Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 02, 2022 | |
Document Information [Line Items] | ||
Entity Registrant Name | APARTMENT INCOME REIT CORP. | |
Entity Central Index Key | 0001820877 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2022 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Trading Symbol | AIRC | |
Entity File Number | 1-39686 | |
Entity Tax Identification Number | 84-1299717 | |
Entity Incorporation, State or Country Code | MD | |
Entity Address, Address Line One | 4582 South Ulster Street | |
Entity Address, Address Line Two | Suite 1700 | |
Entity Address, City or Town | Denver | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80237 | |
City Area Code | 303 | |
Local Phone Number | 757-8101 | |
Entity Common Stock, Shares Outstanding | 157,097,052 | |
Title of 12(b) Security | Class A Common Stock (Apartment Income REIT Corp.) | |
Security Exchange Name | NYSE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
AIMCO Properties, LP [Member] | ||
Document Information [Line Items] | ||
Entity Registrant Name | APARTMENT INCOME REIT, L.P. | |
Entity Central Index Key | 0000926660 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2022 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity File Number | 0-24497 | |
Entity Tax Identification Number | 84-1275621 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 4582 South Ulster Street | |
Entity Address, Address Line Two | Suite 1700 | |
Entity Address, City or Town | Denver | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80237 | |
City Area Code | 303 | |
Local Phone Number | 757-8101 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Buildings and improvements | $ 5,729,946 | $ 5,720,267 |
Land | 1,162,311 | 1,164,814 |
Total real estate | 6,892,257 | 6,885,081 |
Accumulated depreciation | (2,341,446) | (2,284,793) |
Net real estate | 4,550,811 | 4,600,288 |
Cash and cash equivalents | 77,867 | 67,320 |
Restricted cash | 26,044 | 25,441 |
Note receivable from Amico | 534,127 | 534,127 |
Leased real estate assets | 466,203 | 466,355 |
Goodwill | 32,286 | 32,286 |
Other assets, net | 601,198 | 568,051 |
Assets held for sale | 14,320 | 146,492 |
Total assets | 6,302,856 | 6,440,360 |
LIABILITIES AND EQUITY | ||
Non-recourse property debt, net | 2,033,705 | 2,294,739 |
Term loans, net | 1,145,226 | 1,144,547 |
Revolving credit facility borrowings | 177,000 | 304,000 |
Total indebtedness | 3,355,931 | 3,743,286 |
Accrued liabilities and other | 603,308 | 592,774 |
Liabilities related to assets held for sale | 425 | 85,775 |
Total liabilities | 3,959,664 | 4,421,835 |
Commitments and contingencies (Note 5) | ||
Preferred noncontrolling interests in AIR Operating Partnership | 79,354 | 79,370 |
Equity: | ||
Perpetual preferred stock | 2,000 | 2,129 |
Common Stock | 1,571 | 1,570 |
Additional paid-in capital | 3,762,457 | 3,763,105 |
Accumulated other comprehensive loss | (783) | |
Distributions in excess of earnings | (1,648,077) | (1,953,779) |
Total AIR equity | 2,117,168 | 1,813,025 |
Noncontrolling interests in consolidated real estate partnerships | (70,157) | (70,883) |
Common noncontrolling interests in AIR Operating Partnership | 216,827 | 197,013 |
Total equity | 2,263,838 | 1,939,155 |
Total liabilities and equity | 6,302,856 | 6,440,360 |
Apartment Income REIT, L.P [Member] | ||
ASSETS | ||
Buildings and improvements | 5,729,946 | 5,720,267 |
Land | 1,162,311 | 1,164,814 |
Total real estate | 6,892,257 | 6,885,081 |
Accumulated depreciation | (2,341,446) | (2,284,793) |
Net real estate | 4,550,811 | 4,600,288 |
Cash and cash equivalents | 77,867 | 67,320 |
Restricted cash | 26,044 | 25,441 |
Note receivable from Amico | 534,127 | 534,127 |
Leased real estate assets | 466,203 | 466,355 |
Goodwill | 32,286 | 32,286 |
Other assets, net | 601,198 | 568,051 |
Assets held for sale | 14,320 | 146,492 |
Total assets | 6,302,856 | 6,440,360 |
LIABILITIES AND EQUITY | ||
Non-recourse property debt, net | 2,033,705 | 2,294,739 |
Term loans, net | 1,145,226 | 1,144,547 |
Revolving credit facility borrowings | 177,000 | 304,000 |
Total indebtedness | 3,355,931 | 3,743,286 |
Accrued liabilities and other | 603,308 | 592,774 |
Liabilities related to assets held for sale | 425 | 85,775 |
Total liabilities | 3,959,664 | 4,421,835 |
Commitments and contingencies (Note 5) | ||
Equity: | ||
Redeemable preferred units | 79,354 | 79,370 |
Preferred units | 2,000 | 2,129 |
General Partner and Special Limited Partner | 2,115,168 | 1,810,896 |
Limited Partners | 216,827 | 197,013 |
Partners’ capital attributable to the AIR Operating Partnership | 2,333,995 | 2,010,038 |
Noncontrolling interests in consolidated real estate partnerships | (70,157) | (70,883) |
Total partners’ capital | 2,263,838 | 1,939,155 |
Total liabilities and equity | $ 6,302,856 | $ 6,440,360 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, shares authorized (in shares) | 1,021,175,000 | 1,021,175,000 |
Common Stock, shares issued (in shares) | 157,082,823 | 156,998,367 |
Common Stock, shares outstanding (in shares) | 157,082,823 | 156,998,367 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
REVENUES | ||
Total revenues | $ 181,478 | $ 176,413 |
EXPENSES | ||
Property operating expenses | 63,236 | 64,617 |
Depreciation and amortization | 84,549 | 75,280 |
General and administrative expenses | 6,597 | 4,414 |
Other expenses, net | 4,018 | 2,876 |
Total operating expenses | 158,400 | 147,187 |
Interest income | 13,481 | 15,972 |
Interest expense | (22,107) | (36,025) |
Loss on extinguishment of debt | (23,636) | (1,010) |
Gain on derecognition of leased properties and dispositions of real estate | 412,003 | 84,032 |
Loss from unconsolidated real estate partnerships | 2,014 | |
Income before income tax benefit (expense) | 400,805 | 92,195 |
Income tax benefit (expense) | 579 | (3,080) |
Net income | 401,384 | 89,115 |
Noncontrolling interests: | ||
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships | (564) | (235) |
Net income attributable to preferred noncontrolling interests in AIR Operating Partnership | (1,603) | (1,604) |
Net income attributable to common noncontrolling interests in AIR Operating Partnership | (24,167) | (4,436) |
Net income attributable to noncontrolling interests | (25,206) | (5,805) |
Net income attributable to AIR Operating Partnership | 376,178 | 83,310 |
Net income attributable to AIR preferred stockholders | 42 | 50 |
Net income attributable to participating securities | 255 | 64 |
Net income attributable to AIR common stockholders | $ 375,881 | $ 83,196 |
Earnings (loss) per common share - basic | ||
Net income attributable to AIR common stockholders per share - basic | $ 2.40 | $ 0.56 |
Earnings (loss) per common share - diluted | ||
Net income attributable to AIR common stockholders per share - diluted | $ 2.39 | $ 0.56 |
Weighted average common shares/units outstanding - basic | 156,736 | 148,611 |
Weighted average common shares/units outstanding - diluted | 157,088 | 148,830 |
Continuing Operations [Member] | ||
EXPENSES | ||
Income tax benefit (expense) | $ 579 | $ (3,080) |
Rental And Other Property Revenues [Member] | ||
REVENUES | ||
Total revenues | 179,261 | 174,730 |
Other Revenues [Member] | ||
REVENUES | ||
Total revenues | 2,217 | 1,683 |
Apartment Income REIT, L.P. [Member] | ||
REVENUES | ||
Total revenues | 181,478 | 176,413 |
EXPENSES | ||
Property operating expenses | 63,236 | 64,617 |
Depreciation and amortization | 84,549 | 75,280 |
General and administrative expenses | 6,597 | 4,414 |
Other expenses, net | 4,018 | 2,876 |
Total operating expenses | 158,400 | 147,187 |
Interest income | 13,481 | 15,972 |
Interest expense | (22,107) | (36,025) |
Loss on extinguishment of debt | (23,636) | (1,010) |
Gain on derecognition of leased properties and dispositions of real estate | 412,003 | 84,032 |
Loss from unconsolidated real estate partnerships | (2,014) | 0 |
Income before income tax benefit (expense) | 400,805 | 92,195 |
Income tax benefit (expense) | 579 | (3,080) |
Net income | 401,384 | 89,115 |
Noncontrolling interests: | ||
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships | (564) | (235) |
Net income attributable to preferred noncontrolling interests in AIR Operating Partnership | (1,645) | (1,654) |
Net income attributable to AIR Operating Partnership | 401,948 | 89,350 |
Net income attributable to participating securities | (255) | (64) |
Net income attributable to AIR common stockholders | $ 400,048 | $ 87,632 |
Earnings (loss) per common share - basic | ||
Net income attributable to AIR common stockholders per share - basic | $ 2.40 | $ 0.56 |
Earnings (loss) per common share - diluted | ||
Net income attributable to AIR common stockholders per share - diluted | $ 2.39 | $ 0.56 |
Weighted average common shares/units outstanding - basic | 166,853 | 156,527 |
Weighted average common shares/units outstanding - diluted | 167,205 | 156,746 |
Apartment Income REIT, L.P. [Member] | Continuing Operations [Member] | ||
EXPENSES | ||
Income tax benefit (expense) | $ 579 | $ (3,080) |
