Aimco Properties 10-Q3 Nov 232023 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Nov. 01, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		146,992,711
Entity Central Index Key	0001820877
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
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	Q3
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Buildings and improvements	$ 6,290,960	$ 6,784,965
Land	1,285,398	1,291,429
Total real estate	7,576,358	8,076,394
Accumulated depreciation	(2,173,273)	(2,449,883)
Net real estate	5,403,085	5,626,511
Cash and cash equivalents	106,630	95,797
Restricted cash	27,540	205,608
Goodwill	32,286	32,286
Investment in unconsolidated real estate partnerships	352,096	41,860
Other assets, net	477,612	549,821
Total assets	6,399,249	6,551,883
LIABILITIES AND EQUITY
Non-recourse property debt, net	2,231,238	1,985,430
Term loans, net	473,486	796,713
Revolving credit facility borrowings	25,750	462,000
Unsecured notes payable, net	397,760	397,486
Total indebtedness	3,128,234	3,641,629
Accrued liabilities and other	483,147	513,805
Total liabilities	3,611,381	4,155,434
Commitments and Contingencies
Preferred noncontrolling interests in AIR Operating Partnership	77,140	77,143
Equity:
Perpetual Preferred Stock	2,000	2,000
Common Stock, $0.01 par value, 1,021,175,000 shares authorized at September 30, 2023 and December 31, 2022, and 146,973,055 and 149,086,548 shares issued/outstanding at September 30, 2023 and December 31, 2022, respectively	1,470	1,491
Additional paid-in capital	3,355,316	3,436,635
Accumulated other comprehensive income	24,794	43,562
Distributions in excess of earnings	(876,116)	(1,327,271)
Total AIR equity	2,507,464	2,156,417
Noncontrolling interests in consolidated real estate partnerships	(83,110)	(78,785)
Common noncontrolling interests in AIR Operating Partnership	286,374	241,674
Total equity	2,710,728	2,319,306
Total liabilities and equity	6,399,249	6,551,883
Apartment Income REIT, L.P.
ASSETS
Buildings and improvements	6,290,960	6,784,965
Land	1,285,398	1,291,429
Total real estate	7,576,358	8,076,394
Accumulated depreciation	(2,173,273)	(2,449,883)
Net real estate	5,403,085	5,626,511
Cash and cash equivalents	106,630	95,797
Restricted cash	27,540	205,608
Goodwill	32,286	32,286
Investment in unconsolidated real estate partnerships	352,096	41,860
Other assets, net	477,612	549,821
Total assets	6,399,249	6,551,883
LIABILITIES AND EQUITY
Non-recourse property debt, net	2,231,238	1,985,430
Term loans, net	473,486	796,713
Revolving credit facility borrowings	25,750	462,000
Unsecured notes payable, net	397,760	397,486
Total indebtedness	3,128,234	3,641,629
Accrued liabilities and other	483,147	513,805
Total liabilities	3,611,381	4,155,434
Commitments and Contingencies
Preferred noncontrolling interests in AIR Operating Partnership	77,140	77,143
Equity:
Preferred units	2,000	2,000
General Partner and Special Limited Partner	2,505,464	2,154,417
Limited Partners	286,374	241,674
Partners’ capital attributable to the AIR Operating Partnership	2,793,838	2,398,091
Noncontrolling interests in consolidated real estate partnerships	(83,110)	(78,785)
Total equity	2,710,728	2,319,306
Total liabilities and equity	$ 6,399,249	$ 6,551,883

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 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	146,973,055	149,086,548
Common stock, shares outstanding	146,973,055	149,086,548

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
REVENUES
Total revenues	$ 197,307	$ 200,871	$ 623,677	$ 565,849
EXPENSES
Property operating expenses	58,076	64,009	190,122	176,679
Property management expenses	7,899	7,241	23,318	21,594
Depreciation and amortization	79,023	90,445	263,949	253,650
General and administrative expenses	5,663	7,663	18,866	19,593
Other expenses, net	8,110	4,941	14,434	5,883
Total operating expenses	158,771	174,299	510,689	477,399
Interest income	2,918	9,613	6,133	48,746
Interest expense	(22,888)	(32,656)	(96,629)	(80,790)
Loss on extinguishment of debt	0	0	(2,008)	(23,636)
Gain on dispositions and impairments of real estate	692,861	0	675,534	587,609
Gain on derivative instruments, net	14,070	0	23,322	0
Loss from unconsolidated real estate partnerships	(10,390)	(87)	(12,267)	(2,974)
Income before income tax expense	715,107	3,442	707,073	617,405
Income tax expense	(4,595)	(46)	(5,911)	(966)
Net income	710,512	3,396	701,162	616,439
Noncontrolling interests:
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships	(2,525)	102	(3,894)	285
Net income attributable to the AIR Operating Partnership	(1,570)	(1,602)	(4,710)	(4,807)
Net income attributable to common noncontrolling interests in AIR Operating Partnership	(42,386)	(137)	(41,245)	(37,053)
Net income attributable to noncontrolling interests	(46,481)	(1,637)	(49,849)	(41,575)
Loss from unconsolidated real estate partnerships	664,031	1,759	651,313	574,864
Net income attributable to AIR preferred stockholders	(44)	(43)	(129)	(128)
Net (income) loss attributable to participating securities	(391)	44	(484)	(373)
Net income attributable to AIR common stockholders	$ 663,596	$ 1,760	$ 650,700	$ 574,363
Net income attributable to AIR common stockholders per share - basic (in dollars per share)	$ 4.50	$ 0.01	$ 4.39	$ 3.69
Net income attributable to AIR common stockholders per share - diluted (in dollars per share)	$ 4.43	$ 0.01	$ 4.35	$ 3.68
Weighted average common shares/units outstanding - basic (in shares)	147,474	153,811	148,372	155,488
Weighted average common shares/units outstanding - diluted	150,045	154,057	150,692	157,440
Rental and other property revenues
REVENUES
Total revenues	$ 194,244	$ 198,413	$ 616,659	$ 558,686
Other revenues
REVENUES
Total revenues	3,063	2,458	7,018	7,163
Apartment Income REIT, L.P.
REVENUES
Total revenues	197,307	200,871	623,677	565,849
EXPENSES
Property operating expenses	58,076	64,009	190,122	176,679
Property management expenses	7,899	7,241	23,318	21,594
Depreciation and amortization	79,023	90,445	263,949	253,650
General and administrative expenses	5,663	7,663	18,866	19,593
Other expenses, net	8,110	4,941	14,434	5,883
Total operating expenses	158,771	174,299	510,689	477,399
Interest income	2,918	9,613	6,133	48,746
Interest expense	(22,888)	(32,656)	(96,629)	(80,790)
Loss on extinguishment of debt	0	0	(2,008)	(23,636)
Gain on dispositions and impairments of real estate	692,861	0	675,534	587,609
Gain on derivative instruments, net	14,070	0	23,322	0
Loss from unconsolidated real estate partnerships	(10,390)	(87)	(12,267)	(2,974)
Income before income tax expense	715,107	3,442	707,073	617,405
Income tax expense	(4,595)	(46)	(5,911)	(966)
Net income	710,512	3,396	701,162	616,439
Noncontrolling interests:
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships	(2,525)	102	(3,894)	285
Loss from unconsolidated real estate partnerships	707,987	3,498	697,268	616,724
Net income attributable to AIR preferred stockholders	(1,614)	(1,645)	(4,839)	(4,935)
Net (income) loss attributable to participating securities	(391)	44	(484)	(373)
Net income attributable to AIR common stockholders	$ 705,982	$ 1,897	$ 691,945	$ 611,416
Net income attributable to AIR common stockholders per share - basic (in dollars per share)	$ 4.49	$ 0.01	$ 4.38	$ 3.69
Net income attributable to AIR common stockholders per share - diluted (in dollars per share)	$ 4.42	$ 0.01	$ 4.34	$ 3.68
Weighted average common shares/units outstanding - basic (in shares)	157,366	163,866	158,138	165,578
Weighted average common shares/units outstanding - diluted	159,937	164,112	160,458	167,529
Apartment Income REIT, L.P. \| Rental and other property revenues
REVENUES
Total revenues	$ 194,244	$ 198,413	$ 616,659	$ 558,686
Apartment Income REIT, L.P. \| Other revenues
REVENUES
Total revenues	$ 3,063	$ 2,458	$ 7,018	$ 7,163

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net income	$ 710,512	$ 3,396	$ 701,162	$ 616,439
Unrealized (loss) gain on derivative instruments, net	(2,236)	34,209	2,955	47,141
Reclassification of interest rate derivative (gain) loss to net income (loss)	(14,186)	731	(23,704)	2,720
Comprehensive income	694,090	38,336	680,413	666,300
Comprehensive income (loss) attributable to noncontrolling interests	(44,608)	(4,379)	(47,868)	(45,488)
Comprehensive income attributable to AIR Operating Partnership	649,482	33,957	632,545	620,812
Apartment Income REIT, L.P.
Net income	710,512	3,396	701,162	616,439
Unrealized (loss) gain on derivative instruments, net	(2,236)	34,209	2,955	47,141
Reclassification of interest rate derivative (gain) loss to net income (loss)	(14,186)	731	(23,704)	2,720
Comprehensive income	694,090	38,336	680,413	666,300
Comprehensive income (loss) attributable to noncontrolling interests	(2,525)	102	(3,894)	285
Comprehensive income attributable to AIR Operating Partnership	$ 691,565	$ 38,438	$ 676,519	$ 666,585

