Aimco Properties 10-Q 8 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	May 06, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		145,104,221
Entity Central Index Key	0001820877
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
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	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Buildings and improvements	$ 6,428,478	$ 6,324,857
Land	1,297,414	1,285,710
Total real estate	7,725,892	7,610,567
Accumulated depreciation	(2,319,064)	(2,245,589)
Net real estate	5,406,828	5,364,978
Cash and cash equivalents	87,795	91,401
Restricted cash	26,942	26,090
Investment in unconsolidated real estate partnerships	324,876	336,077
Goodwill	32,286	32,286
Other assets, net	319,579	283,920
Total assets	6,198,306	6,134,752
LIABILITIES AND EQUITY
Non-recourse property debt, net	2,217,191	2,223,791
Term loans, net	473,915	473,701
Revolving credit facility borrowings	260,000	115,000
Unsecured notes payable, net	397,943	397,852
Total indebtedness	3,349,049	3,210,344
Accrued liabilities and other	303,442	296,894
Total liabilities	3,652,491	3,507,238
Commitments and Contingencies
Preferred noncontrolling interests in AIR Operating Partnership	77,140	77,140
Equity:
Perpetual Preferred Stock	2,000	2,000
Common Stock, $0.01 par value, 1,021,175,000 shares authorized at March 31, 2024 and December 31, 2023, and 145,104,220 and 144,925,604 shares issued/outstanding at March 31, 2024 and December 31, 2023, respectively	1,451	1,449
Additional paid-in capital	3,285,257	3,284,716
Accumulated other comprehensive income	20,473	22,392
Distributions in excess of earnings	(1,029,944)	(958,661)
Total AIR equity	2,279,237	2,351,896
Noncontrolling interests in consolidated real estate partnerships	(89,261)	(85,973)
Common noncontrolling interests in AIR Operating Partnership	278,699	284,451
Total equity	2,468,675	2,550,374
Total liabilities, preferred noncontrolling interests in AIR Operating Partnership, and equity	$ 6,198,306	$ 6,134,752

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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	145,104,220	144,925,604
Common stock, shares outstanding	145,104,220	144,925,604

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operation - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUES
Total revenues	$ 195,622	$ 211,993
EXPENSES
Property operating expenses	59,542	67,777
Property management expenses	8,197	7,676
Depreciation and amortization	79,754	95,666
General and administrative expenses	10,336	7,180
Other expenses, net	11,246	3,660
Operating expenses	169,075	181,959
Interest income	2,052	1,525
Interest expense	(35,282)	(36,187)
Loss on extinguishment of debt	0	(2,008)
Gain (loss) on derivative instruments, net	9,574	(2,138)
Loss from unconsolidated real estate partnerships	(6,850)	(1,035)
Loss before income tax expense	(3,959)	(9,809)
Income tax expense	(319)	(139)
Net loss	(4,278)	(9,948)
Noncontrolling interests:
Net income attributable to noncontrolling interests in consolidated real estate partnerships	(1,101)	(685)
Net income attributable to preferred noncontrolling interests in AIR Operating Partnership	(1,570)	(1,570)
Net loss attributable to common noncontrolling interests in AIR Operating Partnership	357	826
Net income attributable to noncontrolling interests	(2,314)	(1,429)
Net loss attributable to AIR	(6,592)	(11,377)
Net income attributable to AIR preferred stockholders	(44)	(43)
Net loss (income) attributable to participating securities	66	(37)
Net loss attributable to AIR common stockholders	$ (6,570)	$ (11,457)
Net loss attributable to AIR common stockholders per share - basic (in dollars per share)	$ (0.05)	$ (0.08)
Net loss attributable to AIR common stockholders per share - diluted (in dollars per share)	$ (0.05)	$ (0.08)
Weighted average common shares/units outstanding - basic (in shares)	144,550,000	148,810,000
Weighted average common shares/units outstanding - diluted	144,550,000	148,810,000
Rental and other property revenues
REVENUES
Total revenues	$ 192,382	$ 209,923
Other revenues
REVENUES
Total revenues	$ 3,240	$ 2,070

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (4,278)	$ (9,948)
Unrealized loss on derivative instruments, net	0	(19,748)
Reclassification of interest rate derivative (gain) loss to net loss	(2,101)	4,154
Comprehensive loss	(6,379)	(25,542)
Comprehensive income attributable to noncontrolling interests	(2,132)	(327)
Comprehensive loss attributable to the AIR Operating Partnership	$ (8,511)	$ (25,869)

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, 2022			20
Beginning balance (in shares) at Dec. 31, 2022				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 Common Stock	22,383								22,383
Redemption of AIR Operating Partnership units	(10,529)								(10,529)
Amortization of share-based compensation cost	3,126	1,971			1,971				1,155
Effect of changes in ownership of consolidated entities	0	(6,102)			(6,102)			0	6,102
Contributions from noncontrolling interests in consolidated real estate partnerships	1,567							1,567
Change in accumulated other comprehensive income	(15,594)	(14,492)				(14,492)			(1,102)
Net (loss) income	(11,518)	(11,377)					(11,377)	685	(826)
Common Stock dividends	(66,939)	(66,939)					(66,939)
Distributions to noncontrolling interests	(7,037)							(2,485)	(4,552)
Other, net (in shares)				113,136
Other, net	137	137		$ 1	69		67	1	(1)
Ending balance at Mar. 31, 2023	$ 2,234,902	2,059,615	$ 2,000	$ 1,492	3,432,573	29,070	(1,405,520)	(79,017)	254,304
Ending balance (in shares) at Mar. 31, 2023				149,199,684
Ending balance (in shares) at Mar. 31, 2023			20
Beginning balance (in shares) at Dec. 31, 2023			20
Beginning balance (in shares) at Dec. 31, 2023	144,925,604			144,925,604
Beginning balance at Dec. 31, 2023	$ 2,550,374	2,351,896	$ 2,000	$ 1,449	3,284,716	22,392	(958,661)	(85,973)	284,451
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of AIR Operating Partnership units	(3,793)								(3,793)
Amortization of share-based compensation cost	3,717	2,300			2,300				1,417
Effect of changes in ownership of consolidated entities	0	(1,839)			(1,839)				1,839
Change in accumulated other comprehensive income	(2,101)	(1,919)				(1,919)			(182)
Net (loss) income	(5,848)	(6,592)					(6,592)	1,101	(357)
Common Stock dividends	(64,649)	(64,649)					(64,649)
Distributions to noncontrolling interests	(9,071)							(4,395)	(4,676)
Other, net (in shares)				178,616
Other, net	46	40		$ 2	80	0	(42)	6	0
Ending balance at Mar. 31, 2024	$ 2,468,675	$ 2,279,237	$ 2,000	$ 1,451	$ 3,285,257	$ 20,473	$ (1,029,944)	$ (89,261)	$ 278,699
Ending balance (in shares) at Mar. 31, 2024	145,104,220			145,104,220
Ending balance (in shares) at Mar. 31, 2024			20

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (4,278)	$ (9,948)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	79,754	95,666
Loss on extinguishment of debt	0	2,008
Income tax expense	319	139
Other, net	13,784	5,955
Net changes in operating assets and operating liabilities	(12,676)	(4,926)
Net cash provided by operating activities	76,903	88,894
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate	(90,497)	(180,673)
Capital expenditures	(19,682)	(34,278)
Other investing activities, net	(3,207)	23,689
Net cash used in investing activities	(113,386)	(191,262)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from non-recourse property debt	0	320,000
Principal repayments of non-recourse property debt	(7,179)	(96,294)
Net borrowings on (repayments of) revolving credit facility	145,000	(217,000)
Repurchases of common partnership units held by General Partner and Special Limited Partner	(24,595)	0
Payment of dividends to holders of Common Stock	(65,105)	(67,121)
Redemption of preferred units and other	(3,793)	(10,529)
Other financing activities, net	(10,599)	(13,007)
Net cash provided by (used in) financing activities	33,729	(83,951)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(2,754)	(186,319)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	117,491	301,405
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	$ 114,737	$ 115,086