Apartment Income REIT, L.P. [Member] | Rental And Other Property Revenues [Member] | ||
REVENUES | ||
Total revenues | 179,261 | 174,730 |
Apartment Income REIT, L.P. [Member] | Other Revenues [Member] | ||
REVENUES | ||
Total revenues | $ 2,217 | $ 1,683 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income (loss) | $ 401,384 | $ 89,115 |
Unrealized loss on derivative instruments | (783) | |
Reclassification of unrealized losses on available for sale debt securities | (2,071) | |
Comprehensive income | 400,601 | 87,044 |
Comprehensive (income) loss attributable to noncontrolling interests | (25,206) | (5,673) |
Comprehensive income (loss) attributable to AIR | 375,395 | 81,371 |
Apartment Income REIT, L.P [Member] | ||
Net income (loss) | 401,384 | 89,115 |
Unrealized loss on derivative instruments | (783) | |
Reclassification of unrealized losses on available for sale debt securities | (2,071) | |
Comprehensive income | 400,601 | 87,044 |
Comprehensive (income) loss attributable to noncontrolling interests | 564 | 235 |
Comprehensive income (loss) attributable to AIR | $ 401,165 | $ 87,279 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands | Total | Perpetual Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Distributions in Excess of Earnings | Total AIR Equity | Noncontrolling Interest in Consolidated Real Estate Partnerships | Common Noncontrolling Interests In AIR Operating Partnerships |
Balances at Dec. 31, 2020 | $ 1,308,093 | $ 2,000 | $ 1,489 | $ 3,432,121 | $ 3,039 | $ (2,131,798) | $ 1,306,851 | $ (61,943) | $ 63,185 |
Balances (in shares) at Dec. 31, 2020 | 20 | 148,861,036 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Redemption of AIR Operating Partnership units | (3,223) | (3,223) | |||||||
Amortization of share-based compensation cost | 2,638 | 1,915 | 1,915 | 723 | |||||
Amortization of share-based compensation cost (in shares) | 33,000 | ||||||||
Effect of changes in ownership for consolidated entities | (2,590) | (2,590) | (2,590) | ||||||
Change in accumulated other comprehensive income (loss) | (2,071) | (1,939) | (1,939) | (132) | |||||
Net income | 87,511 | 83,310 | 83,310 | (235) | 4,436 | ||||
Common Stock dividends | (63,858) | (63,858) | (63,858) | ||||||
Preferred Stock dividends | (50) | (50) | (50) | ||||||
Distributions to noncontrolling interests | (5,169) | 1,402 | 3,767 | ||||||
Other, net | (1,775) | $ 1 | (752) | 15 | (736) | (1,039) | |||
Other, net (in shares) | 80,803 | ||||||||
Balances at Mar. 31, 2021 | 1,322,096 | $ 2,000 | $ 1,490 | 3,430,694 | 1,100 | (2,112,381) | 1,322,903 | (64,619) | 63,812 |
Balances (in shares) at Mar. 31, 2021 | 20 | 148,974,839 | |||||||
Balances at Dec. 31, 2021 | 1,939,155 | $ 2,129 | $ 1,570 | 3,763,105 | (1,953,779) | 1,813,025 | (70,883) | 197,013 | |
Balances (in shares) at Dec. 31, 2021 | 145 | 156,998,367 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Redemption of AIR Operating Partnership units | (3,452) | (3,452) | |||||||
Amortization of share-based compensation cost | 2,750 | 1,890 | 1,890 | 860 | |||||
Effect of changes in ownership for consolidated entities | (2,686) | 2,686 | (2,686) | ||||||
Contribution from noncontrolling interest in consolidated real estate partnerships | 4,325 | 4,325 | |||||||
Change in accumulated other comprehensive income (loss) | (783) | 783 | (783) | ||||||
Net income | 399,781 | 376,178 | 376,178 | (564) | 24,167 | ||||
Common Stock dividends | (70,428) | (70,428) | 70,428 | ||||||
Distributions to noncontrolling interests | (7,594) | (3,147) | 4,447 | ||||||
Other, net | 84 | $ 129 | $ 1 | 148 | (48) | (28) | 112 | ||
Other, net (in shares) | (125) | 84,456 | |||||||
Balances at Mar. 31, 2022 | $ 2,263,838 | $ 2,000 | $ 1,571 | $ 3,762,457 | $ 783 | $ (1,648,077) | $ 2,117,168 | $ (70,157) | $ 216,827 |
Balances (in shares) at Mar. 31, 2022 | 20 | 157,082,823 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 401,384 | $ 89,115 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 84,549 | 75,280 |
Loss on extinguishment of debt | 23,636 | 1,010 |
Gain on derecognition of leased properties and dispositions of real estate | (412,003) | (84,032) |
Income tax expense (benefit) | (579) | 3,080 |
Other, net | 5,485 | 3,194 |
Net changes in operating assets and operating liabilities | (29,765) | (38,477) |
Net cash provided by operating activities | 72,707 | 49,170 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (37,302) | (39,075) |
Proceeds from dispositions of real asset | 559,093 | |
Purchases of corporate assets | (2,988) | (784) |
Other investing activities | (5,544) | (483) |
Net cash provided by (used in) investing activities | 513,259 | (40,342) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Principal repayments on non-recourse property debt | (346,298) | (60,467) |
Borrowings on revolving credit facility | 159,000 | 244,200 |
Repayments of revolving credit facility | (286,000) | (115,250) |
Payment of debt extinguishment costs | (22,723) | (519) |
Payment of dividends to holders of Common Stock | (70,652) | (64,314) |
Payment of distributions to preferred units | (50) | |
Payment of distributions to preferred noncontrolling interests | (1,619) | (1,604) |
Payment of distributions to noncontrolling interests | (7,631) | (5,231) |
Redemptions of noncontrolling interests in the AIR Operating Partnership | (3,452) | (3,223) |
Contributions from noncontrolling interests in consolidated real estate partnerships | 4,325 | 0 |
Other financing activities | 234 | (104) |
Net cash used in financing activities | (574,816) | (6,562) |
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 11,150 | 2,266 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD | 92,761 | 73,480 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD | 103,911 | 75,746 |
Apartment Income REIT, L.P [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | 401,384 | 89,115 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 84,549 | 75,280 |
Loss on extinguishment of debt | 23,636 | 1,010 |
Gain on derecognition of leased properties and dispositions of real estate | (412,003) | (84,032) |
Income tax expense (benefit) | (579) | 3,080 |
Other, net | 5,485 | 3,194 |
Net changes in operating assets and operating liabilities | (29,765) | (38,477) |
Net cash provided by operating activities | 72,707 | 49,170 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (37,302) | (39,075) |
Purchases of corporate assets | (2,988) | (784) |
Other investing activities | (5,544) | (483) |
Net cash provided by (used in) investing activities | 513,259 | (40,342) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Principal repayments on non-recourse property debt | (346,298) | (60,467) |
Borrowings on revolving credit facility | 159,000 | 244,200 |
Repayments of revolving credit facility | (286,000) | (115,250) |
Payment of debt extinguishment costs | (22,723) | (519) |
Payment of distributions to preferred units | (1,619) | (1,654) |
Payment of distributions General Partner and Special Limited Partner | (70,652) | (64,314) |
Payment of distributions to Limited Partners | (4,484) | (3,830) |
Payment of distributions to noncontrolling interests | (3,147) | (1,401) |
Redemption of common and preferred units | (3,452) | (3,223) |
Contributions from noncontrolling interests in consolidated real estate partnerships | 4,325 | 0 |
Other financing activities | 234 | (104) |
Net cash used in financing activities | (574,816) | (6,562) |
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 11,150 | 2,266 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD | 92,761 | 73,480 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD | $ 103,911 | $ 75,746 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Partners' Capital - USD ($) $ in Thousands | Total | Apartment Income REIT, L.P. [Member] | Apartment Income REIT, L.P. [Member]Preferred Units [Member] | Apartment Income REIT, L.P. [Member]General Partner and Special Limited Partner [Member] | Apartment Income REIT, L.P. [Member]Limited Partners [Member] | Apartment Income REIT, L.P. [Member]Partners Capital Attributable To The Partnership [Member] | Apartment Income REIT, L.P. [Member]Noncontrolling Interest in Consolidated Real Estate Partnerships |
Balances at Dec. 31, 2020 | $ 1,308,093 | $ 2,000 | $ 1,304,851 | $ 63,185 | $ 1,370,036 | $ (61,943) | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Redemption of common partnership units | (3,223) | (3,223) | (3,223) | ||||
Redemption of AIR Operating Partnership units | $ 3,223 | ||||||
Amortization of share-based compensation cost | 2,638 | 1,915 | 723 | 2,638 | |||
Effect of changes in ownership of consolidated entities | (2,590) | 2,590 | |||||
Change in accumulated other comprehensive income (loss) | (2,071) | (2,071) | (1,939) | (132) | (2,071) | ||
Net income | 87,511 | 87,511 | 83,310 | 4,436 | 87,746 | (235) | |
Distributions to common unitholders | (67,625) | (63,858) | (3,767) | (67,625) | |||
Distributions to preferred unitholders | (50) | (50) | (50) | ||||