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	(7,423)								(7,423)
Repurchase of common stock, net (in shares)				(4,107,451)
Repurchase of Common Stock, net	(171,711)	(171,711)		$ (41)	(171,670)
Amortization of share-based compensation cost	6,272	3,519			3,519				2,753
Effect of changes in ownership of consolidated entities	0	(5,404)			(5,404)				5,404
Purchase of noncontrolling interests in consolidated real estate partnerships	(5,409)	(5,529)			(5,529)			120
Contributions from noncontrolling interests in consolidated real estate partnerships	8,337							8,337
Change in accumulated other comprehensive loss	49,861	45,948				45,948			3,913
Net income (loss)	611,632	574,864					574,864	(285)	37,053
Common Stock dividends	(210,361)	(210,361)					(210,361)
Distributions to noncontrolling interests	(26,969)							(13,561)	(13,408)
Other, net (in shares)			(125)	102,532
Other, net	(1,342)	(1,171)	$ (129)	$ 1	(910)	0	(133)	72	(243)
Ending balance at Sep. 30, 2022	2,192,042	2,043,180	$ 2,000	$ 1,530	3,583,111	45,948	(1,589,409)	(76,200)	225,062
Ending balance (in shares) at Sep. 30, 2022				152,993,448
Ending balance (in shares) at Sep. 30, 2022			20
Beginning balance (in shares) at Jun. 30, 2022			20
Beginning balance (in shares) at Jun. 30, 2022				154,187,241
Beginning 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of AIR Operating Partnership units	(3,178)								(3,178)
Repurchase of common stock, net (in shares)				(1,195,690)
Repurchase of Common Stock, net	(46,711)	(46,711)		$ (12)	(46,699)
Amortization of share-based compensation cost	1,821	878			878				943
Effect of changes in ownership of consolidated entities	0	(2,140)			(2,140)				2,140
Purchase of noncontrolling interests in consolidated real estate partnerships	(5,409)	(5,529)			(5,529)			120
Contributions from noncontrolling interests in consolidated real estate partnerships	529							529
Change in accumulated other comprehensive loss	34,940	32,198				32,198			2,742
Net income (loss)	1,794	1,759					1,759	(102)	137
Common Stock dividends	(69,377)	(69,377)					(69,377)
Distributions to noncontrolling interests	(10,698)							(6,226)	(4,472)
Other, net (in shares)				1,897
Other, net	(494)	(347)			(305)		(42)	88	(235)
Ending balance at Sep. 30, 2022	$ 2,192,042	2,043,180	$ 2,000	$ 1,530	3,583,111	45,948	(1,589,409)	(76,200)	225,062
Ending balance (in shares) at Sep. 30, 2022				152,993,448
Ending balance (in shares) at Sep. 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	(17,559)								(17,559)
Repurchase of common stock, net (in shares)				(2,249,800)
Repurchase of Common Stock, net	(77,782)	(77,782)		$ (22)	(77,760)
Amortization of share-based compensation cost	7,072	3,607			3,607				3,465
Effect of changes in ownership of consolidated entities	1,119	(7,840)			(7,840)			(1,397)	10,356
Purchase of noncontrolling interests in consolidated real estate partnerships	(1,517)	479			479			(1,996)
Contributions from noncontrolling interests in consolidated real estate partnerships	5,235							5,235
Change in accumulated other comprehensive loss	(20,749)	(18,768)				(18,768)			(1,981)
Net income (loss)	696,452	651,313					651,313	3,894	41,245
Common Stock dividends	(200,142)	(200,142)					(200,142)
Distributions to noncontrolling interests	(23,120)							(9,908)	(13,212)
Other, net (in shares)				136,307
Other, net	30	180		$ 1	195	0	(16)	(153)	3
Ending balance at Sep. 30, 2023	$ 2,710,728	2,507,464	$ 2,000	$ 1,470	3,355,316	24,794	(876,116)	(83,110)	286,374
Ending balance (in shares) at Sep. 30, 2023	146,973,055			146,973,055
Ending balance (in shares) at Sep. 30, 2023			20
Beginning balance (in shares) at Jun. 30, 2023			20
Beginning balance (in shares) at Jun. 30, 2023				149,223,526
Beginning 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of AIR Operating Partnership units	$ (1,745)								(1,745)
Repurchase of common stock, net (in shares)	(2,200,000)			(2,249,800)
Repurchase of Common Stock, net	$ (77,782)	(77,782)		$ (22)	(77,760)
Amortization of share-based compensation cost	1,971	816			816				1,155
Effect of changes in ownership of consolidated entities	1,119	1,446			1,446			(1,397)	1,070
Contributions from noncontrolling interests in consolidated real estate partnerships	718							718
Change in accumulated other comprehensive loss	(16,422)	(14,549)				(14,549)			(1,873)
Net income (loss)	708,942	664,031					664,031	2,525	42,386
Common Stock dividends	(66,002)	(66,002)					(66,002)
Distributions to noncontrolling interests	(8,985)							(4,851)	(4,134)
Other, net (in shares)				(671)
Other, net	24	39			83		(44)	(18)	3
Ending balance at Sep. 30, 2023	$ 2,710,728	$ 2,507,464	$ 2,000	$ 1,470	$ 3,355,316	$ 24,794	$ (876,116)	$ (83,110)	$ 286,374
Ending balance (in shares) at Sep. 30, 2023	146,973,055			146,973,055
Ending balance (in shares) at Sep. 30, 2023			20

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 701,162	$ 616,439
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	263,949	253,650
Gain on dispositions and impairments of real estate	(675,534)	(587,609)
Loss on extinguishment of debt	2,008	23,636
Income tax expense	5,911	966
Other, net	4,308	6,890
Net changes in operating assets and operating liabilities	(55)	37,484
Net cash provided by operating activities	301,749	351,456
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate	(339,696)	(858,815)
Capital expenditures	(140,855)	(151,115)
Contribution to unconsolidated joint ventures	(51,836)	0
Proceeds from dispositions of real estate	52,066	759,227
Distributions from unconsolidated joint ventures	207,137	0
Proceeds from repayment of note receivable	0	534,127
Other investing activities, net	3,194	(30,500)
Net cash (used in) provided by investing activities	(269,990)	252,924
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal repayments on non-recourse property debt	(111,699)	(361,056)
Proceeds from non-recourse property debt	1,005,920	0
Repayment of term loan	(325,000)	(350,000)
Net (repayments of) borrowings on revolving credit facility	(436,250)	176,205
Proceeds from the issuance of unsecured notes payable	0	400,000
Repurchases of common partnership units held by General Partner and Special Limited Partner	(77,782)	(171,711)
Payment of dividends to holders of Common Stock	(200,137)	(210,377)
Payment of distributions to noncontrolling interests	(23,524)	(18,262)
Other financing activities, net	(30,522)	(47,294)
Net cash used in financing activities	(198,994)	(582,495)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(167,235)	21,885
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	301,405	92,761
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	134,170	114,646
Apartment Income REIT, L.P.
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	701,162	616,439
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	263,949	253,650
Gain on dispositions and impairments of real estate	(675,534)	(587,609)
Loss on extinguishment of debt	2,008	23,636
Income tax expense	5,911	966
Other, net	4,308	6,890
Net changes in operating assets and operating liabilities	(55)	37,484
Net cash provided by operating activities	301,749	351,456
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate	(339,696)	(858,815)
Capital expenditures	(140,855)	(151,115)
Contribution to unconsolidated joint ventures	(51,836)	0
Proceeds from dispositions of real estate	52,066	759,227
Distributions from unconsolidated joint ventures	207,137	0
Proceeds from repayment of note receivable	0	534,127
Other investing activities, net	3,194	(30,500)
Net cash (used in) provided by investing activities	(269,990)	252,924
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal repayments on non-recourse property debt	(111,699)	(361,056)
Proceeds from non-recourse property debt	1,005,920	0
Repayment of term loan	(325,000)	(350,000)
Net (repayments of) borrowings on revolving credit facility	(436,250)	176,205
Proceeds from the issuance of unsecured notes payable	0	400,000
Repurchases of common partnership units held by General Partner and Special Limited Partner	(77,782)	(171,711)
Payment of distributions to General Partner and Special Limited Partner	(200,137)	(210,377)
Payment of distributions to Limited Partners	(13,591)	(13,439)
Payment of distributions to noncontrolling interests	(9,933)	(4,823)
Other financing activities, net	(30,522)	(47,294)
Net cash used in financing activities	(198,994)	(582,495)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(167,235)	21,885
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	301,405	92,761
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	$ 134,170	$ 114,646

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		(7,423)			(7,423)	(7,423)
Repurchase of common partnership units		(171,711)		(171,711)		(171,711)
Amortization of share-based compensation cost		6,272		3,519	2,753	6,272
Effect of changes in ownership of consolidated entities	$ 0			(5,404)	5,404
Purchase of noncontrolling interests in consolidated real estate partnerships		(5,409)		(5,529)		(5,529)	120
Contributions from noncontrolling interests in consolidated real estate partnerships	8,337	8,337					8,337
Change in accumulated other comprehensive loss	49,861	49,861		45,948	3,913	49,861
Net income (loss)	611,632	611,632		574,864	37,053	611,917	(285)
Distributions to noncontrolling interests		(223,769)		(210,361)	(13,408)	(223,769)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(26,969)	(13,561)					(13,561)
Other, net		(1,342)	(129)	(1,042)	(243)	(1,414)	72
Ending balance at Sep. 30, 2022		2,192,042	2,000	2,041,180	225,062	2,268,242	(76,200)
Beginning balance at Jun. 30, 2022		2,288,825	2,000	2,130,449	226,985	2,359,434	(70,609)
Increase (Decrease) in Partners' Capital [Roll Forward]
Redemption of common partnership units		(3,178)			(3,178)	(3,178)
Repurchase of common partnership units		(46,711)		(46,711)		(46,711)
Amortization of share-based compensation cost		1,821		878	943	1,821
Effect of changes in ownership of consolidated entities	0			(2,140)	2,140
Contributions from noncontrolling interests in consolidated real estate partnerships	529	529					529
Change in accumulated other comprehensive loss	34,940	34,940		32,198	2,742	34,940
Net income (loss)	1,794	1,794		1,759	137	1,896	(102)
Distributions to noncontrolling interests		(73,849)		(69,377)	(4,472)	(73,849)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(10,698)	(6,226)			0	0	(6,226)
Other, net		(494)		(347)	(235)	(582)	88
Ending balance at Sep. 30, 2022		2,192,042	2,000	2,041,180	225,062	2,268,242	(76,200)
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		(17,559)			(17,559)	(17,559)
Repurchase of common partnership units		(77,782)		(77,782)	0	(77,782)
Amortization of share-based compensation cost		7,072		3,607	3,465	7,072
Effect of changes in ownership of consolidated entities	1,119			(7,840)	10,356	2,516	(1,397)
Purchase of noncontrolling interests in consolidated real estate partnerships	(3)	(1,517)		479		479	(1,996)
Contributions from noncontrolling interests in consolidated real estate partnerships	5,235	5,235					5,235
Change in accumulated other comprehensive loss	(20,749)	(20,749)		(18,768)	(1,981)	(20,749)
Net income (loss)	696,452	696,452		651,313	41,245	692,558	3,894
Distributions to noncontrolling interests		(213,354)		(200,142)	(13,212)	(213,354)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(23,120)	(9,908)					(9,908)
Other, net		30	0	180	3	183	(153)
Ending balance at Sep. 30, 2023		2,710,728	2,000	2,505,464	286,374	2,793,838	(83,110)
Beginning balance at Jun. 30, 2023		2,168,890	2,000	1,997,465	249,512	2,248,977	(80,087)
Increase (Decrease) in Partners' Capital [Roll Forward]
Redemption of common partnership units		(1,745)			(1,745)	(1,745)
Repurchase of common partnership units		(77,782)		(77,782)		(77,782)
Amortization of share-based compensation cost		1,971		816	1,155	1,971
Effect of changes in ownership of consolidated entities	1,119			1,446	1,070	2,516	(1,397)
Contributions from noncontrolling interests in consolidated real estate partnerships	718	718					718
Change in accumulated other comprehensive loss	(16,422)	(16,422)		(14,549)	(1,873)	(16,422)
Net income (loss)	708,942	708,942		664,031	42,386	706,417	2,525
Distributions to noncontrolling interests		(70,136)		(66,002)	(4,134)	(70,136)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	$ (8,985)	(4,851)					(4,851)
Other, net		24		39	3	42	(18)
Ending balance at Sep. 30, 2023		$ 2,710,728	$ 2,000	$ 2,505,464	$ 286,374	$ 2,793,838	$ (83,110)

