)	(1,316)	(920)
Net income (loss)	598	211,659	(9,350)	613,043
Noncontrolling interests:
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships	(684)	(381)	(1,369)	183
Net income attributable to preferred noncontrolling interests in AIR Operating Partnership	(86)	211,278	(10,719)	613,226
Net income attributable to AIR preferred stockholders	(1,612)	(1,645)	(3,225)	(3,290)
Net income attributable to participating securities	(56)	(162)	(93)	(417)
Net (loss) income attributable to AIR common stockholders	$ (1,754)	$ 209,471	$ (14,037)	$ 609,519
Net income attributable to AIR common stockholders per share - basic (in dollars per share)	$ (0.01)	$ 1.26	$ (0.09)	$ 3.66
Net income attributable to AIR common stockholders per share - diluted (in dollars per share)	$ (0.01)	$ 1.26	$ (0.09)	$ 3.66
Weighted average common shares/units outstanding - basic (in shares)	159,778	166,023	159,531	166,434
Weighted average common shares/units outstanding - diluted	159,778	166,232	159,531	166,714
Apartment Income REIT, L.P. | Rental and other property revenues
REVENUES
Total revenues	$ 212,492	$ 181,012	$ 422,415	$ 360,273
Apartment Income REIT, L.P. | Other revenues
REVENUES
Total revenues	$ 2,068	$ 2,488	$ 4,138	$ 4,705

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net income (loss)	$ 598	$ 211,659	$ (9,350)	$ 613,043
Unrealized gain on derivative instruments, net	16,631	13,715	5,191	12,932
Reclassification of interest rate derivative (gain) loss to net income (loss)	(5,364)	1,989	(9,518)	1,989
Comprehensive income (loss)	11,865	227,363	(13,677)	627,964
Comprehensive loss income attributable to noncontrolling interests	(2,933)	(15,903)	(3,260)	(41,109)
Comprehensive income (loss) attributable to AIR Operating Partnership	8,932	211,460	(16,937)	586,855
Apartment Income REIT, L.P.
Net income (loss)	598	211,659	(9,350)	613,043
Unrealized gain on derivative instruments, net	16,631	13,715	5,191	12,932
Reclassification of interest rate derivative (gain) loss to net income (loss)	(5,364)	1,989	(9,518)	1,989
Comprehensive income (loss)	11,865	227,363	(13,677)	627,964
Comprehensive loss income attributable to noncontrolling interests	(684)	(381)	(1,369)	183
Comprehensive income (loss) attributable to AIR Operating Partnership	$ 11,181	$ 226,982	$ (15,046)	$ 628,147

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Total	Total AIR Equity	Perpetual Preferred Stock	Common Stock	Additional  Paid- in Capital	Accumulated Other Comprehensive Income (Loss)	Distributions  in Excess  of Earnings	Noncontrolling Interests in Consolidated Real Estate Partnerships	Common Noncontrolling Interests in AIR Operating Partnership
Beginning balance (in shares) at Dec. 31, 2021			145
Beginning balance (in shares) at Dec. 31, 2021				156,998,367
Beginning balance at Dec. 31, 2021	$ 1,939,155	$ 1,813,025	$ 2,129	$ 1,570	$ 3,763,105	$ 0	$ (1,953,779)	$ (70,883)	$ 197,013
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of AIR Operating Partnership units	(4,245)								(4,245)
Repurchase of Common Stock, net (in shares)				(2,911,761)
Repurchase of Common Stock, net	(125,000)	(125,000)		$ (29)	(124,971)
Amortization of share-based compensation cost	4,451	2,641			2,641				1,810
Effect of changes in ownership of consolidated entities	0	(3,264)			(3,264)				3,264
Contributions from noncontrolling interests in consolidated real estate partnerships	7,808							7,808
Change in accumulated other comprehensive income (loss)	14,921	13,750				13,750			1,171
Net (loss) income	609,838	573,105					573,105	(183)	36,916
Common Stock dividends	(140,984)	(140,984)					(140,984)
Distributions to noncontrolling interests	(16,271)							(7,335)	(8,936)
Other, net (in shares)			(125)	100,635
Other, net	(848)	(824)	$ 129	$ 1	(605)		(91)	(16)	(8)
Ending balance at Jun. 30, 2022	2,288,825	2,132,449	$ 2,000	$ 1,542	3,636,906	13,750	(1,521,749)	(70,609)	226,985
Ending balance (in shares) at Jun. 30, 2022				154,187,241
Ending balance (in shares) at Jun. 30, 2022			20
Beginning balance (in shares) at Mar. 31, 2022			20
Beginning balance (in shares) at Mar. 31, 2022				157,082,823
Beginning balance at Mar. 31, 2022	2,263,838	2,117,168	$ 2,000	$ 1,571	3,762,457	(783)	(1,648,077)	(70,157)	216,827
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of AIR Operating Partnership units	(793)								(793)
Repurchase of Common Stock, net (in shares)				(2,911,761)
Repurchase of Common Stock, net	(125,000)	(125,000)		$ (29)	(124,971)
Amortization of share-based compensation cost	1,701	751			751				950
Effect of changes in ownership of consolidated entities	0	(578)			(578)				578
Contributions from noncontrolling interests in consolidated real estate partnerships	3,483							3,483
Change in accumulated other comprehensive income (loss)	15,704	14,533				14,533			1,171
Net (loss) income	210,057	196,927					196,927	381	12,749
Common Stock dividends	(70,556)	(70,556)					(70,556)
Distributions to noncontrolling interests	(8,677)							(4,188)	(4,489)
Other, net (in shares)				16,179
Other, net	(932)	(796)			(753)		(43)	(128)	(8)
Ending balance at Jun. 30, 2022	$ 2,288,825	2,132,449	$ 2,000	$ 1,542	3,636,906	13,750	(1,521,749)	(70,609)	226,985
Ending balance (in shares) at Jun. 30, 2022				154,187,241
Ending balance (in shares) at Jun. 30, 2022			20
Beginning balance (in shares) at Dec. 31, 2022			20
Beginning balance (in shares) at Dec. 31, 2022	149,086,548			149,086,548
Beginning balance at Dec. 31, 2022	$ 2,319,306	2,156,417	$ 2,000	$ 1,491	3,436,635	43,562	(1,327,271)	(78,785)	241,674
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of AIR Operating Partnership units	22,383								22,383
Redemption of AIR Operating Partnership units	(15,814)								(15,814)
Amortization of share-based compensation cost	5,101	2,791			2,791				2,310
Effect of changes in ownership of consolidated entities	0	(9,286)			(9,286)				9,286
Contributions from noncontrolling interests in consolidated real estate partnerships	4,517							4,517
Change in accumulated other comprehensive income (loss)	(4,327)	(4,219)				(4,219)			(108)
Net (loss) income	(12,490)	(12,718)					(12,718)	1,369	(1,141)
Common Stock dividends	(134,140)	(134,140)					(134,140)
Distributions to noncontrolling interests	(14,135)							(5,057)	(9,078)
Other, net (in shares)				136,978
Other, net	6	141		$ 1	112		28	(135)
Purchase of noncontrolling interests in consolidated real estate partnerships	(1,517)	479			479			(1,996)
Ending balance at Jun. 30, 2023	$ 2,168,890	1,999,465	$ 2,000	$ 1,492	3,430,731	39,343	(1,474,101)	(80,087)	249,512
Ending balance (in shares) at Jun. 30, 2023	149,223,526			149,223,526
Ending balance (in shares) at Jun. 30, 2023			20
Beginning balance (in shares) at Mar. 31, 2023			20
Beginning balance (in shares) at Mar. 31, 2023				149,199,684
Beginning balance at Mar. 31, 2023	$ 2,234,902	2,059,615	$ 2,000	$ 1,492	3,432,573	29,070	(1,405,520)	(79,017)	254,304
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of AIR Operating Partnership units	(5,285)								(5,285)
Amortization of share-based compensation cost	1,975	820			820				1,155
Effect of changes in ownership of consolidated entities	0	(3,184)			(3,184)				3,184
Contributions from noncontrolling interests in consolidated real estate partnerships	2,950							2,950
Change in accumulated other comprehensive income (loss)	11,267	10,273				10,273			994
Net (loss) income	(972)	(1,341)					(1,341)	684	(315)
Common Stock dividends	(67,201)	(67,201)					(67,201)
Distributions to noncontrolling interests	(7,098)							(2,572)	(4,526)
Other, net (in shares)				23,842
Other, net	(131)	4			43		(39)	(136)	1
Purchase of noncontrolling interests in consolidated real estate partnerships	(1,517)	479			479			(1,996)
Ending balance at Jun. 30, 2023	$ 2,168,890	$ 1,999,465	$ 2,000	$ 1,492	$ 3,430,731	$ 39,343	$ (1,474,101)	$ (80,087)	$ 249,512
Ending balance (in shares) at Jun. 30, 2023	149,223,526			149,223,526
Ending balance (in shares) at Jun. 30, 2023			20

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (9,350)	$ 613,043
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	184,926	163,205
Loss (gain) on dispositions and impairments of real estate	17,472	(587,609)
Loss on extinguishment of debt	2,008	23,636
Income tax expense	1,316	920
Other, net	624	2,939
Net changes in operating assets and operating liabilities	(14,334)	(14,638)
Net cash provided by operating activities	182,662	201,496
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate	(182,459)	(472,317)
Capital expenditures	(89,388)	(90,599)
Proceeds from dispositions of real estate	33,633	759,344
Proceeds from repayment of note receivable	0	387,088
Other investing activities, net	9,804	(8,849)
Net cash (used in) provided by investing activities	(228,410)	574,667
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal repayments on non-recourse property debt	(103,964)	(353,770)
Proceeds from non-recourse property debt	320,000	0
Repayment of term loan	0	(350,000)
Net (repayments of) borrowings on revolving credit facility	(170,000)	(154,795)
Proceeds from the issuance of unsecured notes payable	0	400,000
Repurchases of Common Stock	0	(125,000)
Payment of dividends to holders of Common Stock	(134,135)	(141,104)
Payment of distributions to common noncontrolling interests	(14,159)	(16,306)
Redemptions of noncontrolling interests in the AIR Operating Partnership	(15,814)	(4,269)
Other financing activities, net	(7,672)	(22,789)
Net cash used in financing activities	(125,744)	(768,033)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(171,492)	8,130
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	301,405	92,761
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	129,913	100,891
Apartment Income REIT, L.P.
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	(9,350)	613,043
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	184,926	163,205
Loss (gain) on dispositions and impairments of real estate	17,472	(587,609)
Loss on extinguishment of debt	2,008	23,636
Income tax expense	1,316	920
Other, net	624	2,939
Net changes in operating assets and operating liabilities	(14,334)	(14,638)
Net cash provided by operating activities	182,662	201,496
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate	(182,459)	(472,317)
Capital expenditures	(89,388)	(90,599)
Proceeds from dispositions of real estate	33,633	759,344
Proceeds from repayment of note receivable	0	387,088
Other investing activities, net	9,804	(8,849)
Net cash (used in) provided by investing activities	(228,410)	574,667
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal repayments on non-recourse property debt	(103,964)	(353,770)
Proceeds from non-recourse property debt	320,000	0
Repayment of term loan	0	(350,000)
Net (repayments of) borrowings on revolving credit facility	(170,000)	(154,795)
Proceeds from the issuance of unsecured notes payable	0	400,000
Repurchases of Common Stock	0	(125,000)
Payment of distributions to General Partner and Special Limited Partner	(134,135)	(141,104)
Payment of distributions to Limited Partners	(9,103)	(8,970)
Payment of distributions to common noncontrolling interests	(5,056)	(7,336)
Redemptions of noncontrolling interests in the AIR Operating Partnership	(15,814)	(4,269)
Other financing activities, net	(7,672)	(22,789)
Net cash used in financing activities	(125,744)	(768,033)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(171,492)	8,130
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	301,405	92,761
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	$ 129,913	$ 100,891

