Aimco Properties 10-Q 9 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Aug. 02, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
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, Address Line One	345 Park Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10154
City Area Code	212
Local Phone Number	583-5000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,654
Entity Central Index Key	0000926660
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Buildings and improvements	$ 6,434,586	$ 6,324,857
Land	1,297,414	1,285,710
Total real estate	7,732,000	7,610,567
Accumulated depreciation	(2,353,199)	(2,245,589)
Net real estate	5,378,801	5,364,978
Cash and cash equivalents	303,102	91,401
Restricted cash	27,414	26,090
Investment in unconsolidated real estate partnerships	353,879	336,077
Goodwill	32,286	32,286
Other assets, net	293,993	283,920
Total assets	6,389,475	6,134,752
LIABILITIES AND PARTNERS’ CAPITAL
Non-recourse property debt, net	4,911,356	2,223,791
Term loans, net	0	473,701
Revolving credit facility borrowings	0	115,000
Unsecured notes payable, net	0	397,852
Total indebtedness	4,911,356	3,210,344
Accrued liabilities and other	336,978	296,894
Total liabilities	5,248,334	3,507,238
Commitments and contingencies (Note 8)
Redeemable preferred units	77,140	77,140
Partners’ capital:
Preferred units	0	2,000
General Partner and Special Limited Partner	965,426	2,349,896
Limited Partners	191,537	284,451
Partners’ capital attributable to the AIR Operating Partnership	1,156,963	2,636,347
Noncontrolling interests in consolidated real estate partnerships	(92,962)	(85,973)
Total partners’ capital	1,064,001	2,550,374
Total liabilities, redeemable preferred units, and partners’ capital	$ 6,389,475	$ 6,134,752

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
REVENUES
Total revenues	$ 200,373	$ 214,560	$ 395,995	$ 426,553
EXPENSES
Property operating expenses	59,867	64,270	119,354	132,047
Property management expenses	7,733	7,742	15,930	15,418
Depreciation and amortization	82,384	89,260	162,138	184,926
General and administrative expenses	9,286	6,023	19,622	13,203
Other expenses, net	6,814	2,519	14,915	6,179
Operating expenses	166,084	169,814	331,959	351,773
Interest income	2,044	1,507	4,096	3,032
Interest expense	(31,232)	(37,554)	(66,514)	(73,741)
Loss on extinguishment of debt	(28,328)	0	(28,328)	(2,008)
Gain (loss) on dispositions and impairments of real estate	3,282	(17,472)	3,282	(17,472)
Gain on derivative instruments, net	5,207	11,390	14,781	9,252
Loss from unconsolidated real estate partnerships	(2,200)	(842)	(9,050)	(1,877)
Merger-related costs	(164,728)	0	(167,928)	0
(Loss) income before income tax expense	(181,666)	1,775	(185,625)	(8,034)
Income tax expense	(535)	(1,177)	(854)	(1,316)
Net (loss) income	(182,201)	598	(186,479)	(9,350)
Net income attributable to noncontrolling interests in consolidated real estate partnerships	(867)	(684)	(1,968)	(1,369)
Net loss attributable to the AIR Operating Partnership	(183,068)	(86)	(188,447)	(10,719)
Net income attributable to the AIR Operating Partnership's preferred unitholders	(1,627)	(1,612)	(3,241)	(3,225)
Net loss (income) attributable to participating securities	0	(56)	66	(93)
Net loss attributable to the AIR Operating Partnership’s common unitholders	$ (184,695)	$ (1,754)	$ (191,622)	$ (14,037)
Net loss attributable to the AIR Operating Partnership common unitholders per unit – basic (in dollars per share)	$ (1.20)	$ (0.01)	$ (1.24)	$ (0.09)
Net loss attributable to the AIR Operating Partnership common unitholders per unit - diluted (in dollars per share)	$ (1.20)	$ (0.01)	$ (1.24)	$ (0.09)
Weighted average common units outstanding - basic (in shares)	154,290,000	159,778,000	154,307,000	159,531,000
Weighted average common units outstanding - diluted	154,290,000	159,778,000	154,307,000	159,531,000
Rental and other property revenues
REVENUES
Total revenues	$ 197,129	$ 212,492	$ 389,511	$ 422,415
Other revenues
REVENUES
Total revenues	$ 3,244	$ 2,068	$ 6,484	$ 4,138

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (182,201)	$ 598	$ (186,479)	$ (9,350)
Unrealized gain on derivative instruments, net	0	16,631	0	5,191
Reclassification of interest rate derivative gain to net (loss) income	(11,328)	(5,364)	(13,429)	(9,518)
Comprehensive (loss) income	(193,529)	11,865	(199,908)	(13,677)
Comprehensive income attributable to noncontrolling interests in consolidated real estate partnerships	(867)	(684)	(1,968)	(1,369)
Comprehensive (loss) income attributable to the AIR Operating Partnership	$ (194,396)	$ 11,181	$ (201,876)	$ (15,046)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Partners' Capital - USD ($) $ in Thousands	Total	Common Partnership Units	Preferred Partnership Units	Preferred Units	Preferred Units Preferred Partnership Units	General Partner and Special Limited Partner	Limited Partners	Limited Partners Common Partnership Units	Partners' Capital Attributable to the AIR Operating Partnership	Partners' Capital Attributable to the AIR Operating Partnership Common Partnership Units	Partners' Capital Attributable to the AIR Operating Partnership Preferred Partnership Units	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	(15,814)						(15,814)		(15,814)
Amortization of share-based compensation cost	5,101					2,791	2,310		5,101
Effect of changes in ownership of consolidated entities	0					(9,286)	9,286
Purchase of noncontrolling interests in consolidated real estate partnerships	(1,517)					479			479			(1,996)
Contributions from noncontrolling interests in consolidated real estate partnerships	4,517											4,517
Other comprehensive income (loss)	(4,327)					(4,219)	(108)		(4,327)
Net (loss) income	(12,490)					(12,718)	(1,141)		(13,859)			1,369
Distributions to common unitholders	(143,218)					(134,140)	(9,078)		(143,218)
Distributions to noncontrolling interests	(5,057)											(5,057)
Other, net	6					141			141			(135)
Ending balance at Jun. 30, 2023	2,168,890			2,000		1,997,465	249,512		2,248,977			(80,087)
Beginning balance at Mar. 31, 2023	2,234,902			2,000		2,057,615	254,304		2,313,919			(79,017)
Increase (Decrease) in Partners' Capital [Roll Forward]
Redemption of common partnership units		$ (5,285)						$ (5,285)		$ (5,285)
Amortization of share-based compensation cost	1,975					820	1,155		1,975
Effect of changes in ownership of consolidated entities	0					(3,184)	3,184
Purchase of noncontrolling interests in consolidated real estate partnerships	(1,517)					479	0		479			(1,996)
Contributions from noncontrolling interests in consolidated real estate partnerships	2,950											2,950
Other comprehensive income (loss)	11,267					10,273	994		11,267
Net (loss) income	(972)					(1,341)	(315)		(1,656)			684
Distributions to common unitholders	(71,727)					(67,201)	(4,526)		(71,727)
Distributions to noncontrolling interests	(2,572)											(2,572)
Other, net	(131)					4	1		5			(136)
Ending balance at Jun. 30, 2023	2,168,890			2,000		1,997,465	249,512		2,248,977			(80,087)
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	(4,171)						(4,171)		(4,171)
Amortization of share-based compensation cost	14,520					11,843	2,677		14,520
Effect of changes in ownership of consolidated entities	0					(2,155)	2,155
Other comprehensive income (loss)	(13,429)					(12,355)	(1,074)		(13,429)
Net (loss) income	(189,626)					(179,545)	(12,049)		(191,594)			1,968
Merger-related distributions	(1,213,428)					(1,137,652)	(75,776)		(1,213,428)
Distributions to common unitholders	(69,325)					(64,649)	(4,676)		(69,325)
Distributions to noncontrolling interests	(8,826)											(8,826)
Redemption of preferred units			$ (2,000)		$ (2,000)						$ (2,000)
Other, net	(88)					43			43			(131)
Ending balance at Jun. 30, 2024	1,064,001			0		965,426	191,537		1,156,963			(92,962)
Beginning balance at Mar. 31, 2024	2,468,675			2,000		2,277,237	278,699		2,557,936			(89,261)
Increase (Decrease) in Partners' Capital [Roll Forward]
Redemption of common partnership units		$ (378)						$ (378)		$ (378)
Amortization of share-based compensation cost	10,803					9,543	1,260		10,803
Effect of changes in ownership of consolidated entities	0					(316)	316
Other comprehensive income (loss)	(11,328)					(10,436)	(892)		(11,328)
Net (loss) income	(183,778)					(172,953)	(11,692)		(184,645)			867
Merger-related distributions	(1,213,428)					(1,137,652)	(75,776)		(1,213,428)
Distributions to noncontrolling interests	(4,431)						0		0			(4,431)
Redemption of preferred units			$ (2,000)		$ (2,000)
Other, net	(134)					3			3			137
Ending balance at Jun. 30, 2024	$ 1,064,001			$ 0		$ 965,426	$ 191,537		$ 1,156,963			$ (92,962)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (186,479)	$ (9,350)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	162,138	184,926
(Gain) loss on dispositions and impairments of real estate	(3,282)	17,472
Loss on extinguishment of debt	16,670	2,008
Income tax expense	854	1,316
Other, net	23,590	624
Net changes in operating assets and operating liabilities	3,089	(14,334)
Net cash provided by operating activities	16,580	182,662
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate	(246,615)	(182,459)
Capital expenditures	(59,320)	(89,388)
Distributions from unconsolidated joint ventures	27,470	0
Proceeds from dispositions of real estate	0	33,633
Other investing activities, net	(8,382)	9,804
Net cash used in investing activities	(286,847)	(228,410)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from non-recourse property debt	3,322,966	320,000
Principal repayments of non-recourse property debt	(538,276)	(103,964)
Repayments of term loans	(475,000)	0
Proceeds from (Repayments of) Notes Payable	(400,000)	0
Net repayments of revolving credit facility	(115,000)	(170,000)
Merger-related distributions	(1,187,907)	0
Payment of distributions to General Partner and Special Limited Partner	(65,105)	(134,135)
Payment of distributions to Limited Partners	(4,676)	(9,103)
Payment of distributions to noncontrolling interests	(6,878)	(5,056)
Repurchases of common partnership units held by General Partner and Special Limited Partner	(24,595)	0
Redemption of preferred units	(2,000)	0
Other financing activities, net	(20,237)	(23,486)
Net cash provided by (used in) financing activities	483,292	(125,744)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	213,025	(171,492)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	117,491	301,405
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	$ 330,516	$ 129,913