Basis of Presentation and Organ

Basis of Presentation and Organization	9 Months Ended
Basis of Presentation and Organization	Sep. 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 nine months ended September 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 September 30, 2023, our portfolio included 75 apartment communities with 26,623 apartment homes, in which we held an average ownership of approximately 81%. We also have one land parcel and one indirect land interest that we lease to third parties. Interests in the AIR Operating Partnership that are held by limited partners other than AIR are referred to as OP Units. OP Units include common partnership units, which we refer to as common OP Units, as well as preferred partnership units, which we refer to as preferred OP Units. As of September 30, 2023, after elimination of units held by consolidated subsidiaries, the AIR Operating Partnership had 156,840,617 common OP Units outstanding. As of September 30, 2023, AIR owned 146,973,055 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 91.2% legal interest in the AIR Operating Partnership and a 93.6% economic interest.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 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 September 30, 2023 and December 31, 2022, AIR consolidated five 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 (4,710) Redemption of preferred units and other (3) Net income allocated to preferred units 4,710 Balance at September 30, 2023 $ 77,140 The AIR Operating Partnership has outstanding various classes of redeemable preferred OP Units. As of September 30, 2023 and December 31, 2022, the AIR Operating Partnership had 2,846,524 and 2,846,574 redeemable preferred OP Units issued and outstanding, respectively. Distributions per annum range from 1.92% to 8.75% per class and $0.48 to $8.00 per unit, respectively. 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	9 Months Ended
Significant Transactions	Sep. 30, 2023
Significant Transactions [Abstract]
Significant Transactions	Significant Transactions Apartment Community Acquisitions During the three months ended September 30, 2023, we acquired one apartment community located in Raleigh, North Carolina and one apartment community located in Durham, North Carolina. During the nine months ended September 30, 2023, we acquired one additional apartment community located in South Florida with 495 apartment homes and 29,000 square feet of commercial space. Summarized information regarding these acquisitions is set forth in the table below (dollars in thousands): Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Number of apartment communities 2 3 Number of apartment homes 620 1,115 Purchase price $ 154,500 $ 452,500 Capitalized transaction costs 1,270 6,739 Total consideration (1) $ 155,770 $ 459,239 Land $ 19,226 $ 118,564 Building and improvements 130,937 318,364 Intangible assets (2) 5,768 17,845 Mark-to-market on debt assumed — 7,370 Below-market lease liabilities (2) (161) (2,904) Total consideration (1) $ 155,770 $ 459,239 (1) Total consideration for the apartment community acquisition in South Florida 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 for the South Florida apartment community acquisition have a weighted-average term of 1.4 years and 0.5 years, respectively. Intangible assets and below-market lease liabilities for the North Carolina apartment community acquisitions have a weighted-average term of 0.5 years. Apartment Community Dispositions During the three months ended September 30, 2023, we sold one apartment community with 195 apartment homes included in our Other Real Estate segment for net proceeds of $19.9 million which approximates its carrying value. During the nine months ended September 30, 2023, we sold three apartment communities with 257 apartment homes included in our Other Real Estate segment for net proceeds of $52.1 million which approximates their carrying value. During the three months ended September 30, 2022, we did not sell any apartment communities. During the nine months ended September 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 any communities meet the criteria to be classified as held for sale. As of September 30, 2023, no communities were classified as held for sale. Impairment Impairments are rare; however, in exiting the New York market, we impaired three properties in 2023 as further described below. 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 September 30, 2023, we did not recognize any impairment losses. During the nine months ended September 30, 2023, we evaluated the expected hold period of three apartment communities in our Other Real Estate reporting segment. Given management's assessment of the likelihood of the sale of these assets, which occurred during the nine months ended September 30, 2023, we reduced the carrying value of three properties to their estimated fair value and recognized a non-cash impairment loss on real estate of $23.6 million. As of September 30, 2023, the three impaired properties have been sold. During the three and nine months ended September 30, 2022, we did not recognize any impairment losses. Share Repurchases During the three months ended September 30, 2023, AIR repurchased 2.2 million shares for $77.8 million, at an average price of $34.57 per share. As of September 30, 2023, we are authorized by the AIR Board of Directors to repurchase an additional $105.5 million of shares. We consider share buybacks as part of a balanced investment program . Joint Venture Transactions In the third quarter of 2023, we formed an unconsolidated joint venture with a global institutional investor (the "Core JV") and in the second quarter of 2023, we formed an unconsolidated joint venture (the "Value-Add JV") with a global asset manager. Please see Note 6 fo

Leases

Leases	9 Months Ended
Leases	Sep. 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 Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Fixed lease income $ 179,069 $ 184,509 $ 572,123 $ 522,074 Variable lease income 14,502 13,141 43,043 35,165 Total lease income $ 193,571 $ 197,650 $ 615,166 $ 557,239 Generally, our residential leases do not provide extension options and, as of September 30, 2023, have an average remaining term of 10.8 months. In general, our commercial leases have options to extend for a certain period of time at the tenant’s option. As of September 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) $ 164,948 2024 379,399 2025 69,870 2026 11,740 2027 10,218 Thereafter 36,463 Total $ 672,638

Debt

Debt	9 Months Ended
Debt	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt The following table summarizes our total indebtedness (in thousands): September 30, 2023 December 31, 2022 Secured debt: Fixed-rate property debt due May 2025 to January 2055 (1) $ 2,244,776 $ 1,906,151 Variable-rate property debt — 88,500 Total non-recourse property debt 2,244,776 1,994,651 Debt issuance costs, net of accumulated amortization (13,538) (9,221) Total non-recourse property debt, net $ 2,231,238 $ 1,985,430 Unsecured debt: Term loans due December 2024 to April 2026 (2) $ 475,000 $ 800,000 Revolving credit facility borrowings due April 2025 (3) 25,750 462,000 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 900,750 1,662,000 Debt issuance costs, net of accumulated amortization (3,754) (5,801) Total unsecured debt, net $ 896,996 $ 1,656,199 Total indebtedness $ 3,128,234 $ 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 2.7% 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 September 30, 2023, the weighted-average interest rate for our term loans before consideration of in place interest rate swaps was 6.4%. As of September 30, 2023, $350 million of our term loans are fixed via interest rate swaps at a weighted-average interest rate of 4.3%. The blended weighted-average interest rate for our $475 million term loans, after consideration of in place interest rate swaps, is 4.9%. The term loans mature on the following schedule: $125 million matures on December 15, 2024, with a one-year extension option; $150 million matures on December 15, 2025; and $200 million matures on April 14, 2026. As of September 30, 2023, the weighted-average remaining term of the term loans was 2.3 years. (3) As of September 30, 2023, we had capacity to borrow up to $970.0 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 September 30, 2023, the weighted-average interest rate for our revolving credit facility was 6.3%. During the three months ended September 30, 2023, AIR refinanced our $325 million of term loans with fixed rate property debt to lock in rates for debt with longer maturities. The amount included full repayment of $150 million of our term loans with a maturity of December 15, 2023 and partial repayment of $175 million of term loans with a maturity of December 15, 2024. In conjunction with the prepayment, AIR accelerated recognition of $0.8 million of associated debt issuance costs, which is included in interest expense in our condensed consolidated statements of operations. In advance of a joint venture closing during the period, AIR placed $611.4 million in new fixed-rate property debt related to nine properties, which was subsequently contributed to the Core JV. Additionally, one property with $33.0 million in fixed-rate property debt was also contributed to the Core JV, for a total of $644.4 million of debt contributed. As the Core JV is unconsolidated, this fixed-rate property debt is excluded from our condensed consolidated balance sheet as of September 30, 2023. In April 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. As of September 30, 2023, and after consideration of the secured credit facility, our share of cash and cash equivalents, and our share of restricted cash, total liquidity is approximately $2.1 billion.

Investment in Joint Ventures

Investment in Joint Ventures	9 Months Ended
Investment in Joint Ventures	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investment in Joint Ventures	Investment in Joint Ventures Joint Venture Transactions In the third quarter of 2023, we formed the Core JV by contributing 10 properties included in our Same Store reporting segment located in Philadelphia, Washington, D.C. area, Denver area, Oceanside, and Kendall. The Core JV, in which we retain a 53% interest, closed with respect to (i) eight of the properties in July 2023, (ii) one property in August 2023, and (iii) one property in September 2023. The 10 properties, with a total fair value of $1.1 billion and a carrying value of $373.3 million, were contributed to the Core JV subject to $644.4 million of non-recourse property debt, which represents a non-cash financing activity during the period. In advance of the joint venture closing, AIR placed $611.4 million in new non-recourse property debt, which was subsequently contributed to the joint venture. As a result of the transaction, AIR received $201.9 million in cash and recognized a gain of $698.8 million, including the measurement of the fair value of our interest in the Core JV during the three months ended September 30, 2023. AIR will earn various fees for providing property management, construction, and corporate services to the joint venture. Additionally, during the third quarter of 2023, AIR and our joint venture partner increased the investment in the Core JV to fund the joint venture's acquisition of an eleventh property, a 456-unit property located in Bethesda, Maryland. The Core JV funded the acquisition with $155.0 million in new debt, and capital contributions to the joint venture of $95.0 million, for a purchase price of $250.0 million. In addition, during the second quarter of 2023, we formed the Value-Add JV by contributing the Huntington Gateway property, a 443-unit property located in Virginia. AIR is the general partner and retains legal ownership of 30%, and AIR will receive 50% of the net cash flows from operations, and various fees for providing property management, construction, and corporate services to the joint venture. We recognized a gain of $0.5 million during the nine months ended September 30, 2023 in connection with this transaction. Unconsolidated Joint Ventures As of September 30, 2023, AIR has equity investments in three significant unconsolidated joint ventures: the Core JV, the Value-Add JV, and the Virginia JV (collectively, the "Joint Venture Entities"). We account for these joint ventures utilizing the equity method of accounting and our ownership interests meet the definition of a VIE. However, we are not the primary beneficiary and do not consolidate these entities. Virginia JV Value-Add JV (1) Core JV Initial formation date October 2021 June 2023 July 2023 AIR Ownership 20% 30% 53% Outside Entities Ownership 80% 70% 47% Number of Apartment Communities 3 1 11 Apartment Units 1,748 443 3,549 (1) A global asset manager acquired a 70% legal ownership in the Huntington Gateway property, but AIR will receive 50% of the net cash flows from operations, and various fees for providing property management, construction, and corporate services to the joint venture. The carrying value of AIR's investment in each joint venture is included in investment in unconsolidated real estate partnerships in our condensed consolidated balance sheets. AIR's exposure to the obligations of the VIEs is limited to the carrying value of the limited partnership interests and AIR's interest of the joint ventures' guarantor non-recourse liabilities. The following table summarizes certain relevant information with respect to our investments in unconsolidated joint ventures (in thousands): September 30, 2023 Virginia JV Value-Add JV Core JV Total Third-Party Debt $ 395,000 $ 94,105 $ 799,164 AIR's Investment In Balance (1) $ 18,198 $ 29,341 $ 272,957 (1) AIR's investment in unconsolidated real estate partnerships in our condensed consolidated balance sheets includes $31.6 million related to two immaterial unconsolidated investments and certain basis differences. December 31, 2022 Virginia JV Value-Add JV Core JV Total Third-Party Debt $ 395,000 — — AIR's Investment In Balance (1) $ 20,660 — — (1) AIR's investment in unconsolidated real estate partnerships in our condensed consolidated balance sheets includes $21.2 million related to two immaterial unconsolidated investments. The Company recognizes earnings or losses from our investments in unconsolidated joint ventures consisting of our proportionate share of the net earnings or losses of the joint ventures. In addition, we earn various fees for providing property management, construction, and corporate services to the Joint Venture Entities. The table below presents earnings or losses attributable to our investments in unconsolidated joint ventures, which is included in loss from unconsolidated real estate partnerships in our combined condensed consolidated statements of operations (in thousands): Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Virginia JV $ (1,113) $ (87) $ (3,004) $ (2,974) Core JV (7,930) — (7,930) — Value-Add JV (1,347) — (1,333) — Total $ (10,390) $ (87) $ (12,267) $ (2,974)

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 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.