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Partners' Capital - USD ($) $ in Thousands	Total	Apartment Income REIT, L.P.	Apartment Income REIT, L.P. Preferred Units	Apartment Income REIT, L.P. General Partner and Special Limited Partner	Apartment Income REIT, L.P. Limited Partners	Apartment Income REIT, L.P. Partners' Capital Attributable to the AIR Operating Partnership	Apartment Income REIT, L.P. Noncontrolling Interests in Consolidated Real Estate Partnerships
Beginning balance at Dec. 31, 2021		$ 1,939,155	$ 2,129	$ 1,810,896	$ 197,013	$ 2,010,038	$ (70,883)
Increase (Decrease) in Partners' Capital [Roll Forward]
Redemption of common partnership units		(4,245)			(4,245)	(4,245)
Repurchase of common partnership units		(125,000)		(125,000)		(125,000)
Amortization of share-based compensation cost		4,451		2,641	1,810	4,451
Effect of changes in ownership of consolidated entities	$ 0			(3,264)	3,264
Contributions from noncontrolling interests in consolidated real estate partnerships	7,808	7,808					7,808
Change in accumulated other comprehensive income (loss)	14,921	14,921		13,750	1,171	14,921
Net (loss) income	609,838	609,838		573,105	36,916	610,021	(183)
Distributions to common unitholders		(140,984)		(140,984)	0	(140,984)
Distributions to noncontrolling interests	(16,271)	(16,271)			(8,936)	(8,936)	(7,335)
Other, net		(848)	(129)	(695)	(8)	(832)	(16)
Ending balance at Jun. 30, 2022		2,288,825	2,000	2,130,449	226,985	2,359,434	(70,609)
Beginning balance at Mar. 31, 2022		2,263,838	2,000	2,115,168	216,827	2,333,995	(70,157)
Increase (Decrease) in Partners' Capital [Roll Forward]
Redemption of common partnership units		(793)			(793)	(793)
Repurchase of common partnership units		(125,000)		(125,000)		(125,000)
Amortization of share-based compensation cost		1,701		751	950	1,701
Effect of changes in ownership of consolidated entities	0			(578)	578
Contributions from noncontrolling interests in consolidated real estate partnerships	3,483	3,483					3,483
Change in accumulated other comprehensive income (loss)	15,704	15,704		14,533	1,171	15,704
Net (loss) income	210,057	210,057		196,927	12,749	209,676	381
Distributions to common unitholders		(70,556)		(70,556)	0	(70,556)
Distributions to noncontrolling interests	(8,677)	(8,677)			(4,489)	(4,489)	(4,188)
Other, net		(932)		(796)	(8)	(804)	(128)
Ending balance at Jun. 30, 2022		2,288,825	2,000	2,130,449	226,985	2,359,434	(70,609)
Beginning balance at Dec. 31, 2022		2,319,306	2,000	2,154,417	241,674	2,398,091	(78,785)
Increase (Decrease) in Partners' Capital [Roll Forward]
Issuance of AIR Operating Partnership units	22,383	22,383			22,383	22,383
Redemption of common partnership units		(15,814)			(15,814)	(15,814)
Amortization of share-based compensation cost		5,101		2,791	2,310	5,101
Effect of changes in ownership of consolidated entities	0			(9,286)	9,286
Purchase of noncontrolling interests in consolidated real estate partnerships		(1,517)		479		479	(1,996)
Contributions from noncontrolling interests in consolidated real estate partnerships	4,517	4,517					4,517
Change in accumulated other comprehensive income (loss)	(4,327)	(4,327)		(4,219)	(108)	(4,327)
Net (loss) income	(12,490)	(12,490)		(12,718)	(1,141)	(13,859)	1,369
Distributions to common unitholders		(143,218)		(134,140)	(9,078)	(143,218)
Distributions to noncontrolling interests	(14,135)	(5,057)			0	0	(5,057)
Other, net		6		141		141	(135)
Ending balance at Jun. 30, 2023		2,168,890	2,000	1,997,465	249,512	2,248,977	(80,087)
Beginning balance at Mar. 31, 2023		2,234,902	2,000	2,057,615	254,304	2,313,919	(79,017)
Increase (Decrease) in Partners' Capital [Roll Forward]
Redemption of common partnership units		(5,285)			(5,285)	(5,285)
Amortization of share-based compensation cost		1,975		820	1,155	1,975
Effect of changes in ownership of consolidated entities	0			(3,184)	3,184
Purchase of noncontrolling interests in consolidated real estate partnerships		(1,517)		479		479	(1,996)
Contributions from noncontrolling interests in consolidated real estate partnerships	2,950	2,950					2,950
Change in accumulated other comprehensive income (loss)	11,267	11,267		10,273	994	11,267
Net (loss) income	(972)	(972)		(1,341)	(315)	(1,656)	684
Distributions to common unitholders		(71,727)		(67,201)	(4,526)	(71,727)
Distributions to noncontrolling interests	$ (7,098)	(2,572)					(2,572)
Other, net		(131)		4	1	5	(136)
Ending balance at Jun. 30, 2023		$ 2,168,890	$ 2,000	$ 1,997,465	$ 249,512	$ 2,248,977	$ (80,087)

Basis of Presentation and Organ

Basis of Presentation and Organization	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Organization	Basis of Presentation and Organization Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of Apartment Income REIT Corp. (“AIR”), Apartment Income REIT, L.P. (“AIR Operating Partnership”), and their consolidated subsidiaries. The AIR Operating Partnership’s condensed consolidated financial statements include the accounts of the AIR Operating Partnership and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company. Interests in the AIR Operating Partnership that are held by limited partners other than AIR are reflected in AIR’s accompanying condensed consolidated balance sheets as noncontrolling interests in the AIR Operating Partnership. Interests in partnerships consolidated by the AIR Operating Partnership that are held by third parties are reflected in AIR’s and AIR Operating Partnership’s accompanying condensed consolidated balance sheets as noncontrolling interests in consolidated real estate partnerships. Except as the context otherwise requires, “we,” “our,” and “us” refer to AIR, the AIR Operating Partnership, and their consolidated subsidiaries, collectively. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments, consisting of normal recurring items, considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2023, are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The condensed consolidated balance sheets of AIR, the AIR Operating Partnership, and their consolidated subsidiaries as of December 31, 2022, have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in AIR’s and the AIR Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2022. Except where indicated, the footnotes refer to AIR, the AIR Operating Partnership and their consolidated subsidiaries, collectively. Reclassifications Certain prior period balances in the condensed consolidated balance sheets, statements of operations, and statements of cash flows have been combined or reclassified to conform to current period presentation pursuant to Rule 10-01(a)(2) of Regulation S-X of the SEC. These changes had no impact on net income (loss), cash flows, assets and liabilities, equity or partners’ capital previously reported. Organization and Business AIR is a self-administered and self-managed REIT. AIR owns, through its wholly-owned subsidiaries, 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 stabilized apartment communities, diversified by both geography and price point, in 10 states and the District of Columbia. As of June 30, 2023, our portfolio included 73 apartment communities with 25,739 apartment homes, in which we held an average ownership of approximately 87%. We also have one land parcel and one indirect land interest that we lease to third parties. Interests in the AIR Operating Partnership that are held by limited partners other than AIR are referred to as OP Units. OP Units include common partnership units, which we refer to as common OP Units, as well as preferred partnership units, which we refer to as preferred OP Units. As of June 30, 2023, after elimination of units held by consolidated subsidiaries, the AIR Operating Partnership had 163,508,889 common OP Units outstanding. As of June 30, 2023, AIR owned 149,223,526 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 91.3% legal interest in the AIR Operating Partnership and a 93.1% economic interest.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Principles of Consolidation We consolidate variable interest entities (“VIEs”), 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 June 30, 2023 and December 31, 2022, AIR consolidated six and seven VIEs, respectively, including the AIR Operating Partnership. Redeemable Preferred OP Units The AIR Operating Partnership has various classes of preferred OP Units. 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. The preferred OP Units are therefore presented within temporary equity in AIR’s condensed consolidated balance sheets and within temporary partners’ capital in the AIR Operating Partnership’s condensed consolidated balance sheets. The following table presents a rollforward of the AIR Operating Partnership’s preferred OP Units’ redemption value (in thousands): Balance at January 1, 2023 $ 77,143 Preferred distributions (3,140) Net income allocated to preferred units 3,140 Balance at June 30, 2023 $ 77,143 The AIR Operating Partnership has outstanding various classes of redeemable preferred OP Units. As of June 30, 2023 and December 31, 2022, the AIR Operating Partnership had 2,846,574 redeemable preferred OP Units issued and outstanding. Distributions per annum range from 1.92% to 8.75% per class and $0.48 to $8.00 per unit. Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the condensed consolidated financial statements and accompanying notes thereto. Actual results could differ from those estimates.