Distributions to noncontrolling interests | (5,169) | (1,402) | (1,402) | ||||
Other, net | (1,775) | (736) | (736) | (1,039) | |||
Balances at Mar. 31, 2021 | 1,322,096 | 2,000 | 1,320,903 | 63,812 | 1,386,715 | (64,619) | |
Balances at Dec. 31, 2021 | 1,939,155 | 2,129 | 1,810,896 | 197,013 | 2,010,038 | (70,883) | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Redemption of common partnership units | (3,452) | (3,452) | (3,452) | ||||
Redemption of AIR Operating Partnership units | 3,452 | ||||||
Amortization of share-based compensation cost | 2,750 | 1,890 | 860 | 2,750 | |||
Effect of changes in ownership of consolidated entities | (2,686) | 2,686 | |||||
Contribution from noncontrolling interest in consolidated real estate partnerships | 4,325 | 4,325 | 4,325 | ||||
Change in accumulated other comprehensive income (loss) | (783) | (783) | (783) | (783) | |||
Net income | 399,781 | 399,781 | 376,178 | 24,167 | 400,345 | (564) | |
Distributions to common unitholders | (70,428) | (70,428) | (70,428) | ||||
Distributions to noncontrolling interests | $ (7,594) | (7,594) | (4,447) | (4,447) | (3,147) | ||
Other, net | 84 | (129) | 101 | (28) | 112 | ||
Balances at Mar. 31, 2022 | $ 2,263,838 | $ 2,000 | $ 2,115,168 | $ 216,827 | $ 2,333,995 | $ (70,157) |
Basis of Presentation and Organ
Basis of Presentation and Organization | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Organization | Note 1 — Basis of Presentation and Organization Basis of Presentation The accompanying 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 months ended March 31, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The condensed consolidated balance sheets of AIR, the AIR Operating Partnership, and their consolidated subsidiaries as of December 31, 2021, have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in AIR’s and the AIR Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2021. Except where indicated, the footnotes refer to AIR, the AIR Operating Partnership and their consolidated subsidiaries, collectively. Organization and Business AIR is a self-administered and self-managed real estate investment trust (“REIT”). AIR owns, through its wholly-owned subsidiaries, all of the common equity, the general partner interest, and special limited partner interest in AIR Operating Partnership, a Delaware limited partnership originally formed on May 16, 1994. AIR Operating Partnership conducts all of the business of AIR, which is focused on the ownership of stabilized multi-family properties located in top markets including eight important geographic concentrations: Boston; Philadelphia; Washington, D.C.; Miami; Denver; the San Francisco Bay Area; Los Angeles; and San Diego. We own and operate a portfolio of apartment communities, diversified by both geography and price point, in 11 states and the District of Columbia. As of March 31, 2022, our portfolio included 76 apartment communities with 25,078 apartment homes, in which we held an average ownership of approximately 88 % . We also have four properties 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 March 31, 2022, after elimination of units held by consolidated subsidiaries, the AIR Operating Partnershi p h ad 170,224,531 common OP Units outstanding. As of March 31, 2022, AIR owned 157,082,823 of the common OP Units of the AIR Operating Partnership and AIR had an equal number of shares of its Class A Common Stock outstanding, which we refer to as Common Stock. AIR’s ownership of the total common OP Units outstanding represents a 92.3 % legal interest in the AIR Operating Partnership and a 93.9 % e conomic interest. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | Note 2 — Summary of Significant Accounting Policies Principles of Consolidation We consolidate a variable interest entity (“VIE”), in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. Redeemable Preferred OP Units As described in Note 6, our preferred OP Units may be redeemed at the holder’s option and are therefore presented within temporary equity in AIR’s condensed consolidated balance sheets and within temporary capital in the AIR Operating Partnership’s condensed consolidated balance sheets. The following table presents a rollforward of the AIR Operating Partnership’s preferred OP Units (in thousands): Balance at January 1, 2022 $ 79,370 Preferred distributions ( 1,619 ) Redemption of preferred units and other — Net income allocated to preferred units 1,603 Balance at March 31, 2022 $ 79,354 The AIR Operating Partnership has outstanding various classes of redeemable preferred OP Units. As of March 31, 2022 and December 31, 2021, the AIR Operating Partnership had 2,935,035 and 2,935,662 redeemable preferred OP Units, respectively, issued and outstanding. Distributions per annum range from 1.92 % to 8.75 % per class and $ 0.48 to $ 8.00 per unit. Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | Note 4 — Leases Tenant Lessor Arrangements The majority of lease payments we receive from our residents and tenants are fixed. We receive variable payments from our residents primarily for utility reimbursements. Our total lease income was comprised of the following amounts for all operating leases (in thousands): Three Months Ended March 31, 2022 2021 Fixed lease income $ 168,230 $ 163,968 Variable lease income 10,805 10,459 Total lease income $ 179,035 $ 174,427 In general, our commercial leases have options to extend for a certain period of time at the tenant’s option. Future minimum annual rental payments we are contractually obligated to receive under commercial leases, excluding such extension options, are as follows as of March 31, 2022 (in thousands): 2022 (remaining) $ 8,116 2023 10,499 2024 10,011 2025 9,456 2026 8,379 Thereafter 39,255 Total $ 85,716 Generally, our residential leases do not provide extension options and, as of March 31, 2022, have an average remaining term of 6.7 months. Lessor Arrangements As of March 31, 2022, the aggregate minimum lease payments owed to us under the sales-type leases is as follows: 2022 (remaining) $ 18,955 2023 25,262 2024 25,262 2025 25,373 2026 25,966 Thereafter 704,287 Total lease receivable (1) $ 825,105 Add: Unguaranteed residual value 131,580 Less: Discount 490,482 Total leased real estate assets $ 466,203 (1) As of March 31, 2022, this amount includes $ 244.7 million of guaranteed residual value and $ 580.4 million of remaining cash lease payments. The total future minimum lease payments assume that no early termination option is elected after the leased property is stabilized, which is currently expected between January 1, 2024 and January 1, 2025. The term of each of the leases ranges from 10 to 25 years. During the three months ended March 31, 2022 and 2021, we recognized income of $ 6.5 million and $ 6.4 million, respectively, on an effective interest basis at a constant rate of return over the term of the applicable leases, which is reflected in interest income in our condensed consolidated statement of operations. |
Significant Transactions
Significant Transactions | 3 Months Ended |
Mar. 31, 2022 | |
Significant Transactions [Abstract] | |
Significant Transactions | Note 3 — Significant Transactions Apartment Community Dispositions During the three months ended March 31, 2022, we sold eight apartment communities with 1,332 homes for a gain on disposition of $ 413.1 million. During the three months ended March 31, 2021 , we sold no apartment communities. From time to time we may be marketing for sale certain communities that are inconsistent with our long-term investment strategy. At the end of each reporting period, we evaluate whether such communities meet the criteria to be classified as held for sale. As of March 31, 2022, we had three apartment communities with 559 apartment homes that were classified as held for sale. Subsequent to March 31, 2022, we completed the sale of these apartment communities for gross proceeds of $ 161 million. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 5 — Commitments and Contingencies Legal Matters In addition to the matters described below, we are a party to various legal actions and administrative proceedings arising in the ordinary course of business, some of which are covered by our general liability insurance program, and none of which we expect to have a material adverse effect on our consolidated financial condition, results of operations, or cash flows. Environmental Various federal, state, and local laws subject apartment community owners or operators to liability for management and the costs of removal or remediation of certain potentially hazardous materials that may be present in the land or buildings of an apartment community. Such laws often impose liability without regard to fault or whether the owner or operator knew of, or was responsible for, the presence of such materials. The presence of, or the failure to manage or remediate properly, these materials may adversely affect occupancy at such apartment communities as well as the ability to sell or finance such apartment communities. In addition, governmental agencies may bring claims for costs associated with investigation and remediation actions. Moreover, private plaintiffs may potentially make claims for investigation and remediation costs they incur or for personal injury, disease, disability, or other infirmities related to the alleged presence of hazardous materials. In addition to potential environmental liabilities or costs associated with our current apartment communities, we may also be responsible for such liabilities or costs associated with communities we acquire or manage in the future or apartment communities we no longer own or operate. We have determined that our legal obligations to remove or remediate certain potentially hazardous materials may be conditional asset retirement obligations (“AROs”), as defined by GAAP. Except in limited circumstances where the asset retirement activities are expected to be performed in connection with a planned construction project or apartment community casualty, we believe that the fair value of our AROs cannot be reasonably estimated due to significant uncertainties in the timing and manner of settlement of those obligations. AROs that are reasonably estimable as of March 31, 2022, are immaterial to ou r condensed consolidated financial statements. |