Basis of Presentation and Organ

Basis of Presentation and Organization	6 Months Ended
	Jun. 30, 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, L.P. (“AIR Operating Partnership”, or the “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 partnerships consolidated by AIR Operating Partnership that are held by third parties are reflected in AIR Operating Partnership’s accompanying condensed consolidated balance sheets as noncontrolling interests in consolidated real estate partnerships. Net income (loss) and other comprehensive income (loss) are allocated to each partner's capital account. Except as the context otherwise requires, “we,” “our,” and “us” refer to AIR Operating Partnership and its consolidated subsidiaries, collectively. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments, consisting of normal recurring items, considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 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 Operating Partnership and its consolidated subsidiaries as of December 31, 2023, have been derived from its 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 the AIR Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2023. 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, or partners’ capital previously reported. Organization and Business The AIR Operating Partnership focuses on the ownership of stabilized multi-family properties located in top markets including eight important geographic concentrations: Boston; Philadelphia; Washington, D.C.; Miami; Denver; the San Francisco Bay Area; Los Angeles; and San Diego. We own and operate a portfolio of stabilized apartment communities, diversified by both geography and price point, in 10 states and the District of Columbia. As of June 30, 2024, our portfolio included 77 apartment communities with 27,384 apartment homes, in which we held an average ownership of approximately 81%. Interests held by the General Partner and Special Limited Partner, and other limited partners in the AIR Operating Partnership are referred to as OP Units. OP Units include common partnership units (inclusive of Class I High Performance Partnership Units), which we refer to as “common OP Units”, as well as preferred partnership units, which we refer to as “preferred OP Units”. As of June 30, 2024, after elimination of units held by consolidated subsidiaries, the AIR Operating Partnership had 158,232,367 common OP Units and equivalents outstanding.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023, the AIR Operating Partnership consolidated four VIEs. Please see Note 1 1 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, with a cash value equal to the redemption price. The preferred OP Units are therefore presented 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 (3,140) Net income allocated to preferred units 3,140 Balance at June 30, 2024 $ 77,140 As of June 30, 2024 and December 31, 2023, the AIR Operating Partnership had 2,846,506 and 2,846,524 redeemable preferred OP Units issued and outstanding, respectively. Distributions per annum range from 1.92% to 8.75% per class and $0.48 to $8.00 per unit, respectively. Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the condensed consolidated financial statements and accompanying notes thereto. Actual results could differ from those estimates.

Blackstone Transaction

Blackstone Transaction	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Blackstone Transaction	Blackstone Transaction Merger Agreement On June 28, 2024, AIR completed the transactions contemplated by the Agreement and Plan of Merger (the “Merger Agreement”) by and among AIR, Apex Purchaser LLC, a Delaware limited liability company (“Buyer 1”), Aries Purchaser LLC, a Delaware limited liability company (“Buyer 2”), Astro Purchaser LLC, a Delaware limited liability company (“Buyer 3” and, together with Buyer 1 and Buyer 2, collectively, the “Parent Entities”), and Astro Merger Sub, Inc., a Maryland corporation and a wholly owned subsidiary of the Parent Entities (“Merger Sub” and, together with the Parent Entities, the “Parent Parties”). The Parent Parties are affiliates of Blackstone Real Estate Partners X L.P., which is an affiliate of Blackstone Inc. (“Blackstone”). At the closing of the transactions contemplated by the Merger Agreement on June 28, 2024 (the “Closing”), Merger Sub merged with and into AIR (the “Merger”). As a result of the Merger, AIR became a subsidiary of the Parent Entities. Pursuant to the terms and conditions of the Merger Agreement, among other things: • Change of Control : Upon Closing, Blackstone Real Estate Partners X L.P., indirectly through the Parent Parties, controls the General Partner and Special Limited Partner of the AIR Operating Partnership. • Share-Based Awards : All stock options and restricted stock awards outstanding immediately prior to Closing, whether vested or unvested, were cancelled and converted into the right to receive cash amounting to $25.7 million in total, as determined pursuant to the applicable stock awards and incentive plans and agreements and in accordance with the terms and conditions of the Merger Agreement (with any performance goals applicable to such company stock option measured at the greater of target level performance and actual performance through the date of Closing). The $25.7 million was paid in the third quarter of 2024. During the three months ended June 30, 2024, the cancellation of the restricted stock awards resulted in the acceleration of share-based compensation expense of $8.6 million, which is recorded in merger-related costs within the condensed consolidated statements of operations. Of the $8.6 million acceleration, $5.2 million and $3.4 million would have been recorded within general and administrative expenses and property management expenses in our condensed consolidated statements of operations, respectively, through January 2028. • Preferred Units : All Class A preferred stock outstanding immediately prior to the Closing were redeemed by AIR at a redemption price payable in cash of $100,000.00 per unit, which resulted in the mirrored preferred units at the AIR Operating Partnership to be cancelled. During the three months ended June 30, 2024, cancellation of the mirrored preferred units resulted in a cash payment of $2.0 million, which was paid in June 2024 in conjunction with the Closing. As of June 30, 2024, the Operating Partnership has no mirrored preferred units outstanding. Treatment of Partnership Units The issued and outstanding equity interests of the AIR Operating Partnership, including the common OP units, preferred OP units, and LTIP units were unaffected by the Merger and remain issued and outstanding and continue to have the rights and privileges set forth in the Partnership Agreement. Merger-related costs In conjunction with the Merger, and during the three and six months ended June 30, 2024, the Operating Partnership incurred cost of $164.7 million and $167.9 million, respectively, which is included in merger-related costs in our condensed consolidated statements of operations. The merger-related costs primarily consist of regulatory, advisory, legal, consulting, banking services, loan assumption fees, and the acceleration of share-based compensation totaling $8.6 million related to the cancellation of the stock options and restricted stock awards discussed above. Amendments to the Seventh Amended and Restated Agreement of Limited Partnership of the AIR Operating Partnership On June 25, 2024, AIR Operating Partnership’s general partner adopted Amendment No. 1 (the “Amendment No. 1”) to the Partnership Agreement to provide that, following the Closing: • the AIR Operating Partnership will pay only cash to those holders of units in the AIR Operating Partnership who elect to redeem their units in accordance with the terms of the Partnership Agreement (and will not exercise its right to pay for such redeemed units in the AIR Operating Partnership in shares of the Class A common stock, $0.01 par value per share, of AIR); • any of the common OP Units redeemed on the date of Closing or within ten (10) days thereafter (the “Initial Post-Closing Period”) will be valued at an amount equal to the Common Stock Merger Consideration minus the aggregate amount of all distributions per common OP Unit declared or paid to the holders of common OP Units during the period commencing on the date of Closing and ending on the date a notice of redemption is received; and • any common OP Units redeemed after the Initial Post-Closing Period 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. Effective as of July 1, 2024, AIR converted from a Maryland corporation to a Delaware limited liability company (the “Company Conversion”) with the name “Apartment Income REIT LLC” and continues to be managed by a Board of Directors. In connection with the Company Conversion, certain subsidiaries of AIR were also converted to limited liability companies, including the general partner of the AIR Operating Partnership, which converted from a Delaware corporation to a Delaware limited liability company with the name “AIR-GP LLC” (the “General Partner”). As a result of such conversion, the General Partner is now managed by its sole member rather than a board. In turn, that sole member is managed by its sole member, AIR, under the direction of AIR’s Board of Directors. Concurrently with, and in connection with, the Company Conversion, the Partnership Agreement was further amended by the adoption of an Amendment No. 2 (the “Amendment No. 2”). Amendment No. 2 (i) clarified references to AIR and its capital stock to account for the different form of entity of AIR as a result of the Company Conversion and (ii) eliminated Exhibits Q and R relating to the Class Eleven and Class Twelve Preferred OP Units, which were previously wholly owned by subsidiaries of AIR. On July 1, 2024, the AIR Operating Partnership filed an amendment to its Certificate of Limited Partnership (the “Certificate of Amendment”) solely to reflect the new name of the General Partner. Additional Information The Merger was funded primarily via cash provided by affiliates of Blackstone and the net proceeds from the issuance of debt instruments. The net funding was used to satisfy the cancellation of AIR’s common stock and stock options, the redemption of restricted stock awards, the payment of merger-related cost, and the termination of $1.7 billion of outstanding debt principal amounts. The cancellations and redemptions are outlined above, and refer to Note 6 for discussion regarding the debt transactions.