Condensed Consolidated Balanc_3

Condensed Consolidated Balance Sheets OP - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Buildings and improvements	$ 6,428,478	$ 6,324,857
Land	1,297,414	1,285,710
Total real estate	7,725,892	7,610,567
Accumulated depreciation	(2,319,064)	(2,245,589)
Net real estate	5,406,828	5,364,978
Cash and cash equivalents	87,795	91,401
Restricted cash	26,942	26,090
Investment in unconsolidated real estate partnerships	324,876	336,077
Goodwill	32,286	32,286
Other assets, net	319,579	283,920
Total assets	6,198,306	6,134,752
LIABILITIES AND EQUITY
Non-recourse property debt, net	2,217,191	2,223,791
Term loans, net	473,915	473,701
Revolving credit facility borrowings	260,000	115,000
Unsecured notes payable, net	397,943	397,852
Total indebtedness	3,349,049	3,210,344
Accrued liabilities and other	303,442	296,894
Total liabilities	3,652,491	3,507,238
Commitments and Contingencies
Preferred noncontrolling interests in AIR Operating Partnership	77,140	77,140
Equity:
Noncontrolling interests in consolidated real estate partnerships	(89,261)	(85,973)
Total equity	2,468,675	2,550,374
Total liabilities, preferred noncontrolling interests in AIR Operating Partnership, and equity	6,198,306	6,134,752
Apartment Income REIT, L.P.
ASSETS
Buildings and improvements	6,428,478	6,324,857
Land	1,297,414	1,285,710
Total real estate	7,725,892	7,610,567
Accumulated depreciation	(2,319,064)	(2,245,589)
Net real estate	5,406,828	5,364,978
Cash and cash equivalents	87,795	91,401
Restricted cash	26,942	26,090
Investment in unconsolidated real estate partnerships	324,876	336,077
Goodwill	32,286	32,286
Other assets, net	319,579	283,920
Total assets	6,198,306	6,134,752
LIABILITIES AND EQUITY
Non-recourse property debt, net	2,217,191	2,223,791
Term loans, net	473,915	473,701
Revolving credit facility borrowings	260,000	115,000
Unsecured notes payable, net	397,943	397,852
Total indebtedness	3,349,049	3,210,344
Accrued liabilities and other	303,442	296,894
Total liabilities	3,652,491	3,507,238
Commitments and Contingencies
Preferred noncontrolling interests in AIR Operating Partnership	77,140	77,140
Equity:
Preferred units	2,000	2,000
General Partner and Special Limited Partner	2,277,237	2,349,896
Limited Partners	278,699	284,451
Partners’ capital attributable to the AIR Operating Partnership	2,557,936	2,636,347
Noncontrolling interests in consolidated real estate partnerships	(89,261)	(85,973)
Total equity	2,468,675	2,550,374
Total liabilities, preferred noncontrolling interests in AIR Operating Partnership, and equity	$ 6,198,306	$ 6,134,752

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Operations OP - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUES
Total revenues	$ 195,622	$ 211,993
EXPENSES
Property operating expenses	59,542	67,777
Property management expenses	8,197	7,676
Depreciation and amortization	79,754	95,666
General and administrative expenses	10,336	7,180
Other expenses, net	11,246	3,660
Operating expenses	169,075	181,959
Interest income	2,052	1,525
Interest expense	(35,282)	(36,187)
Loss on extinguishment of debt	0	(2,008)
Gain (loss) on derivative instruments, net	9,574	(2,138)
Loss from unconsolidated real estate partnerships	(6,850)	(1,035)
Loss before income tax expense	(3,959)	(9,809)
Income tax expense	(319)	(139)
Net income (loss)	(4,278)	(9,948)
Net income attributable to noncontrolling interests in consolidated real estate partnerships	(1,101)	(685)
Net loss attributable to AIR	(6,592)	(11,377)
Net income attributable to AIR preferred stockholders	(44)	(43)
Net loss (income) attributable to participating securities	66	(37)
Net loss attributable to AIR common stockholders	$ (6,570)	$ (11,457)
Net loss attributable to AIR common stockholders per share - basic (in dollars per share)	$ (0.05)	$ (0.08)
Net loss attributable to AIR common stockholders per share - diluted (in dollars per share)	$ (0.05)	$ (0.08)
Weighted average common shares/units outstanding - basic (in shares)	144,550,000	148,810,000
Weighted average common shares/units outstanding - diluted	144,550,000	148,810,000
Rental and other property revenues
REVENUES
Total revenues	$ 192,382	$ 209,923
Other revenues
REVENUES
Total revenues	3,240	2,070
Apartment Income REIT, L.P.
REVENUES
Total revenues	195,622	211,993
EXPENSES
Property operating expenses	59,542	67,777
Property management expenses	8,197	7,676
Depreciation and amortization	79,754	95,666
General and administrative expenses	10,336	7,180
Other expenses, net	11,246	3,660
Operating expenses	169,075	181,959
Interest income	2,052	1,525
Interest expense	(35,282)	(36,187)
Loss on extinguishment of debt	0	(2,008)
Gain (loss) on derivative instruments, net	9,574	(2,138)
Loss from unconsolidated real estate partnerships	(6,850)	(1,035)
Loss before income tax expense	(3,959)	(9,809)
Income tax expense	(319)	(139)
Net income (loss)	(4,278)	(9,948)
Net income attributable to noncontrolling interests in consolidated real estate partnerships	(1,101)	(685)
Net loss attributable to AIR	(5,379)	(10,633)
Net income attributable to AIR preferred stockholders	(1,614)	(1,613)
Net loss (income) attributable to participating securities	66	(37)
Net loss attributable to AIR common stockholders	$ (6,927)	$ (12,283)
Net loss attributable to AIR common stockholders per share - basic (in dollars per share)	$ (0.04)	$ (0.08)
Net loss attributable to AIR common stockholders per share - diluted (in dollars per share)	$ (0.04)	$ (0.08)
Weighted average common shares/units outstanding - basic (in shares)	154,323,000	159,284,000
Weighted average common shares/units outstanding - diluted	154,323,000	159,284,000
Apartment Income REIT, L.P. | Rental and other property revenues
REVENUES
Total revenues	$ 192,382	$ 209,923
Apartment Income REIT, L.P. | Other revenues
REVENUES
Total revenues	$ 3,240	$ 2,070

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Comprehensive Loss OP - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net loss	$ (4,278)	$ (9,948)
Unrealized loss on derivative instruments, net	0	(19,748)
Reclassification of interest rate derivative (gain) loss to net loss	(2,101)	4,154
Comprehensive loss	(6,379)	(25,542)
Comprehensive income attributable to noncontrolling interests	(2,132)	(327)
Comprehensive loss attributable to the AIR Operating Partnership	(8,511)	(25,869)
Apartment Income REIT, L.P.
Net loss	(4,278)	(9,948)
Unrealized loss on derivative instruments, net	0	(19,748)
Reclassification of interest rate derivative (gain) loss to net loss	(2,101)	4,154
Comprehensive loss	(6,379)	(25,542)
Comprehensive income attributable to noncontrolling interests	(1,101)	(685)
Comprehensive loss attributable to the AIR Operating Partnership	$ (7,480)	$ (26,227)

Condensed Consolidated Statem_7

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, 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
Redemption of common partnership units		(10,529)			(10,529)	(10,529)
Amortization of share-based compensation cost		3,126		1,971	1,155	3,126
Effect of changes in ownership of consolidated entities	$ 0			(6,102)	6,102	0	0
Contributions from noncontrolling interests in consolidated real estate partnerships	1,567	1,567					1,567
Change in accumulated other comprehensive income	(15,594)	(15,594)		(14,492)	(1,102)	(15,594)
Net (loss) income	(11,518)	(11,518)		(11,377)	(826)	(12,203)	685
Distributions to noncontrolling interests		(71,491)		(66,939)	(4,552)	(71,491)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(7,037)	(2,485)					(2,485)
Other, net		137		137	(1)	136	1
Ending balance at Mar. 31, 2023		2,234,902	2,000	2,057,615	254,304	2,313,919	(79,017)
Beginning balance at Dec. 31, 2023		2,550,374	2,000	2,349,896	284,451	2,636,347	(85,973)
Increase (Decrease) in Partners' Capital [Roll Forward]
Redemption of common partnership units		(3,793)			(3,793)	(3,793)
Amortization of share-based compensation cost		3,717		2,300	1,417	3,717
Effect of changes in ownership of consolidated entities	0			(1,839)	1,839	0	0
Change in accumulated other comprehensive income	(2,101)	(2,101)		(1,919)	(182)	(2,101)
Net (loss) income	(5,848)	(5,848)		(6,592)	(357)	(6,949)	1,101
Distributions to noncontrolling interests		(64,649)		(64,649)	0	(64,649)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	$ (9,071)	(9,071)			(4,676)	(4,676)	(4,395)
Other, net		46		40	0	40	6
Ending balance at Mar. 31, 2024		$ 2,468,675	$ 2,000	$ 2,277,237	$ 278,699	$ 2,557,936	$ (89,261)