Earnings and Dividends per Shar
Earnings and Dividends per Share and per Unit | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings and Dividends per Share and per Unit | Note 6 — Earnings and Dividends per Share and per Unit AIR and the AIR Operating Partnership calculate basic earnings per common share and basic earnings per common unit, respectively, based on the weighted-average number of shares of Common Stock and common partnership units outstanding, respectively. We calculate diluted earnings per share and diluted earnings per unit taking into consideration dilutive common stock and common partnership unit equivalents and dilutive convertible securities outstanding during the period. Our common stock and common partnership unit equivalents include options to purchase shares of Common Stock, which, if exercised, would result in AIR’s issuance of additional shares and the AIR Operating Partnership’s issuance to AIR of additional common partnership units equal to the number of shares purchased under the options. These equivalents also include unvested total stockholder return (“TSR”) restricted stock awards that do not meet the definition of participating securities, which would result in an increase in the number of shares of Common Stock and common partnership units outstanding equal to the number of the shares that vest. Common partnership unit equivalents also include unvested long-term incentive partnership units. We include in the denominator securities with dilutive effect in calculating diluted earnings per share and per unit during these periods. Our restricted stock awards that are subject to time-based vesting receive non-forfeitable dividends similar to shares of Common Stock and common partnership units prior to vesting, and our TSR long-term incentive partnership units receive non-forfeitable distributions based on specified percentages of the distributions paid to common partnership units prior to vesting and conversion. The unvested restricted shares and units related to these awards are participating securities. We include the effect of participating securities in basic and diluted earnings (loss) per share and unit computations using the two-class method of allocating distributed and undistributed earnings when the two-class method is more dilutive than the treasury stock method. 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 March 31, 2022 Net Income (Numerator) Shares (Denominator) Per Share Amount Basic earnings per share: Net income attributable to AIR common stockholders $ 375,881 156,736 $ 2.40 Diluted earnings per share: Effect of dilutive securities — 352 ( 0.01 ) Net income attributable to AIR common stockholders $ 375,881 157,088 $ 2.39 Three Months Ended March 31, 2021 Net Income (Numerator) Shares (Denominator) Per Share Amount Basic earnings per share: Net income attributable to AIR common stockholders $ 83,196 148,611 $ 0.56 Diluted earnings per share: Effect of dilutive securities — 219 — Net income attributable to AIR common stockholders $ 83,196 148,830 $ 0.56 Three Months Ended March 31, 2022 Net Income (Numerator) Shares (Denominator) Per Unit Amount Basic earnings per unit: Net income attributable to the AIR Operating Partnership's common unitholders $ 400,048 166,853 $ 2.40 Diluted earnings per unit: Effect of dilutive securities — 352 ( 0.01 ) Net income attributable to the AIR Operating Partnership's common unitholders $ 400,048 167,205 $ 2.39 Three Months Ended March 31, 2021 Net Income (Numerator) Shares (Denominator) Per Unit Amount Basic earnings per unit: Net income attributable to the AIR Operating Partnership's common unitholders $ 87,632 156,527 $ 0.56 Diluted earnings per unit: Effect of dilutive securities — 219 — Net income attributable to the AIR Operating Partnership's common unitholders $ 87,632 156,746 $ 0.56 The AIR Operating Partnership has various classes of preferred OP Units, which may be redeemed at the holders’ option. The AIR Operating Partnership may redeem these units for cash, or at its option, shares of Common Stock. As of March 31, 2022, these preferred OP Units were potentially redeemable for approximately 1.5 million shares of Common Stock (based on the period end market price) or cash. Dividends and distributions paid per share of Common Stock and per common unit were $ 0.45 and $ 0.43 as of March 31, 2022 and March 31, 2021 , respectively. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 7 — Fair Value Measurements Recurring Fair Value Measurements During 2020, we paid an upfront premium of $ 12.1 million for the option to enter into an interest rate swap at a future date. In connection with the separation on December 15, 2020 (“Separation”), AIR assigned all of the risks and rewards of ownership related to this swap to Aimco, with an offsetting and equal asset or liability recognized for the amount of gain or loss. Our interest rate option is measured at fair value on a recurring basis, which is presented in other assets, net, in our condensed consolidated balance sheets. Our interest rate option is classified within Level 2 of the GAAP fair value hierarchy and we estimate its fair value using pricing models that rely on observable market information, including contractual terms, market prices, and interest rate yield curves. The fair value adjustment is included in earnings in other expense, net, in our condensed consolidated statements of operations. Changes in fair value are reflected as a non-cash adjustment to arrive at cash flows from operations, and the upfront premium is reflected in other financing in our condensed consolidated statements of cash flows. The following table summarizes fair value for our interest rate option (in thousands): As of March 31, 2022 As of December 31, 2021 Total Fair Value Level 1 Level 2 Level 3 Total Fair Value Level 1 Level 2 Level 3 Interest rate option $ 35,474 $ — $ 35,474 $ — $ 21,699 $ — $ 21,699 $ — 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 March 31, 2022, and December 31, 2021, due to their relatively short-term nature and high probability of realization. The carrying amounts of the note receivable from Aimco, the term loans, and the revolving credit facility borrowings also approximated their estimated fair value as of March 31, 2022 and December 31, 2021. We estimate the fair value of our non-recourse property debt using an income and market approach, including comparison of the contractual terms to observable and unobservable inputs such as market interest rate risk spreads, contractual interest rates, remaining periods to maturity, collateral quality, and loan to value ratios on similarly encumbered apartment communities within our portfolio. We classify the fair value of our non-recourse property debt within Level 2 of the GAAP fair value hierarchy based on the significance of certain unobservable inputs used to estimate its fair value. The following table summarizes carrying value and fair value of our non-recourse property debt, excluding debt issuance costs (in thousands): As of March 31, 2022 As of December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 2,043,649 $ 1,953,994 $ 2,305,756 $ 2,367,713 |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Note 8 — Variable Interest Entities Consolidated Entities AIR consolidates the AIR Operating Partnership, a variable interest entity (“VIE”) of which AIR is the primary beneficiary. AIR, through the AIR Operating Partnership, consolidates all VIEs for which it is the primary beneficiary. Substantially all of the assets and liabilities of AIR are that of the AIR Operating Partnership. The AIR Operating Partnership consolidates (i) five VIEs that own interests in one or more apartment