Significant Transactions

Significant Transactions	6 Months Ended
	Jun. 30, 2023
Significant Transactions [Abstract]
Significant Transactions	Significant Transactions Apartment Community Acquisitions During the six months ended June 30, 2023, we acquired one apartment community in South Florida, with 495 apartment homes, and 29,000 square feet of commercial space. Summarized information regarding this acquisition is set forth in the table below (dollars in thousands): Purchase price $ 298,000 Capitalized transaction costs 5,469 Total consideration (1) $ 303,469 Land $ 99,338 Building and improvements 187,427 Intangible assets (2) 12,077 Mark-to-market on debt assumed 7,370 Below-market lease liabilities (2) (2,743) Total consideration (1) $ 303,469 (1) Total consideration includes $101.2 million of debt assumed and the issuance of $22.4 million in common OP Units. (2) Intangible assets and below-market lease liabilities have a weighted-average term of 1.4 years and 0.5 years, respectively. Apartment Community Dispositions During the three and six months ended June 30, 2023, we sold two apartment communities with 62 apartment homes included in our Other Real Estate segment. During the three months ended June 30, 2022, we sold four apartment communities with 718 homes, three of which were included in our Same Store segment and one in our Other Real Estate segment, for a gain on disposition of $175.6 million. During the six months ended June 30, 2022, we sold 12 apartment communities with 2,050 homes, 10 of which were included in our Same Store segment and two included in our Other Real Estate segment, for a gain on disposition of $587.6 million. At the end of each reporting period we evaluate whether such communities meet the criteria to be classified as held for sale. As of June 30, 2023, no communities were classified as held for sale. 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. Impairment indicators include significant fluctuations in rental and other property revenues less property operating expenses, occupancy changes, significant near-term lease expirations, current and historical cash flow losses, rental rates, and if applicable, a comparison of an asset’s carrying value to its estimated fair value. Upon determination that an impairment has occurred, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the community. During the three months ended June 30, 2023, we evaluated the expected hold period of two real estate assets in our Other Real Estate reporting segment. Given management’s assessment of the likelihood of the sale of these assets, we reduced the carrying value to their estimated fair value and recognized a non-cash impairment loss on real estate of $8.2 million. During the three months ended June 30, 2023, these two properties sold for their estimated carrying value. Additionally, during the quarter we evaluated the expected hold period of one additional real estate asset in our Other Real Estate reporting segment. Given management’s assessment of the likelihood of its pending sale, we reduced the carrying value to its estimated fair value and recognized a non-cash impairment loss on real estate of $15.4 million. Subsequent to June 30, 2023, we received a non-refundable deposit on this community, which is expected to be sold by year end. This sale will complete our previously announced exit from the New York market. During the three and six months ended June 30, 2022, we did not recognize any impairment losses. Joint Venture Transactions During the three months ended June 30, 2023, we formed an unconsolidated joint venture (the "Value-Add JV") with a global asset manager by selling a 70% interest in our Huntington Gateway property, a 443-unit property located in Virginia. Gross proceeds from this sale were $9 million and the joint venture assumed $94.1 million of debt. We recognized a gain of $6.4 million in connection with the transaction. AIR is the general partner with legal ownership of 30%, and AIR will receive 50% of the cash flows from operations, and various fees for providing property management, construction, and corporate services to the joint venture. Subsequent to June 30, 2023, we formed a joint venture with a global institutional investor (the "Core JV") through selling a 47% interest in a portfolio of 10 of our Same Store properties in Philadelphia, Washington D.C., Denver, San Diego, and Miami with 3,093 apartment homes and average monthly revenues of $2,534. Eight of the ten properties are now closed. Our purchases of two are subject to regulatory approvals, expected before year-end. In preparation for the joint venture, AIR borrowed $611.4 million in new non-recourse property debt. The properties were contributed to the Core JV subject to this debt. Specifically, the first eight properties contributed were subject to $584.8 million of debt, and AIR received $184.6 million in cash.

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	Leases Tenant Lessor Arrangements The majority of lease payments we receive from our residents are fixed. We receive variable payments from our residents primarily for utility reimbursements. Our total lease income was comprised of the following amounts for all operating leases (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Fixed lease income $ 196,718 $ 169,337 $ 393,054 $ 337,567 Variable lease income 15,253 11,216 28,541 22,021 Total lease income $ 211,971 $ 180,553 $ 421,595 $ 359,588 Generally, our residential leases do not provide extension options and, as of June 30, 2023, have an average remaining term of 17.1 months. In general, our commercial leases have options to extend for a certain period of time at the tenant’s option. As of June 30, 2023, 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 (remaining) $ 262,306 2024 258,690 2025 41,745 2026 11,214 2027 9,701 Thereafter 34,712 Total $ 618,368

Debt

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt The following table summarizes our total indebtedness (in thousands): June 30, 2023 December 31, 2022 Secured debt: Fixed-rate property debt due May 2025 to January 2055 (1) $ 2,211,002 $ 1,906,151 Variable-rate property debt — 88,500 Total non-recourse property debt 2,211,002 1,994,651 Debt issuance costs, net of accumulated amortization (13,565) (9,221) Total non-recourse property debt, net $ 2,197,437 $ 1,985,430 Unsecured debt: Term loans due December 2023 to April 2026 (2) $ 800,000 $ 800,000 Revolving credit facility borrowings due April 2025 (3) 292,000 462,000 4.58% Notes payable due June 2027 100,000 100,000 4.77% Notes payable due June 2029 100,000 100,000 4.84% Notes payable due June 2032 200,000 200,000 Total unsecured debt 1,492,000 1,662,000 Debt issuance costs, net of accumulated amortization (4,860) (5,801) Total unsecured debt, net $ 1,487,140 $ 1,656,199 Total indebtedness $ 3,684,577 $ 3,641,629 (1) In the first quarter of 2023, 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. The stated rates on our fixed-rate property debt are between 2.4% to 5.7%. (2) The term loans bear interest at a one-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 June 30, 2023, the weighted-average interest rate for our term loans before consideration of in place interest rate swaps was 6.2%. 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. As of June 30, 2023, the weighted-average remaining term of the term loans was 2.5 years . Refer to Not e 9 for additional discussion regarding the purpose of these transactions. Subsequent to the closing of the Core JV, our floating rate debt, after consideration of our interest rate swaps, is $125 million, or 4% of total leverage. (3) As of June 30, 2023, we had capacity to borrow up to $703.7 million under our revolving credit facility after consideration of undrawn letters of credit. The revolving credit facility bears interest at a one-month Term SOFR plus 0.89%, based on our current credit rating, and a SOFR adjustment of 10-basis points. As of June 30, 2023, the weighted-average interest rate for our revolving credit facility was 6.1% During the three months ended June 30, 2023, we established a secured credit facility that provides for up to $1 billion of committed property level financing, on an as needed basis. The facility has minimal upfront costs, a 15-year term, and provides AIR the opportunity to place up to 10-year non-recourse property debt financing. Pricing can be fixed rate or variable rate at AIR's choice and is based on the Fannie Mae grid. After consideration of the secured credit facility, total liquidity is approximately $1.8 billion. 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 0.40 to 1.00, 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	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters In addition to the matters described below, we are a party to various legal actions and administrative proceedings arising in the ordinary course of business, some of which are covered by our general liability insurance program, and none of which we expect to have a material adverse effect on our condensed consolidated financial condition, results of operations, or cash flows. Environmental Various federal, state, and local laws subject apartment community owners or operators to liability for management and the costs of removal or remediation of certain potentially hazardous materials that may be present in the land or buildings of an apartment community. Such laws often impose liability without regard to fault or whether the owner or operator knew of, or was responsible for, the presence of such materials. The presence of, or the failure to manage or remediate properly, these materials may adversely affect occupancy at such apartment communities as well as the ability to sell or finance such apartment communities. In addition, governmental agencies may bring claims for costs associated with investigation and remediation actions. Moreover, private plaintiffs may potentially make claims for investigation and remediation costs they incur or for personal injury, disease, disability, or other infirmities related to the alleged presence of hazardous materials. In addition to potential environmental liabilities or costs associated with our current apartment communities, we may also be responsible for such liabilities or costs associated with communities we acquire or manage in the future or apartment communities we no longer own or operate. We have determined that our legal obligations to remove or remediate certain potentially hazardous materials may be conditional asset retirement obligations (“AROs”), as defined by GAAP. Except in limited circumstances where the asset retirement activities are expected to be performed in connection with a planned construction project or apartment community casualty, we believe that the fair value of our AROs cannot be reasonably estimated due to significant uncertainties in the timing and manner of settlement of those obligations. AROs that are reasonably estimable as of June 30, 2023, are immaterial to our condensed consolidated financial statements.