Condensed Consolidated Statem_8

Condensed Consolidated Statements of Cash Flows OP - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (4,278)	$ (9,948)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	79,754	95,666
Loss on extinguishment of debt	0	2,008
Income tax expense	319	139
Other, net	13,784	5,955
Net changes in operating assets and operating liabilities	(12,676)	(4,926)
Net cash provided by operating activities	76,903	88,894
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate	(90,497)	(180,673)
Capital expenditures	(19,682)	(34,278)
Other investing activities, net	(3,207)	23,689
Net cash used in investing activities	(113,386)	(191,262)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from non-recourse property debt	0	320,000
Principal repayments of non-recourse property debt	(7,179)	(96,294)
Net borrowings on (repayments of) revolving credit facility	145,000	(217,000)
Repurchases of common partnership units held by General Partner and Special Limited Partner	(24,595)	0
Redemption of preferred units and other	(3,793)	(10,529)
Other financing activities, net	(10,599)	(13,007)
Net cash provided by (used in) financing activities	33,729	(83,951)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(2,754)	(186,319)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	117,491	301,405
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	114,737	115,086
Apartment Income REIT, L.P.
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	(4,278)	(9,948)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	79,754	95,666
Loss on extinguishment of debt	0	2,008
Income tax expense	319	139
Other, net	13,784	5,955
Net changes in operating assets and operating liabilities	(12,676)	(4,926)
Net cash provided by operating activities	76,903	88,894
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate	(90,497)	(180,673)
Capital expenditures	(19,682)	(34,278)
Other investing activities, net	(3,207)	23,689
Net cash used in investing activities	(113,386)	(191,262)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from non-recourse property debt	0	320,000
Principal repayments of non-recourse property debt	(7,179)	(96,294)
Net borrowings on (repayments of) revolving credit facility	145,000	(217,000)
Repurchases of common partnership units held by General Partner and Special Limited Partner	(24,595)	0
Payment of distributions to General Partner and Special Limited Partner	(65,105)	(67,121)
Redemption of preferred units and other	(3,793)	(10,529)
Other financing activities, net	(10,599)	(13,007)
Net cash provided by (used in) financing activities	33,729	(83,951)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(2,754)	(186,319)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	117,491	301,405
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	$ 114,737	$ 115,086

Basis of Presentation and Organ

Basis of Presentation and Organization	3 Months Ended
	Mar. 31, 2024
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 months ended March 31, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The condensed consolidated balance sheets of AIR, the AIR Operating Partnership, and their consolidated subsidiaries as of December 31, 2023, 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, 2023. Except where indicated, the footnotes refer to AIR, the AIR Operating Partnership and their consolidated subsidiaries, collectively. Reclassifications Certain prior period balances in the condensed consolidated statements of 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 March 31, 2024, our portfolio included 76 apartment communities with 27,015 apartment homes, in which we held an average ownership of approximately 82%. Interests in the AIR Operating Partnership that are held by limited partners other than AIR are referred to as OP Units. OP Units include common partnership units, which we refer to as common OP Units, as well as preferred partnership units, which we refer to as preferred OP Units. As of March 31, 2024, after elimination of units held by consolidated subsidiaries, the AIR Operating Partnership had 158,247,357 common OP Units and equivalents outstanding. As of March 31, 2024, AIR owned 145,104,220 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 91.7% legal interest in the AIR Operating Partnership and a 93.7% economic interest.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Principles of Consolidation We consolidate variable interest entities (“VIE”), in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. As of March 31, 2024 and December 31, 2023, AIR consolidated five VIEs, including the AIR Operating Partnership. Please see Note 1 0 for further discussion regarding our consolidated VIEs. 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, 2024 $ 77,140 Preferred distributions (1,570) Net income allocated to preferred units 1,570 Balance at March 31, 2024 $ 77,140 The AIR Operating Partnership has outstanding various classes of redeemable preferred OP Units. As of March 31, 2024 and December 31, 2023, the AIR Operating Partnership had 2,846,524 redeemable preferred OP Units issued and outstanding. Distributions per annum range from 1.92% to 8.75% per class and $0.48 to $8.00 per unit, 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	3 Months Ended
	Mar. 31, 2024
Significant Transactions [Abstract]
Significant Transactions	Significant Transactions Apartment Community Acquisitions During the three months ended March 31, 2024, we acquired one apartment community located in Raleigh, North Carolina with 384 apartment homes. Summarized information regarding this acquisition is set forth in the table below (dollars in thousands): Three Months Ended March 31, 2024 Purchase price $ 86,500 Capitalized transaction costs 713 Total consideration $ 87,213 Land $ 11,704 Building and improvements 73,102 Intangible assets (1) 2,482 Below-market lease liabilities (1) (75) Total consideration $ 87,213 (1) Intangible assets and below-market lease liabilities for the Raleigh, North Carolina apartment community acquisition have a weighted-average term of 0.5 years. Subsequent to March 31, 2024, we acquired one apartment community located in Bethesda, Maryland with 359 apartment homes and 50,500 square feet of commercial space for $150.0 million. In connection with the acquisition, AIR placed $97.3 million of non-recourse property debt on the property. Dividends and Distributions For the three months ended March 31, 2024 and 2023, dividends and distributions paid per share of Common Stock and per common unit were $0.45. As a result of the announced Plan of Merger with Blackstone Real Estate as described in N ote 1 2 , payment of additional quarterly dividends has been suspended, effective immediately, other than for the purpose of meeting REIT status, and any such dividends would result in an offsetting decrease to the Common Stock Merger Consideration. Subject to and upon consummation of the Merger, the Company’s Class A common stock will no longer be listed on the New York Stock Exchange.

Leases

Leases	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 2023 Fixed lease income $ 179,359 $ 196,336 Variable lease income 12,826 13,288 Total lease income $ 192,185 $ 209,624 Generally, our residential leases do not provide extension options and, as of March 31, 2024, have an average remaining term of 7.2 months. In general, our commercial leases have options to extend for a certain period of time at the tenant’s option. As of March 31, 2024, 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): 2024 (remaining) $ 344,334 2025 148,584 2026 21,498 2027 11,713 2028 9,604 Thereafter 30,872 Total $ 566,605

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt The following table summarizes our total indebtedness (in thousands): March 31, 2024 December 31, 2023 Secured debt: Fixed-rate property debt due May 2025 to January 2055 (1) $ 2,229,842 $ 2,236,975 Debt issuance costs, net of accumulated amortization (12,651) (13,184) Total non-recourse property debt, net $ 2,217,191 $ 2,223,791 Unsecured debt: Term loans due December 2024 to April 2026 (2) $ 475,000 $ 475,000 Revolving credit facility borrowings due April 2025 (3) 260,000 115,000 4.58% Notes payable due June 2027 100,000 100,000 4.77% Notes payable due June 2029 100,000 100,000 4.84% Notes payable due June 2032 200,000 200,000 Total unsecured debt 1,135,000 990,000 Debt issuance costs, net of accumulated amortization (3,142) (3,447) Total unsecured debt, net $ 1,131,858 $ 986,553 Total indebtedness $ 3,349,049 $ 3,210,344 (1) 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 March 31, 2024, the weighted-average interest rate for our term loans before consideration of in place interest rate swaps was 6.4%. During the three months ended March 31, 2024, we restructured and terminated certain interest rate swaps, economically hedging our entire $475 million term loan balance at an effective interest rate for 2024 of 3.5%. 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 March 31, 2024, the weighted-average remaining term of the term loans was 1.8 years. (3) As of March 31, 2024, we had capacity to borrow up to $735.7 million under our revolving credit facility after consideration of undrawn letters of credit. The revolving credit facility bears interest at a one-month Term SOFR plus 0.89% and a SOFR adjustment of 10-basis points based on our current credit rating. During the three months ended March 31, 2024, we entered into interest rate swaps economically hedging $200 million of our $260 million revolving credit facility borrowings at 4.9%. As of March 31, 2024, the weighted-average interest rate for the remaining $60 million outstanding on our revolving credit facility was 6.3%. During the three months ended March 31, 2024, we increased the borrowings against our revolving credit facility primarily to fund the acquisition of one apartment community located in Raleigh, North Carolina. As of March 31, 2024, our available liquidity was approximately $1.7 billion, which is comprised of available capacity on our secured and revolving credit facilities, our share of restricted cash, and our share of cash and cash equivalents. As a result of the announced Plan of Merger with Blackstone Real Estate as described in Note 12, AIR is generally prohibited from creating, incurring, assuming, replacing, prepaying, or guaranteeing any indebtedness for borrowed money or issuing or materially amending the terms of any indebtedness. Under our credit agreement and unsecured notes payable, we have agreed to maintain certain financial covenants, as well as other covenants customary for similar credit arrangements. The financial covenants we are required to maintain include a maximum leverage ratio of no greater than 0.60 to 1.00; a fixed charge coverage ratio of no less than 1.50 to 1.00, a maximum secured indebtedness to total assets ratio of no greater than 0.40 to 1.00, a maximum unsecured leverage ratio no greater than 0.60 to 1.00, and a minimum unsecured interest coverage ratio no less than 1.50 to 1.00.