Earnings and Dividends per Shar

Earnings and Dividends per Share and per Unit	9 Months Ended
Earnings and Dividends per Share and per Unit	Sep. 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 Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Earnings per share Numerator: Basic net income attributable to AIR common stockholders $ 663,596 $ 1,760 $ 650,700 $ 574,363 Effect of dilutive instruments 1,570 — 4,710 4,807 Dilutive net income attributable to AIR common stockholders $ 665,166 $ 1,760 $ 655,410 $ 579,170 Denominator – shares: Basic weighted-average common shares outstanding 147,474 153,811 148,372 155,488 Dilutive common share equivalents outstanding 2,571 246 2,320 1,952 Dilutive weighted-average common shares outstanding 150,045 154,057 150,692 157,440 Earnings per share – basic $ 4.50 $ 0.01 $ 4.39 $ 3.69 Earnings per share – diluted $ 4.43 $ 0.01 $ 4.35 $ 3.68 Earnings per unit Numerator: Basic net income attributable to the AIR Operating Partnership’s common unitholders $ 705,982 $ 1,897 $ 691,945 $ 611,416 Effect of dilutive instruments 1,570 — 4,710 4,935 Dilutive net income attributable to the AIR Operating Partnership’s common unitholders $ 707,552 $ 1,897 $ 696,655 $ 616,351 Denominator – units: Basic weighted-average common units outstanding 157,366 163,866 158,138 165,578 Dilutive common unit equivalents outstanding 2,571 246 2,320 1,951 Dilutive weighted-average common units outstanding 159,937 164,112 160,458 167,529 Earnings per unit – basic $ 4.49 $ 0.01 $ 4.38 $ 3.69 Earnings per unit – diluted $ 4.42 $ 0.01 $ 4.34 $ 3.68 For the three and nine months ended September 30, 2023 and 2022, dividends and distributions paid per share of Common Stock and per common unit were $0.45 and $1.35, respectively. The number of common share equivalent securities excluded from the diluted earnings per share calculation was approximately 4.0 million and 3.4 million for the three and nine months ended September 30, 2023, respectively. The number of common share equivalent securities excluded from the diluted earnings per share calculation was approximately 1.9 million for the three months ended September 30, 2022. There were no anti-dilutive securities for the nine months

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 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 September 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 $ 29,898 $ — $ 29,898 $ — $ 32,222 $ — $ 32,222 $ — Interest rate swaps - pay-floating, receive fixed $ (3,035) $ — $ (3,035) $ — $ — $ — $ — $ — Interest rate swaps - forward starting $ 3,333 $ — $ 3,333 $ — $ — $ — $ — $ — Treasury rate locks $ — $ — $ — $ — $ 319 $ — $ 319 $ — (1) During the second quarter of 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, net and accrued liabilities and other in the condensed consolidated balance sheets. Financial Assets and Liabilities Not Measured at Fair Value We believe that the carrying value of the consolidated amounts of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable approximated their estimated fair value as of September 30, 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 September 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, seller financing notes receivable, and preferred equity investment within Level 2 of the GAAP fair value hierarchy, as summarized in the following table (in thousands): As of September 30, 2023 As of December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 2,244,776 $ 1,938,885 $ 1,994,651 $ 1,753,222 Unsecured notes payable $ 400,000 $ 363,609 $ 400,000 $ 371,368 Seller financing note receivable, net (1) $ 32,246 $ 30,723 $ 31,611 $ 32,286 Preferred equity investment (2) $ 22,398 $ 22,486 $ — $ — (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 market interest rate as of

Derivative Financial Instrument

Derivative Financial Instruments and Hedging Activities	9 Months Ended
Derivative Financial Instruments and Hedging Activities	Sep. 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 primarily 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 nine months ended September 30, 2023, we reclassified gains of $14.2 million and $23.7 million out of accumulated other comprehensive income into interest expense, respectively, inclusive of the Company's acceleration of the reclassification of amounts in accumulated other comprehensive income given that certain hedged forecasted transactions are not expected to occur. During the third quarter of 2023, the Company accelerated a gain of $11.5 million into earnings due to the early payoff of the hedged term loans previously designated. During the three and nine months ended September 30, 2022, we reclassified losses of $0.7 million and $2.7 million out of accumulated other comprehensive income, net into interest expense, respectively. As of September 30, 2023, we estimate that during the next 12 months, we will reclassify into earnings approximately $7.4 million of the unrealized gain in accumulated other comprehensive income. Changes in fair value of derivatives not designated in a hedge relationship, or economic hedges, are recognized in gain on derivative instruments, net, in our condensed consolidated statements of operations once realized. During the three and nine months ended September 30, 2023, we recorded gains of $14.1 million and $23.3 million, respectively. During the three and nine months ended September 30, 2022, no amounts were recognized related to derivatives not designated in a hedge relationship. During the second quarter of 2023, we de-designated $830 million of notional value pay-fixed, receive-floating interest rate swaps. As a result, the accumulated unrealized gains at time of de-designation of $29.5 million was expected to be reclassified into earnings over the remaining term of the forecasted transactions. During the three months ended September 30, 2023, $2.6 million of this balance was reclassified out of accumulated other comprehensive income into interest expense, and $11.5 million was accelerated into gain on derivative instruments, net, as described above. The remaining balance of $15.4 million is included within accumulated other comprehensive income as of September 30, 2023 and will be reclassified into earnings over the remaining term of the forecasted transaction. During the three months ended September 30, 2023, we terminated six interest rate swap positions not designated as hedging instruments. Three of the terminated instruments were pay-floating, receive-fixed interest rate swaps with a notional value of $230 million, and three were offsetting pay-fixed, receive-floating interest rate swaps with a notional value of $230 million. Upon termination, AIR received $11.1 million in cash. As of September 30, 2023, AIR had a notional value of $600 million of pay-fixed, receive-floating interest rate swaps that are not designated as hedging instruments, and a notional value of $50 million of forward starting interest rate swaps that are not designated as hedging instruments. These derivative instruments are partially offset by a notional value of $250 million of pay-floating, receive-fixed interest rate swaps that are not designated as hedging instruments. 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. As a result of the $250 million of pay-floating, receive-fixed interest rate swaps that are not designated as hedging instruments, we expect to receive monthly fixed interest income representing the spread between the offsetting pay-fixed and receive-fixed legs of our interest rate swap positions over a weighted-average term of 2.6 years. Subsequent to September 30, 2023, AIR entered into a notional value $125 million pay-fixed, receive-floating interest rate swap, which economically hedges the remaining $125 million of variable-rate term loans, which results in the $475 million in term loans having an effective interest rate of 4.3%. The following table summarizes our derivative financial instruments (dollars in thousands): As of September 30, 2023 Number of Aggregate Notional Derivative Assets Derivative Liabilities Instruments Amount Fair Value Derivatives not designated as hedging instruments: Interest rate swap, floating to fixed 7 $ 600,000 $ 29,898 $ — Interest rate swap, fixed to floating 3 $ 250,000 $ — $ (3,035) Interest rate swap, forward starting 1 $ 50,000 $ 3,333 $ — 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	9 Months Ended
Variable Interest Entities	Sep. 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) three VIEs that own interests in one or more apartment communities and are typically structured to generate a return for their partners through the operation and ultimate sale of the communities and (ii) one VIE related to a lessor entity that owns an interest in a property leased to a third party. The AIR Operating Partnership is the primary beneficiary in the limited partnerships in which it is the sole decision maker and has a substantial economic interest. The table below summarizes apartment community information regarding VIEs consolidated by the AIR Operating Partnership: September 30, 2023 (1) December 31, 2022 VIEs with interests in apartment communities 3 5 Apartment communities owned by VIEs 14 16 Apartment homes in communities owned by VIEs 4,866 5,369 (1) During the nine months ended September 30, 2023, the number of our VIEs with interests in apartment communities decreased due to our Core JV partner's acquisition of an indirect 47% interest through the Core JV in one consolidated limited partnership with 175 apartment homes, and our purchase of the remaining non-controlling interest in a consolidated limited partnership with 328 apartment homes, which was subsequently contributed to the Core JV during the third quarter. Assets of the AIR Operating Partnership’s consolidated VIEs must first be used to settle the liabilities of such consolidated VIEs. These consolidated VIEs’ creditors do not have recourse to the general credit of the AIR Operating Partnership. Assets and liabilities of VIEs, excluding those of the AIR Operating Partnership, are summarized in the table below (in thousands): September 30, 2023 December 31, 2022 ASSETS: Net real estate $ 1,024,555 $ 1,066,482 Cash and cash equivalents $ 42,133 $ 54,319 Restricted cash $ 1,970 $ 2,378 Other assets, net $ 21,216 $ 20,944 LIABILITIES: Non-recourse property debt, net $ 1,200,279 $ 1,212,065 Accrued liabilities and other $ 40,007 $ 35,365 Unconsolidated Entities We have an interest in a partnership that owns Parkmerced Apartments, which meets the definition of a VIE. However, we are not the primary beneficiary and do not consolidate this partnership. As of September 30, 2023 and December 31, 2022, the investment balance of $158.3 million and $158.7 million, respectively, is included in other assets, net, in our condensed consolidated balance sheets. Subsequent to the December 2020 separation, all risks and rewards of ownership are retained by the third party; 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. Please see Note 6 fo r further discussion regarding our unconsolidated joint ventures.