Earnings and Dividends per Shar

Earnings and Dividends per Share and per Unit	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings and Dividends per Share and per Unit	Earnings and Dividends per Share and per Unit Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit are as follows (in thousands, except per share and per unit data): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Earnings per share Numerator: Basic and dilutive net (loss) income attributable to AIR common stockholders $ (1,439) $ 196,722 $ (12,896) $ 572,603 Denominator – shares: Basic weighted-average common shares outstanding 148,832 155,927 148,821 156,327 Dilutive common share equivalents outstanding — 209 — 280 Dilutive weighted-average common shares outstanding 148,832 156,136 148,821 156,607 Earnings per share – basic and diluted $ (0.01) $ 1.26 $ (0.09) $ 3.66 Earnings per unit Numerator: Basic and dilutive net (loss) income attributable to the AIR Operating Partnership’s common unitholders $ (1,754) $ 209,471 $ (14,037) $ 609,519 Denominator – units: Basic weighted-average common units outstanding 159,778 166,023 159,531 166,434 Dilutive common unit equivalents outstanding — 209 — 280 Dilutive weighted-average common units outstanding 159,778 166,232 159,531 166,714 Earnings per unit – basic and diluted $ (0.01) $ 1.26 $ (0.09) $ 3.66 For the three and six months ended June 30, 2023 and 2022, dividends and distributions paid per share of Common Stock and per common unit were $0.45 and $0.90, respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements We estimate the fair value of certain assets and liabilities using pricing models that rely on observable market information, including contractual terms, market prices, and interest rate yield curves. A three-level valuation hierarchy prioritizes observable and unobservable inputs used to measure fair value, as described below: • Level 1 – Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. • Level 2 – Observable inputs other than prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated with observable market data. • Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies, and similar techniques that use significant unobservable inputs. Recurring Fair Value Measurements The following table summarizes investments measured at fair value on a recurring basis, which are presented in other assets, net, and accrued liabilities and other in our condensed consolidated balance sheets (in thousands): As of June 30, 2023 As of December 31, 2022 Total Fair Value Level 1 Level 2 Level 3 Total Fair Value Level 1 Level 2 Level 3 Interest rate option (1) $ — $ — $ — $ — $ 53,481 $ — $ 53,481 $ — Interest rate swaps - pay-fixed, receive floating $ 35,395 $ — $ 35,395 $ — $ 32,222 $ — $ 32,222 $ — Interest rate swaps - pay-floating, receive fixed $ (1,959) $ — $ (1,959) $ — $ — $ — $ — $ — Treasury rate lock $ 2,236 $ — $ 2,236 $ — $ 319 $ — $ 319 $ — (1) During the three months ended June 30, 2023, the interest rate swap option asset and offsetting liability associated with the Parkmerced mezzanine investment was settled, resulting in equal decreases in other assets and accrued liabilities and other. Financial Assets and Liabilities Not Measured at Fair Value We believe that the carrying value of the consolidated amounts of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable approximated their estimated fair value as of June 30, 2023 and December 31, 2022, 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 June 30, 2023 and December 31, 2022, 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, as summarized in the following table (in thousands): As of June 30, 2023 As of December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 2,211,002 $ 1,966,566 $ 1,994,651 $ 1,753,222 Unsecured notes payable $ 400,000 $ 373,648 $ 400,000 $ 371,368 Seller financing note receivable, net (1) $ 32,032 $ 32,573 $ 31,611 $ 32,286 (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 condensed consolidated balance sheets. Nonrecurring Fair Value Measurements As of June 30, 2023, assets measured at fair value on a nonrecurring basis in our condensed consolidated balance sheets consist of one real estate asset that was written down to its estimated fair value for impairment purposes. Our estimate of fair value was determined using the stated price within the purchase and sale agreement for this asset, which is classified as Level 2 within the GAAP fair value hierarchy. As of June 30, 2023, the fair value of the real estate asset, net of estimated transaction costs, measured on a nonrecurring basis was $19.9 million. There were no assets measured at fair value on a nonrecurring basis as of December 31, 2022. Refer to Note 3 for further detail on the non-cash impairment.

Derivative Financial Instrument

Derivative Financial Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments and Hedging Activities	Derivative Financial Instruments and Hedging Activities Risk Management Objective of Using Derivatives Our objectives in using interest rate derivatives are to add predictability to interest expense and to manage our exposure to interest rate movements. To accomplish these objectives, we primarily use interest rate swaps and treasury locks as part of our interest rate management strategy. Interest rate swaps involve the receipt of variable-rate and fixed-rate amounts from a counterparty in exchange for us making fixed-rate or variable-rate payments over the life of the agreements without exchange of the underlying notional amounts. Changes in fair value of derivatives designated as cash flow hedges are recognized in accumulated other comprehensive income and subsequently reclassified into earnings as an increase or decrease to interest expense. During the three and six months ended June 30, 2023, we reclassified gains of $5.4 million and $9.5 million out of accumulated other comprehensive income into interest expense, respectively. During the three and six months ended June 30, 2022, we reclassified losses of $2.0 million and $2.0 million out of accumulated other comprehensive income into interest expense, respectively. Changes in fair value of derivatives not designated in a hedge relationship, or economic hedges, are recognized in gain on derivative instruments in our condensed consolidated statements of operations once realized. During the three and six months ended June 30, 2023, we recorded gains of $11.4 million and $9.3 million, respectively. During the three and six months ended June 30, 2022, no amounts were recognized related to derivatives not designated in a hedge relationship. During the three months ended June 30, 2023, we decided to de-designate $830 million of pay-fixed, receive-floating interest rate swaps. As a result, the accumulated unrealized gains at time of de-designation of $29.5 million will be reclassified into earnings over the remaining term of the associated debt, and future changes in the fair value of these derivatives will be recognized in gain on derivative instruments, net in our condensed consolidated statements of operations. As of June 30, 2023, we estimate that during the next 12 months, we will reclassify into earnings approximately $10.8 million of the unrealized gain in accumulated other comprehensive income. During the three months ended June 30, 2023, we entered into $480 million of pay-floating, receive-fixed interest rate swaps, which will not be designated as accounting hedges and accordingly, the changes in the fair value of these derivatives are recognized in gain on derivative instruments, net, in our condensed consolidated statements of operations. These derivative instruments economically offset $480 million of the previously issued interest rate swaps noted above and were done in anticipation of the closing of the Core JV, as proceeds from the transaction were utilized to pay off $325 million of previously hedged term loans. As a result of these instruments, we expect to receive monthly fixed interest income representing the spread between the pay-fixed and receive-fixed legs of our interest rate swap positions over a weighted-average term of 3.4 years. The following table summarizes our derivative financial instruments (dollars in thousands): As of June 30, 2023 Number of Aggregate Notional Derivative Assets Derivative Liabilities Instruments Amount Fair Value Derivatives designated as hedging instruments: Treasury rate locks 1 $ 150,000 $ 2,236 $ — Derivatives not designated as hedging instruments: Interest rate swap, floating to fixed 10 $ 830,000 $ 35,395 $ — Interest rate swap, fixed to floating 6 $ 480,000 $ — $ (1,959) As of December 31, 2022 Number of Aggregate Notional Derivative Assets Derivative Liabilities Instruments Amount Fair Value Derivatives designated as hedging instruments: Treasury rate locks 1 $ 100,000 $ 319 $ — Interest rate swaps, floating to fixed 10 $ 830,000 $ 32,222 $ —

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	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 those of the AIR Operating Partnership. The AIR Operating Partnership consolidates (i) four 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: June 30, 2023 (1) December 31, 2022 VIEs with interests in apartment communities 4 5 Apartment communities owned by VIEs 15 16 Apartment homes in communities owned by VIEs 5,041 5,369 (1) During the three months ended June 30, 2023, we purchased the remaining noncontrolling interest in a consolidated limited partnership in one apartment community with 328 apartment homes. Subsequent to this purchase, this apartment community no longer represents a VIE. Assets of the AIR Operating Partnership’s consolidated VIEs must first be used to settle the liabilities of such consolidated VIEs. These consolidated VIEs’ creditors do not have recourse to the general credit of the AIR Operating Partnership. Assets and liabilities of VIEs, excluding those of the AIR Operating Partnership, are summarized in the table below (in thousands): June 30, 2023 December 31, 2022 ASSETS: Net real estate $ 1,040,597 $ 1,066,482 Cash and cash equivalents 71,262 54,319 Restricted cash 2,009 2,378 Other assets, net 21,465 20,944 LIABILITIES: Non-recourse property debt, net $ 1,204,242 $ 1,212,065 Accrued liabilities and other 36,246 35,365 Unconsolidated Entities As discussed in Note 3 , during the three months ended June 30, 2023, we formed an unconsolidated joint venture with a global asset manager, by selling a 70% interest in our Huntington Gateway property, a 443-unit property located in Virginia. Our 30% interest and $28.0 million preferred interest in the joint venture meets the definition of a VIE; however, we are not the primary beneficiary and do not consolidate this community. As of June 30, 2023, the carrying value of AIR's interest is $34.6 million, which is included in other assets, net, in our condensed consolidated balance sheets. As of June 30, 2023, AIR’s exposure to the obligations of the VIE is limited to the carrying value of the limited partnership interests, and $28.2 million of the joint venture's guarantor non-recourse liabilities, which represents 30%. We have a 20% interest in a joint venture with an affiliate of Blackstone, which meets the definition of a VIE. The joint venture includes three multi-family properties with 1,748 units located in Virginia. We are not the primary beneficiary and do not consolidate these communities. As of June 30, 2023 and December 31, 2022, the carrying value of the investment of $19.4 million and $20.7 million, respectively, is included in other assets, net, in our condensed consolidated balance sheets. As of June 30, 2023, AIR’s exposure to the obligations of the VIE is limited to the carrying value of the limited partnership interests, and $79.0 million of Blackstone’s guarantor liabilities, which represents 20%. We have an interest in a partnership that owns Parkmerced Apartments, which meets the definition of a VIE. However, we are not the primary beneficiary and do not consolidate this partnership. As of June 30, 2023 and December 31, 2022, the investment balance of $158.5 million and $158.7 million, respectively, is included in other assets, net, in our condensed consolidated balance sheets. Subsequent to the December 2020 separation from Apartment Investment and Management Company (“Aimco”), all risks and rewards of ownership are Aimco’s; however, as legal transfer has not occurred, there is an equal and offsetting liability included in accrued liabilities and other in our condensed consolidated balance sheets. Accordingly, there is no net effect on AIR’s stockholders’ equity or the AIR Operating Partnership’s partners’ capital.