Investment in Unconsolidated Re

Investment in Unconsolidated Real Estate Partnership	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Real Estate Partnership	Investment in Unconsolidated Real Estate Partnerships As of March 31, 2024, AIR has equity investments in three significant unconsolidated joint ventures: the joint venture with a global institutional investor (the “Core JV”), the joint venture with a global asset manager (“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 is entitled to 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 real estate partnerships (in thousands): March 31, 2024 Virginia JV Value-Add JV Core JV Third-party debt $ 395,000 $ 89,053 $ 793,874 AIR's investment in balance (1) $ 16,539 $ 28,482 $ 258,590 (1) AIR's investment in balance includes certain basis differences that are subject to amortization. AIR's investment in unconsolidated real estate partnerships in our condensed consolidated balance sheets also includes $21.3 million related to two immaterial unconsolidated investments. December 31, 2023 Virginia JV Value-Add JV Core JV Third-party debt $ 395,000 $ 88,741 $ 793,910 AIR's investment in balance (1) $ 17,212 $ 28,606 $ 268,931 (1) AIR's investment in unconsolidated real estate partnerships in our condensed consolidated balance sheets includes $21.3 million related to two immaterial unconsolidated investments. The Company recognizes earnings or losses from our investments in unconsolidated real estate partnerships 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 real estate partnerships, which is included in loss from unconsolidated real estate partnerships in our combined condensed consolidated statements of operations (in thousands): Three Months Ended March 31, 2024 2023 Virginia JV $ (73) $ (1,035) Value-Add JV (239) — Core JV (6,538) — Total $ (6,850) $ (1,035)

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters In addition to the matters described below, we are a party to various legal actions and administrative proceedings arising in the ordinary course of business, some of which are covered by our general liability insurance program, and none of which we expect to have a material adverse effect on our condensed consolidated financial condition, results of operations, or cash flows. Environmental Various federal, state, and local laws subject apartment community owners or operators to liability for management and the costs of removal or remediation of certain potentially hazardous materials that may be present in the land or buildings of an apartment community. Such laws often impose liability without regard to fault or whether the owner or operator knew of, or was responsible for, the presence of such materials. The presence of, or the failure to manage or remediate properly, these materials may adversely affect occupancy at such apartment communities as well as the ability to sell or finance such apartment communities. In addition, governmental agencies may bring claims for costs associated with investigation and remediation actions. Moreover, private plaintiffs may potentially make claims for investigation and remediation costs they incur or for personal injury, disease, disability, or other infirmities related to the alleged presence of hazardous materials. In addition to potential environmental liabilities or costs associated with our current apartment communities, we may also be responsible for such liabilities or costs associated with communities we acquire or manage in the future or apartment communities we no longer own or operate. We have determined that our legal obligations to remove or remediate certain potentially hazardous materials may be conditional asset retirement obligations (“AROs”), as defined by GAAP. Except in limited circumstances where the asset retirement activities are expected to be performed in connection with a planned construction project or apartment community casualty, we believe that the fair value of our AROs cannot be reasonably estimated due to significant uncertainties in the timing and manner of settlement of those obligations. AROs that are reasonably estimable as of March 31, 2024, are immaterial to our condensed consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 As of December 31, 2023 Total Fair Value Level 1 Level 2 Level 3 Total Fair Value Level 1 Level 2 Level 3 Interest rate swaps - pay-fixed, receive floating $ 14,026 $ — $ 14,026 $ — $ 14,679 $ — $ 14,679 $ — Interest rate swaps - pay-floating, receive fixed $ — $ — $ — $ — $ 465 $ — $ 465 $ — Interest rate swaps - forward starting $ 1,574 $ — $ 1,574 $ — $ 331 $ — $ 331 $ — Financial Assets and Liabilities Not Measured at Fair Value We believe that the carrying value of the consolidated amounts of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable approximated their estimated fair value as of March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023, 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 March 31, 2024 As of December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 2,229,842 $ 1,986,422 $ 2,236,975 $ 2,001,532 Unsecured notes payable $ 400,000 $ 380,441 $ 400,000 $ 384,244 Seller financing note receivable, net (1) $ 32,671 $ 32,420 $ 32,459 $ 33,042 Preferred equity investment (2) $ 22,988 $ 23,758 $ 22,693 $ 23,562 (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 the date of sale resulted in a discount recorded of $8.5 million. The seller financing note and related discount are included in other assets, net in our condensed consolidated balance sheets. (2)

Derivative Financial Instrument

Derivative Financial Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2024
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 months ended March 31, 2024, we reclassified gains of $2.1 million out of accumulated other comprehensive income into interest expense. During the three months ended March 31, 2023, we reclassified $4.2 million out of accumulated other comprehensive income, net into interest expense. As of March 31, 2024, we estimate that during the next 12 months, we will reclassify into earnings approximately $6.1 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 (loss) on derivative instruments, net, in our condensed consolidated statements of operations once realized. During the three months ended March 31, 2024 and 2023, gain (loss) on derivative instruments was $9.6 million and $(2.1) million, respectively. During the three months ended March 31, 2024, we terminated five interest rate swap positions not designated as hedging instruments. Two of the terminated instruments were pay-fixed, receive-floating interest rate swaps with a notional value of $80 million, and two were offsetting pay-floating, receive-fixed interest rate swaps with a notional value of $80 million. One of the terminated instruments was a forward starting interest rate swap entered into in anticipation of additional fixed-rate property debt with a notional value of $50 million and was replaced by a new forward starting interest rate swap with a notional value of $42 million. Additionally, AIR entered into one forward starting interest rate swap with a notional value of $51.7 million, and restructured one pay-fixed, receive-floating interest rate swap, to better align the maturity date with the related term loans. As a result of these transactions, AIR received $6.2 million in cash during the three months ended March 31, 2024. During the three months ended March 31, 2024, AIR entered into three pay-fixed, receive floating interest rate swaps, with a notional value of $200 million, economically hedging $200 million of our $260 million revolving credit facility borrowings outstanding as of March 31, 2024, at 4.9%. As of March 31, 2024, AIR had a notional value of $675 million of pay-fixed, receive-floating interest rate swaps that are not designated as hedging instruments, and a notional value of $94 million of forward starting interest rate swaps that are not designated as hedging instruments. Accordingly, the changes in the fair value of these derivatives are recognized in gain (loss) on derivative instruments, net, in our condensed consolidated statements of operations. The following table summarizes our derivative financial instruments (dollars in thousands): As of March 31, 2024 Number of Aggregate Notional Derivative Assets Derivative Liabilities Instruments Amount Fair Value Derivatives not designated as hedging instruments: Interest rate swaps, pay-fixed, receive floating 8 $ 675,000 $ 14,123 $ (97) Interest rate swaps, forward starting 2 $ 93,700 $ 1,574 $ — As of December 31, 2023 Number of Aggregate Notional Derivative Assets Derivative Liabilities Instruments Amount Fair Value Derivatives not designated as hedging instruments: Interest rate swaps, pay-fixed, receive floating 7 $ 555,000 $ 15,266 $ (587) Interest rate swaps, pay-floating, receive fixed 2 $ 80,000 $ 472 $ (7) Interest rate swaps, forward starting 1 $ 50,000 $ 331 $ — Subsequent to the three months ended March 31, 2024, AIR terminated one forward starting interest rate swap with a notional value of $51.7 million.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2024
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: March 31, 2024 December 31, 2023 VIEs with interests in apartment communities 3 3 Apartment communities owned by VIEs 14 14 Apartment homes in communities owned by VIEs 4,866 4,866 Assets of the AIR Operating Partnership’s consolidated VIEs must first be used to settle the liabilities of such consolidated VIEs. These consolidated VIEs’ creditors do not have recourse to the general credit of the AIR Operating Partnership. Assets and liabilities of VIEs, excluding those of the AIR Operating Partnership, are summarized in the table below (in thousands): March 31, 2024 December 31, 2023 ASSETS: Net real estate $ 1,008,068 $ 1,013,770 Cash and cash equivalents 47,570 41,219 Restricted cash 2,386 2,179 Other assets, net 29,288 22,546 LIABILITIES: Non-recourse property debt, net $ 1,192,891 $ 1,196,280 Accrued liabilities and other 41,244 34,903