communities and are typically structured to generate a return for their partners through the operation and ultimate sale of the communities and (ii) five VIEs related to lessor entities that own interests in properties leased to third parties. The assets and liabilities of the VIEs associated with the leased properties consist of our net investment in the leases. The AIR Operating Partnership is the primary beneficiary in the limited partnerships in which it is the sole decision maker and has a substantial economic interest. The table below summarizes apartment community information regarding VIEs consolidated by the AIR Operating Partnership: March 31, 2022 December 31, 2021 VIEs with interests in apartment communities 5 5 Apartment communities owned by VIEs 16 16 Apartment homes in communities owned by VIEs 5,369 5,369 Assets of the AIR Operating Partnership’s consolidated VIEs must first be used to settle the liabilities of such consolidated VIEs. These consolidated VIEs’ creditors do not have recourse to the general credit of the AIR Operating Partnership. Assets and liabilities of VIEs, excluding those of the AIR Operating Partnership, are summarized in the table below (in thousands): March 31, 2022 December 31, 2021 ASSETS: Net real estate $ 1,086,541 $ 1,096,039 Cash and cash equivalents 38,750 29,863 Restricted cash 1,977 2,380 Other assets, net 26,692 21,745 LIABILITIES: Non-recourse property debt secured by AIR communities, net $ 1,223,574 $ 1,227,345 Accrued liabilities and other 35,765 34,659 Unconsolidated Entities During 2021, we formed a joint venture with an affiliate of Blackstone by selling an 80 % interest in three multi-family properties with 1,748 units located in Virginia. Our 20 % interest in the venture meets the definition of a VIE, however, we are not the primary beneficiary and do not consolidate these communities. As of March 31, 2022 and December 31, 2021, the carrying value of the investment of $ 24.0 million and $ 26.0 million, respectively, is included in other assets, net, in our condensed consolidated balance sheets. AIR's exposure to the obligations of the VIE is limited to the carrying value of the limited partnership interests and 20 % of Blackstone's guarantor liabilities, which were $ 79 million as of March 31, 2022. We have an interest in a partnership that owns Parkmerced Apartments, which meets the definition of a VIE. However, we are not the primary beneficiary and do not consolidate this partnership. As of March 31, 2022, and December 31, 2021, the investment balance of $ 346.0 million and $ 337.8 million, respectively, is included in other assets, net, in our condensed consolidated balance sheets. Subsequent to the Separation, all risks and rewards of ownership are Aimco’s, however, as legal transfer has not occurred, there is an equal and offsetting liability included in accrued liabilities and other in our condensed consolidated balance sheets. Accordingly, there is no net effect on AIR’s stockholders’ equity. |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Business Segments | Note 9 — Business Segments We have two segments: Same Store and Other Real Estate. Our Same Store segment includes communities that: (i) are owned and managed by AIR, and (ii) had reached a stabilized level of operations. Our Other Real Estate segment includes the five properties that were acquired in 2021 and four communities that we expect to sell or lease to a third party, but do not yet meet the criteria to be classified as held for sale. Our chief operating decision maker (“CODM”) uses proportionate property net operating income (“NOI”) to assess the operating performance of our communities. Proportionate property NOI reflects our share of rental and other property revenues, excluding utility reimbursements, less direct property operating expenses, net of utility reimbursements. In our condensed consolidated statements of operations, utility reimbursements are included in rental and other property revenues in accordance with GAAP. As of March 31, 2022, our Same Store segment included 64 apartment communities with 22,020 apartment homes, our Other Real Estate segment included nine apartment communities with 2,499 apartment homes, and three apartment communities with 559 apartment homes were classified as held for sale. The following tables present the total revenues, property operating expenses, proportionate property net operating income, and income before income tax benefit (expense) of our segments on a proportionate basis. To reflect how the CODM evaluates the business, prior period segment information has been recast to conform with our reportable segment composition of March 31, 2022 (in thousands): Same Other Proportionate Corporate and Consolidated Three months ended March 31, 2022: Total revenues $ 138,108 $ 15,644 $ 19,781 $ 7,945 $ 181,478 Property operating expenses 37,234 6,334 10,381 9,287 63,236 Other operating expenses not allocated to segments (3) — — — 95,164 95,164 Total operating expenses 37,234 6,334 10,381 104,451 158,400 Proportionate property net operating income 100,874 9,310 9,400 ( 96,506 ) 23,078 Other items included in income before income tax benefit (4) — — — 377,727 377,727 Income before income tax benefit $ 100,874 $ 9,310 $ 9,400 $ 281,221 $ 400,805 Same Other Proportionate Corporate and Consolidated Three months ended March 31, 2021: Total revenues $ 133,558 $ 1,914 $ 19,308 $ 21,633 $ 176,413 Property operating expenses 37,901 1,364 9,849 15,503 64,617 Other operating expenses not allocated to segments (3) — — — 82,570 82,570 Total operating expenses 37,901 1,364 9,849 98,073 147,187 Proportionate property net operating income 95,657 550 9,459 ( 76,440 ) 29,226 Other items included in income before income tax expense (4) — — — 62,969 62,969 Income before income tax expense $ 95,657 $ 550 $ 9,459 $ ( 13,471 ) $ 92,195 (1) Represents adjustments for third-party share of unconsolidated apartment communities and the noncontrolling interests in consolidated real estate partnerships’ share of the results of communities in our segments, which are included in the related consolidated amounts but excluded from proportionate property NOI for our segment evaluation. Also includes the reclassification of utility reimbursements from revenues to property operating expenses for the purpose of evaluating segment results. Utility reimbursements are included in rental and other property revenues in our condensed consolidated statements of operations prepared in accordance with GAAP. (2) Includes the operating results of apartment communities sold during the periods shown or held for sale at the end of the period, if any. Also includes property management revenues, which are not part of our segment performance measure and property management expenses and casualty gains and losses, which are included in consolidated property operating expenses and are not part of our segment performance measure. (3) Includes depreciation and amortization, general and administrative expenses, and other expenses, net, and may also include provision for real estate impairment loss and write-offs of deferred leasing commissions, which are not included in our measure of segment performance. (4) Includes gain on derecognition of leased properties and dispositions of real estate, interest income, including interest income related to the leased properties, interest expense, and loss on extinguishment of debt. The assets of our segments and the consolidated assets not allocated to our segments were as follows (in thousands): March 31, 2022 December 31, 2021 Same Store $ 3,974,518 $ 3,962,175 Other Real Estate 753,452 799,012 Corporate and other assets (1) 1,574,886 1,679,173 Total consolidated assets $ 6,302,856 $ 6,440,360 (1) Includes the assets not allocated to our segments including: (i) corporate assets; (ii) our note receivable from Aimco; (iii) our mezzanine loan investment; and (iv) assets of leased apartment communities, sold, or classified as held for sale as of March 31, 2022 . For the three months ended March 31, 2022 and 2021, capital additions related to our segments were as follows (in thousands): 2022 2021 Same Store $ 29,817 $ 19,417 Other Real Estate 7,286 251 Total capital additions $ 37,103 $ 19,668 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation We consolidate a variable interest entity (“VIE”), in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. |
Noncontrolling Interests in the Aimco Operating Partnership | Redeemable Preferred OP Units As described in Note 6, our preferred OP Units may be redeemed at the holder’s option and are therefore presented within temporary equity in AIR’s condensed consolidated balance sheets and within temporary capital in the AIR Operating Partnership’s condensed consolidated balance sheets. The following table presents a rollforward of the AIR Operating Partnership’s preferred OP Units (in thousands): Balance at January 1, 2022 $ 79,370 Preferred distributions ( 1,619 ) Redemption of preferred units and other — Net income allocated to preferred units 1,603 Balance at March 31, 2022 $ 79,354 The AIR Operating Partnership has outstanding various classes of redeemable preferred OP Units. As of March 31, 2022 and December 31, 2021, the AIR Operating Partnership had 2,935,035 and 2,935,662 redeemable preferred OP Units, respectively, issued and outstanding. Distributions per annum range from 1.92 % to 8.75 % per class and $ 0.48 to $ 8.00 per unit. |