Significant Transactions

Significant Transactions	6 Months Ended
	Jun. 30, 2024
Significant Transactions [Abstract]
Significant Transactions	Significant Transactions Apartment Community Acquisitions During the three months ended June 30, 2024, we acquired one apartment community located in Bethesda, Maryland with 50,500 square feet of commercial space. During the six months ended June 30, 2024, we acquired one additional apartment community located in Raleigh, North Carolina. Summarized information regarding this acquisition is set forth in the table below (dollars in thousands): Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Number of apartment communities 1 2 Number of apartment homes 359 743 Purchase price $ 150,000 $ 236,500 Capitalized transaction costs 3,096 3,809 Total consideration $ 153,096 $ 240,309 Land $ 39,844 $ 51,548 Building and improvements 104,038 177,140 Intangible assets (1) 9,395 11,877 Mark-to-market on debt assumed — — Below-market lease liabilities (1) (181) (256) Total consideration $ 153,096 $ 240,309 (1) Intangible assets and below-market lease liabilities for the Bethesda, Maryland apartment community acquisition have a weighted-average term of 4.7 years and 0.5 years, respectively. Intangible assets and below-market lease liabilities for the Raleigh, North Carolina apartment community acquisition have a weighted-average term of 0.5 years. Apartment Community Dispositions During the three and six months ended June 30, 2024, the apartment community acquired in Bethesda, Maryland was subsequently contributed to our joint venture with a global institutional investor (the “Core JV”), which represents an apartment community disposition under GAAP. Upon contribution of the apartment community and the related non-recourse property debt to the Core JV, the AIR Operating Partnership received $27.5 million in cash consideration. See Note 7 for discussion regarding our joint venture transactions. During the three and six months ended June 30, 2023, we sold two apartment communities with 62 apartment homes included in our Other Real Estate segment. At the end of each reporting period, we evaluate whether such communities meet the criteria to be classified as held for sale. As of June 30, 2024, no communities were classified as held for sale. Distributions For the three and six months ended June 30, 2024, regular, recurring distributions paid per common OP Unit were $0.00 and $0.45, respectively. As a result of the announcement of the Merger Agreement on April 7, 2024, no regular, recurring distributions were paid during the three months ended June 30, 2024. In connection with, but effectively immediately following, the Closing of the transactions contemplated by the Merger Agreement as described in Note 3 , the AIR Operating Partnership paid a special cash distribution in an aggregate amount of $1.2 billion to holders of record of common OP Units and LTIP units immediately following the effective time of the Merger, representing a distribution of $7.70 per common OP Unit. The special distribution paid to the General Partner and Special Limited Partner was used to fund the Merger. For the three and six months ended June 30, 2023, regular, recurring distributions paid per common OP Unit were $0.45, and $0.90, respectively. On August 1, 2024, and in connection with the subsequent event debt transactions described in Note 6 , the AIR Operating Partnership paid a special cash distribution in an aggregate amount of $895.0 million to holders of record of common OP Units and LTIP units as of the close of business on July 31, 2024, representing a distributi

Leases

Leases	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Fixed lease income $ 182,206 $ 196,718 $ 361,565 $ 393,054 Variable lease income 14,496 15,253 27,322 28,541 Total lease income $ 196,702 $ 211,971 $ 388,887 $ 421,595 Generally, our residential leases do not provide extension options and, as of June 30, 2024, have an average remaining term of 9.0 months. In general, our commercial leases have options to extend for a certain period of time at the tenant’s option. As of June 30, 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) $ 292,090 2025 300,530 2026 53,770 2027 12,503 2028 10,098 Thereafter 31,866 Total $ 700,857

Debt

Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt The following table summarizes our total indebtedness (in thousands): June 30, 2024 December 31, 2023 Non-recourse property debt: Fixed-rate property debt due July 2025 to January 2055 (1) $ 1,757,189 $ 2,236,975 Variable-rate property debt due September 2024 to July 2029 (2) 3,173,500 — Total non-recourse property debt 4,930,689 2,236,975 Debt issuance costs, net of accumulated amortization (19,333) (13,184) Total non-recourse property debt, net $ 4,911,356 $ 2,223,791 Unsecured debt: Term loans due December 2024 to April 2026 $ — $ 475,000 Revolving credit facility borrowings due April 2025 — 115,000 4.58% Notes payable due June 2027 — 100,000 4.77% Notes payable due June 2029 — 100,000 4.84% Notes payable due June 2032 — 200,000 Total unsecured debt — 990,000 Debt issuance costs, net of accumulated amortization — (3,447) Total unsecured debt, net $ — $ 986,553 Total indebtedness $ 4,911,356 $ 3,210,344 (1) The stated rates on our fixed-rate property debt are between 2.7% to 7.1%. (2) As of June 30, 2024, $675.0 million of our variable-rate property debt is economically hedged at an effective interest rate of 5.5% via interest rate swaps. Additionally, $148.5 million of our variable-rate property debt is economically hedged at a maximum interest rate of 7.10% via one interest rate cap. The Operating Partnership placed the following debt instruments in connection with the completion of the Merger on June 28, 2024: • $2.7 billion in variable-rate non-recourse property debt which matures on June 26, 2026, with two one-year extension terms at the option of the AIR Operating Partnership bearing interest rate at one-month term SOFR plus 2.00%, for an initial rate of 7.33%. • $375.0 million of variable-rate non-recourse property debt, which matures in September 2024, bearing interest at one-month term SOFR plus 2.00%, for an initial rate of 7.33%. • $148.5 million of variable-rate non-recourse property debt, which matures in July 2026 and includes three one - year extension terms, bearing interest at a one-month term SOFR plus 2.10%, with a maximum interest rate of 7.10% due to an interest rate cap that matures in July 2026. • $20.3 million and $31.9 million of fixed-rate property debt secured by two properties which mature in August 2030, bearing interest at 7.02%, and in October 2030, bearing interest at 7.13%, respectively. The net proceeds from the above transactions were used to repay the outstanding principal amounts on our term loans, notes payable, revolving credit facility, secured credit facility, and a portion of our fixed-rate property debt, totaling $1.7 billion. The remainder of the funding was used to fund the consideration for the Merger, pay for certain costs and expenses relating to the Merger, and to fund property operations. As a result of these transactions, the Operating Partnership recognized $28.3 million of loss on extinguishment of debt during the three months ended June 30, 2024, which represents the unamortized discounts and related expenses and fees associated with the termination of these instruments. As of June 30, 2024, our available liquidity was $330.5 million, which is comprised of restricted cash and cash and cash equivalents. Subsequent to June 30, 2024, the AIR Operating Partnership placed additional non-recourse variable-rate property debt (the “CMBS Loan”), totaling $3.0 billion, maturing in 2026 and subject to three one-year extension options. The interest rate on the CMBS Loan is equal to one month term SOFR, plus a margin rate of 2.18%, for an initial rate of 7.53%. Additionally, the AIR Operating Partnership placed $401.9 million of fixed-rate debt secured by one property. The debt matures in August 2029, bearing interest at 5.49%. The proceeds from the non-recourse variable-rate and fixed-rate property debt were used to repay $1.9 billion and $375 million of variable-rate property debt, respectively. In connection with the subsequent event debt transactions outlined above, and subsequent to June 30, 2024, the AIR Operating Partnership entered into eight pay-fixed, receive-floating interest rate swaps, two interest rate caps, and one sold partially offsetting interest rate cap that are not designated as hedging instruments. The eight pay-fixed, receive-floating interest rate swaps have an aggregate notional value of $4.0 billion, economically hedging our variable-rate property debt and mature between August 2026 and August 2027. Four of the interest rate swaps have a notional adjustment period, which reduces the aggregate notional amount by $1.0 billion in August 2025. The two interest rate caps have an aggregate notional value of $3.0 billion and mature in August 2026, and the sold partially offsetting interest rate cap has a notional value of $2.2 billion and matures in August 2026. The sold partially offsetting interest rate cap has a notional adjustment period, which reduces the aggregate notional value to $1.5 billion in August 2025.