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2024
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 2023, one property acquired in 2024, and two properties undergoing planned property capital investment. Our chief operating decision maker (“CODM”) uses proportionate property net operating income (“NOI”) to assess the operating performance of our communities. Proportionate property NOI reflects our share of rental and other property revenues, excluding utility reimbursements, less direct property operating expenses, net of utility reimbursements. In our condensed consolidated statements of operations, utility reimbursements are included in rental and other property revenues in accordance with GAAP. As of March 31, 2024, our Same Store segment included 69 apartment communities with 24,271 apartment homes and our Other Real Estate segment included 7 apartment communities with 2,744 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 March 31, 2024 (in thousands): Same Other Proportionate Corporate and Consolidated Three Months Ended March 31, 2024: Total revenues $ 169,216 $ 17,673 $ 5,649 $ 3,084 $ 195,622 Property management and operating expenses 43,775 6,493 7,088 10,383 67,739 Other operating expenses not allocated to segments (3) — — — 101,336 101,336 Total operating expenses 43,775 6,493 7,088 111,719 169,075 Proportionate property net operating income (loss) 125,441 11,180 (1,439) (108,635) 26,547 Other items included in income before income tax expense (4) — — — (30,506) (30,506) Income (loss) before income tax expense $ 125,441 $ 11,180 $ (1,439) $ (139,141) $ (3,959) Same Other Proportionate Corporate and Consolidated Three Months Ended March 31, 2023: Total revenues $ 162,244 $ 12,178 $ 33,775 $ 3,796 $ 211,993 Property management and operating expenses 44,239 4,544 13,936 12,734 75,453 Other operating expenses not allocated to segments (3) — — — 106,506 106,506 Total operating expenses 44,239 4,544 13,936 119,240 181,959 Proportionate property net operating income (loss) 118,005 7,634 19,839 (115,444) 30,034 Other items included in income before income tax expense (4) — — — (39,843) (39,843) Income (loss) before income tax expense $ 118,005 $ 7,634 $ 19,839 $ (155,287) $ (9,809) (1) Represents adjustments to: (i) exclude AIR’s proportionate share of the results of unconsolidated apartment communities, which is excluded in the related consolidated amounts, and (ii) include 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 management and 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, loss from unconsolidated real estate partnerships, and gain on derivative instruments, net. The assets of our segments and the consolidated assets not allocated to our segments were as follows (in thousands): March 31, 2024 December 31, 2023 Same Store $ 4,857,984 $ 4,841,335 Other Real Estate 860,316 779,456 Corporate and other assets (1) 480,006 513,961 Total consolidated assets $ 6,198,306 $ 6,134,752 (1) Includes the assets not allocated to our segments including: (i) corporate asset and (ii) properties sold or classified as held for sale. For the three months ended March 31, 2024 and 2023, capital additions related to our segments were as follows (in thousands): 2024 2023 Same Store $ 23,952 $ 30,480 Other Real Estate 3,470 2,931 Total capital additions $ 27,422 $ 33,411

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Subsequent Events	Subsequent Events On April 7, 2024, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Apex Purchaser LLC (“Buyer 1”), Aries Purchaser LLC (“Buyer 2”), Astro Purchaser LLC (“Buyer 3”), and Astro Merger Sub, Inc. (“Merger Sub”), which are affiliates of Blackstone Real Estate Partners X (“Blackstone”). Pursuant to the terms and subject to the conditions set forth in the Merger Agreement, upon the closing of the transactions contemplated by the Merger Agreement, Merger Sub will merge with and into the Company (the “Merger”) and each share of the Company’s Class A common stock (“Company Common Stock”) (other than those held by the Company or any of its subsidiaries, or by Buyer 1, Buyer 2, Buyer 3 or Merger Sub (the “Cancelled Shares”)) that is issued and outstanding immediately prior to the Merger will be automatically canceled and converted into the right to receive an amount in cash equal to $39.12 (the “Common Stock Merger Consideration”), without interest. Additionally, substantially concurrently with the consummation of the Merger, the Company shall effect the redemption of, or make an irrevocable deposit pursuant to the terms of the Class A preferred stock, $0.01 par value per share, of the Company (“Company Preferred Stock”) in respect to the amount required to redeem, all outstanding shares of the Company Preferred Stock at a redemption price payable in cash, by or on behalf of the Company, in an amount equal to $100,000 per share of Company Preferred Stock plus accumulated, accrued and unpaid dividends thereon (“Preferred Stock Redemption Payment”) and from and after the consummation of the Merger, the Company Preferred Stock shall no longer be outstanding and all rights of the holders thereof will terminate, except for the right to receive the Preferred Stock Redemption Payment. The Merger was unanimously approved by the Company’s Board of Directors and is expected to close in the third quarter of 2024, subject to approval by the Company’s stockholders and other customary closing conditions. Pursuant to the terms of the Merger Agreement, the Company may not pay dividends, including its quarterly dividend, effective immediately except as necessary to preserve its tax status as a real estate investment trust, and any such dividends would result in an offsetting decrease to the Common Stock Merger Consideration. Subject to and upon consummation of the Merger, the Company’s Class A common stock will no longer be listed on the New York Stock Exchange. The issued and outstanding equity interests of the AIR Operating Partnership, including the Partnership Common Units, each class of Partnership Preferred Units, Partnership LTIP Units and Class I High Performance Partnership Units (each as defined in the Merger Agreement), will be unaffected by the Merger and will remain issued and outstanding and will continue to have the rights and privileges set forth in the Partnership LPA (as defined in the Merger Agreement). At or prior to the consummation of the Merger, the Partnership LPA will be amended by AIR-GP, Inc. (the “General Partner”) in substantially the form attached to the Merger Agreement (the “LPA Amendment”) to provide that, following the closing, (i) the AIR Operating Partnership will pay cash to those of holders of Partnership Units (as defined in the Merger Agreement) who elect to redeem their Partnership Units in accordance with the terms of the Partnership LPA (and will not exercise its right to pay for such redeemed Partnership Units in shares of Company Common Stock), (ii) any Partnership Units redeemed on the Closing Date (as defined in the Merger Agreement) or within ten (10) days thereafter will be valued at an amount equal to the Common Stock Merger Consideration minus the aggregate amount of all distributions per Partnership Common Unit declared or paid to the holders of Partnership Common Units during the period commencing on the Closing Date and ending on the date a notice of redemption is received and (iii) any Partnership Units redeemed after the tenth (10th) day following the Closing Date will be valued by the General Partner in good faith on the basis of such information as it considers, in its reasonable judgment, as appropriate.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation We consolidate variable interest entities (“VIE”), in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. As of March 31, 2024 and December 31, 2023, AIR consolidated five VIEs, including the AIR Operating Partnership. Please see Note 1 0 for further discussion regarding our consolidated VIEs.
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, 2024 $ 77,140 Preferred distributions (1,570) Net income allocated to preferred units 1,570 Balance at March 31, 2024 $ 77,140 The AIR Operating Partnership has outstanding various classes of redeemable preferred OP Units. As of March 31, 2024 and December 31, 2023, the AIR Operating Partnership had 2,846,524 redeemable preferred OP Units issued and outstanding. Distributions per annum range from 1.92% to 8.75% per class and $0.48 to $8.00 per unit, 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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 $ 77,140 Preferred distributions (1,570) Net income allocated to preferred units 1,570 Balance at March 31, 2024 $ 77,140

Significant Transactions (Table

Significant Transactions (Tables)	3 Months Ended
	Mar. 31, 2024
Significant Transactions [Abstract]
Schedule of Acquisition	Summarized information regarding this acquisition is set forth in the table below (dollars in thousands): Three Months Ended March 31, 2024 Purchase price $ 86,500 Capitalized transaction costs 713 Total consideration $ 87,213 Land $ 11,704 Building and improvements 73,102 Intangible assets (1) 2,482 Below-market lease liabilities (1) (75) Total consideration $ 87,213 (1) Intangible assets and below-market lease liabilities for the Raleigh, North Carolina apartment community acquisition have a weighted-average term of 0.5 years.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Lease Income for Operating Leases	Our total lease income was comprised of the following amounts for all operating leases (in thousands): Three Months Ended March 31, 2024 2023 Fixed lease income $ 179,359 $ 196,336 Variable lease income 12,826 13,288 Total lease income $ 192,185 $ 209,624
Future Minimum Annual Rental Payments Receivable Under Residential and Commercial Leases	As of March 31, 2024, 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): 2024 (remaining) $ 344,334 2025 148,584 2026 21,498 2027 11,713 2028 9,604 Thereafter 30,872 Total $ 566,605