Use of Estimates | Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reconciliation of Preferred OP Units | The following table presents a rollforward of the AIR Operating Partnership’s preferred OP Units (in thousands): Balance at January 1, 2022 $ 79,370 Preferred distributions ( 1,619 ) Redemption of preferred units and other — Net income allocated to preferred units 1,603 Balance at March 31, 2022 $ 79,354 |
Lease Income for Operating Leases | Our total lease income was comprised of the following amounts for all operating leases (in thousands): Three Months Ended March 31, 2022 2021 Fixed lease income $ 168,230 $ 163,968 Variable lease income 10,805 10,459 Total lease income $ 179,035 $ 174,427 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Lease Income for Operating Leases | Our total lease income was comprised of the following amounts for all operating leases (in thousands): Three Months Ended March 31, 2022 2021 Fixed lease income $ 168,230 $ 163,968 Variable lease income 10,805 10,459 Total lease income $ 179,035 $ 174,427 |
Future Minimum Annual Rental Payments Receivable Under Residential and Commercial Leases | Future minimum annual rental payments we are contractually obligated to receive under commercial leases, excluding such extension options, are as follows as of March 31, 2022 (in thousands): 2022 (remaining) $ 8,116 2023 10,499 2024 10,011 2025 9,456 2026 8,379 Thereafter 39,255 Total $ 85,716 |
Schedule of Aggregate Minimum Lease Payments | As of March 31, 2022, the aggregate minimum lease payments owed to us under the sales-type leases is as follows: 2022 (remaining) $ 18,955 2023 25,262 2024 25,262 2025 25,373 2026 25,966 Thereafter 704,287 Total lease receivable (1) $ 825,105 Add: Unguaranteed residual value 131,580 Less: Discount 490,482 Total leased real estate assets $ 466,203 (1) As of March 31, 2022, this amount includes $ 244.7 million of guaranteed residual value and $ 580.4 million of remaining cash lease payments. The total future minimum lease payments assume that no early termination option is elected after the leased property is stabilized, which is currently expected between January 1, 2024 and January 1, 2025. The term of each of the leases ranges from 10 to 25 years. |
Earnings and Dividends per Sh_2
Earnings and Dividends per Share and per Unit (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings (Loss) per Share and per Unit | Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit are as follows (in thousands, except per share and per unit data): Three Months Ended March 31, 2022 Net Income (Numerator) Shares (Denominator) Per Share Amount Basic earnings per share: Net income attributable to AIR common stockholders $ 375,881 156,736 $ 2.40 Diluted earnings per share: Effect of dilutive securities — 352 ( 0.01 ) Net income attributable to AIR common stockholders $ 375,881 157,088 $ 2.39 Three Months Ended March 31, 2021 Net Income (Numerator) Shares (Denominator) Per Share Amount Basic earnings per share: Net income attributable to AIR common stockholders $ 83,196 148,611 $ 0.56 Diluted earnings per share: Effect of dilutive securities — 219 — Net income attributable to AIR common stockholders $ 83,196 148,830 $ 0.56 Three Months Ended March 31, 2022 Net Income (Numerator) Shares (Denominator) Per Unit Amount Basic earnings per unit: Net income attributable to the AIR Operating Partnership's common unitholders $ 400,048 166,853 $ 2.40 Diluted earnings per unit: Effect of dilutive securities — 352 ( 0.01 ) Net income attributable to the AIR Operating Partnership's common unitholders $ 400,048 167,205 $ 2.39 Three Months Ended March 31, 2021 Net Income (Numerator) Shares (Denominator) Per Unit Amount Basic earnings per unit: Net income attributable to the AIR Operating Partnership's common unitholders $ 87,632 156,527 $ 0.56 Diluted earnings per unit: Effect of dilutive securities — 219 — Net income attributable to the AIR Operating Partnership's common unitholders $ 87,632 156,746 $ 0.56 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value for Interest Rate Options | The following table summarizes fair value for our interest rate option (in thousands): As of March 31, 2022 As of December 31, 2021 Total Fair Value Level 1 Level 2 Level 3 Total Fair Value Level 1 Level 2 Level 3 Interest rate option $ 35,474 $ — $ 35,474 $ — $ 21,699 $ — $ 21,699 $ — |
Summary of Carrying Value and Fair Value of Non-recourse Property Debt | The following table summarizes carrying value and fair value of our non-recourse property debt, excluding debt issuance costs (in thousands): As of March 31, 2022 As of December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 2,043,649 $ 1,953,994 $ 2,305,756 $ 2,367,713 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The table below summarizes apartment community information regarding VIEs consolidated by the AIR Operating Partnership: March 31, 2022 December 31, 2021 VIEs with interests in apartment communities 5 5 Apartment communities owned by VIEs 16 16 Apartment homes in communities owned by VIEs 5,369 5,369 Assets of the AIR Operating Partnership’s consolidated VIEs must first be used to settle the liabilities of such consolidated VIEs. These consolidated VIEs’ creditors do not have recourse to the general credit of the AIR Operating Partnership. Assets and liabilities of VIEs, excluding those of the AIR Operating Partnership, are summarized in the table below (in thousands): March 31, 2022 December 31, 2021 ASSETS: Net real estate $ 1,086,541 $ 1,096,039 Cash and cash equivalents 38,750 29,863 Restricted cash 1,977 2,380 Other assets, net 26,692 21,745 LIABILITIES: Non-recourse property debt secured by AIR communities, net $ 1,223,574 $ 1,227,345 Accrued liabilities and other 35,765 34,659 |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Summary of Information for Reportable Segments | The following tables present the total revenues, property operating expenses, proportionate property net operating income, and income before income tax benefit (expense) of our segments on a proportionate basis. To reflect how the CODM evaluates the business, prior period segment information has been recast to conform with our reportable segment composition of March 31, 2022 (in thousands): Same Other Proportionate Corporate and Consolidated Three months ended March 31, 2022: Total revenues $ 138,108 $ 15,644 $ 19,781 $ 7,945 $ 181,478 Property operating expenses 37,234 6,334 10,381 9,287 63,236 Other operating expenses not allocated to segments (3) — — — 95,164 95,164 Total operating expenses 37,234 6,334 10,381 104,451 158,400 Proportionate property net operating income 100,874 9,310 9,400 ( 96,506 ) 23,078 Other items included in income before income tax benefit (4) — — — 377,727 377,727 Income before income tax benefit $ 100,874 $ 9,310 $ 9,400 $ 281,221 $ 400,805 Same Other Proportionate Corporate and Consolidated Three months ended March 31, 2021: Total revenues $ 133,558 $ 1,914 $ 19,308 $ 21,633 $ 176,413 Property operating expenses 37,901 1,364 9,849 15,503 64,617 Other operating expenses not allocated to segments (3) — — — 82,570 82,570 Total operating expenses 37,901 1,364 9,849 98,073 147,187 Proportionate property net operating income 95,657 550 9,459 ( 76,440 ) 29,226 Other items included in income before income tax expense (4) — — — 62,969 62,969 Income before income tax expense $ 95,657 $ 550 $ 9,459 $ ( 13,471 ) $ 92,195 (1) Represents adjustments for third-party share of unconsolidated apartment communities and the noncontrolling interests in consolidated real estate partnerships’ share of the results of communities in our segments, which are included in the related consolidated amounts but excluded from proportionate property NOI for our segment evaluation. Also includes the reclassification of utility reimbursements from revenues to property operating expenses for the purpose of evaluating segment results. Utility reimbursements are included in rental and other property revenues in our condensed consolidated statements of operations prepared in accordance with GAAP. (2) Includes the operating results of apartment communities sold during the periods shown or held for sale at the end of the period, if any. Also includes property management revenues, which are not part of our segment performance measure and property management expenses and casualty gains and losses, which are included in consolidated property operating expenses and are not part of our segment performance measure. (3) Includes depreciation and amortization, general and administrative expenses, and other expenses, net, and may also include provision for real estate impairment loss and write-offs of deferred leasing commissions, which are not included in our measure of segment performance. (4) Includes gain on derecognition of leased properties and dispositions of real estate, interest income, including interest income related to the leased properties, interest expense, and loss on extinguishment of debt. |