Business Segments

Business Segments	9 Months Ended
Business Segments	Sep. 30, 2023
Segment Reporting [Abstract]
Business Segments	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, and four properties acquired in 2023. Our chief operating decision maker (“CODM”) uses proportionate property net operating income (“NOI”) to assess the operating performance of our communities. Proportionate property NOI reflects our share of rental and other property revenues, excluding utility reimbursements, less direct property operating expenses, net of utility reimbursements. In our condensed consolidated statements of operations, utility reimbursements are included in rental and other property revenues in accordance with GAAP. As of September 30, 2023, our Same Store segment included 63 apartment communities with 22,794 apartment homes and our Other Real Estate segment included 12 apartment communities with 3,829 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 September 30, 2023 (in thousands): Same Other Proportionate Corporate and Consolidated Three months ended September 30, 2023: Total revenues $ 151,619 $ 29,543 $ 11,981 $ 4,164 $ 197,307 Property operating expenses 40,353 8,158 9,076 489 58,076 Other operating expenses not allocated to segments (3) — — — 100,695 100,695 Total operating expenses 40,353 8,158 9,076 101,184 158,771 Proportionate property net operating income (loss) 111,266 21,385 2,905 (97,020) 38,536 Other items included in income before income tax expense (4) — — — 676,571 676,571 Income before income tax expense $ 111,266 $ 21,385 $ 2,905 $ 579,551 $ 715,107 Same Other Proportionate Corporate and Consolidated Nine months ended September 30, 2023: Total revenues $ 445,881 $ 86,104 $ 80,124 $ 11,568 $ 623,677 Property operating expenses 117,014 28,010 37,850 7,248 190,122 Other operating expenses not allocated to segments (3) — — — 320,567 320,567 Total operating expenses 117,014 28,010 37,850 327,815 510,689 Proportionate property net operating income (loss) 328,867 58,094 42,274 (316,247) 112,988 Other items included in income before income tax expense (4) — — — 594,085 594,085 Income before income tax expense $ 328,867 $ 58,094 $ 42,274 $ 277,838 $ 707,073 Same Other Proportionate Corporate and Consolidated Three months ended September 30, 2022: Total revenues $ 142,009 $ 14,025 $ 32,402 $ 12,435 $ 200,871 Property operating expenses 37,349 4,783 13,468 8,409 64,009 Other operating expenses not allocated to segments (3) — — — 110,290 110,290 Total operating expenses 37,349 4,783 13,468 118,699 174,299 Proportionate property net operating income (loss) 104,660 9,242 18,934 (106,264) 26,572 Other items included in income before income tax expense (4) — — — (23,130) (23,130) Income (loss) before income tax expense $ 104,660 $ 9,242 $ 18,934 $ (129,394) $ 3,442 Same Other Proportionate Corporate and Consolidated Nine months ended September 30, 2022: Total revenues $ 411,052 $ 16,437 $ 93,187 $ 45,173 $ 565,849 Property operating expenses 111,316 5,799 38,559 21,005 176,679 Other operating expenses not allocated to segments (3) — — — 300,720 300,720 Total operating expenses 111,316 5,799 38,559 321,725 477,399 Proportionate property net operating income (loss) 299,736 10,638 54,628 (276,552) 88,450 Other items included in income before income tax expense (4) — — — 528,955 528,955 Income from before income tax expense $ 299,736 $ 10,638 $ 54,628 $ 252,403 $ 617,405 (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): September 30, 2023 December 31, 2022 Same Store $ 4,119,544 $ 4,610,356 Other Real Estate 1,575,415 1,211,136 Corporate and other assets (1) 704,290 730,391 Total consolidated assets $ 6,399,249 $ 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 nine months ended September 30, 2023 and 2022, capital additions related to our segments were as follows (in thousands): 2023 2022 Same Store $ 114,844 $ 109,768 Other Real Estate 13,530 1,422 Total capital additions $ 128,374 $ 111,190

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 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 September 30, 2023 and December 31, 2022, AIR consolidated five 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 (4,710) Redemption of preferred units and other (3) Net income allocated to preferred units 4,710 Balance at September 30, 2023 $ 77,140 The AIR Operating Partnership has outstanding various classes of redeemable preferred OP Units. As of September 30, 2023 and December 31, 2022, the AIR Operating Partnership had 2,846,524 and 2,846,574 redeemable preferred OP Units issued and outstanding, respectively. Distributions per annum range from 1.92% to 8.75% per class and $0.48 to $8.00 per unit, respectively.
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	ImpairmentImpairments are rare; however, in exiting the New York market, we impaired three properties in 2023 as further described below. 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

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
Summary of Significant Accounting Policies (Tables)	Sep. 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 (4,710) Redemption of preferred units and other (3) Net income allocated to preferred units 4,710 Balance at September 30, 2023 $ 77,140

Significant Transactions (Table

Significant Transactions (Tables)	9 Months Ended
Significant Transactions (Tables)	Sep. 30, 2023
Significant Transactions [Abstract]
Schedule of Acquisition	Summarized information regarding these acquisitions is set forth in the table below (dollars in thousands): Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Number of apartment communities 2 3 Number of apartment homes 620 1,115 Purchase price $ 154,500 $ 452,500 Capitalized transaction costs 1,270 6,739 Total consideration (1) $ 155,770 $ 459,239 Land $ 19,226 $ 118,564 Building and improvements 130,937 318,364 Intangible assets (2) 5,768 17,845 Mark-to-market on debt assumed — 7,370 Below-market lease liabilities (2) (161) (2,904) Total consideration (1) $ 155,770 $ 459,239 (1) Total consideration for the apartment community acquisition in South Florida 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 for the South Florida apartment community acquisition have a weighted-average term of 1.4 years and 0.5 years, respectively. Intangible assets and below-market lease liabilities for the North Carolina apartment community acquisitions have a weighted-average term of 0.5 years.

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Sep. 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 Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Fixed lease income $ 179,069 $ 184,509 $ 572,123 $ 522,074 Variable lease income 14,502 13,141 43,043 35,165 Total lease income $ 193,571 $ 197,650 $ 615,166 $ 557,239
Future Minimum Annual Rental Payments Receivable Under Residential and Commercial Leases	As of September 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) $ 164,948 2024 379,399 2025 69,870 2026 11,740 2027 10,218 Thereafter 36,463 Total $ 672,638

Debt (Tables)

Debt (Tables)	9 Months Ended
Debt (Tables)	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt summmary	The following table summarizes our total indebtedness (in thousands): September 30, 2023 December 31, 2022 Secured debt: Fixed-rate property debt due May 2025 to January 2055 (1) $ 2,244,776 $ 1,906,151 Variable-rate property debt — 88,500 Total non-recourse property debt 2,244,776 1,994,651 Debt issuance costs, net of accumulated amortization (13,538) (9,221) Total non-recourse property debt, net $ 2,231,238 $ 1,985,430 Unsecured debt: Term loans due December 2024 to April 2026 (2) $ 475,000 $ 800,000 Revolving credit facility borrowings due April 2025 (3) 25,750 462,000 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 900,750 1,662,000 Debt issuance costs, net of accumulated amortization (3,754) (5,801) Total unsecured debt, net $ 896,996 $ 1,656,199 Total indebtedness $ 3,128,234 $ 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 2.7% 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 September 30, 2023, the weighted-average interest rate for our term loans before consideration of in place interest rate swaps was 6.4%. As of September 30, 2023, $350 million of our term loans are fixed via interest rate swaps at a weighted-average interest rate of 4.3%. The blended weighted-average interest rate for our $475 million term loans, after consideration of in place interest rate swaps, is 4.9%. The term loans mature on the following schedule: $125 million matures on December 15, 2024, with a one-year extension option; $150 million matures on December 15, 2025; and $200 million matures on April 14, 2026. As of September 30, 2023, the weighted-average remaining term of the term loans was 2.3 years. (3) As of September 30, 2023, we had capacity to borrow up to $970.0 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 September 30, 2023, the weighted-average interest rate for our revolving credit facility was 6.3%.

Investment in Joint Ventures (T

Investment in Joint Ventures (Tables)	9 Months Ended
Investment in Joint Ventures (Tables)	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Virginia JV Value-Add JV (1) Core JV Initial formation date October 2021 June 2023 July 2023 AIR Ownership 20% 30% 53% Outside Entities Ownership 80% 70% 47% Number of Apartment Communities 3 1 11 Apartment Units 1,748 443 3,549 (1) A global asset manager acquired a 70% legal ownership in the Huntington Gateway property, but AIR will receive 50% of the net cash flows from operations, and various fees for providing property management, construction, and corporate services to the joint venture. September 30, 2023 Virginia JV Value-Add JV Core JV Total Third-Party Debt $ 395,000 $ 94,105 $ 799,164 AIR's Investment In Balance (1) $ 18,198 $ 29,341 $ 272,957 (1) AIR's investment in unconsolidated real estate partnerships in our condensed consolidated balance sheets includes $31.6 million related to two immaterial unconsolidated investments and certain basis differences. December 31, 2022 Virginia JV Value-Add JV Core JV Total Third-Party Debt $ 395,000 — — AIR's Investment In Balance (1) $ 20,660 — — (1) AIR's investment in unconsolidated real estate partnerships in our condensed consolidated balance sheets includes $21.2 million related to two immaterial unconsolidated investments. Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Virginia JV $ (1,113) $ (87) $ (3,004) $ (2,974) Core JV (7,930) — (7,930) — Value-Add JV (1,347) — (1,333) — Total $ (10,390) $ (87) $ (12,267) $ (2,974)

Earnings and Dividends per Sh_2

Earnings and Dividends per Share and per Unit (Tables)	9 Months Ended
Earnings and Dividends per Share and per Unit (Tables)	Sep. 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 Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Earnings per share Numerator: Basic net income attributable to AIR common stockholders $ 663,596 $ 1,760 $ 650,700 $ 574,363 Effect of dilutive instruments 1,570 — 4,710 4,807 Dilutive net income attributable to AIR common stockholders $ 665,166 $ 1,760 $ 655,410 $ 579,170 Denominator – shares: Basic weighted-average common shares outstanding 147,474 153,811 148,372 155,488 Dilutive common share equivalents outstanding 2,571 246 2,320 1,952 Dilutive weighted-average common shares outstanding 150,045 154,057 150,692 157,440 Earnings per share – basic $ 4.50 $ 0.01 $ 4.39 $ 3.69 Earnings per share – diluted $ 4.43 $ 0.01 $ 4.35 $ 3.68 Earnings per unit Numerator: Basic net income attributable to the AIR Operating Partnership’s common unitholders $ 705,982 $ 1,897 $ 691,945 $ 611,416 Effect of dilutive instruments 1,570 — 4,710 4,935 Dilutive net income attributable to the AIR Operating Partnership’s common unitholders $ 707,552 $ 1,897 $ 696,655 $ 616,351 Denominator – units: Basic weighted-average common units outstanding 157,366 163,866 158,138 165,578 Dilutive common unit equivalents outstanding 2,571 246 2,320 1,951 Dilutive weighted-average common units outstanding 159,937 164,112 160,458 167,529 Earnings per unit – basic $ 4.49 $ 0.01 $ 4.38 $ 3.69 Earnings per unit – diluted $ 4.42 $ 0.01 $ 4.34 $ 3.68