Business Segments

Business Segments	3 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Business Segments	Note 11 — 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 have reached a stabilized level of operations. Our Other Real Estate segment includes four properties acquired in 2022, four properties previously leased to Aimco, one property acquired in 2023, and one community that is expected to be sold. Our chief operating decision maker (“CODM”) uses proportionate property net operating income (“NOI”) to assess the operating performance of our communities. Proportionate property NOI reflects our share of rental and other property revenues, excluding utility reimbursements, less direct property operating expenses, net of utility reimbursements. In our condensed consolidated statements of operations, utility reimbursements are included in rental and other property revenues in accordance with GAAP. As of June 30, 2023, our Same Store segment included 63 apartment communities with 22,794 apartment homes and our Other Real Estate segment included 10 apartment communities with 2,945 apartment homes. The following tables present the total revenues, property operating expenses, proportionate property net operating income (loss), and income (loss) before income tax expense of our segments on a proportionate basis, excluding amounts related to communities sold. To reflect how the CODM evaluates the business, prior period segment information has been recast to conform with our reportable segment composition as of June 30, 2023 (in thousands): Same Other Proportionate Corporate and Consolidated Three months ended June 30, 2023: Total revenues $ 160,180 $ 29,684 $ 22,385 $ 2,311 $ 214,560 Property operating expenses 41,330 10,640 11,496 8,546 72,012 Other operating expenses not allocated to segments (3) — — — 97,802 97,802 Total operating expenses 41,330 10,640 11,496 106,348 169,814 Proportionate property net operating income (loss) 118,850 19,044 10,889 (104,037) 44,746 Other items included in income (loss) before income tax expense (4) — — — (42,971) (42,971) Income (loss) before income tax expense $ 118,850 $ 19,044 $ 10,889 $ (147,008) $ 1,775 Same Other Proportionate Corporate and Consolidated Six months ended June 30, 2023: Total revenues $ 318,082 $ 59,501 $ 44,327 $ 4,643 $ 426,553 Property operating expenses 82,577 21,911 22,860 20,117 147,465 Other operating expenses not allocated to segments (3) — — — 204,308 204,308 Total operating expenses 82,577 21,911 22,860 224,425 351,773 Proportionate property net operating income (loss) 235,505 37,590 21,467 (219,782) 74,780 Other items included in income (loss) before income tax expense (4) — — — (82,814) (82,814) Income (loss) before income tax expense $ 235,505 $ 37,590 $ 21,467 $ (302,596) $ (8,034) Same Other Proportionate Corporate and Consolidated Three months ended June 30, 2022: Total revenues $ 147,075 $ 3,718 $ 19,894 $ 12,813 $ 183,500 Property operating expenses 39,667 1,989 9,630 12,501 63,787 Other operating expenses not allocated to segments (3) — — — 80,913 80,913 Total operating expenses 39,667 1,989 9,630 93,414 144,700 Proportionate property net operating income (loss) 107,408 1,729 10,264 (80,601) 38,800 Other items included in income before income tax expense (4) — — — 174,358 174,358 Income before income tax expense $ 107,408 $ 1,729 $ 10,264 $ 93,757 $ 213,158 Same Other Proportionate Corporate and Consolidated Six months ended June 30, 2022: Total revenues $ 290,405 $ 4,952 $ 39,428 $ 30,193 $ 364,978 Property operating expenses 79,553 2,928 19,511 25,031 127,023 Other operating expenses not allocated to segments (3) — — — 176,077 176,077 Total operating expenses 79,553 2,928 19,511 201,108 303,100 Proportionate property net operating income (loss) 210,852 2,024 19,917 (170,915) 61,878 Other items included in income before income tax expense (4) — — — 552,085 552,085 Income from before income tax expense $ 210,852 $ 2,024 $ 19,917 $ 381,170 $ 613,963 (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, which is included in the related consolidated amounts. Also includes the reclassification of utility reimbursements from revenues to property operating expenses for the purpose of evaluating segment results. Utility reimbursements are included in rental and other property revenues in our condensed consolidated statements of operations prepared in accordance with GAAP. (2) Includes: (i) the operating results of apartment communities sold during the periods shown or held for sale at the end of the period, if any, (ii) property management revenues, which are not part of our segment performance measure, property management expenses and casualty gains and losses, which are included in consolidated property operating expenses and are not part of our segment performance measure, and (iii) the depreciation of capitalized costs of non-real estate assets. (3) Includes depreciation and amortization, general and administrative expenses, and other expenses, net, and may also include write-offs of deferred leasing commissions, which are not included in our measure of segment performance. (4) Includes interest income, interest expense, loss on extinguishment of debt, gain on dispositions of real estate, provision for impairment loss, and loss from unconsolidated real estate partnerships. The assets of our segments and the consolidated assets not allocated to our segments were as follows (in thousands): June 30, 2023 December 31, 2022 Same Store $ 4,481,117 $ 4,610,356 Other Real Estate 1,466,200 1,251,581 Corporate and other assets (1) 459,693 689,946 Total consolidated assets $ 6,407,010 $ 6,551,883 (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. For the six months ended June 30, 2023 and 2022, capital additions related to our segments were as follows (in thousands): 2023 2022 Same Store $ 80,362 $ 85,695 Other Real Estate 7,675 658 Total capital additions $ 88,037 $ 86,353

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation We consolidate variable interest entities (“VIEs”), 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 June 30, 2023 and December 31, 2022, AIR consolidated six and seven VIEs, respectively, including the AIR Operating Partnership.
Redeemable Preferred OP Units	Redeemable Preferred OP Units The AIR Operating Partnership has various classes of preferred OP Units. 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. The preferred OP Units are therefore presented within temporary equity in AIR’s condensed consolidated balance sheets and within temporary partners’ capital in the AIR Operating Partnership’s condensed consolidated balance sheets. The following table presents a rollforward of the AIR Operating Partnership’s preferred OP Units’ redemption value (in thousands): Balance at January 1, 2023 $ 77,143 Preferred distributions (3,140) Net income allocated to preferred units 3,140 Balance at June 30, 2023 $ 77,143 The AIR Operating Partnership has outstanding various classes of redeemable preferred OP Units. As of June 30, 2023 and December 31, 2022, the AIR Operating Partnership had 2,846,574 redeemable preferred OP Units issued and outstanding. Distributions per annum range from 1.92% to 8.75% per class and $0.48 to $8.00 per unit.
Use of Estimates	Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the condensed consolidated financial statements and accompanying notes thereto. Actual results could differ from those estimates.
Impairment	ImpairmentReal 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. Impairment indicators include significant fluctuations in rental and other property revenues less property operating expenses, occupancy changes, significant near-term lease expirations, current and historical cash flow losses, rental rates, and if applicable, a comparison of an asset’s carrying value to its estimated fair value. Upon determination that an impairment has occurred, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the community

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
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, 2023 $ 77,143 Preferred distributions (3,140) Net income allocated to preferred units 3,140 Balance at June 30, 2023 $ 77,143

Significant Transactions (Table

Significant Transactions (Tables)	6 Months Ended
	Jun. 30, 2023
Significant Transactions [Abstract]
Schedule of Acquisition	Summarized information regarding this acquisition is set forth in the table below (dollars in thousands): Purchase price $ 298,000 Capitalized transaction costs 5,469 Total consideration (1) $ 303,469 Land $ 99,338 Building and improvements 187,427 Intangible assets (2) 12,077 Mark-to-market on debt assumed 7,370 Below-market lease liabilities (2) (2,743) Total consideration (1) $ 303,469 (1) Total consideration includes $101.2 million of debt assumed and the issuance of $22.4 million in common OP Units. (2) Intangible assets and below-market lease liabilities have a weighted-average term of 1.4 years and 0.5 years, respectively.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Lease Income for Operating Leases	Our total lease income was comprised of the following amounts for all operating leases (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Fixed lease income $ 196,718 $ 169,337 $ 393,054 $ 337,567 Variable lease income 15,253 11,216 28,541 22,021 Total lease income $ 211,971 $ 180,553 $ 421,595 $ 359,588
Future Minimum Annual Rental Payments Receivable Under Residential and Commercial Leases	As of June 30, 2023, 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 (remaining) $ 262,306 2024 258,690 2025 41,745 2026 11,214 2027 9,701 Thereafter 34,712 Total $ 618,368

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt summmary	The following table summarizes our total indebtedness (in thousands): June 30, 2023 December 31, 2022 Secured debt: Fixed-rate property debt due May 2025 to January 2055 (1) $ 2,211,002 $ 1,906,151 Variable-rate property debt — 88,500 Total non-recourse property debt 2,211,002 1,994,651 Debt issuance costs, net of accumulated amortization (13,565) (9,221) Total non-recourse property debt, net $ 2,197,437 $ 1,985,430 Unsecured debt: Term loans due December 2023 to April 2026 (2) $ 800,000 $ 800,000 Revolving credit facility borrowings due April 2025 (3) 292,000 462,000 4.58% Notes payable due June 2027 100,000 100,000 4.77% Notes payable due June 2029 100,000 100,000 4.84% Notes payable due June 2032 200,000 200,000 Total unsecured debt 1,492,000 1,662,000 Debt issuance costs, net of accumulated amortization (4,860) (5,801) Total unsecured debt, net $ 1,487,140 $ 1,656,199 Total indebtedness $ 3,684,577 $ 3,641,629 (1) In the first quarter of 2023, 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. The stated rates on our fixed-rate property debt are between 2.4% to 5.7%. (2) The term loans bear interest at a one-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 June 30, 2023, the weighted-average interest rate for our term loans before consideration of in place interest rate swaps was 6.2%. 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. As of June 30, 2023, the weighted-average remaining term of the term loans was 2.5 years . Refer to Not e 9 for additional discussion regarding the purpose of these transactions. Subsequent to the closing of the Core JV, our floating rate debt, after consideration of our interest rate swaps, is $125 million, or 4% of total leverage. (3) As of June 30, 2023, we had capacity to borrow up to $703.7 million under our revolving credit facility after consideration of undrawn letters of credit. The revolving credit facility bears interest at a one-month Term SOFR plus 0.89%, based on our current credit rating, and a SOFR adjustment of 10-basis points. As of June 30, 2023, the weighted-average interest rate for our revolving credit facility was 6.1%

Earnings and Dividends per Sh_2

Earnings and Dividends per Share and per Unit (Tables)	6 Months Ended
	Jun. 30, 2023
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 per share and per unit are as follows (in thousands, except per share and per unit data): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Earnings per share Numerator: Basic and dilutive net (loss) income attributable to AIR common stockholders $ (1,439) $ 196,722 $ (12,896) $ 572,603 Denominator – shares: Basic weighted-average common shares outstanding 148,832 155,927 148,821 156,327 Dilutive common share equivalents outstanding — 209 — 280 Dilutive weighted-average common shares outstanding 148,832 156,136 148,821 156,607 Earnings per share – basic and diluted $ (0.01) $ 1.26 $ (0.09) $ 3.66 Earnings per unit Numerator: Basic and dilutive net (loss) income attributable to the AIR Operating Partnership’s common unitholders $ (1,754) $ 209,471 $ (14,037) $ 609,519 Denominator – units: Basic weighted-average common units outstanding 159,778 166,023 159,531 166,434 Dilutive common unit equivalents outstanding — 209 — 280 Dilutive weighted-average common units outstanding 159,778 166,232 159,531 166,714 Earnings per unit – basic and diluted $ (0.01) $ 1.26 $ (0.09) $ 3.66

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Summary of Fair Value for Interest Rate Options and swaps	The following table summarizes investments measured at fair value on a recurring basis, which are presented in other assets, net, and accrued liabilities and other in our condensed consolidated balance sheets (in thousands): As of June 30, 2023 As of December 31, 2022 Total Fair Value Level 1 Level 2 Level 3 Total Fair Value Level 1 Level 2 Level 3 Interest rate option (1) $ — $ — $ — $ — $ 53,481 $ — $ 53,481 $ — Interest rate swaps - pay-fixed, receive floating $ 35,395 $ — $ 35,395 $ — $ 32,222 $ — $ 32,222 $ — Interest rate swaps - pay-floating, receive fixed $ (1,959) $ — $ (1,959) $ — $ — $ — $ — $ — Treasury rate lock $ 2,236 $ — $ 2,236 $ — $ 319 $ — $ 319 $ — (1) During the three months ended June 30, 2023, the interest rate swap option asset and offsetting liability associated with the Parkmerced mezzanine investment was settled, resulting in equal decreases in other assets and accrued liabilities and other.
Summary of Carrying Value and Fair Value of Non-recourse Property Debt	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, as summarized in the following table (in thousands): As of June 30, 2023 As of December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 2,211,002 $ 1,966,566 $ 1,994,651 $ 1,753,222 Unsecured notes payable $ 400,000 $ 373,648 $ 400,000 $ 371,368 Seller financing note receivable, net (1) $ 32,032 $ 32,573 $ 31,611 $ 32,286