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt summmary	The following table summarizes our total indebtedness (in thousands): March 31, 2024 December 31, 2023 Secured debt: Fixed-rate property debt due May 2025 to January 2055 (1) $ 2,229,842 $ 2,236,975 Debt issuance costs, net of accumulated amortization (12,651) (13,184) Total non-recourse property debt, net $ 2,217,191 $ 2,223,791 Unsecured debt: Term loans due December 2024 to April 2026 (2) $ 475,000 $ 475,000 Revolving credit facility borrowings due April 2025 (3) 260,000 115,000 4.58% Notes payable due June 2027 100,000 100,000 4.77% Notes payable due June 2029 100,000 100,000 4.84% Notes payable due June 2032 200,000 200,000 Total unsecured debt 1,135,000 990,000 Debt issuance costs, net of accumulated amortization (3,142) (3,447) Total unsecured debt, net $ 1,131,858 $ 986,553 Total indebtedness $ 3,349,049 $ 3,210,344 (1) 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 March 31, 2024, the weighted-average interest rate for our term loans before consideration of in place interest rate swaps was 6.4%. During the three months ended March 31, 2024, we restructured and terminated certain interest rate swaps, economically hedging our entire $475 million term loan balance at an effective interest rate for 2024 of 3.5%. 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 March 31, 2024, the weighted-average remaining term of the term loans was 1.8 years. (3)

Investment in Unconsolidated _2

Investment in Unconsolidated Real Estate Partnership (Tables)	3 Months Ended
	Mar. 31, 2024
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 is entitled to 50% of the net cash flows from operations, and various fees for providing property management, construction, and corporate services to the joint venture. March 31, 2024 Virginia JV Value-Add JV Core JV Third-party debt $ 395,000 $ 89,053 $ 793,874 AIR's investment in balance (1) $ 16,539 $ 28,482 $ 258,590 (1) AIR's investment in balance includes certain basis differences that are subject to amortization. AIR's investment in unconsolidated real estate partnerships in our condensed consolidated balance sheets also includes $21.3 million related to two immaterial unconsolidated investments. December 31, 2023 Virginia JV Value-Add JV Core JV Third-party debt $ 395,000 $ 88,741 $ 793,910 AIR's investment in balance (1) $ 17,212 $ 28,606 $ 268,931 (1) AIR's investment in unconsolidated real estate partnerships in our condensed consolidated balance sheets includes $21.3 million related to two immaterial unconsolidated investments. Three Months Ended March 31, 2024 2023 Virginia JV $ (73) $ (1,035) Value-Add JV (239) — Core JV (6,538) — Total $ (6,850) $ (1,035)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 As of December 31, 2023 Total Fair Value Level 1 Level 2 Level 3 Total Fair Value Level 1 Level 2 Level 3 Interest rate swaps - pay-fixed, receive floating $ 14,026 $ — $ 14,026 $ — $ 14,679 $ — $ 14,679 $ — Interest rate swaps - pay-floating, receive fixed $ — $ — $ — $ — $ 465 $ — $ 465 $ — Interest rate swaps - forward starting $ 1,574 $ — $ 1,574 $ — $ 331 $ — $ 331 $ —
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 March 31, 2024 As of December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 2,229,842 $ 1,986,422 $ 2,236,975 $ 2,001,532 Unsecured notes payable $ 400,000 $ 380,441 $ 400,000 $ 384,244 Seller financing note receivable, net (1) $ 32,671 $ 32,420 $ 32,459 $ 33,042 Preferred equity investment (2) $ 22,988 $ 23,758 $ 22,693 $ 23,562 (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 the date of sale resulted in a discount recorded of $8.5 million. The seller financing note and related discount are included in other assets, net in our condensed consolidated balance sheets. (2)

Derivative Financial Instrume_2

Derivative Financial Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 Number of Aggregate Notional Derivative Assets Derivative Liabilities Instruments Amount Fair Value Derivatives not designated as hedging instruments: Interest rate swaps, pay-fixed, receive floating 8 $ 675,000 $ 14,123 $ (97) Interest rate swaps, forward starting 2 $ 93,700 $ 1,574 $ — As of December 31, 2023 Number of Aggregate Notional Derivative Assets Derivative Liabilities Instruments Amount Fair Value Derivatives not designated as hedging instruments: Interest rate swaps, pay-fixed, receive floating 7 $ 555,000 $ 15,266 $ (587) Interest rate swaps, pay-floating, receive fixed 2 $ 80,000 $ 472 $ (7) Interest rate swaps, forward starting 1 $ 50,000 $ 331 $ —

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The table below summarizes apartment community information regarding VIEs consolidated by the AIR Operating Partnership: March 31, 2024 December 31, 2023 VIEs with interests in apartment communities 3 3 Apartment communities owned by VIEs 14 14 Apartment homes in communities owned by VIEs 4,866 4,866 March 31, 2024 December 31, 2023 ASSETS: Net real estate $ 1,008,068 $ 1,013,770 Cash and cash equivalents 47,570 41,219 Restricted cash 2,386 2,179 Other assets, net 29,288 22,546 LIABILITIES: Non-recourse property debt, net $ 1,192,891 $ 1,196,280 Accrued liabilities and other 41,244 34,903

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 (in thousands): Same Other Proportionate Corporate and Consolidated Three Months Ended March 31, 2024: Total revenues $ 169,216 $ 17,673 $ 5,649 $ 3,084 $ 195,622 Property management and operating expenses 43,775 6,493 7,088 10,383 67,739 Other operating expenses not allocated to segments (3) — — — 101,336 101,336 Total operating expenses 43,775 6,493 7,088 111,719 169,075 Proportionate property net operating income (loss) 125,441 11,180 (1,439) (108,635) 26,547 Other items included in income before income tax expense (4) — — — (30,506) (30,506) Income (loss) before income tax expense $ 125,441 $ 11,180 $ (1,439) $ (139,141) $ (3,959) Same Other Proportionate Corporate and Consolidated Three Months Ended March 31, 2023: Total revenues $ 162,244 $ 12,178 $ 33,775 $ 3,796 $ 211,993 Property management and operating expenses 44,239 4,544 13,936 12,734 75,453 Other operating expenses not allocated to segments (3) — — — 106,506 106,506 Total operating expenses 44,239 4,544 13,936 119,240 181,959 Proportionate property net operating income (loss) 118,005 7,634 19,839 (115,444) 30,034 Other items included in income before income tax expense (4) — — — (39,843) (39,843) Income (loss) before income tax expense $ 118,005 $ 7,634 $ 19,839 $ (155,287) $ (9,809) (1) Represents adjustments to: (i) exclude AIR’s proportionate share of the results of unconsolidated apartment communities, which is excluded in the related consolidated amounts, and (ii) include 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 management and 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, loss from unconsolidated real estate partnerships, and gain on derivative instruments, net.
Reconciliation of Assets from Segment to Consolidated	The assets of our segments and the consolidated assets not allocated to our segments were as follows (in thousands): March 31, 2024 December 31, 2023 Same Store $ 4,857,984 $ 4,841,335 Other Real Estate 860,316 779,456 Corporate and other assets (1) 480,006 513,961 Total consolidated assets $ 6,198,306 $ 6,134,752 (1) Includes the assets not allocated to our segments including: (i) corporate asset and (ii) properties sold or classified as held for sale.
Capital Additions Related to Segments	For the three months ended March 31, 2024 and 2023, capital additions related to our segments were as follows (in thousands): 2024 2023 Same Store $ 23,952 $ 30,480 Other Real Estate 3,470 2,931 Total capital additions $ 27,422 $ 33,411

Basis of Presentation and Org_2

Basis of Presentation and Organization (Details)	3 Months Ended
	Mar. 31, 2024 property apartment stateAndDistrict shares
Real Estate Properties [Line Items]
Number of states and district | stateAndDistrict	10
AIR Operating Partnership
Real Estate Properties [Line Items]
Common operating partnership units and equivalents outstanding (in shares)	158,247,357
Common operating partnership units and equivalents outstanding (in shares)	145,104,220
Percentage of the Aimco Operating Partnership's common partnership units and equivalents owned by Aimco	91.70%
Percentage of economic interest	93.70%
Partially Owned Properties
Real Estate Properties [Line Items]
Apartment communities owned by VIEs | property	76
Apartment homes in communities owned by VIEs | apartment	27,015
Percentage of average ownership of portfolio	82%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Reconciliation of Preferred OP Units (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at January 1, 2024	$ 77,140
Preferred distributions	(1,570)
Net income allocated to preferred units	1,570
Balance at March 31, 2024	$ 77,140