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 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 September 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 $ 29,898 $ — $ 29,898 $ — $ 32,222 $ — $ 32,222 $ — Interest rate swaps - pay-floating, receive fixed $ (3,035) $ — $ (3,035) $ — $ — $ — $ — $ — Interest rate swaps - forward starting $ 3,333 $ — $ 3,333 $ — $ — $ — $ — $ — Treasury rate locks $ — $ — $ — $ — $ 319 $ — $ 319 $ — (1) During the second quarter of 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, net and accrued liabilities and other in the condensed consolidated balance sheets.
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, seller financing notes receivable, and preferred equity investment within Level 2 of the GAAP fair value hierarchy, as summarized in the following table (in thousands): As of September 30, 2023 As of December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 2,244,776 $ 1,938,885 $ 1,994,651 $ 1,753,222 Unsecured notes payable $ 400,000 $ 363,609 $ 400,000 $ 371,368 Seller financing note receivable, net (1) $ 32,246 $ 30,723 $ 31,611 $ 32,286 Preferred equity investment (2) $ 22,398 $ 22,486 $ — $ — (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 market interest rate as of

Derivative Financial Instrume_2

Derivative Financial Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 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 September 30, 2023 Number of Aggregate Notional Derivative Assets Derivative Liabilities Instruments Amount Fair Value Derivatives not designated as hedging instruments: Interest rate swap, floating to fixed 7 $ 600,000 $ 29,898 $ — Interest rate swap, fixed to floating 3 $ 250,000 $ — $ (3,035) Interest rate swap, forward starting 1 $ 50,000 $ 3,333 $ — 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)	9 Months Ended
Variable Interest Entities (Tables)	Sep. 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: September 30, 2023 (1) December 31, 2022 VIEs with interests in apartment communities 3 5 Apartment communities owned by VIEs 14 16 Apartment homes in communities owned by VIEs 4,866 5,369 (1) During the nine months ended September 30, 2023, the number of our VIEs with interests in apartment communities decreased due to our Core JV partner's acquisition of an indirect 47% interest through the Core JV in one consolidated limited partnership with 175 apartment homes, and our purchase of the remaining non-controlling interest in a consolidated limited partnership with 328 apartment homes, which was subsequently contributed to the Core JV during the third quarter. September 30, 2023 December 31, 2022 ASSETS: Net real estate $ 1,024,555 $ 1,066,482 Cash and cash equivalents $ 42,133 $ 54,319 Restricted cash $ 1,970 $ 2,378 Other assets, net $ 21,216 $ 20,944 LIABILITIES: Non-recourse property debt, net $ 1,200,279 $ 1,212,065 Accrued liabilities and other $ 40,007 $ 35,365

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
Business Segments (Tables)	Sep. 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 September 30, 2023 (in thousands): Same Other Proportionate Corporate and Consolidated Three months ended September 30, 2023: Total revenues $ 151,619 $ 29,543 $ 11,981 $ 4,164 $ 197,307 Property operating expenses 40,353 8,158 9,076 489 58,076 Other operating expenses not allocated to segments (3) — — — 100,695 100,695 Total operating expenses 40,353 8,158 9,076 101,184 158,771 Proportionate property net operating income (loss) 111,266 21,385 2,905 (97,020) 38,536 Other items included in income before income tax expense (4) — — — 676,571 676,571 Income before income tax expense $ 111,266 $ 21,385 $ 2,905 $ 579,551 $ 715,107 Same Other Proportionate Corporate and Consolidated Nine months ended September 30, 2023: Total revenues $ 445,881 $ 86,104 $ 80,124 $ 11,568 $ 623,677 Property operating expenses 117,014 28,010 37,850 7,248 190,122 Other operating expenses not allocated to segments (3) — — — 320,567 320,567 Total operating expenses 117,014 28,010 37,850 327,815 510,689 Proportionate property net operating income (loss) 328,867 58,094 42,274 (316,247) 112,988 Other items included in income before income tax expense (4) — — — 594,085 594,085 Income before income tax expense $ 328,867 $ 58,094 $ 42,274 $ 277,838 $ 707,073 Same Other Proportionate Corporate and Consolidated Three months ended September 30, 2022: Total revenues $ 142,009 $ 14,025 $ 32,402 $ 12,435 $ 200,871 Property operating expenses 37,349 4,783 13,468 8,409 64,009 Other operating expenses not allocated to segments (3) — — — 110,290 110,290 Total operating expenses 37,349 4,783 13,468 118,699 174,299 Proportionate property net operating income (loss) 104,660 9,242 18,934 (106,264) 26,572 Other items included in income before income tax expense (4) — — — (23,130) (23,130) Income (loss) before income tax expense $ 104,660 $ 9,242 $ 18,934 $ (129,394) $ 3,442 Same Other Proportionate Corporate and Consolidated Nine months ended September 30, 2022: Total revenues $ 411,052 $ 16,437 $ 93,187 $ 45,173 $ 565,849 Property operating expenses 111,316 5,799 38,559 21,005 176,679 Other operating expenses not allocated to segments (3) — — — 300,720 300,720 Total operating expenses 111,316 5,799 38,559 321,725 477,399 Proportionate property net operating income (loss) 299,736 10,638 54,628 (276,552) 88,450 Other items included in income before income tax expense (4) — — — 528,955 528,955 Income from before income tax expense $ 299,736 $ 10,638 $ 54,628 $ 252,403 $ 617,405 (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): September 30, 2023 December 31, 2022 Same Store $ 4,119,544 $ 4,610,356 Other Real Estate 1,575,415 1,211,136 Corporate and other assets (1) 704,290 730,391 Total consolidated assets $ 6,399,249 $ 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 nine months ended September 30, 2023 and 2022, capital additions related to our segments were as follows (in thousands): 2023 2022 Same Store $ 114,844 $ 109,768 Other Real Estate 13,530 1,422 Total capital additions $ 128,374 $ 111,190

Basis of Presentation and Org_2

Basis of Presentation and Organization (Details)	9 Months Ended
Basis of Presentation and Organization (Details)	Sep. 30, 2023 parcel apartment stateAndDistrict interest property shares
Real Estate Properties [Line Items]
Number of states and district \| stateAndDistrict	10
Number of land parcels \| parcel	1
Number of indirect land interests \| interest	1
AIR Operating Partnership
Real Estate Properties [Line Items]
Common operating partnership units and equivalents outstanding (in shares)	156,840,617
Common operating partnership units and equivalents outstanding (in shares)	146,973,055
Percentage of the Aimco Operating Partnership's common partnership units and equivalents owned by Aimco	91.20%
Percentage of economic interest	93.60%
Partially Owned Properties
Real Estate Properties [Line Items]
Apartment communities owned by VIEs \| property	75
Apartment homes in communities owned by VIEs \| apartment	26,623
Percentage of average ownership of portfolio	81%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Reconciliation of Preferred OP Units (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at January 1, 2023	$ 77,143
Preferred distributions	(4,710)
Purchase of noncontrolling interests in consolidated real estate partnerships	(3)
Net income allocated to preferred units	4,710
Balance at September 30, 2023	$ 77,140

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Narrative (Details)	9 Months Ended
	Sep. 30, 2023 entity $ / shares shares	Dec. 31, 2022 entity shares
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Number of consolidated VIEs \| entity	5	7
AIMCO PROPERTIES, L.P
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Units outstanding (in shares) \| shares	2,846,524	2,846,574
AIMCO PROPERTIES, L.P \| 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
AIMCO PROPERTIES, L.P \| 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) $ / shares in Units, ft² in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) ft² property apartment $ / shares shares	Sep. 30, 2022 USD ($) apartment property	Sep. 30, 2023 USD ($) ft² apartment property shares	Sep. 30, 2022 USD ($) property apartment
Business Acquisition [Line Items]
Gain on dispositions and impairments of real estate	$ 692,861	$ 0	$ 675,534	$ 587,609
Repurchase of common stock, net (in shares) \| shares	2,200,000
Stock repurchased during period, value	$ 77,782	$ 46,711	$ 77,782	$ 171,711
Shares acquired, average cost per share (in usd per share) \| $ / shares	$ 34.57
Stock repurchase program, number of shares authorized to be repurchased (in shares) \| shares	105,500,000		105,500,000
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	3,829		3,829
Impairment of real estate	$ 0		$ 23,600
Apartment Community Dispositions
Business Acquisition [Line Items]
Apartment communities sold \| apartment	1	0		12
Apartment homes in communities owned by VIEs \| property	195	2,050	195	2,050
Proceeds from sale of real estate	$ 19,900
Gain on dispositions and impairments of real estate				$ 587,600
Impairment of real estate		$ 0		$ 0
Apartment Community Dispositions \| Same Store
Business Acquisition [Line Items]
Apartment homes in communities owned by VIEs \| property		10		10
Apartment Community Dispositions, Second Disposition
Business Acquisition [Line Items]
Apartment communities sold \| apartment			3
Apartment homes in communities owned by VIEs \| property	257		257
Proceeds from sale of real estate			$ 52,100
Raleigh North Carolina
Business Acquisition [Line Items]
Number of apartment communities acquired \| property	1
Durham, North Carolina
Business Acquisition [Line Items]
Number of apartment communities acquired \| property	1
South Florida
Business Acquisition [Line Items]
Number of apartment communities acquired \| property			1
Commercial space \| ft²	29		29

Significant Transactions - Sche

Significant Transactions - Schedule of Acquisition (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($) property apartment	Sep. 30, 2023 USD ($) apartment property
South Florida
Business Acquisition [Line Items]
Number of apartment communities acquired \| property		1
Number of apartment homes \| apartment	495
Debts assumed		$ 101,200
Common OP units issuance		$ 22,400
South Florida \| Intangible Assets
Business Acquisition [Line Items]
Weighted-average term		1 year 4 months 24 days
South Florida \| Below-market leases
Business Acquisition [Line Items]
Weighted-average term		6 months
NORTH CAROLINA \| Below-market leases
Business Acquisition [Line Items]
Weighted-average term		6 months
North Carolina And South Florida \| Apartment Community
Business Acquisition [Line Items]
Number of apartment communities acquired \| property	2	3
Number of apartment homes \| apartment	620	1,115
Purchase price	$ 154,500	$ 452,500
Capitalized transaction costs	1,270	6,739
Total consideration	155,770	459,239
Land	19,226	118,564
Building and improvements	130,937	318,364
Intangible assets	5,768	17,845
Mark-to-market on debt assumed	0	7,370
Below-market lease liabilities	(161)	(2,904)
Total consideration	$ 155,770	$ 459,239

Leases - Lease Income for Opera

Leases - Lease Income for Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Fixed lease income	$ 179,069	$ 184,509	$ 572,123	$ 522,074
Variable lease income	14,502	13,141	43,043	35,165
Total lease income	$ 193,571	$ 197,650	$ 615,166	$ 557,239
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)	Sep. 30, 2023
Residential Lease
Operating Leased Assets [Line Items]
Lessee, operating lease, term of contract	10 months 24 days