Derivative Financial Instrume_2

Derivative Financial Instruments and Hedging Activities (Tables)	3 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Derivative Financial Instrument and Hedging Activities	The following table summarizes our derivative financial instruments (dollars in thousands): As of June 30, 2023 Number of Aggregate Notional Derivative Assets Derivative Liabilities Instruments Amount Fair Value Derivatives designated as hedging instruments: Treasury rate locks 1 $ 150,000 $ 2,236 $ — Derivatives not designated as hedging instruments: Interest rate swap, floating to fixed 10 $ 830,000 $ 35,395 $ — Interest rate swap, fixed to floating 6 $ 480,000 $ — $ (1,959) As of December 31, 2022 Number of Aggregate Notional Derivative Assets Derivative Liabilities Instruments Amount Fair Value Derivatives designated as hedging instruments: Treasury rate locks 1 $ 100,000 $ 319 $ — Interest rate swaps, floating to fixed 10 $ 830,000 $ 32,222 $ —

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The table below summarizes apartment community information regarding VIEs consolidated by the AIR Operating Partnership: June 30, 2023 (1) December 31, 2022 VIEs with interests in apartment communities 4 5 Apartment communities owned by VIEs 15 16 Apartment homes in communities owned by VIEs 5,041 5,369 (1) During the three months ended June 30, 2023, we purchased the remaining noncontrolling interest in a consolidated limited partnership in one apartment community with 328 apartment homes. Subsequent to this purchase, this apartment community no longer represents a VIE. June 30, 2023 December 31, 2022 ASSETS: Net real estate $ 1,040,597 $ 1,066,482 Cash and cash equivalents 71,262 54,319 Restricted cash 2,009 2,378 Other assets, net 21,465 20,944 LIABILITIES: Non-recourse property debt, net $ 1,204,242 $ 1,212,065 Accrued liabilities and other 36,246 35,365

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Summary of Information for Reportable Segments	To reflect how the CODM evaluates the business, prior period segment information has been recast to conform with our reportable segment composition as of June 30, 2023 (in thousands): Same Other Proportionate Corporate and Consolidated Three months ended June 30, 2023: Total revenues $ 160,180 $ 29,684 $ 22,385 $ 2,311 $ 214,560 Property operating expenses 41,330 10,640 11,496 8,546 72,012 Other operating expenses not allocated to segments (3) — — — 97,802 97,802 Total operating expenses 41,330 10,640 11,496 106,348 169,814 Proportionate property net operating income (loss) 118,850 19,044 10,889 (104,037) 44,746 Other items included in income (loss) before income tax expense (4) — — — (42,971) (42,971) Income (loss) before income tax expense $ 118,850 $ 19,044 $ 10,889 $ (147,008) $ 1,775 Same Other Proportionate Corporate and Consolidated Six months ended June 30, 2023: Total revenues $ 318,082 $ 59,501 $ 44,327 $ 4,643 $ 426,553 Property operating expenses 82,577 21,911 22,860 20,117 147,465 Other operating expenses not allocated to segments (3) — — — 204,308 204,308 Total operating expenses 82,577 21,911 22,860 224,425 351,773 Proportionate property net operating income (loss) 235,505 37,590 21,467 (219,782) 74,780 Other items included in income (loss) before income tax expense (4) — — — (82,814) (82,814) Income (loss) before income tax expense $ 235,505 $ 37,590 $ 21,467 $ (302,596) $ (8,034) Same Other Proportionate Corporate and Consolidated Three months ended June 30, 2022: Total revenues $ 147,075 $ 3,718 $ 19,894 $ 12,813 $ 183,500 Property operating expenses 39,667 1,989 9,630 12,501 63,787 Other operating expenses not allocated to segments (3) — — — 80,913 80,913 Total operating expenses 39,667 1,989 9,630 93,414 144,700 Proportionate property net operating income (loss) 107,408 1,729 10,264 (80,601) 38,800 Other items included in income before income tax expense (4) — — — 174,358 174,358 Income before income tax expense $ 107,408 $ 1,729 $ 10,264 $ 93,757 $ 213,158 Same Other Proportionate Corporate and Consolidated Six months ended June 30, 2022: Total revenues $ 290,405 $ 4,952 $ 39,428 $ 30,193 $ 364,978 Property operating expenses 79,553 2,928 19,511 25,031 127,023 Other operating expenses not allocated to segments (3) — — — 176,077 176,077 Total operating expenses 79,553 2,928 19,511 201,108 303,100 Proportionate property net operating income (loss) 210,852 2,024 19,917 (170,915) 61,878 Other items included in income before income tax expense (4) — — — 552,085 552,085 Income from before income tax expense $ 210,852 $ 2,024 $ 19,917 $ 381,170 $ 613,963 (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, which is included in the related consolidated amounts. Also includes the reclassification of utility reimbursements from revenues to property operating expenses for the purpose of evaluating segment results. Utility reimbursements are included in rental and other property revenues in our condensed consolidated statements of operations prepared in accordance with GAAP. (2) Includes: (i) the operating results of apartment communities sold during the periods shown or held for sale at the end of the period, if any, (ii) property management revenues, which are not part of our segment performance measure, property management expenses and casualty gains and losses, which are included in consolidated property operating expenses and are not part of our segment performance measure, and (iii) the depreciation of capitalized costs of non-real estate assets. (3) Includes depreciation and amortization, general and administrative expenses, and other expenses, net, and may also include write-offs of deferred leasing commissions, which are not included in our measure of segment performance. (4) Includes interest income, interest expense, loss on extinguishment of debt, gain on dispositions of real estate, provision for impairment loss, and loss from unconsolidated real estate partnerships.
Reconciliation of Assets from Segment to Consolidated	The assets of our segments and the consolidated assets not allocated to our segments were as follows (in thousands): June 30, 2023 December 31, 2022 Same Store $ 4,481,117 $ 4,610,356 Other Real Estate 1,466,200 1,251,581 Corporate and other assets (1) 459,693 689,946 Total consolidated assets $ 6,407,010 $ 6,551,883 (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.
Capital Additions Related to Segments	For the six months ended June 30, 2023 and 2022, capital additions related to our segments were as follows (in thousands): 2023 2022 Same Store $ 80,362 $ 85,695 Other Real Estate 7,675 658 Total capital additions $ 88,037 $ 86,353

Basis of Presentation and Org_2

Basis of Presentation and Organization (Details)	6 Months Ended
	Jun. 30, 2023 property apartment stateAndDistrict shares
Real Estate Properties [Line Items]
Number of states and district | stateAndDistrict	10
Apartment homes in communities owned by VIEs | apartment	328
AIR Operating Partnership
Real Estate Properties [Line Items]
Common operating partnership units and equivalents outstanding (in shares) | shares	163,508,889
Common operating partnership units and equivalents outstanding | shares	149,223,526
Percentage of the Aimco Operating Partnership's common partnership units and equivalents owned by Aimco	91.30%
Percentage of economic interest	93.10%
Partially Owned Properties
Real Estate Properties [Line Items]
Apartment communities owned by VIEs | property	73
Apartment homes in communities owned by VIEs | apartment	25,739
Percentage of average ownership of portfolio	87%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Reconciliation of Preferred OP Units (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at January 1, 2023	$ 77,143
Preferred distributions	(3,140)
Net income allocated to preferred units	3,140
Balance at June 30, 2023	$ 77,143

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Narrative (Details) - AIMCO PROPERTIES, L.P - $ / shares	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Units outstanding (in shares)	2,846,574	2,846,574
Minimum
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Distributions per annum	1.92%
Distribution made to limited partner, distributions paid, per unit (in dollars per share)	$ 0.48
Maximum
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Distributions per annum	8.75%
Distribution made to limited partner, distributions paid, per unit (in dollars per share)	$ 8

Significant Transactions - Narr

Significant Transactions - Narrative (Details) ft² in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 28, 2023 USD ($) property apartment	Jun. 30, 2023 USD ($) ft² apartment property	Jun. 30, 2022 USD ($) property	Jun. 30, 2023 USD ($) ft² apartment property Segment	Jun. 30, 2022 USD ($) property	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Commercial space | ft²		29		29
Apartment homes in communities owned by VIEs | apartment		328		328
(Loss) gain on dispositions and impairments of real estate		$ (17,472,000)	$ 175,606,000	$ (17,472,000)	$ 587,609,000
Impairment of real estate		8,200,000
Long-term debt		3,684,577,000		3,684,577,000		$ 3,641,629,000
Secured Debt
Business Acquisition [Line Items]
Long-term debt		$ 2,197,437,000		$ 2,197,437,000		1,985,430,000
Secured Debt | Non-recourse property debt
Business Acquisition [Line Items]
Proceeds from issuance of debt						813,300,000
Secured Debt | Term Loan
Business Acquisition [Line Items]
Repayments of long-term debt						$ 325,000,000
Debt, weighted average interest rate						6%
Revolving Credit Facility | Line of Credit [Member]
Business Acquisition [Line Items]
Payment for borrowings						$ 292,000,000
Debt, weighted average interest rate						6%
Same Store
Business Acquisition [Line Items]
Apartment homes in communities owned by VIEs | apartment		22,794		22,794
Other Real Estate
Business Acquisition [Line Items]
Apartment homes in communities owned by VIEs | apartment		2,945		2,945
Impairment of real estate		$ 15,400,000
Apartment Community Dispositions
Business Acquisition [Line Items]
Apartment communities sold			4	2
Apartment homes in communities owned by VIEs | property		62	718	62	718
(Loss) gain on dispositions and impairments of real estate			$ 175,600,000
Apartment Community Dispositions, Second Disposition
Business Acquisition [Line Items]
Apartment communities sold | property					12
Apartment homes in communities owned by VIEs | property			2,050		2,050
(Loss) gain on dispositions and impairments of real estate					$ 587,600,000
Apartment Community Dispositions, Second Disposition | Same Store
Business Acquisition [Line Items]
Apartment communities sold | property					10
Apartment Community Dispositions, Second Disposition | Other Real Estate
Business Acquisition [Line Items]
Apartment communities sold | property					2
Huntington Gateway
Business Acquisition [Line Items]
Apartment homes in communities owned by VIEs | property		443		443
Equity Method Investment, Ownership Interest Sold		70%
Proceeds from Sale of Equity Method Investments		$ 9,000,000
Equity Method Investment, Joint Venture Assumption Of Debt		94,100,000
Gain on disposal		$ 6,400,000
Partner ownership, percentage		30%		30%
Cash flow from operations		50%		50%
Global Institutional Investor Joint Venture | Subsequent Event
Business Acquisition [Line Items]
Portfolio sold	47%
Number of properties in portfolio | property	10
Number of apartments | apartment	3,093
Average monthly rent income	$ 2,534
Number of portfolio properties closed | property	8
Number of portfolio properties subject to regulatory approvals | property	2
South Florida
Business Acquisition [Line Items]
Number of apartment communities acquired | property				1
Number of apartment homes purchased | apartment				495