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 entity $ / shares shares	Dec. 31, 2023 shares
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Number of consolidated VIEs | entity	5
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	2,846,524
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, $ in Thousands	1 Months Ended	3 Months Ended
	May 08, 2024 USD ($) ft² property apartment	Mar. 31, 2024 USD ($) apartment property $ / shares	Mar. 31, 2023 $ / shares	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Non-recourse property debt, net		$ 2,217,191		$ 2,223,791
Dividends and distributions paid (in dollars per share) | $ / shares		$ 0.45	$ 0.45
Raleigh North Carolina
Business Acquisition [Line Items]
Number of apartment communities acquired | property		1
Number of apartment homes purchased | apartment		384
Bethesda Maryland | Subsequent Event
Business Acquisition [Line Items]
Number of apartment communities acquired | property	1
Number of apartment homes purchased | apartment	359
Commercial space | ft²	50,500
Purchase price	$ 150,000
Non-recourse property debt, net	$ 97,300

Significant Transactions - Sche

Significant Transactions - Schedule of Acquisition (Details) - Raleigh North Carolina $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Intangible Assets
Business Acquisition [Line Items]
Weighted-average term	6 months
Below-market leases
Business Acquisition [Line Items]
Weighted-average term	6 months
Apartment Community
Business Acquisition [Line Items]
Purchase price	$ 86,500
Capitalized transaction costs	713
Total consideration	87,213
Land	11,704
Building and improvements	73,102
Intangible assets	2,482
Below-market lease liabilities	(75)
Total consideration	$ 87,213

Leases - Lease Income for Opera

Leases - Lease Income for Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Fixed lease income	$ 179,359	$ 196,336
Variable lease income	12,826	13,288
Total lease income	$ 192,185	$ 209,624
Operating lease, lease income, statement of income or comprehensive income	Other assets, net	Other assets, net

Leases - Narrative (Details)

Leases - Narrative (Details)	Mar. 31, 2024
Residential Lease
Operating Leased Assets [Line Items]
Lessee, operating lease, term of contract	7 months 6 days

Leases - Schedule of Aggregate

Leases - Schedule of Aggregate Minimum Lease Payments (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Leases [Abstract]
2024 (remaining)	$ 344,334
2025	148,584
2026	21,498
2027	11,713
2028	9,604
Thereafter	30,872
Total lease receivable	$ 566,605

Debt - Schedule of Debt Instrum

Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total indebtedness	$ 3,349,049	$ 3,210,344
Line of credit	260,000	115,000
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit	$ 735,700
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate	0.89%
Secured Debt
Debt Instrument [Line Items]
Debt issuance costs, net of accumulated amortization	$ (12,651)	(13,184)
Total indebtedness	2,217,191	2,223,791
Unsecured Debt
Debt Instrument [Line Items]
Debt issuance costs, net of accumulated amortization	(3,142)	(3,447)
Total indebtedness	1,131,858	986,553
Unsecured Debt | Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	475,000	475,000
Loan borrowed	$ 475,000
Debt, weighted average interest rate	3.50%
Unsecured Debt | Term Loan | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	1%
Debt instrument basis spread on variable rate	0.10%
Debt, weighted average interest rate	6.40%
Unsecured Debt | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 260,000	115,000
Debt, weighted average interest rate	4.90%
Line of Credit Facility, Remaining Borrowing Capacity	$ 60,000
Unsecured Debt | Revolving Credit Facility | Interest Rate Swap
Debt Instrument [Line Items]
Aggregate notional amount	$ 200,000
Unsecured Debt | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt, weighted average interest rate	6.30%
Unsecured Debt Gross
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,135,000	990,000
Fixed Rate Property Debt | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	2,229,842	2,236,975
4.58% Notes payable due June 2027 | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 100,000	$ 100,000
Debt instrument, interest rate, stated percentage	4.58%	4.58%
4.77% Notes payable due June 2029 | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 100,000	$ 100,000
Debt instrument, interest rate, stated percentage	4.77%	4.77%
4.84% Notes payable due June 2032 | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 200,000	$ 200,000
Debt instrument, interest rate, stated percentage	4.84%	4.84%
Fixed Rate Member | 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
Long-term debt, term	1 year
Schedule Term Loan One
Debt Instrument [Line Items]
Loan borrowed	$ 150,000
Schedule Term Loan Two
Debt Instrument [Line Items]
Loan borrowed	$ 200,000
Floating Rate | Secured Debt
Debt Instrument [Line Items]
Weighted-average remaining term	1 year 9 months 18 days

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Billions	3 Months Ended
	Mar. 31, 2024 USD ($) property
Minimum
Debt Instrument [Line Items]
Fixed charge coverage ratio	1.50
Secured indebtedness to total assets ratio	0.40
Maximum unsecured leverage ratio	0.60
Unsecured interest coverage ratio	1.50
Minimum | Leverage Ratio
Debt Instrument [Line Items]
Unsecured leverage ratio	0.60
Fifteen Year Fixed Rate Financing
Debt Instrument [Line Items]
Line of credit, total liquidity | $	$ 1.7
Raleigh North Carolina
Debt Instrument [Line Items]
Number of apartment communities acquired | property	1

Investment in Unconsolidated _3

Investment in Unconsolidated Real Estate Partnership - Ownership Information (Details) - apartment	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2024
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%
Core JV
Schedule of Equity Method Investments [Line Items]
Apartment communities owned by VIEs		1
Apartment homes in communities owned by VIEs		443
Core JV | Parent Company
Schedule of Equity Method Investments [Line Items]
Ownership, percentage		30%
Core JV | Partnership Interest
Schedule of Equity Method Investments [Line Items]
Ownership, percentage		70%
Value-Add JV
Schedule of Equity Method Investments [Line Items]
Apartment communities owned by VIEs		11
Apartment homes in communities owned by VIEs		3,549
Value-Add JV | Parent Company
Schedule of Equity Method Investments [Line Items]
Ownership, percentage		53%
Value-Add 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 Unconsolidated _4

Investment in Unconsolidated Real Estate Partnership - Summary of Combined Balance Sheets for Joint Venture Partners (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Liabilities	$ 3,652,491	$ 3,507,238
Investment in unconsolidated real estate partnerships	324,876	336,077
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Investment in unconsolidated real estate partnerships	21,300
Variable Interest Entity, Primary Beneficiary | Virginia JV
Variable Interest Entity [Line Items]
Liabilities	395,000	395,000
Investment in unconsolidated real estate partnerships	16,539	17,212
Variable Interest Entity, Primary Beneficiary | Core JV
Variable Interest Entity [Line Items]
Liabilities	89,053	88,741
Investment in unconsolidated real estate partnerships	28,482	28,606
Variable Interest Entity, Primary Beneficiary | Value-Add JV
Variable Interest Entity [Line Items]
Liabilities	793,874	793,910
Investment in unconsolidated real estate partnerships	$ 258,590	$ 268,931

Investment in Unconsolidated _5

Investment in Unconsolidated Real Estate Partnership - Earnings or Losses Sttributable to Investments in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Variable Interest Entity [Line Items]
Net income (loss) from real estate investment partnership	$ (6,850)	$ (1,035)
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Net income (loss) from real estate investment partnership	(6,850)	(1,035)
Virginia JV | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Net income (loss) from real estate investment partnership	(73)	(1,035)
Value-Add JV | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Net income (loss) from real estate investment partnership	(239)	0
Core JV | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Net income (loss) from real estate investment partnership	$ (6,538)	$ 0

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Value for Interest Rate Options (Details) - Fair value recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Interest rate swaps - pay-fixed, receive floating
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	$ 14,026	$ 14,679
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	14,026	14,679
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	0	465
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	0	465
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	1,574	331
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	1,574	331
Interest Rate Swap | 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	Mar. 31, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-term debt		$ 3,349,049	$ 3,210,344
Derivative, average variable interest rate			4.50%
Receivables with imputed interest, amortization amount			$ 8,500
Investment interest rate			7.25%
Core JV
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Receivables with imputed interest, amortization amount			$ 5,900
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		32,671	32,459
Carrying Value | Fair Value, Nonrecurring | Preferred equity investment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Preferred equity investment		22,988	22,693
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		2,229,842	2,236,975
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		32,420	33,042
Fair Value | Fair Value, Nonrecurring | Preferred equity investment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Preferred equity investment		23,758	23,562
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		1,986,422	2,001,532
Fair Value | Fair Value, Nonrecurring | Unsecured notes payable
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-term debt		$ 380,441	$ 384,244