Leases - Schedule of Aggregate

Leases - Schedule of Aggregate Minimum Lease Payments (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Leases [Abstract]
2023 (remaining)	$ 164,948
2024	379,399
2025	69,870
2026	11,740
2027	10,218
Thereafter	36,463
Total lease receivable	$ 672,638

Debt - Schedule of Debt Instrum

Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Total indebtedness	$ 3,128,234		$ 3,128,234		$ 3,641,629
Repayments of debt			325,000	$ 350,000
Line of credit	25,750		25,750		462,000
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit	970,000		$ 970,000
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	(13,538)		$ (13,538)		(9,221)
Total indebtedness	2,231,238		2,231,238		1,985,430
Unsecured Debt
Debt Instrument [Line Items]
Debt issuance costs, net of accumulated amortization	(3,754)		(3,754)		(5,801)
Total indebtedness	896,996		896,996		1,656,199
Unsecured Debt \| Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	475,000		475,000		800,000
Loan borrowed	350,000		$ 350,000
Repayments of debt	$ 325,000
Unsecured Debt \| Term Loan \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	1%		1%
Debt instrument basis spread on variable rate			0.10%
Debt, weighted average interest rate	6.40%		6.40%
Unsecured Debt \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 25,750		$ 25,750		462,000
Unsecured Debt \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt, weighted average interest rate	6.30%		6.30%
Unsecured Debt Gross
Debt Instrument [Line Items]
Long-term debt, gross	$ 900,750		$ 900,750		1,662,000
Fixed Rate Property Debt \| Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	2,244,776		2,244,776		1,906,151
Variable Rate Property Debt \| Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	0		0		88,500
Non-recourse property debt \| Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	2,244,776		2,244,776		1,994,651
4.58% Notes payable due June 2027 \| Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 100,000		$ 100,000		$ 100,000
Debt instrument, interest rate, stated percentage	4.58%		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		$ 100,000
Debt instrument, interest rate, stated percentage	4.77%		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		$ 200,000
Debt instrument, interest rate, stated percentage	4.84%		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		2.70%
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	$ 125,000		$ 125,000
Long-term debt, term	1 year		1 year
Schedule Term Loan \| Unsecured Debt \| Term Loan
Debt Instrument [Line Items]
Debt, weighted average interest rate	4.30%		4.30%
Schedule Term Loan One
Debt Instrument [Line Items]
Loan borrowed	$ 150,000		$ 150,000
Schedule Term Loan One \| Unsecured Debt \| Term Loan
Debt Instrument [Line Items]
Debt, weighted average interest rate	4.90%		4.90%
Schedule Term Loan Two
Debt Instrument [Line Items]
Loan borrowed	$ 200,000		$ 200,000
Floating Rate \| Secured Debt
Debt Instrument [Line Items]
Weighted-average remaining term			2 years 3 months 18 days

Debt - Narrative (Details)

Debt - Narrative (Details)	1 Months Ended	3 Months Ended	9 Months Ended
Debt - Narrative (Details)	Apr. 30, 2023 USD ($)	Sep. 30, 2023 USD ($) property	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Repayments of debt			$ 325,000,000	$ 350,000,000
Non-recourse property debt, net		$ 2,231,238,000	2,231,238,000		$ 1,985,430,000
Core JV
Debt Instrument [Line Items]
Non-recourse property debt, net		644,400,000	644,400,000
Long-term debt, gross		373,300,000	$ 373,300,000
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
Interest Expense
Debt Instrument [Line Items]
Debt issuance costs, gross		800,000	$ 800,000
Term Loan Maturity on December 15, 2023
Debt Instrument [Line Items]
Repayments of debt		150,000,000
Term Loan Maturity on December 15, 2024
Debt Instrument [Line Items]
Repayments of debt		175,000,000
Fifteen Year Fixed Rate Financing
Debt Instrument [Line Items]
Revolving credit facility	$ 1,000,000,000
Loan term	15 years
Line of credit, total liquidity		2,100,000,000	2,100,000,000
Secured Debt \| Fixed Rate Property Debt
Debt Instrument [Line Items]
Long-term debt, gross		2,244,776,000	2,244,776,000		1,906,151,000
Secured Debt \| Fixed Rate Property Debt \| Core JV
Debt Instrument [Line Items]
Long-term debt, gross		644,400,000	644,400,000
Secured Debt \| Fixed Rate Property Debt \| Core JV \| Nine Properties
Debt Instrument [Line Items]
Long-term debt, gross		$ 611,400,000	$ 611,400,000
Number of properties \| property		9	9
Secured Debt \| Fixed Rate Property Debt \| Core JV \| One Property
Debt Instrument [Line Items]
Long-term debt, gross		$ 33,000,000	$ 33,000,000
Number of properties \| property		1	1
Term Loan \| Unsecured Debt
Debt Instrument [Line Items]
Repayments of debt		$ 325,000,000
Long-term debt, gross		$ 475,000,000	$ 475,000,000		$ 800,000,000

Investment in Joint Ventures -

Investment in Joint Ventures - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) property apartment	Jun. 30, 2023 property	Sep. 30, 2023 USD ($) property apartment	Dec. 31, 2022 USD ($)
Variable Interest Entity [Line Items]
Long-term debt	$ 3,128,234		$ 3,128,234	$ 3,641,629
Non-recourse property debt, net	$ 2,231,238		$ 2,231,238	$ 1,985,430
Global Institutional Investor Joint Venture
Variable Interest Entity [Line Items]
Number of properties in portfolio \| property	10		10
Gain on disposal	$ 698,800
Global Institutional Investor Joint Venture \| Apartment Income REIT, L.P.
Variable Interest Entity [Line Items]
Ownership, percentage		30%
Global Institutional Investor Joint Venture \| Washington DC
Variable Interest Entity [Line Items]
Number of properties in portfolio \| apartment	456		456
Long-term debt	$ 155,000		$ 155,000
Apartment homes in communities owned by VIEs \| property		443
General partners' contributed capital	95,000		$ 95,000
Purchase price	$ 250,000
Core JV
Variable Interest Entity [Line Items]
Number of properties in portfolio \| property	10		10
Long-term debt	$ 1,100,000		$ 1,100,000
Long-term debt, gross	373,300		373,300
Non-recourse property debt, net	644,400		$ 644,400
Proceeds from sale of interest in partnership unit	$ 201,900
Core JV \| Apartment Income REIT, L.P.
Variable Interest Entity [Line Items]
Ownership, percentage	53%		53%
Huntington Gateway
Variable Interest Entity [Line Items]
Gain on disposal			$ 500
Equity method investment, ownership interest sold		70%
Cash flow from operations		50%
Joint Venture Partner
Variable Interest Entity [Line Items]
Non-recourse property debt, net	$ 611,400		$ 611,400
Apartment homes in communities owned by VIEs	328		328

Investment in Joint Ventures _2

Investment in Joint Ventures - Ownership Information (Details) - apartment	3 Months Ended
	Jun. 30, 2023	Sep. 30, 2023
Virginia JV
Schedule of Equity Method Investments [Line Items]
Apartment communities owned by VIEs		3
Apartment homes in communities owned by VIEs		1,748
Virginia JV \| Parent Company
Schedule of Equity Method Investments [Line Items]
Ownership, percentage		20%
Virginia JV \| Partnership Interest
Schedule of Equity Method Investments [Line Items]
Ownership, percentage		80%
Value-Add JV
Schedule of Equity Method Investments [Line Items]
Apartment communities owned by VIEs		1
Apartment homes in communities owned by VIEs		443
Value-Add JV \| Parent Company
Schedule of Equity Method Investments [Line Items]
Ownership, percentage		30%
Value-Add JV \| Partnership Interest
Schedule of Equity Method Investments [Line Items]
Ownership, percentage		70%
Core JV
Schedule of Equity Method Investments [Line Items]
Apartment communities owned by VIEs		11
Apartment homes in communities owned by VIEs		3,549
Core JV \| Parent Company
Schedule of Equity Method Investments [Line Items]
Ownership, percentage		53%
Core JV \| Partnership Interest
Schedule of Equity Method Investments [Line Items]
Ownership, percentage		47%
Huntington Gateway
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership interest sold	70%
Huntington Gateway \| Parent Company
Schedule of Equity Method Investments [Line Items]
Ownership, percentage		50%

Investment in Joint Ventures _3

Investment in Joint Ventures - Summary of Combined Balance Sheets for Joint Venture Partners (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Liabilities	$ 3,611,381	$ 4,155,434
Investment in unconsolidated real estate partnerships	352,096	41,860
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Investment in unconsolidated real estate partnerships	31,600	21,200
Variable Interest Entity, Primary Beneficiary \| Virginia JV
Variable Interest Entity [Line Items]
Liabilities	395,000	395,000
Investment in unconsolidated real estate partnerships	18,198	20,660
Variable Interest Entity, Primary Beneficiary \| Value-Add JV
Variable Interest Entity [Line Items]
Liabilities	94,105	0
Investment in unconsolidated real estate partnerships	29,341	0
Variable Interest Entity, Primary Beneficiary \| Core JV
Variable Interest Entity [Line Items]
Liabilities	799,164	0
Investment in unconsolidated real estate partnerships	$ 272,957	$ 0

Investment in Joint Ventures _4

Investment in Joint Ventures - Earnings or Losses Sttributable to Investments in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Variable Interest Entity [Line Items]
Net income (loss) from real estate investment partnership	$ (10,390)	$ (87)	$ (12,267)	$ (2,974)
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Net income (loss) from real estate investment partnership	(10,390)	(87)	(12,267)	(2,974)
Virginia JV \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Net income (loss) from real estate investment partnership	(1,113)	(87)	(3,004)	(2,974)
Core JV \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Net income (loss) from real estate investment partnership	(7,930)	0	(7,930)	0
Value-Add JV \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Net income (loss) from real estate investment partnership	$ (1,347)	$ 0	$ (1,333)	$ 0

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule Of Earnings Per Share And Per Unit [Line Items]
Net (loss) income attributable to AIR common stockholders	$ 663,596	$ 1,760	$ 650,700	$ 574,363
Effect of dilutive instruments	1,570	0	4,710	4,807
Net (loss) income attributable to AIR common stockholders	$ 665,166	$ 1,760	$ 655,410	$ 579,170
Denominator:
Basic weighted-average common shares/units equivalents outstanding (in shares)	147,474	153,811	148,372	155,488
Dilutive common share/unit equivalents outstanding (in shares)	2,571	246	2,320	1,952
Dilutive weighted-average common shares/units outstanding (in shares)	150,045	154,057	150,692	157,440
Earnings per share/unit - basic (in dollars per share)	$ 4.50	$ 0.01	$ 4.39	$ 3.69
Earnings per share/unit - diluted (in dollars per share)	$ 4.43	$ 0.01	$ 4.35	$ 3.68
Apartment Income REIT, L.P.
Schedule Of Earnings Per Share And Per Unit [Line Items]
Net (loss) income attributable to AIR common stockholders	$ 705,982	$ 1,897	$ 691,945	$ 611,416
Effect of dilutive instruments	1,570	0	4,710	4,935
Net (loss) income attributable to AIR common stockholders	$ 707,552	$ 1,897	$ 696,655	$ 616,351
Denominator:
Basic weighted-average common shares/units equivalents outstanding (in shares)	157,366	163,866	158,138	165,578
Dilutive common share/unit equivalents outstanding (in shares)	2,571	246	2,320	1,951
Dilutive weighted-average common shares/units outstanding (in shares)	159,937	164,112	160,458	167,529
Earnings per share/unit - basic (in dollars per share)	$ 4.49	$ 0.01	$ 4.38	$ 3.69
Earnings per share/unit - diluted (in dollars per share)	$ 4.42	$ 0.01	$ 4.34	$ 3.68