Significant Transactions - Sche

Significant Transactions - Schedule of Acquisition (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Business Acquisition [Line Items]
Debts assumed		$ 101,200
Common OP units issuance	$ 22,400
Intangible Assets
Business Acquisition [Line Items]
Weighted-average term		1 year 4 months 24 days
Below-market leases
Business Acquisition [Line Items]
Weighted-average term	6 months
Florida and Washington, DC. | Apartment Community
Business Acquisition [Line Items]
Purchase price		$ 298,000
Capitalized transaction costs		5,469
Total consideration		303,469
Land		99,338
Building and improvements		187,427
Intangible assets		12,077
Mark-to-market on debt assumed		7,370
Below-market lease liabilities		(2,743)
Total consideration		$ 303,469

Leases - Lease Income for Opera

Leases - Lease Income for Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Fixed lease income	$ 196,718	$ 169,337	$ 393,054	$ 337,567
Variable lease income	15,253	11,216	28,541	22,021
Total lease income	$ 211,971	$ 180,553	$ 421,595	$ 359,588
Operating lease, lease income, statement of income or comprehensive income	Other assets, net	Other assets, net	Other assets, net	Other assets, net

Leases - Narrative (Details)

Leases - Narrative (Details)	Jun. 30, 2023
Residential Lease
Operating Leased Assets [Line Items]
Lessee, operating lease, term of contract	1 year 5 months

Leases - Schedule of Aggregate

Leases - Schedule of Aggregate Minimum Lease Payments (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Leases [Abstract]
2023 (remaining)	$ 262,306
2024	258,690
2025	41,745
2026	11,214
2027	9,701
Thereafter	34,712
Total lease receivable	$ 618,368

Debt - Schedule of Debt Instrum

Debt - Schedule of Debt Instruments (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Total indebtedness		$ 3,684,577	$ 3,641,629
Debt instrument, total leverage, percent		0.04
Line of credit		$ 292,000	462,000
Interest rate swap, fixed to floating | Not Designated as Hedging Instrument
Debt Instrument [Line Items]
Aggregate notional amount		480,000
Interest Rate Swap
Debt Instrument [Line Items]
Long-term debt, gross		125,000
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit		$ 703,700
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate		0.89%
Secured Debt
Debt Instrument [Line Items]
Debt issuance costs, net of accumulated amortization		$ (13,565)	(9,221)
Total indebtedness		2,197,437	1,985,430
Unsecured Debt
Debt Instrument [Line Items]
Debt issuance costs, net of accumulated amortization		(4,860)	(5,801)
Total indebtedness		1,487,140	1,656,199
Unsecured Debt | Term Loan
Debt Instrument [Line Items]
Long-term debt, gross		$ 800,000	800,000
Unsecured Debt | Term Loan | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		1%
Debt instrument basis spread on variable rate		0.10%
Debt, weighted average interest rate		6.20%
Unsecured Debt | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross		$ 292,000	462,000
Unsecured Debt | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt, weighted average interest rate		6.10%
Unsecured Debt Gross
Debt Instrument [Line Items]
Long-term debt, gross		$ 1,492,000	1,662,000
Fixed Rate Property Debt | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross		2,211,002	1,906,151
Variable Rate Property Debt | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross		0	88,500
Non-recourse property debt | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross		2,211,002	1,994,651
4.58% Notes payable due June 2027 | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross		$ 100,000	$ 100,000
Debt instrument, interest rate, stated percentage		4.58%	4.58%
4.77% Notes payable due June 2029 | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross		$ 100,000	$ 100,000
Debt instrument, interest rate, stated percentage		4.77%	4.77%
4.84% Notes payable due June 2032 | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross		$ 200,000	$ 200,000
Debt instrument, interest rate, stated percentage		4.84%	4.84%
Fixed Rate Member
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.90%
Loan borrowed	$ 320,000
Loan Term	10 years
Payment for borrowings	$ 230,000
Fixed Rate Member | Secured Debt | Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	2.40%
Fixed Rate Member | Secured Debt | Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5.70%
Schedule Term Loan
Debt Instrument [Line Items]
Loan borrowed		$ 150,000
Long-term debt, term		1 year
Schedule Term Loan One
Debt Instrument [Line Items]
Loan borrowed		$ 300,000
Long-term debt, term		1 year
Schedule Term Loan Two
Debt Instrument [Line Items]
Loan borrowed		$ 150,000
Schedule Term Loan Three
Debt Instrument [Line Items]
Loan borrowed		$ 200,000
Floating Rate | Secured Debt
Debt Instrument [Line Items]
Weighted-average remaining term		2 years 6 months

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2023 USD ($)
Minimum
Debt Instrument [Line Items]
Fixed charge coverage ratio	1.50
Secured indebtedness to total assets ratio	0.40
Maximum unsecured leverage ratio	0.60
Unsecured interest coverage ratio	1.50
Minimum | Leverage Ratio
Debt Instrument [Line Items]
Unsecured leverage ratio	0.60
Fifteen Year Fixed Rate Financing
Debt Instrument [Line Items]
Revolving credit facility	$ 1,000,000
Loan Term	15 years
Line of credit, total liquidity	$ 1,800,000

Earnings and Dividends per Sh_3

Earnings and Dividends per Share and per Unit - Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings (Loss) per Share and per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule Of Earnings Per Share And Per Unit [Line Items]
Net (loss) income attributable to AIR common stockholders	$ (1,439)	$ 196,722	$ (12,896)	$ 572,603
Net (loss) income attributable to AIR common stockholders	$ (1,439)	$ 196,722	$ (12,896)	$ 572,603
Denominator:
Basic weighted-average common shares/units equivalents outstanding (in shares)	148,832	155,927	148,821	156,327
Dilutive common share/unit equivalents outstanding (in shares)	0	209	0	280
Dilutive weighted-average common shares/units outstanding (in shares)	148,832	156,136	148,821	156,607
Earnings per share/unit - basic (in dollars per share)	$ (0.01)	$ 1.26	$ (0.09)	$ 3.66
Earnings per share/unit - diluted (in dollars per share)	$ (0.01)	$ 1.26	$ (0.09)	$ 3.66
Apartment Income REIT, L.P.
Schedule Of Earnings Per Share And Per Unit [Line Items]
Net (loss) income attributable to AIR common stockholders	$ (1,754)	$ 209,471	$ (14,037)	$ 609,519
Net (loss) income attributable to AIR common stockholders	$ (1,754)	$ 209,471	$ (14,037)	$ 609,519
Denominator:
Basic weighted-average common shares/units equivalents outstanding (in shares)	159,778	166,023	159,531	166,434
Dilutive common share/unit equivalents outstanding (in shares)	0	209	0	280
Dilutive weighted-average common shares/units outstanding (in shares)	159,778	166,232	159,531	166,714
Earnings per share/unit - basic (in dollars per share)	$ (0.01)	$ 1.26	$ (0.09)	$ 3.66
Earnings per share/unit - diluted (in dollars per share)	$ (0.01)	$ 1.26	$ (0.09)	$ 3.66

Earnings and Dividends per Sh_4

Earnings and Dividends per Share and per Unit - Narrative (Details) - $ / shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Dividends and distributions paid (in dollars per share)		$ 0.45		$ 0.90
Antidilutive securities excluded from computation of earnings (loss) per share (in shares)	2.2	1.7	2.2	1.6

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Value for Interest Rate Options (Details) - Fair value recurring - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Interest Rate Option
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	$ 0	$ 53,481
Interest Rate Option | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Interest Rate Option | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	0	53,481
Interest Rate Option | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Interest rate swaps - pay-fixed, receive floating
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	35,395	32,222
Interest rate swaps - pay-fixed, receive floating | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Interest rate swaps - pay-fixed, receive floating | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	35,395	32,222
Interest rate swaps - pay-fixed, receive floating | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Interest rate swaps - pay-floating, receive fixed
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	(1,959)	0
Interest rate swaps - pay-floating, receive fixed | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Interest rate swaps - pay-floating, receive fixed | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	(1,959)	0
Interest rate swaps - pay-floating, receive fixed | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Treasury rate lock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	2,236	319
Treasury rate lock | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Treasury rate lock | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	2,236	319
Treasury rate lock | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	$ 0	$ 0

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Carrying Value and Fair Value of Non-recourse Property Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Jun. 30, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-term debt	$ 3,641,629	$ 3,684,577
Derivative, average variable interest rate	4.50%
Receivables with imputed interest, amortization amount	$ 8,500
New England
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Partial consider selling value	40,000
Carrying Value | Fair Value, Nonrecurring | Seller financing note receivable, net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Seller financing note receivable, net	31,611	32,032
Carrying Value | Fair Value, Nonrecurring | Non-recourse property debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-term debt	1,994,651	2,211,002
Carrying Value | Fair Value, Nonrecurring | Unsecured notes payable
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-term debt	400,000	400,000
Fair Value | Fair Value, Nonrecurring | Seller financing note receivable, net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Seller financing note receivable, net	32,286	32,573
Fair Value | Fair Value, Nonrecurring | Non-recourse property debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-term debt	1,753,222	1,966,566
Fair Value | Fair Value, Nonrecurring | Unsecured notes payable
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-term debt	$ 371,368	$ 373,648

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Nonrecurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of real estate measure on a nonrecurring basis	$ 19,900,000	$ 0