Investment in Unconsolidated Re

Investment in Unconsolidated Real Estate Partnership	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Real Estate Partnership	Investment in Unconsolidated Real Estate Partnerships Joint Venture Transactions During the second quarter of 2024, AIR Operating Partnership acquired a 359-unit property located in Bethesda, Maryland with 50,500 square feet of commercial space for a purchase price of $150.0 million. In connection with the acquisition, the Operating Partnership placed $97.3 million of non-recourse property debt. The property and related non-recourse property debt was subsequently contributed to the Core JV, in which we retain a 53% interest, which represents a non-cash activity during the period. Upon contribution to the Core JV, AIR Operating Partnership received $27.5 million in cash and recognized a gain of $3.2 million as a result of the disposition which is included in gain (loss) on dispositions and impairments of real estate in our condensed consolidated statements of operations. Unconsolidated Joint Ventures As of June 30, 2024, AIR Operating Partnership has equity investments in three significant unconsolidated joint ventures: 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 12 Apartment Units 1,748 443 3,908 (1) A global asset manager acquired a 70% legal ownership in the Huntington Gateway property, but the AIR Operating Partnership 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 Operating Partnership's investment in each joint venture is included in investment in unconsolidated real estate partnerships in our condensed consolidated balance sheets. AIR Operating Partnership's exposure to the obligations of the VIEs is limited to the carrying value of the limited partnership interests and AIR Operating Partnership'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): June 30, 2024 Virginia JV Value-Add JV Core JV Third-party debt $ 395,000 $ 88,850 $ 891,174 AIR Operating Partnership's investment in balance (1) $ 15,885 $ 29,459 $ 287,289 (1) AIR Operating Partnership's investment in balance includes certain basis differences that are subject to amortization. AIR Operating Partnership's investment in unconsolidated real estate partnerships in our condensed consolidated balance sheets also includes $21.2 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 Operating Partnership's investment in balance (1) $ 17,212 $ 28,606 $ 268,931 (1) AIR Operating Partnership's investment in unconsolidated real estate partnerships in our condensed consolidated balance sheets includes $21.3 million related to two immaterial unconsolidated investments. The AIR Operating Partnership 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 condensed consolidated statements of operations (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Virginia JV $ (494) $ (842) $ (567) $ (1,877) Value-Add JV (150) — (389) — Core JV (1,556) — (8,094) — Total $ (2,200) $ (842) $ (9,050) $ (1,877)

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 June 30, 2024, are immaterial to our condensed consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 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). See Note 10 for discussion regarding our derivative activity during the year. As of June 30, 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 $ 13,479 $ — $ 13,479 $ — $ 14,679 $ — $ 14,679 $ — Interest rate cap $ 623 $ — $ 623 $ — $ — $ — $ — $ — Interest rate swaps - pay-floating, receive-fixed $ — $ — $ — $ — $ 465 $ — $ 465 $ — Interest rate swaps - forward starting $ — $ — $ — $ — $ 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 June 30, 2024 and December 31, 2023, due to their relatively short-term nature and high probability of realization. The carrying value of our previously held revolving credit facility and term loans, which were repaid in connection with the Closing, as well as our current variable-rate non-recourse property debt are classified as Level 2 in the GAAP fair value hierarchy. See Note 6 for discussion regarding our debt transactions during the period. As of June 30, 2024 and December 31, 2023, the carrying value of our variable-rate debt approximated the estimated fair value as these instruments bear interest at floating rates which approximate market rates. We classify the fair value of our fixed-rate 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 June 30, 2024 As of December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Fixed-rate non-recourse property debt $ 1,757,189 $ 1,551,179 $ 2,236,975 $ 2,001,532 Unsecured notes payable (1) $ — $ — $ 400,000 $ 384,244 Seller financing note receivable, net (2) $ 33,460 $ 32,233 $ 32,459 $ 33,042 Preferred equity investment (3) $ 23,283 $ 25,207 $ 22,693 $ 23,562 (1) As of June 30, 2024, and in connection with the Closing, we repaid $400.0 million of outstanding principal on our fixed-rate Notes Payable. See Note 6 for discussion regarding our debt transactions during the period. (2) 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. (3)

Derivative Financial Instrument

Derivative Financial Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 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 other comprehensive (loss) income and subsequently reclassified into earnings as an increase or decrease to interest expense. During the three and six months ended June 30, 2024, we reclassified gains of $11.3 million and $13.4 million, respectively, out of other comprehensive (loss) income into interest expense, inclusive of the Company's accelerated gain due to the early payoff of fixed-rate mortgage loans that were previously designated as hedged instruments. During the three and six months ended June 30, 2023, we reclassified $5.4 million and $9.5 million out of other comprehensive (loss) income, net into interest expense, respectively. As of June 30, 2024, we estimate that during the next 12 months, we will reclassify into earnings approximately $4.0 million of the unrealized gain in other comprehensive (loss) 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 and six months ended June 30, 2024 and 2023, gain on derivative instruments was $5.2 million, $14.8 million, $11.4 million, and $9.3 million, respectively. During the first quarter of 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 $80.0 million, and two were offsetting pay-floating, receive-fixed interest rate swaps with a notional value of $80.0 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 $50.0 million and was replaced by a new forward starting interest rate swap with a notional value of $42.0 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. Additionally, during the first quarter of 2024, the Operating Partnership entered into three pay-fixed, receive-floating interest rate swaps, with a notional value of $200.0 million. During the three months ended June 30, 2024, we terminated two forward starting interest rate swap positions not designated as hedging instruments with a notional value of $93.7 million. As a result of these transactions, the Operating Partnership received $3.7 million in cash during the three months ended June 30, 2024. Additionally, we entered into one interest rate cap not designated as a hedging instrument with a notional value of $148.5 million to economically hedge our variable-rate property debt at a maximum interest rate of 7.10%, which matures in July 2026. The following table summarizes our derivative financial instruments (dollars in thousands): As of June 30, 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 $ 13,479 $ — Interest rate cap 1 $ 148,500 $ 623 $ — 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

Variable Interest Entities	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities Consolidated Entities 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. 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 AIR Operating Partnership: June 30, 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’ are summarized in the table below (in thousands): June 30, 2024 December 31, 2023 ASSETS: Net real estate $ 999,843 $ 1,013,770 Cash and cash equivalents 48,991 41,219 Restricted cash 1,997 2,179 Other assets, net 23,602 22,546 LIABILITIES: Non-recourse property debt, net $ 1,188,841 $ 1,196,280 Accrued liabilities and other 44,063 34,903