Earnings and Dividends per Sh_4

Earnings and Dividends per Share and per Unit - Narrative (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Dividends and distributions paid (in dollars per share)	$ 0.45		$ 1.35
Antidilutive securities excluded from computation of earnings (loss) per share (in shares)	4,000,000	1,900,000	3,400,000	0

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Value for Interest Rate Options (Details) - Fair value recurring - USD ($) $ in Thousands	Sep. 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	29,898	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	29,898	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	(3,035)	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	(3,035)	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
Interest Rate Swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	3,333	0
Interest Rate Swap \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Interest Rate Swap \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	3,333	0
Interest Rate Swap \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Treasury rate locks
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	0	319
Treasury rate locks \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Treasury rate locks \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	0	319
Treasury rate locks \| 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	Sep. 30, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-term debt	$ 3,641,629	$ 3,128,234
Derivative, average variable interest rate	4.50%
Receivables with imputed interest, amortization amount	$ 8,500
Value-Add JV
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Receivables with imputed interest, amortization amount	$ 5,900
Investment interest rate	7.25%
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	32,246
Carrying Value \| Fair Value, Nonrecurring \| Preferred equity investment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Preferred equity investment	0	22,398
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	2,244,776
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	30,723
Fair Value \| Fair Value, Nonrecurring \| Preferred equity investment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Preferred equity investment	0	22,486
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	1,938,885
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	$ 363,609

Derivative Financial Instrume_3

Derivative Financial Instruments and Hedging Activities - Narrative (Details)	1 Months Ended	3 Months Ended			9 Months Ended
	Nov. 03, 2023 USD ($)	Sep. 30, 2023 USD ($) instrument	Jun. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification of interest rate derivative (gain) loss to net income (loss)		$ 14,186,000		$ (731,000)	$ 23,704,000	$ (2,720,000)
Derivative, fair value hedge, included in effectiveness, gain (loss)		11,500,000
Unrealized loss on derivative instruments		14,100,000		0	23,300,000	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					$ 7,400,000
Proceeds from termination of derivative instrument		$ 11,100,000
Derivative, term of contract					2 years 7 months 6 days
Term Loans \| Subsequent Event
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Proceeds from lines of credit	$ 475,000,000
Debt instrument, interest rate, stated percentage	4.30%
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of interest rate derivatives terminated \| instrument		6
Interest rate swap, pay-fixed, receive-floating \| Subsequent Event
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount	$ 125,000,000
Interest Rate Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedge gain (loss) to be reclassified within 12 months					$ 15,400,000
Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification of interest rate derivative (gain) loss to net income (loss)		$ 2,600,000		$ 700,000		$ 2,700,000
Designated as Hedging Instrument \| Interest Rate Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification of interest rate derivative (gain) loss to net income (loss)		(14,200,000)			(23,700,000)
Not Designated as Hedging Instrument \| Interest rate swap, fixed to floating
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount		250,000,000			250,000,000
Not Designated as Hedging Instrument \| Interest rate swap, pay-floating, receive-fixed
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount		230,000,000			230,000,000
Not Designated as Hedging Instrument \| Interest rate swap, pay-fixed, receive-floating
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount		230,000,000			230,000,000
Not Designated as Hedging Instrument \| Interest rate swap, forward starting
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount		50,000,000			50,000,000
Not Designated as Hedging Instrument \| Interest Rate Swap, Pay-Fixed, Receive-Floating, Scenario Two
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount		600,000,000			600,000,000
Not Designated as Hedging Instrument \| Interest Rate Swap, Pay-Floating, Receive-Fixed Scenario Two
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount		$ 250,000,000			$ 250,000,000

Derivative Financial Instrume_4

Derivative Financial Instruments and Hedging Activities - Schedule of Balance Sheet Hedges (Details) $ in Thousands	Sep. 30, 2023 USD ($) instrument	Dec. 31, 2022 USD ($) instrument
Treasury rate locks \| Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments held \| instrument		1
Aggregate notional amount		$ 100,000
Treasury rate locks \| Designated as Hedging Instrument \| Other Assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives, fair value		319
Treasury rate locks \| 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 \| 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	7
Aggregate notional amount	$ 600,000
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	29,898
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	3
Aggregate notional amount	$ 250,000
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	$ (3,035)
Interest rate swap, forward starting \| Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments held \| instrument	1
Aggregate notional amount	$ 50,000
Interest rate swap, forward starting \| Not Designated as Hedging Instrument \| Other Assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives, fair value	3,333
Interest rate swap, forward starting \| Not Designated as Hedging Instrument \| Other Liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability derivatives, fair value	$ 0

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of VIEs Consolidated by the AIR Operating Partnership (Details)	3 Months Ended
	Sep. 30, 2023 apartment	Dec. 31, 2022 apartment
Joint Venture Partner
Variable Interest Entity [Line Items]
Apartment communities owned by VIEs	175
Apartment homes in communities owned by VIEs	328
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
VIEs with interests in apartment communities	3	5
Apartment communities owned by VIEs	14	16
Apartment homes in communities owned by VIEs	4,866	5,369
Equity method investment, ownership interest sold	47%

Variable Interest Entities - As

Variable Interest Entities - Assets and Liabilities of VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Net real estate	$ 5,403,085	$ 5,626,511
Cash and cash equivalents	106,630	95,797
Restricted cash	27,540	205,608
Other assets, net	477,612	549,821
LIABILITIES:
Non-recourse property debt, net	2,231,238	1,985,430
Accrued liabilities and other	483,147	513,805
Variable Interest Entity, Primary Beneficiary
ASSETS
Net real estate	1,024,555	1,066,482
Cash and cash equivalents	42,133	54,319
Restricted cash	1,970	2,378
Other assets, net	21,216	20,944
LIABILITIES:
Non-recourse property debt, net	1,200,279	1,212,065
Accrued liabilities and other	$ 40,007	$ 35,365

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Parkmerced Investment
Variable Interest Entity [Line Items]
Mezzanine investment	$ 158.3	$ 158.7

Business Segments - Narrative (

Business Segments - Narrative (Details)	9 Months Ended
Business Segments - Narrative (Details)	Sep. 30, 2023 property apartment Segment	Dec. 31, 2022 property
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment	2
Other Real Estate
Segment Reporting Information [Line Items]
Apartment communities owned by VIEs	12
Apartment homes in communities owned by VIEs \| apartment	3,829
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 \| Other Real Estate
Segment Reporting Information [Line Items]
Apartment communities owned by VIEs	4	4

Business Segments - Summary of

Business Segments - Summary of Information for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Summary information for the reportable segments
Total revenues	$ 197,307	$ 200,871	$ 623,677	$ 565,849
Other operating expenses not allocated to segments	100,695	110,290	320,567	300,720
Total operating expenses	158,771	174,299	510,689	477,399
Proportionate property net operating income (loss)	38,536	26,572	112,988	88,450
Other items included in income (loss) before income tax expense	676,571	(23,130)	594,085	528,955
Income before income tax expense	715,107	3,442	707,073	617,405
Real Estate
Summary information for the reportable segments
Property operating expenses	58,076	64,009	190,122	176,679
Segment Reconciling Items
Summary information for the reportable segments
Total revenues	11,981	32,402	80,124	93,187
Other operating expenses not allocated to segments	0	0	0	0
Total operating expenses	9,076	13,468	37,850	38,559
Proportionate property net operating income (loss)	2,905	18,934	42,274	54,628
Other items included in income (loss) before income tax expense	0	0	0	0
Income before income tax expense	2,905	18,934	42,274	54,628
Segment Reconciling Items \| Real Estate
Summary information for the reportable segments
Property operating expenses	9,076	13,468	37,850	38,559
Corporate Non-Segment
Summary information for the reportable segments
Total revenues	4,164	12,435	11,568	45,173
Other operating expenses not allocated to segments	100,695	110,290	320,567	300,720
Total operating expenses	101,184	118,699	327,815	321,725
Proportionate property net operating income (loss)	(97,020)	(106,264)	(316,247)	(276,552)
Other items included in income (loss) before income tax expense	676,571	(23,130)	594,085	528,955
Income before income tax expense	579,551	(129,394)	277,838	252,403
Corporate Non-Segment \| Real Estate
Summary information for the reportable segments
Property operating expenses	489	8,409	7,248	21,005
Same Store \| Operating Segments
Summary information for the reportable segments
Total revenues	151,619	142,009	445,881	411,052
Other operating expenses not allocated to segments	0	0	0	0
Total operating expenses	40,353	37,349	117,014	111,316
Proportionate property net operating income (loss)	111,266	104,660	328,867	299,736
Other items included in income (loss) before income tax expense	0	0	0	0
Income before income tax expense	111,266	104,660	328,867	299,736
Same Store \| Operating Segments \| Real Estate
Summary information for the reportable segments
Property operating expenses	40,353	37,349	117,014	111,316
Other Real Estate \| Operating Segments
Summary information for the reportable segments
Total revenues	29,543	14,025	86,104	16,437
Other operating expenses not allocated to segments	0	0	0	0
Total operating expenses	8,158	4,783	28,010	5,799
Proportionate property net operating income (loss)	21,385	9,242	58,094	10,638
Other items included in income (loss) before income tax expense	0	0	0	0
Income before income tax expense	21,385	9,242	58,094	10,638
Other Real Estate \| Operating Segments \| Real Estate
Summary information for the reportable segments
Property operating expenses	$ 8,158	$ 4,783	$ 28,010	$ 5,799

Business Segments - Reconciliat

Business Segments - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total consolidated assets	$ 6,399,249	$ 6,551,883
Corporate Non-Segment
Segment Reporting Information [Line Items]
Total consolidated assets	704,290	730,391
Same Store \| Operating Segments
Segment Reporting Information [Line Items]
Total consolidated assets	4,119,544	4,610,356
Other Real Estate \| Operating Segments
Segment Reporting Information [Line Items]
Total consolidated assets	$ 1,575,415	$ 1,211,136

Business Segments - Capital Add

Business Segments - Capital Additions Related to Segments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Total capital additions	$ 128,374	$ 111,190
Same Store
Segment Reporting Information [Line Items]
Total capital additions	114,844	109,768
Other Real Estate
Segment Reporting Information [Line Items]
Total capital additions	$ 13,530	$ 1,422