Reconciliation of Assets from Segment to Consolidated | The assets of our segments and the consolidated assets not allocated to our segments were as follows (in thousands): March 31, 2022 December 31, 2021 Same Store $ 3,974,518 $ 3,962,175 Other Real Estate 753,452 799,012 Corporate and other assets (1) 1,574,886 1,679,173 Total consolidated assets $ 6,302,856 $ 6,440,360 (1) Includes the assets not allocated to our segments including: (i) corporate assets; (ii) our note receivable from Aimco; (iii) our mezzanine loan investment; and (iv) assets of leased apartment communities, sold, or classified as held for sale as of March 31, 2022 . |
Capital Additions Related to Segments | For the three months ended March 31, 2022 and 2021, capital additions related to our segments were as follows (in thousands): 2022 2021 Same Store $ 29,817 $ 19,417 Other Real Estate 7,286 251 Total capital additions $ 37,103 $ 19,668 |
Basis of Presentation and Org_2
Basis of Presentation and Organization (Details Textual) | 3 Months Ended | ||||
Mar. 31, 2022Property | Mar. 31, 2022ApartmentHome | Mar. 31, 2022 | Mar. 31, 2022shares | Dec. 31, 2021Multi_family_apartment | |
Organization [Line Items] | |||||
Number of apartment homes | 76 | 3 | |||
Number of apartment homes in apartment communities | 559 | 1,748 | |||
Number of leased properties | Property | 4 | ||||
Partially Owned Properties [Member] | |||||
Organization [Line Items] | |||||
Number of apartment homes in apartment communities | ApartmentHome | 25,078 | ||||
Percentage of average ownership of portfolio | 88.00% | ||||
AIR Operating Partnership [Member] | |||||
Organization [Line Items] | |||||
Common operating partnership units and equivalents outstanding | 170,224,531 | ||||
Common operating partnership units and equivalents outstanding | 157,082,823 | ||||
Percentage of the Aimco Operating Partnership's common partnership units and equivalents owned by Aimco | 92.30% | ||||
Percentage of economic interest | 93.90% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Reconciliation of Preferred OP Units (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |
Balance at January 1, 2022 | $ 79,370 |
Balance at March 31, 2022 | 79,354 |
AIMCO PROPERTIES, L.P [Member] | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |
Preferred distributions | (1,619) |
Redemption of preferred units | 0 |
Net income | $ 1,603 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details Textual) - AIMCO PROPERTIES, L.P [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Units outstanding (in shares) | 2,935,035 | 2,935,662 |
Minimum [Member] | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Distributions per annum (in dollars per share) | $ 0.48 | |
Distributions per annum | 1.92% | |
Maximum [Member] | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Distributions per annum (in dollars per share) | $ 8 | |
Distributions per annum | 8.75% |
Significant Transactions (Detai
Significant Transactions (Details Textual) $ in Millions | 3 Months Ended | |||
Mar. 31, 2022USD ($)ApartmentHomeProperty | Mar. 31, 2021ApartmentHome | Mar. 31, 2022ApartmentHome | Dec. 31, 2021Multi_family_apartment | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Number of apartment homes | 76 | 3 | ||
Number of apartment homes in apartment communities | 559 | 1,748 | ||
Number Of Units In Real Estate Property Held For Sale | ApartmentHome | 1,332 | |||
Proceeds from Sale of Real Estate | $ | $ 161 | |||
Gain (Loss) on Disposition of Assets | $ | $ 413.1 | |||
Apartment Communities Sold | ApartmentHome | 8 | 0 |
Leases - Lease Income for Opera
Leases - Lease Income for Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Fixed lease income | $ 168,230 | $ 163,968 |
Variable lease income | 10,805 | 10,459 |
Total lease income | $ 179,035 | $ 174,427 |
Leases - Future Minimum Annual
Leases - Future Minimum Annual Rental Payments Receivable Under Residential and Commercial Leases (Details) $ in Thousands | Mar. 31, 2022USD ($) | |
Lessor, Lease, Description [Line Items] | ||
2022 (remaining) | $ 18,955 | |
Total lease receivable | 825,105 | [1] |
Commercial Real Estate [Member] | ||
Lessor, Lease, Description [Line Items] | ||
2022 (remaining) | 8,116 | |
2023 | 10,499 | |
2024 | 10,011 | |
2025 | 9,456 | |
2026 | 8,379 | |
Thereafter | 39,255 | |
Total lease receivable | $ 85,716 | |
[1] | As of March 31, 2022, this amount includes $ 244.7 million of guaranteed residual value and $ 580.4 million of remaining cash lease payments. The total future minimum lease payments assume that no early termination option is elected after the leased property is stabilized, which is currently expected between January 1, 2024 and January 1, 2025. The term of each of the leases ranges from 10 to 25 years. |
Leases - Schedule of aggregate
Leases - Schedule of aggregate minimum lease payments (Details) $ in Thousands | Mar. 31, 2022USD ($) | |
Leases [Abstract] | ||
2022 (remaining) | $ 18,955 | |
2023 | 25,262 | |
2024 | 25,262 | |
2025 | 25,373 | |
2026 | 25,966 | |
Thereafter | 704,287 | |
Total lease receivable | 825,105 | [1] |
Add: Unguaranteed residual value | 131,580 | |
Less: Discount | 490,482 | |
Total leased real estate assets | $ 466,203 | |
[1] | As of March 31, 2022, this amount includes $ 244.7 million of guaranteed residual value and $ 580.4 million of remaining cash lease payments. The total future minimum lease payments assume that no early termination option is elected after the leased property is stabilized, which is currently expected between January 1, 2024 and January 1, 2025. The term of each of the leases ranges from 10 to 25 years. |
Leases - Future Minimum Annua_2
Leases - Future Minimum Annual Rental Payments Receivable Under Residential and Commercial (Parenthetical) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Guaranteed residual value | $ 244.7 |
Remaining cash lease payments | $ 580.4 |
Maximum [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Lessee, Operating Lease, Term of Contract | 25 years |
Minimum [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Lessee, Operating Lease, Term of Contract | 10 years |
Leases (Details Textual)
Leases (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Sales-type Lease, Interest Income, Lease Receivable | $ 6.5 | $ 6.4 |
Residential Lease [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Lessor, Operating Lease, Option to Extend | Generally, our residential leases do not provide extension options | |
Operating Lease, Weighted Average Remaining Lease Term | 6 months 21 days |
Earnings and Dividends per Sh_3
Earnings and Dividends per Share and per Unit - Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings (Loss) per Share and per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Basic and Diluted Earnings per Share: | ||
Net income attributable to AIR common stockholders | $ 375,881 | $ 83,196 |
Net income attributable to AIR common stockholders, Shares | 156,736 | 148,611 |
Net income attributable to AIR common stockholders per share - basic | $ 2.40 | $ 0.56 |
Diluted Earnings per Share: | ||
Effect of dilutive securities | $ 0 | $ 0 |
Net income attributable to AIR common stockholders | $ 375,881 | $ 83,196 |
Effect of dilutive securities, Shares | 352 | 219 |
Net income attributable to AIR common stockholders, Shares | 157,088 | 148,830 |
Effect of dilutive securities, Per share amount | $ (0.01) | $ 0 |
Net income attributable to AIR common stockholders per share - diluted | $ 2.39 | $ 0.56 |
AIMCO Properties, LP [Member] | ||
Basic and Diluted Earnings per Share: | ||
Net income attributable to AIR common stockholders | $ 400,048 | $ 87,632 |
Net income attributable to AIR common stockholders, Shares | 166,853 | 156,527 |
Net income attributable to AIR common stockholders per share - basic | $ 2.40 | $ 0.56 |
Diluted Earnings per Share: | ||
Effect of dilutive securities | $ 0 | $ 0 |
Net income attributable to AIR common stockholders | $ 400,048 | $ 87,632 |
Effect of dilutive securities, Shares | 352 | 219 |
Net income attributable to AIR common stockholders, Shares | 167,205 | 156,746 |
Net income attributable to AIR common stockholders per share - diluted | $ 2.39 | $ 0.56 |
Earnings and Dividends per Sh_4
Earnings and Dividends per Share and per Unit (Details Textual) - $ / shares shares in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Number of shares potentially redeemable for (in shares) | 1.5 | |
Dividends and distributions paid | $ 0.45 | $ 0.43 |
Fair Value Measurements (Detail