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 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 Operating Partnership and have reached a stabilized level of operations. Our Other Real Estate segment includes four properties acquired in 2023, two properties 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 June 30, 2024, our Same Store segment included 69 apartment communities with 24,272 apartment homes and our Other Real Estate segment included 8 apartment communities with 3,112 apartment homes. The following tables present the total revenues, property operating expenses, proportionate property net operating income (loss), and income (loss) before income tax expense of our segments on a proportionate basis, excluding amounts related to communities sold. To reflect how the CODM evaluates the business, prior period segment information has been recast to conform with our reportable segment composition as of June 30, 2024 (in thousands): Same Other Proportionate Corporate and Consolidated Three Months Ended June 30, 2024: Total revenues $ 170,544 $ 19,286 $ 7,312 $ 3,231 $ 200,373 Property management and operating expenses 44,612 6,804 7,335 8,849 67,600 Other operating expenses not allocated to segments (3) — — — 98,484 98,484 Total operating expenses 44,612 6,804 7,335 107,333 166,084 Proportionate property net operating income (loss) 125,932 12,482 (23) (104,102) 34,289 Other items included in income (loss) before income tax expense (4) — — — (215,955) (215,955) Income (loss) before income tax expense $ 125,932 $ 12,482 $ (23) $ (320,057) $ (181,666) Same Other Proportionate Corporate and Consolidated Six Months Ended June 30, 2024: Total revenues $ 339,760 $ 36,959 $ 12,929 $ 6,347 $ 395,995 Property management and operating expenses 88,321 13,352 14,423 19,188 135,284 Other operating expenses not allocated to segments (3) — — — 196,675 196,675 Total operating expenses 88,321 13,352 14,423 215,863 331,959 Proportionate property net operating income (loss) 251,439 23,607 (1,494) (209,516) 64,036 Other items included in income (loss) before income tax expense (4) — — — (249,661) (249,661) Income (loss) before income tax expense $ 251,439 $ 23,607 $ (1,494) $ (459,177) $ (185,625) Same Other Proportionate Corporate and Consolidated Three Months Ended June 30, 2023: Total revenues $ 163,884 $ 12,599 $ 34,278 $ 3,799 $ 214,560 Property management and operating expenses 43,852 4,562 14,085 9,513 72,012 Other operating expenses not allocated to segments (3) — — — 97,802 97,802 Total operating expenses 43,852 4,562 14,085 107,315 169,814 Proportionate property net operating income (loss) 120,032 8,037 20,193 (103,516) 44,746 Other items included in income (loss) before income tax expense (4) — — — (42,971) (42,971) Income (loss) before income tax expense $ 120,032 $ 8,037 $ 20,193 $ (146,487) $ 1,775 Same Other Proportionate Corporate and Consolidated Six Months Ended June 30, 2023: Total revenues $ 326,127 $ 24,777 $ 68,062 $ 7,587 $ 426,553 Property management and operating expenses 88,125 9,105 28,010 22,225 147,465 Other operating expenses not allocated to segments (3) — — — 204,308 204,308 Total operating expenses 88,125 9,105 28,010 226,533 351,773 Proportionate property net operating income (loss) 238,002 15,672 40,052 (218,946) 74,780 Other items included in income (loss) before income tax expense (4) — — — (82,814) (82,814) Income (loss) before income tax expense $ 238,002 $ 15,672 $ 40,052 $ (301,760) $ (8,034) (1) Represents adjustments to: (i) exclude AIR Operating Partnership’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): June 30, 2024 December 31, 2023 Same Store $ 4,816,795 $ 4,841,335 Other Real Estate 863,050 779,456 Corporate and other assets (1) 709,630 513,961 Total consolidated assets $ 6,389,475 $ 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 six months ended June 30, 2024 and 2023, capital additions related to our segments were as follows (in thousands): 2024 2023 Same Store $ 59,884 $ 72,028 Other Real Estate 9,220 7,452 Total capital additions $ 69,104 $ 79,480

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023, the AIR Operating Partnership consolidated four VIEs. Please see Note 1 1 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, with a cash value equal to the redemption price. The preferred OP Units are therefore presented 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 (3,140) Net income allocated to preferred units 3,140 Balance at June 30, 2024 $ 77,140 As of June 30, 2024 and December 31, 2023, the AIR Operating Partnership had 2,846,506 and 2,846,524 redeemable preferred OP Units issued and outstanding, respectively. Distributions per annum range from 1.92% to 8.75% per class and $0.48 to $8.00 per unit, respectively.
Use of Estimates	Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the condensed consolidated financial statements and accompanying notes thereto. Actual results could differ from those estimates.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 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 (3,140) Net income allocated to preferred units 3,140 Balance at June 30, 2024 $ 77,140

Significant Transactions (Table

Significant Transactions (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024 Six Months Ended June 30, 2024 Number of apartment communities 1 2 Number of apartment homes 359 743 Purchase price $ 150,000 $ 236,500 Capitalized transaction costs 3,096 3,809 Total consideration $ 153,096 $ 240,309 Land $ 39,844 $ 51,548 Building and improvements 104,038 177,140 Intangible assets (1) 9,395 11,877 Mark-to-market on debt assumed — — Below-market lease liabilities (1) (181) (256) Total consideration $ 153,096 $ 240,309 (1) Intangible assets and below-market lease liabilities for the Bethesda, Maryland apartment community acquisition have a weighted-average term of 4.7 years and 0.5 years, respectively. 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)	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Fixed lease income $ 182,206 $ 196,718 $ 361,565 $ 393,054 Variable lease income 14,496 15,253 27,322 28,541 Total lease income $ 196,702 $ 211,971 $ 388,887 $ 421,595
Future Minimum Annual Rental Payments Receivable Under Residential and Commercial Leases	As of June 30, 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) $ 292,090 2025 300,530 2026 53,770 2027 12,503 2028 10,098 Thereafter 31,866 Total $ 700,857

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt summmary	The following table summarizes our total indebtedness (in thousands): June 30, 2024 December 31, 2023 Non-recourse property debt: Fixed-rate property debt due July 2025 to January 2055 (1) $ 1,757,189 $ 2,236,975 Variable-rate property debt due September 2024 to July 2029 (2) 3,173,500 — Total non-recourse property debt 4,930,689 2,236,975 Debt issuance costs, net of accumulated amortization (19,333) (13,184) Total non-recourse property debt, net $ 4,911,356 $ 2,223,791 Unsecured debt: Term loans due December 2024 to April 2026 $ — $ 475,000 Revolving credit facility borrowings due April 2025 — 115,000 4.58% Notes payable due June 2027 — 100,000 4.77% Notes payable due June 2029 — 100,000 4.84% Notes payable due June 2032 — 200,000 Total unsecured debt — 990,000 Debt issuance costs, net of accumulated amortization — (3,447) Total unsecured debt, net $ — $ 986,553 Total indebtedness $ 4,911,356 $ 3,210,344 (1) The stated rates on our fixed-rate property debt are between 2.7% to 7.1%. (2) As of June 30, 2024, $675.0 million of our variable-rate property debt is economically hedged at an effective interest rate of 5.5% via interest rate swaps. Additionally, $148.5 million of our variable-rate property debt is economically hedged at a maximum interest rate of 7.10% via one interest rate cap.

Investment in Unconsolidated _2

Investment in Unconsolidated Real Estate Partnership (Tables)	6 Months Ended
	Jun. 30, 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 12 Apartment Units 1,748 443 3,908 (1) A global asset manager acquired a 70% legal ownership in the Huntington Gateway property, but the AIR Operating Partnership 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. June 30, 2024 Virginia JV Value-Add JV Core JV Third-party debt $ 395,000 $ 88,850 $ 891,174 AIR Operating Partnership's investment in balance (1) $ 15,885 $ 29,459 $ 287,289 (1) AIR Operating Partnership's investment in balance includes certain basis differences that are subject to amortization. AIR Operating Partnership's investment in unconsolidated real estate partnerships in our condensed consolidated balance sheets also includes $21.2 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 Operating Partnership's investment in balance (1) $ 17,212 $ 28,606 $ 268,931 (1) AIR Operating Partnership'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 Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Virginia JV $ (494) $ (842) $ (567) $ (1,877) Value-Add JV (150) — (389) — Core JV (1,556) — (8,094) — Total $ (2,200) $ (842) $ (9,050) $ (1,877)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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). See Note 10 for discussion regarding our derivative activity during the year. As of June 30, 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 $ 13,479 $ — $ 13,479 $ — $ 14,679 $ — $ 14,679 $ — Interest rate cap $ 623 $ — $ 623 $ — $ — $ — $ — $ — Interest rate swaps - pay-floating, receive-fixed $ — $ — $ — $ — $ 465 $ — $ 465 $ — Interest rate swaps - forward starting $ — $ — $ — $ — $ 331 $ — $ 331 $ —
Summary of Carrying Value and Fair Value of Non-recourse Property Debt	We classify the fair value of our fixed-rate 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 June 30, 2024 As of December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Fixed-rate non-recourse property debt $ 1,757,189 $ 1,551,179 $ 2,236,975 $ 2,001,532 Unsecured notes payable (1) $ — $ — $ 400,000 $ 384,244 Seller financing note receivable, net (2) $ 33,460 $ 32,233 $ 32,459 $ 33,042 Preferred equity investment (3) $ 23,283 $ 25,207 $ 22,693 $ 23,562 (1) As of June 30, 2024, and in connection with the Closing, we repaid $400.0 million of outstanding principal on our fixed-rate Notes Payable. See Note 6 for discussion regarding our debt transactions during the period. (2) 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. (3)

Derivative Financial Instrume_2

Derivative Financial Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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 $ 13,479 $ — Interest rate cap 1 $ 148,500 $ 623 $ — 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)	6 Months Ended
	Jun. 30, 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 AIR Operating Partnership: June 30, 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 June 30, 2024 December 31, 2023 ASSETS: Net real estate $ 999,843 $ 1,013,770 Cash and cash equivalents 48,991 41,219 Restricted cash 1,997 2,179 Other assets, net 23,602 22,546 LIABILITIES: Non-recourse property debt, net $ 1,188,841 $ 1,196,280 Accrued liabilities and other 44,063 34,903