Derivative Financial Instrume_3

Derivative Financial Instruments and Hedging Activities - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification of interest rate derivative (gain) loss to net income (loss)	$ (5,364,000)	$ 1,989,000	$ (9,518,000)	$ 1,989,000
Unrealized loss on derivative instruments	11,400,000	0	9,300,000	0
Derivative, change in hedging designation	830,000,000
Derivative, change in hedging designation, unrealized gains	29,500,000
Cash flow hedge gain (loss) to be reclassified within 12 months			10,800,000
Derivative, amount of hedged item	325,000,000		$ 325,000,000
Derivative, term of contract			3 years 4 months 24 days
Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification of interest rate derivative (gain) loss to net income (loss)	(5,400,000)	$ 2,000,000	$ (9,500,000)	$ 2,000,000
Interest rate swap, fixed to floating | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount	$ 480,000,000		$ 480,000,000

Derivative Financial Instrume_4

Derivative Financial Instruments and Hedging Activities - Schedule of Balance Sheet Hedges (Details) $ in Thousands	Jun. 30, 2023 USD ($) instrument	Dec. 31, 2022 USD ($) instrument
Treasury rate lock | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments held | instrument	1	1
Aggregate notional amount	$ 150,000	$ 100,000
Treasury rate lock | Designated as Hedging Instrument | Other Assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives, fair value	2,236	319
Treasury rate lock | Designated as Hedging Instrument | Other Liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability derivatives, fair value	$ 0	$ 0
Interest rate swap, floating to fixed | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments held | instrument		10
Aggregate notional amount		$ 830,000
Interest rate swap, floating to fixed | Designated as Hedging Instrument | Other Assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives, fair value		32,222
Interest rate swap, floating to fixed | Designated as Hedging Instrument | Other Liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability derivatives, fair value		$ 0
Interest rate swap, floating to fixed | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments held | instrument	10
Aggregate notional amount	$ 830,000
Interest rate swap, floating to fixed | Not Designated as Hedging Instrument | Other Assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives, fair value	35,395
Interest rate swap, floating to fixed | Not Designated as Hedging Instrument | Other Liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability derivatives, fair value	$ 0
Interest rate swap, fixed to floating | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments held | instrument	6
Aggregate notional amount	$ 480,000
Interest rate swap, fixed to floating | Not Designated as Hedging Instrument | Other Assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives, fair value	0
Interest rate swap, fixed to floating | Not Designated as Hedging Instrument | Other Liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability derivatives, fair value	$ (1,959)

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of VIEs Consolidated by the AIR Operating Partnership (Details) - apartment	Jun. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Apartment homes in communities owned by VIEs	328
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
VIEs with interests in apartment communities	4	5
Apartment communities owned by VIEs	15	16
Apartment homes in communities owned by VIEs	5,041	5,369

Variable Interest Entities - As

Variable Interest Entities - Assets and Liabilities of VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Net real estate	$ 5,671,068	$ 5,626,511
Cash and cash equivalents	106,349	95,797
Restricted cash	23,564	205,608
Other assets, net	573,743	591,681
LIABILITIES:
Non-recourse property debt, net	2,197,437	1,985,430
Accrued liabilities and other	476,400	513,805
Variable Interest Entity, Primary Beneficiary
ASSETS
Net real estate	1,040,597	1,066,482
Cash and cash equivalents	71,262	54,319
Restricted cash	2,009	2,378
Other assets, net	21,465	20,944
LIABILITIES:
Non-recourse property debt, net	1,204,242	1,212,065
Accrued liabilities and other	$ 36,246	$ 35,365

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) apartment	Dec. 31, 2022 USD ($) apartment
Variable Interest Entity [Line Items]
Redeemable noncontrolling interest, equity, preferred, redemption value	$ 28,000
Liabilities	$ 4,160,977	$ 4,155,434
Apartment homes in communities owned by VIEs | apartment	328
Affiliate of Blackstone Investment
Variable Interest Entity [Line Items]
Percentage of ownership sold to affiliate	20%
Mezzanine investment	$ 19,400	20,700
Apartment homes in communities owned by VIEs | apartment	1,748
Parkmerced Investment
Variable Interest Entity [Line Items]
Mezzanine investment	$ 158,500	$ 158,700
Other Assets
Variable Interest Entity [Line Items]
Redeemable noncontrolling interest, equity, preferred, redemption value	34,600
Affiliate of Blackstone | Affiliate of Blackstone Investment
Variable Interest Entity [Line Items]
Mezzanine investment	$ 79,000
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Apartment homes in communities owned by VIEs | apartment	5,041	5,369
Variable Interest Entity, Primary Beneficiary | Huntington Gateway
Variable Interest Entity [Line Items]
Subsidiary, ownership percentage, parent	30%
Liabilities	$ 28,200

Business Segments - Narrative (

Business Segments - Narrative (Details)	6 Months Ended
	Jun. 30, 2023 Segment apartment property	Dec. 31, 2022 property
Segment Reporting Information [Line Items]
Number of reportable segments | Segment	2
Apartment homes in communities owned by VIEs | apartment	328
Other Real Estate
Segment Reporting Information [Line Items]
Apartment communities owned by VIEs	10
Apartment homes in communities owned by VIEs | apartment	2,945
Expect to Sell or Lease to Third Party
Segment Reporting Information [Line Items]
Apartment communities owned by VIEs	4
Same Store
Segment Reporting Information [Line Items]
Apartment communities owned by VIEs	63
Apartment homes in communities owned by VIEs | apartment	22,794
Wholly Owned Consolidated Properties
Segment Reporting Information [Line Items]
Apartment communities owned by VIEs	1
Wholly Owned Consolidated Properties | Other Real Estate
Segment Reporting Information [Line Items]
Apartment communities owned by VIEs		4

Business Segments - Summary of

Business Segments - Summary of Information for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Summary information for the reportable segments
Total revenues	$ 214,560	$ 183,500	$ 426,553	$ 364,978
Other operating expenses not allocated to segments	97,802	80,913	204,308	176,077
Total operating expenses	169,814	144,700	351,773	303,100
Proportionate property net operating income (loss)	44,746	38,800	74,780	61,878
Other items included in income (loss) before income tax expense	(42,971)	174,358	(82,814)	552,085
Income (loss) before income tax expense	1,775	213,158	(8,034)	613,963
Real Estate
Summary information for the reportable segments
Property operating expenses	72,012	63,787	147,465	127,023
Segment Reconciling Items
Summary information for the reportable segments
Total revenues	22,385	19,894	44,327	39,428
Other operating expenses not allocated to segments	0	0	0	0
Total operating expenses	11,496	9,630	22,860	19,511
Proportionate property net operating income (loss)	10,889	10,264	21,467	19,917
Other items included in income (loss) before income tax expense	0	0	0	0
Income (loss) before income tax expense	10,889	10,264	21,467	19,917
Segment Reconciling Items | Real Estate
Summary information for the reportable segments
Property operating expenses	11,496	9,630	22,860	19,511
Corporate Non-Segment
Summary information for the reportable segments
Total revenues	2,311	12,813	4,643	30,193
Other operating expenses not allocated to segments	97,802	80,913	204,308	176,077
Total operating expenses	106,348	93,414	224,425	201,108
Proportionate property net operating income (loss)	(104,037)	(80,601)	(219,782)	(170,915)
Other items included in income (loss) before income tax expense	(42,971)	174,358	(82,814)	552,085
Income (loss) before income tax expense	(147,008)	93,757	(302,596)	381,170
Corporate Non-Segment | Real Estate
Summary information for the reportable segments
Property operating expenses	8,546	12,501	20,117	25,031
Same Store | Operating Segments
Summary information for the reportable segments
Total revenues	160,180	147,075	318,082	290,405
Other operating expenses not allocated to segments	0	0	0	0
Total operating expenses	41,330	39,667	82,577	79,553
Proportionate property net operating income (loss)	118,850	107,408	235,505	210,852
Other items included in income (loss) before income tax expense	0	0	0	0
Income (loss) before income tax expense	118,850	107,408	235,505	210,852
Same Store | Operating Segments | Real Estate
Summary information for the reportable segments
Property operating expenses	41,330	39,667	82,577	79,553
Other Real Estate | Operating Segments
Summary information for the reportable segments
Total revenues	29,684	3,718	59,501	4,952
Other operating expenses not allocated to segments	0	0	0	0
Total operating expenses	10,640	1,989	21,911	2,928
Proportionate property net operating income (loss)	19,044	1,729	37,590	2,024
Other items included in income (loss) before income tax expense	0	0	0	0
Income (loss) before income tax expense	19,044	1,729	37,590	2,024
Other Real Estate | Operating Segments | Real Estate
Summary information for the reportable segments
Property operating expenses	$ 10,640	$ 1,989	$ 21,911	$ 2,928

Business Segments - Reconciliat

Business Segments - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total consolidated assets	$ 6,407,010	$ 6,551,883
Corporate Non-Segment
Segment Reporting Information [Line Items]
Total consolidated assets	459,693	689,946
Same Store | Operating Segments
Segment Reporting Information [Line Items]
Total consolidated assets	4,481,117	4,610,356
Other Real Estate | Operating Segments
Segment Reporting Information [Line Items]
Total consolidated assets	$ 1,466,200	$ 1,251,581

Business Segments - Capital Add

Business Segments - Capital Additions Related to Segments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Total capital additions	$ 88,037	$ 86,353
Same Store
Segment Reporting Information [Line Items]
Total capital additions	80,362	85,695
Other Real Estate
Segment Reporting Information [Line Items]
Total capital additions	$ 7,675	$ 658

Uncategorized Items - airc-2023

Label	Element	Value
Non Recourse Property Debt, 8 Properties [Member] | Secured Debt [Member]
Long-Term Debt	us-gaap_LongTermDebt	$ 611,400,000
Proceeds from Issuance of Debt	us-gaap_ProceedsFromIssuanceOfDebt	184,600,000
Non Recourse Property Debt, 8 Properties [Member] | Core JV [Member] | Secured Debt [Member]
Proceeds from Issuance of Debt	us-gaap_ProceedsFromIssuanceOfDebt	584,800,000
Non Recourse Property Debt, 2 Properties [Member] | Secured Debt [Member]
Proceeds from Issuance of Debt	us-gaap_ProceedsFromIssuanceOfDebt	17,300,000
Non Recourse Property Debt, 2 Properties [Member] | Core JV [Member] | Secured Debt [Member]
Proceeds from Issuance of Debt	us-gaap_ProceedsFromIssuanceOfDebt	$ 59,600,000