Fair Value Measurements (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Interest Rate Option [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Payments for purchase of swaption | $ 12.1 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value for Interest Rate Options (Details) - Fair value recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest rate option | $ 35,474 | $ 21,699 |
Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest rate option | 0 | 0 |
Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest rate option | 35,474 | 21,699 |
Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest rate option | $ 0 | $ 0 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Carrying Value and Fair Value of Non-recourse Property Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Non-recourse property debt | $ 3,355,931 | $ 3,743,286 |
Carrying Value [Member] | Fair Value, Nonrecurring [Member] | Non-recourse property debt [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Non-recourse property debt | 2,043,649 | 2,305,756 |
Fair Value [Member] | Fair Value, Nonrecurring [Member] | Non-recourse property debt [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Non-recourse property debt | $ 1,953,994 | $ 2,367,713 |
Variable Interest Entities (Det
Variable Interest Entities (Details) $ in Thousands | Mar. 31, 2022USD ($) | Mar. 31, 2022Property | Mar. 31, 2022ApartmentHome | Mar. 31, 2022Entity | Mar. 31, 2022Unit | Dec. 31, 2021USD ($)Multi_family_apartmentPropertyUnitEntity |
Number of owned and managed apartment communities in segments | 76 | 3 | ||||
Number of apartment homes in apartment communities | 559 | 1,748 | ||||
Net real estate | $ 4,550,811 | $ 4,600,288 | ||||
Cash and cash equivalents | 77,867 | 67,320 | ||||
Restricted cash | 26,044 | 25,441 | ||||
Other assets, net | 601,198 | 568,051 | ||||
Non-recourse property debt, net | 2,033,705 | 2,294,739 | ||||
Accrued liabilities and other | 603,308 | $ 592,774 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||
VIEs with interests in apartment communities | Entity | 5 | 5 | ||||
Number of owned and managed apartment communities in segments | Property | 16 | 16 | ||||
Number of apartment homes in apartment communities | Unit | 5,369 | 5,369 | ||||
Net real estate | 1,086,541 | $ 1,096,039 | ||||
Cash and cash equivalents | 38,750 | 29,863 | ||||
Restricted cash | 1,977 | 2,380 | ||||
Other assets, net | 26,692 | 21,745 | ||||
Non-recourse property debt, net | 1,223,574 | 1,227,345 | ||||
Accrued liabilities and other | $ 35,765 | $ 34,659 |
Variable Interest Entities (D_2
Variable Interest Entities (Details Textual) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022USD ($)ApartmentHome | Dec. 31, 2021USD ($)Multi_family_apartment | |
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||
Percentage of ownership sold to affiliate | 80.00% | |
Number of apartment homes in apartment communities | 559 | 1,748 |
Affiliate of Blackstone [Member] | ||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||
General partner ownership percentage | 20.00% | |
Limited partner ownership percentage | 20.00% | |
Parkmerced Investment [Member] | ||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||
Equity method investments | $ 346 | $ 337.8 |
Affiliate of Blackstone Investment [Member] | ||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||
Equity method investments | 24 | $ 26 |
Affiliate of Blackstone Investment [Member] | Affiliate of Blackstone [Member] | ||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||
Equity method investments | $ 79 |
Business Segments (Details Text
Business Segments (Details Textual) | 3 Months Ended | ||
Mar. 31, 2022PropertySegment | Mar. 31, 2022ApartmentHome | Dec. 31, 2021Multi_family_apartment | |
Business Segments (Textual) [Abstract] | |||
Number of reportable segments | Segment | 2 | ||
Number of owned and managed apartment communities in segments | 76 | 3 | |
Number of apartment homes in apartment communities | 559 | 1,748 | |
Expect to Sell or Lease to Third Party [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of apartment homes in apartment communities | 4 | ||
Wholly And Partially Owned Consolidated Properties [Member] | Held For Sale [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of owned and managed apartment communities in segments | 3 | ||
Number of apartment homes in apartment communities | 559 | ||
Wholly And Partially Owned Consolidated Properties [Member] | Same Store [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of owned and managed apartment communities in segments | 64 | ||
Number of apartment homes in apartment communities | ApartmentHome | 22,020 | ||
Wholly And Partially Owned Consolidated Properties [Member] | Other Real Estate [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of owned and managed apartment communities in segments | 9 | ||
Number of apartment homes in apartment communities | ApartmentHome | 2,499 | ||
Wholly Owned Consolidated Properties [Member] | Other Real Estate [Member] | |||
Business Segments (Textual) [Abstract] | |||
Number of owned and managed apartment communities in segments | 5 |
Business Segments - Summary of
Business Segments - Summary of Information for Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Summary information for the reportable segments | ||
Revenues, Total | $ 181,478 | $ 176,413 |
Other operating expenses not allocated to segments | 95,164 | 82,570 |
Total operating expenses | 158,400 | 147,187 |
Proportionate property net operating income | 23,078 | 29,226 |
Other items included in income before income tax benefit (expense) | 377,727 | 62,969 |
Income before income tax benefit (expense) | 400,805 | 92,195 |
Real Estate [Member] | ||
Summary information for the reportable segments | ||
Property operating expenses | 63,236 | 64,617 |
Segment Reconciling Items [Member] | ||
Summary information for the reportable segments | ||
Revenues, Total | 19,781 | 19,308 |
Other operating expenses not allocated to segments | 0 | 0 |
Total operating expenses | 10,381 | 9,849 |
Proportionate property net operating income | 9,400 | 9,459 |
Other items included in income before income tax benefit (expense) | 0 | 0 |
Income before income tax benefit (expense) | 9,400 | 9,459 |
Segment Reconciling Items [Member] | Real Estate [Member] | ||
Summary information for the reportable segments | ||
Property operating expenses | 10,381 | 9,849 |
Corporate Non-Segment [Member] | ||
Summary information for the reportable segments | ||
Revenues, Total | 7,945 | 21,633 |
Other operating expenses not allocated to segments | 95,164 | 82,570 |
Total operating expenses | 104,451 | 98,073 |
Proportionate property net operating income | (96,506) | (76,440) |
Other items included in income before income tax benefit (expense) | 377,727 | 62,969 |
Income before income tax benefit (expense) | 281,221 | (13,471) |
Corporate Non-Segment [Member] | Real Estate [Member] | ||
Summary information for the reportable segments | ||
Property operating expenses | 9,287 | 15,503 |
Same Store [Member] | Operating Segments [Member] | ||
Summary information for the reportable segments | ||
Revenues, Total | 138,108 | 133,558 |
Other operating expenses not allocated to segments | 0 | 0 |
Total operating expenses | 37,234 | 37,901 |
Proportionate property net operating income | 100,874 | 95,657 |
Other items included in income before income tax benefit (expense) | 0 | 0 |
Income before income tax benefit (expense) | 100,874 | 95,657 |
Same Store [Member] | Operating Segments [Member] | Real Estate [Member] | ||
Summary information for the reportable segments | ||
Property operating expenses | 37,234 | 37,901 |
Other Real Estate [Member] | Operating Segments [Member] | ||
Summary information for the reportable segments | ||
Revenues, Total | 15,644 | 1,914 |
Other operating expenses not allocated to segments | 0 | 0 |
Total operating expenses | 6,334 | 1,364 |
Proportionate property net operating income | 9,310 | 550 |
Other items included in income before income tax benefit (expense) | 0 | 0 |
Income before income tax benefit (expense) | 9,310 | 550 |
Other Real Estate [Member] | Operating Segments [Member] | Real Estate [Member] | ||
Summary information for the reportable segments | ||
Property operating expenses | $ 6,334 | $ 1,364 |
Business Segments - Reconciliat
Business Segments - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 6,302,856 | $ 6,440,360 |
Corporate Non-Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,574,886 | 1,679,173 |
Same Store [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 3,974,518 | 3,962,175 |
Other Real Estate [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 753,452 | $ 799,012 |
Business Segments - Capital Add
Business Segments - Capital Additions Related to Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Capital additions | $ 37,103 | $ 19,668 |
Same Store [Member] | ||
Segment Reporting Information [Line Items] | ||
Capital additions | 29,817 | 19,417 |
Other Real Estate [Member] | ||
Segment Reporting Information [Line Items] | ||
Capital additions | $ 7,286 | $ 251 |