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024 (in thousands): Same Other Proportionate Corporate and Consolidated Three Months Ended June 30, 2024: Total revenues $ 170,544 $ 19,286 $ 7,312 $ 3,231 $ 200,373 Property management and operating expenses 44,612 6,804 7,335 8,849 67,600 Other operating expenses not allocated to segments (3) — — — 98,484 98,484 Total operating expenses 44,612 6,804 7,335 107,333 166,084 Proportionate property net operating income (loss) 125,932 12,482 (23) (104,102) 34,289 Other items included in income (loss) before income tax expense (4) — — — (215,955) (215,955) Income (loss) before income tax expense $ 125,932 $ 12,482 $ (23) $ (320,057) $ (181,666) Same Other Proportionate Corporate and Consolidated Six Months Ended June 30, 2024: Total revenues $ 339,760 $ 36,959 $ 12,929 $ 6,347 $ 395,995 Property management and operating expenses 88,321 13,352 14,423 19,188 135,284 Other operating expenses not allocated to segments (3) — — — 196,675 196,675 Total operating expenses 88,321 13,352 14,423 215,863 331,959 Proportionate property net operating income (loss) 251,439 23,607 (1,494) (209,516) 64,036 Other items included in income (loss) before income tax expense (4) — — — (249,661) (249,661) Income (loss) before income tax expense $ 251,439 $ 23,607 $ (1,494) $ (459,177) $ (185,625) Same Other Proportionate Corporate and Consolidated Three Months Ended June 30, 2023: Total revenues $ 163,884 $ 12,599 $ 34,278 $ 3,799 $ 214,560 Property management and operating expenses 43,852 4,562 14,085 9,513 72,012 Other operating expenses not allocated to segments (3) — — — 97,802 97,802 Total operating expenses 43,852 4,562 14,085 107,315 169,814 Proportionate property net operating income (loss) 120,032 8,037 20,193 (103,516) 44,746 Other items included in income (loss) before income tax expense (4) — — — (42,971) (42,971) Income (loss) before income tax expense $ 120,032 $ 8,037 $ 20,193 $ (146,487) $ 1,775 Same Other Proportionate Corporate and Consolidated Six Months Ended June 30, 2023: Total revenues $ 326,127 $ 24,777 $ 68,062 $ 7,587 $ 426,553 Property management and operating expenses 88,125 9,105 28,010 22,225 147,465 Other operating expenses not allocated to segments (3) — — — 204,308 204,308 Total operating expenses 88,125 9,105 28,010 226,533 351,773 Proportionate property net operating income (loss) 238,002 15,672 40,052 (218,946) 74,780 Other items included in income (loss) before income tax expense (4) — — — (82,814) (82,814) Income (loss) before income tax expense $ 238,002 $ 15,672 $ 40,052 $ (301,760) $ (8,034) (1) Represents adjustments to: (i) exclude AIR Operating Partnership’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): June 30, 2024 December 31, 2023 Same Store $ 4,816,795 $ 4,841,335 Other Real Estate 863,050 779,456 Corporate and other assets (1) 709,630 513,961 Total consolidated assets $ 6,389,475 $ 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 six months ended June 30, 2024 and 2023, capital additions related to our segments were as follows (in thousands): 2024 2023 Same Store $ 59,884 $ 72,028 Other Real Estate 9,220 7,452 Total capital additions $ 69,104 $ 79,480

Basis of Presentation and Org_2

Basis of Presentation and Organization (Details)	Jun. 30, 2024 apartment stateAndDistrict property 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) | shares	158,232,367
Partially Owned Properties
Real Estate Properties [Line Items]
Apartment communities owned by VIEs | property	77
Apartment homes in communities owned by VIEs | apartment	27,384
Percentage of average ownership of portfolio	81%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Reconciliation of Preferred OP Units (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at January 1, 2024	$ 77,140
Preferred distributions	(3,140)
Net income allocated to preferred units	3,140
Balance at June 30, 2024	$ 77,140

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Narrative (Details)	6 Months Ended
	Jun. 30, 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	4
AIMCO PROPERTIES, L.P
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Units outstanding (in shares) | shares	2,846,506	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

Blackstone Transaction (Details

Blackstone Transaction (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended	6 Months Ended
	Jun. 28, 2024	Jun. 30, 2024	Jun. 30, 2024
Class of Warrant or Right [Line Items]
Class of warrant or right, stock options cancelled and converted to right to receive, amount	$ 25.7
Preferred stock, redemption price (in dollars per share)		$ 100,000	$ 100,000
Preferred stock, redemption amount		$ 2	$ 2
Repayments of long-term debt			1,700
Merger Agreement
Class of Warrant or Right [Line Items]
Share-based payment arrangement, accelerated cost			8.6
Business combination, acquisition related costs		164.7	$ 167.9
Restricted Stock
Class of Warrant or Right [Line Items]
Share-based payment arrangement, accelerated cost		8.6
Restricted Stock | General and Administrative Expense
Class of Warrant or Right [Line Items]
Share-based payment arrangement, accelerated cost		5.2
Restricted Stock | Property Management Expenses
Class of Warrant or Right [Line Items]
Share-based payment arrangement, accelerated cost		$ 3.4
Class A Common Stock
Class of Warrant or Right [Line Items]
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01

Significant Transactions - Narr

Significant Transactions - Narrative (Details) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
	Aug. 01, 2024 USD ($) $ / shares	Jun. 30, 2024 USD ($) ft² property apartment $ / shares	Jun. 30, 2023 apartment $ / shares	Jun. 30, 2024 ft² property apartment	Jun. 30, 2024 ft² apartment property	Jun. 30, 2024 USD ($) ft² property apartment	Jun. 30, 2024 ft² property apartment $ / shares	Jun. 30, 2023 apartment $ / shares
Business Acquisition [Line Items]
Dividends and distributions paid (in dollars per share) | $ / shares		$ 0	$ 0.45				$ 0.45	$ 0.90
Subsequent Event
Business Acquisition [Line Items]
Dividends and distributions paid (in dollars per share) | $ / shares	$ 5.80
Special Distribution
Business Acquisition [Line Items]
Dividends and distributions paid (in dollars per share) | $ / shares							$ 7.70
Distribution made to limited partner, cash distributions paid | $						$ 1,200
Special Distribution | Subsequent Event
Business Acquisition [Line Items]
Distribution made to limited partner, cash distributions paid | $	$ 895
Other Real Estate
Business Acquisition [Line Items]
Apartment communities owned by VIEs | property		8		8	8	8	8
Apartment homes in communities owned by VIEs | apartment		3,112		3,112	3,112	3,112	3,112
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Apartment communities owned by VIEs | apartment			2					2
Apartment homes in communities owned by VIEs | apartment			62					62
Bethesda Maryland
Business Acquisition [Line Items]
Number of apartment communities | property		1
Commercial space | ft²		50,500		50,500	50,500	50,500	50,500
Bethesda Maryland | Core JV
Business Acquisition [Line Items]
Proceeds from real estate and real estate joint ventures | $		$ 27.5
Raleigh North Carolina
Business Acquisition [Line Items]
Number of apartment communities				2	1

Significant Transactions - Sche

Significant Transactions - Schedule of Acquisition (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($) property apartment	Jun. 30, 2024	Jun. 30, 2024 property	Jun. 30, 2024 apartment	Jun. 30, 2024 USD ($)
Bethesda Maryland
Business Acquisition [Line Items]
Number of apartment communities | property	1
Number of apartment homes | apartment	359,000
Bethesda Maryland | Intangible Assets
Business Acquisition [Line Items]
Weighted-average term	4 years 8 months 12 days
Bethesda Maryland | Below-market leases
Business Acquisition [Line Items]
Weighted-average term	6 months
Bethesda Maryland | Apartment Community
Business Acquisition [Line Items]
Purchase price	$ 150,000
Capitalized transaction costs	3,096
Total consideration	153,096
Land	39,844
Building and improvements	104,038
Intangible assets	9,395
Mark-to-market on debt assumed	0
Below-market lease liabilities	$ (181)
Raleigh North Carolina
Business Acquisition [Line Items]
Number of apartment communities			2	1
Number of apartment homes | apartment				743
Raleigh North Carolina | Below-market leases
Business Acquisition [Line Items]
Weighted-average term		6 months
Raleigh North Carolina | Apartment Community
Business Acquisition [Line Items]
Purchase price					$ 236,500
Capitalized transaction costs					3,809
Total consideration					240,309
Land					51,548
Building and improvements					177,140
Intangible assets					11,877
Mark-to-market on debt assumed					0
Below-market lease liabilities					$ (256)