Derivative Financial Instrume_3

Derivative Financial Instruments and Hedging Activities - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) instrument	Mar. 31, 2023 USD ($)	May 08, 2024 USD ($)	Dec. 31, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification of interest rate derivative (gain) loss to net loss	$ (2,101)	$ 4,154
Cash flow hedge gain (loss) to be reclassified within 12 months	6,100
Gain (loss) on derivative instruments, net	9,574	$ (2,138)
Revolving Credit Facility | Unsecured Debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Long-term debt, gross	$ 260,000			$ 115,000
Debt, weighted average interest rate	4.90%
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of interest rate derivatives terminated | instrument	5
Interest Rate Swap | Revolving Credit Facility | Unsecured Debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount	$ 200,000
Interest Rate Swap | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount	$ 42,000
Interest rate swap, pay-floating, receive-fixed
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of interest rate derivatives terminated | instrument	2
Interest rate swap, pay-floating, receive-fixed | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount	$ 80,000
Interest rate swap, pay-fixed, receive-floating
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of interest rate derivatives terminated | instrument	2
Interest rate swap, pay-fixed, receive-floating | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount	$ 80,000
Derivative, Gain (Loss) on Derivative, Net	$ 6,200
Interest rate swaps, forward starting
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of interest rate derivatives terminated | instrument	1
Interest rate swaps, forward starting | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount	$ 93,700			50,000
Interest rate swaps, forward starting | Not Designated as Hedging Instrument | Fixed-Rate Property Debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount	50,000
Interest rate swaps, forward starting | Not Designated as Hedging Instrument | Subsequent Event
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount			$ 51,700
Interest rate swaps, pay-fixed, receive floating | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount	$ 675,000			$ 555,000

Derivative Financial Instrume_4

Derivative Financial Instruments and Hedging Activities - Schedule of Balance Sheet Hedges (Details) $ in Thousands	Mar. 31, 2024 USD ($) instrument	Dec. 31, 2023 USD ($) instrument
Interest Rate Swap, Fixed To Floating [Member] | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments held | instrument		2
Aggregate notional amount		$ 80,000
Interest Rate Swap, Fixed To Floating [Member] | Designated as Hedging Instrument | Other Assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives, fair value		472
Interest Rate Swap, Fixed To Floating [Member] | Designated as Hedging Instrument | Other Liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability derivatives, fair value		$ (7)
Interest rate swaps, pay-fixed, receive floating | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments held | instrument	8	7
Aggregate notional amount	$ 675,000	$ 555,000
Interest rate swaps, pay-fixed, receive floating | Not Designated as Hedging Instrument | Other Assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives, fair value	14,123	15,266
Interest rate swaps, pay-fixed, receive floating | Not Designated as Hedging Instrument | Other Liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability derivatives, fair value	$ (97)	$ (587)
Interest rate swaps, forward starting | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments held | instrument	2	1
Aggregate notional amount	$ 93,700	$ 50,000
Interest rate swaps, forward starting | Not Designated as Hedging Instrument | Other Assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives, fair value	1,574	331
Interest rate swaps, forward starting | Not Designated as Hedging Instrument | Other Liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability derivatives, fair value	$ 0	$ 0

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of VIEs Consolidated by the AIR Operating Partnership (Details) - Variable Interest Entity, Primary Beneficiary	Mar. 31, 2024 apartment property entity	Dec. 31, 2023 property entity apartment
Variable Interest Entity [Line Items]
VIEs with interests in apartment communities | entity	3	3
Apartment communities owned by VIEs | property	14	14
Apartment homes in communities owned by VIEs | apartment	4,866	4,866

Variable Interest Entities - As

Variable Interest Entities - Assets and Liabilities of VIEs (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Net real estate	$ 5,406,828	$ 5,364,978
Cash and cash equivalents	87,795	91,401
Restricted cash	26,942	26,090
Other assets, net	319,579	283,920
LIABILITIES:
Non-recourse property debt, net	2,217,191	2,223,791
Accrued liabilities and other	303,442	296,894
Variable Interest Entity, Primary Beneficiary
ASSETS
Net real estate	1,008,068	1,013,770
Cash and cash equivalents	47,570	41,219
Restricted cash	2,386	2,179
Other assets, net	29,288	22,546
LIABILITIES:
Non-recourse property debt, net	1,192,891	1,196,280
Accrued liabilities and other	$ 41,244	$ 34,903

Business Segments - Narrative (

Business Segments - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 property apartment Segment
Segment Reporting Information [Line Items]
Number of reportable segments | Segment	2
Same Store
Segment Reporting Information [Line Items]
Apartment communities owned by VIEs	69
Apartment homes in communities owned by VIEs | apartment	24,271
Other Real Estate
Segment Reporting Information [Line Items]
Apartment communities owned by VIEs	7
Apartment homes in communities owned by VIEs | apartment	2,744
Wholly Owned Consolidated Properties | Other Real Estate
Segment Reporting Information [Line Items]
Apartment communities owned by VIEs	1

Business Segments - Summary of

Business Segments - Summary of Information for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Summary information for the reportable segments
Total revenues	$ 195,622	$ 211,993
Other operating expenses not allocated to segments	101,336	106,506
Operating expenses	169,075	181,959
Operating Income Loss Property	26,547	30,034
Other items included in income (loss) before income tax expense	(30,506)	(39,843)
Loss before income tax expense	(3,959)	(9,809)
Real Estate
Summary information for the reportable segments
Cost of Revenue	67,739	75,453
Segment Reconciling Items
Summary information for the reportable segments
Total revenues	5,649	33,775
Other operating expenses not allocated to segments	0	0
Operating expenses	7,088	13,936
Operating Income Loss Property	(1,439)	19,839
Other items included in income (loss) before income tax expense	0	0
Loss before income tax expense	(1,439)	19,839
Segment Reconciling Items | Real Estate
Summary information for the reportable segments
Cost of Revenue	7,088	13,936
Corporate Non-Segment
Summary information for the reportable segments
Total revenues	3,084	3,796
Other operating expenses not allocated to segments	101,336	106,506
Operating expenses	111,719	119,240
Operating Income Loss Property	(108,635)	(115,444)
Other items included in income (loss) before income tax expense	(30,506)	(39,843)
Loss before income tax expense	(139,141)	(155,287)
Corporate Non-Segment | Real Estate
Summary information for the reportable segments
Cost of Revenue	10,383	12,734
Same Store | Operating Segments
Summary information for the reportable segments
Total revenues	169,216	162,244
Other operating expenses not allocated to segments	0	0
Operating expenses	43,775	44,239
Operating Income Loss Property	125,441	118,005
Other items included in income (loss) before income tax expense	0	0
Loss before income tax expense	125,441	118,005
Same Store | Operating Segments | Real Estate
Summary information for the reportable segments
Cost of Revenue	43,775	44,239
Other Real Estate | Operating Segments
Summary information for the reportable segments
Total revenues	17,673	12,178
Other operating expenses not allocated to segments	0	0
Operating expenses	6,493	4,544
Operating Income Loss Property	11,180	7,634
Other items included in income (loss) before income tax expense	0	0
Loss before income tax expense	11,180	7,634
Other Real Estate | Operating Segments | Real Estate
Summary information for the reportable segments
Cost of Revenue	$ 6,493	$ 4,544

Business Segments - Reconciliat

Business Segments - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total consolidated assets	$ 6,198,306	$ 6,134,752
Corporate Non-Segment
Segment Reporting Information [Line Items]
Total consolidated assets	480,006	513,961
Same Store | Operating Segments
Segment Reporting Information [Line Items]
Total consolidated assets	4,857,984	4,841,335
Other Real Estate | Operating Segments
Segment Reporting Information [Line Items]
Total consolidated assets	$ 860,316	$ 779,456

Business Segments - Capital Add

Business Segments - Capital Additions Related to Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total capital additions	$ 27,422	$ 33,411
Same Store
Segment Reporting Information [Line Items]
Total capital additions	23,952	30,480
Other Real Estate
Segment Reporting Information [Line Items]
Total capital additions	$ 3,470	$ 2,931

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event	Apr. 07, 2024 $ / shares
Subsidiary, Sale of Stock [Line Items]
Class of warrant or right, exercise price of warrants or rights (in dollars per share)	$ 39.12
Preferred stock, redemption price (in dollars per share)	100,000
Preferred stock, par value (in dollars per share)	$ 0.01