Leases - Lease Income for Opera

Leases - Lease Income for Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Fixed lease income	$ 182,206	$ 196,718	$ 361,565	$ 393,054
Variable lease income	14,496	15,253	27,322	28,541
Total lease income	$ 196,702	$ 211,971	$ 388,887	$ 421,595
Operating lease, lease income, statement of income or comprehensive income	Other assets, net	Other assets, net	Other assets, net	Other assets, net

Leases - Narrative (Details)

Leases - Narrative (Details)	Jun. 30, 2024
Residential Lease
Operating Leased Assets [Line Items]
Lessee, operating lease, term of contract	9 months

Leases - Schedule of Aggregate

Leases - Schedule of Aggregate Minimum Lease Payments (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Leases [Abstract]
2024 (remaining)	$ 292,090
2025	300,530
2026	53,770
2027	12,503
2028	10,098
Thereafter	31,866
Total lease receivable	$ 700,857

Debt - Schedule of Debt Instrum

Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total indebtedness	$ 4,911,356	$ 3,210,344
Secured Debt
Debt Instrument [Line Items]
Debt issuance costs, net of accumulated amortization	(19,333)	(13,184)
Total indebtedness	4,911,356	2,223,791
Unsecured Debt
Debt Instrument [Line Items]
Debt issuance costs, net of accumulated amortization	0	(3,447)
Total indebtedness	0	986,553
Unsecured Debt | Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	0	475,000
Unsecured Debt | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	0	115,000
Unsecured Debt Gross
Debt Instrument [Line Items]
Long-term debt, gross	0	990,000
Fixed Rate Property Debt | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	1,757,189	2,236,975
Variable Rate Property Debt | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	3,173,500	0
Variable Rate Property Debt | Secured Debt | Designated as Hedging Instrument | Interest Rate Swap
Debt Instrument [Line Items]
Long-term debt, gross	$ 675,000
Debt instrument, interest rate, effective percentage	5.50%
Variable Rate Property Debt | Secured Debt | Designated as Hedging Instrument | Interest rate cap
Debt Instrument [Line Items]
Long-term debt, gross	$ 148,500
Variable Rate Property Debt | Secured Debt | Maximum | Designated as Hedging Instrument | Interest rate cap
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.10%
Fixed-rate non-recourse property debt | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 4,930,689	2,236,975
4.58% Notes payable due June 2027 | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 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	$ 0	$ 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	$ 0	$ 200,000
Debt instrument, interest rate, stated percentage	4.84%	4.84%
Fixed Rate Member | Secured Debt | Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.10%
Fixed Rate Member | Secured Debt | Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	2.70%

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Aug. 09, 2024 USD ($) apartment extension	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) extension	Jun. 30, 2023 USD ($)	Aug. 31, 2026 USD ($)	Aug. 31, 2025 USD ($)
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ (28,328)	$ 0	$ (28,328)	$ (2,008)
Repayments of long-term debt				1,700,000
Pay-Fixed, Receive-Floating, Interest Rate Swap | Not Designated as Hedging Instrument | Forecast
Debt Instrument [Line Items]
Aggregate notional amount						$ 3,000,000	$ 1,000,000
Offsetting Interest, Interest Rate Swap | Not Designated as Hedging Instrument | Forecast
Debt Instrument [Line Items]
Aggregate notional amount						$ 2,200,000	$ 1,500,000
Subsequent Event | Pay-Fixed, Receive-Floating, Interest Rate Swap | Not Designated as Hedging Instrument
Debt Instrument [Line Items]
Aggregate notional amount	$ 4,000,000
Number of instruments held | apartment	8
Non Recourse Property Debt Maturing On June 26, 2026 | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross		$ 2,700,000		$ 2,700,000
Debt Instrument, Number Of Extension Terms | extension				2
Debt Instrument, Extension Term				1 year
Debt instrument basis spread on variable rate				2%
Debt instrument, interest rate, effective percentage		7.33%		7.33%
Variable-Rate Non-Recourse Property Debt, Maturing In September 2024 | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross		$ 375,000		$ 375,000
Debt instrument basis spread on variable rate				2%
Debt instrument, interest rate, effective percentage		7.33%		7.33%
Variable-Rate Non-Recourse Property Debt, Maturing In July 2026 | Secured Debt
Debt Instrument [Line Items]
Debt Instrument, Number Of Extension Terms | extension				3
Debt Instrument, Extension Term				1 year
Debt instrument basis spread on variable rate				2.10%
Fixed Rate, Matruing In August 2030 | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross		$ 20,300		$ 20,300
Debt instrument, interest rate, effective percentage		7.02%		7.02%
Fixed Rate, Matruing In October 2030 | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross		$ 31,900		$ 31,900
Debt instrument, interest rate, effective percentage		7.13%		7.13%
Fixed-Rate Property Debt | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross		$ 1,700,000		$ 1,700,000
Fifteen Year Fixed Rate Financing | Cash and Cash Equivalents
Debt Instrument [Line Items]
Line of credit, total liquidity		$ 330,500		$ 330,500
Variable-Rate Non-Recourse Property Debt, Maturing In 2026 | Subsequent Event
Debt Instrument [Line Items]
Repayments of long-term debt	$ 1,900,000
Variable-Rate Non-Recourse Property Debt, Maturing In 2026 | Secured Debt | Subsequent Event
Debt Instrument [Line Items]
Debt Instrument, Number Of Extension Terms | extension	3
Debt Instrument, Extension Term	1 year
Debt instrument basis spread on variable rate	2.18%
Debt instrument, interest rate, effective percentage	7.53%
Loan borrowed	$ 3,000,000
Fixed Rate, Matruing In August 2029 | Subsequent Event
Debt Instrument [Line Items]
Repayments of long-term debt	375,000
Fixed Rate, Matruing In August 2029 | Secured Debt | Subsequent Event
Debt Instrument [Line Items]
Loan borrowed	$ 401,900
Debt instrument, interest rate, stated percentage	5.49%

Investment in Unconsolidated _3

Investment in Unconsolidated Real Estate Partnership - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) ft² apartment	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) ft²	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Variable Interest Entity [Line Items]
Non-recourse property debt, net	$ 4,911,356		$ 4,911,356		$ 2,223,791
Gain (loss) on dispositions and impairments of real estate	$ 3,282	$ (17,472)	$ 3,282	$ (17,472)
Bethesda Maryland
Variable Interest Entity [Line Items]
Number of apartment homes | apartment	359,000
Commercial space | ft²	50,500		50,500
Bethesda Maryland | Core JV
Variable Interest Entity [Line Items]
Non-recourse property debt, net	$ 97,300		$ 97,300
Proceeds from real estate and real estate joint ventures	27,500
Gain (loss) on dispositions and impairments of real estate	3,200
Bethesda Maryland | Apartment Community
Variable Interest Entity [Line Items]
Purchase price	$ 150,000

Investment in Unconsolidated _4

Investment in Unconsolidated Real Estate Partnership - Ownership Information (Details) - apartment	6 Months Ended
	Jun. 30, 2023	Jun. 30, 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%
Value-Add JV
Schedule of Equity Method Investments [Line Items]
Apartment communities owned by VIEs		1
Apartment homes in communities owned by VIEs		443
Value-Add JV | Parent Company
Schedule of Equity Method Investments [Line Items]
Ownership, percentage		30%
Value-Add JV | Partnership Interest
Schedule of Equity Method Investments [Line Items]
Ownership, percentage		70%
Core JV
Schedule of Equity Method Investments [Line Items]
Apartment communities owned by VIEs		12
Apartment homes in communities owned by VIEs		3,908
Core JV | Parent Company
Schedule of Equity Method Investments [Line Items]
Ownership, percentage		53%
Core JV | Partnership Interest
Schedule of Equity Method Investments [Line Items]
Ownership, percentage		47%
Huntington Gateway
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership interest sold	70%
Huntington Gateway | Parent Company
Schedule of Equity Method Investments [Line Items]
Ownership, percentage		50%

Investment in Unconsolidated _5

Investment in Unconsolidated Real Estate Partnership - Summary of Combined Balance Sheets for Joint Venture Partners (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Liabilities	$ 5,248,334	$ 3,507,238
Investment in unconsolidated real estate partnerships	353,879	336,077
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Investment in unconsolidated real estate partnerships	21,200	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	15,885	17,212
Variable Interest Entity, Primary Beneficiary | Value-Add JV
Variable Interest Entity [Line Items]
Liabilities	88,850	88,741
Investment in unconsolidated real estate partnerships	29,459	28,606
Variable Interest Entity, Primary Beneficiary | Core JV
Variable Interest Entity [Line Items]
Liabilities	891,174	793,910
Investment in unconsolidated real estate partnerships	$ 287,289	$ 268,931

Investment in Unconsolidated _6

Investment in Unconsolidated Real Estate Partnership - Earnings or Losses Sttributable to Investments in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Variable Interest Entity [Line Items]
Net income (loss) from real estate investment partnership	$ (2,200)	$ (842)	$ (9,050)	$ (1,877)
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Net income (loss) from real estate investment partnership	(2,200)	(842)	(9,050)	(1,877)
Virginia JV | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Net income (loss) from real estate investment partnership	(494)	(842)	(567)	(1,877)
Value-Add JV | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Net income (loss) from real estate investment partnership	(150)	0	(389)	0
Core JV | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Net income (loss) from real estate investment partnership	$ (1,556)	$ 0	$ (8,094)	$ 0

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Value for Interest Rate Options (Details) - Fair value recurring - USD ($) $ in Thousands	Jun. 30, 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	$ 13,479	$ 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	13,479	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 cap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	623	0
Interest rate cap | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Interest rate cap | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	623	0
Interest rate cap | 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	0	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	0	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	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-term debt	$ 4,911,356	$ 3,210,344
Repayments of long-term debt	1,700,000
Derivative, average variable interest rate		4.50%
Receivables with imputed interest, amortization amount		$ 8,500
Investment interest rate		7.25%
Value-Add 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	33,460	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	23,283	22,693
Carrying Value | Fair Value, Nonrecurring | Fixed-rate non-recourse property debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-term debt	1,757,189	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	0	400,000
Repayments of long-term debt	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	32,233	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	25,207	23,562
Fair Value | Fair Value, Nonrecurring | Fixed-rate non-recourse property debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-term debt	1,551,179	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	$ 0	$ 384,244

Derivative Financial Instrume_3

Derivative Financial Instruments and Hedging Activities - Narrative (Details) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2024 USD ($) instrument	Mar. 31, 2024 USD ($) instrument	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification of interest rate derivative gain to net (loss) income	$ (11,328)		$ (5,364)	$ (13,429)	$ (9,518)
Cash flow hedge gain (loss) to be reclassified within 12 months				4,000
Gain on derivative instruments, net	$ 5,207		$ 11,390	14,781	$ 9,252
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-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]
Number of interest rate derivatives terminated | instrument	2
Aggregate notional amount	$ 93,700	$ 80,000		93,700
Derivative, gain (loss) on derivative, net	3,700
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 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		$ 51,700				$ 50,000
Derivative, gain (loss) on derivative, net		6,200
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 cap | Unsecured Debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount	148,500			148,500
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			$ 675,000		$ 555,000

Derivative Financial Instrume_4

Derivative Financial Instruments and Hedging Activities - Schedule of Balance Sheet Hedges (Details) $ in Thousands	Jun. 30, 2024 USD ($) instrument	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) instrument
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	13,479		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	$ 0		$ (587)
Interest rate cap | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments held | instrument	1
Interest rate cap | Not Designated as Hedging Instrument | Other Assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives, fair value	$ 623
Interest rate cap | Not Designated as Hedging Instrument | Other Liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability derivatives, fair value	$ 0
Interest rate swaps, pay-floating, receive-fixed | 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 swaps, pay-floating, receive-fixed | Designated as Hedging Instrument | Other Assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives, fair value			472
Interest rate swaps, pay-floating, receive-fixed | Designated as Hedging Instrument | Other Liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability derivatives, fair value			$ (7)
Interest rate swaps, forward starting | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments held | instrument			1
Aggregate notional amount		$ 51,700	$ 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			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

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of VIEs Consolidated by the AIR Operating Partnership (Details) - Variable Interest Entity, Primary Beneficiary	Jun. 30, 2024 entity apartment property	Dec. 31, 2023 entity property 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	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Net real estate	$ 5,378,801	$ 5,364,978
Cash and cash equivalents	303,102	91,401
Restricted cash	27,414	26,090
Other assets, net	293,993	283,920
LIABILITIES:
Non-recourse property debt, net	4,911,356	2,223,791
Accrued liabilities and other	336,978	296,894
Variable Interest Entity, Primary Beneficiary
ASSETS
Net real estate	999,843	1,013,770
Cash and cash equivalents	48,991	41,219
Restricted cash	1,997	2,179
Other assets, net	23,602	22,546
LIABILITIES:
Non-recourse property debt, net	1,188,841	1,196,280
Accrued liabilities and other	$ 44,063	$ 34,903

Business Segments - Narrative (

Business Segments - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 apartment property 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	24,272
Other Real Estate
Segment Reporting Information [Line Items]
Apartment communities owned by VIEs	8
Apartment homes in communities owned by VIEs | apartment	3,112
Wholly Owned Consolidated Properties | Other Real Estate
Segment Reporting Information [Line Items]
Apartment communities owned by VIEs	2

Business Segments - Summary of

Business Segments - Summary of Information for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Summary information for the reportable segments
Total revenues	$ 200,373	$ 214,560	$ 395,995	$ 426,553
Other operating expenses not allocated to segments	98,484	97,802	196,675	204,308
Operating expenses	166,084	169,814	331,959	351,773
Operating Income Loss Property	34,289	44,746	64,036	74,780
Other items included in income (loss) before income tax expense	(215,955)	(42,971)	(249,661)	(82,814)
(Loss) income before income tax expense	(181,666)	1,775	(185,625)	(8,034)
Real Estate
Summary information for the reportable segments
Cost of Revenue	67,600	72,012	135,284	147,465
Segment Reconciling Items
Summary information for the reportable segments
Total revenues	7,312	34,278	12,929	68,062
Other operating expenses not allocated to segments	0	0	0	0
Operating expenses	7,335	14,085	14,423	28,010
Operating Income Loss Property	(23)	20,193	(1,494)	40,052
Other items included in income (loss) before income tax expense	0	0	0	0
(Loss) income before income tax expense	(23)	20,193	(1,494)	40,052
Segment Reconciling Items | Real Estate
Summary information for the reportable segments
Cost of Revenue	7,335	14,085	14,423	28,010
Corporate Non-Segment
Summary information for the reportable segments
Total revenues	3,231	3,799	6,347	7,587
Other operating expenses not allocated to segments	98,484	97,802	196,675	204,308
Operating expenses	107,333	107,315	215,863	226,533
Operating Income Loss Property	(104,102)	(103,516)	(209,516)	(218,946)
Other items included in income (loss) before income tax expense	(215,955)	(42,971)	(249,661)	(82,814)
(Loss) income before income tax expense	(320,057)	(146,487)	(459,177)	(301,760)
Corporate Non-Segment | Real Estate
Summary information for the reportable segments
Cost of Revenue	8,849	9,513	19,188	22,225
Same Store | Operating Segments
Summary information for the reportable segments
Total revenues	170,544	163,884	339,760	326,127
Other operating expenses not allocated to segments	0	0	0	0
Operating expenses	44,612	43,852	88,321	88,125
Operating Income Loss Property	125,932	120,032	251,439	238,002
Other items included in income (loss) before income tax expense	0	0	0	0
(Loss) income before income tax expense	125,932	120,032	251,439	238,002
Same Store | Operating Segments | Real Estate
Summary information for the reportable segments
Cost of Revenue	44,612	43,852	88,321	88,125
Other Real Estate | Operating Segments
Summary information for the reportable segments
Total revenues	19,286	12,599	36,959	24,777
Other operating expenses not allocated to segments	0	0	0	0
Operating expenses	6,804	4,562	13,352	9,105
Operating Income Loss Property	12,482	8,037	23,607	15,672
Other items included in income (loss) before income tax expense	0	0	0	0
(Loss) income before income tax expense	12,482	8,037	23,607	15,672
Other Real Estate | Operating Segments | Real Estate
Summary information for the reportable segments
Cost of Revenue	$ 6,804	$ 4,562	$ 13,352	$ 9,105

Business Segments - Reconciliat

Business Segments - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total consolidated assets	$ 6,389,475	$ 6,134,752
Corporate Non-Segment
Segment Reporting Information [Line Items]
Total consolidated assets	709,630	513,961
Same Store | Operating Segments
Segment Reporting Information [Line Items]
Total consolidated assets	4,816,795	4,841,335
Other Real Estate | Operating Segments
Segment Reporting Information [Line Items]
Total consolidated assets	$ 863,050	$ 779,456

Business Segments - Capital Add

Business Segments - Capital Additions Related to Segments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total capital additions	$ 69,104	$ 79,480
Same Store
Segment Reporting Information [Line Items]
Total capital additions	59,884	72,028
Other Real Estate
Segment Reporting Information [Line Items]
Total capital additions	$ 9,220	$ 7,452