Aimco Properties 10-Q 8 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		1,615
Entity Central Index Key	0000926660
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Buildings and improvements	$ 6,471,309	$ 6,324,857
Land	1,297,414	1,285,710
Total real estate	7,768,723	7,610,567
Accumulated depreciation	(2,427,964)	(2,245,589)
Net real estate	5,340,759	5,364,978
Cash and cash equivalents	640,440	91,401
Restricted cash	28,159	26,090
Investment in unconsolidated real estate partnerships	346,241	336,077
Goodwill	32,286	32,286
Other assets, net	274,048	283,920
Total assets	6,661,933	6,134,752
LIABILITIES AND PARTNERS’ (DEFICIT) CAPITAL
Non-recourse property debt, net	6,242,083	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	6,242,083	3,210,344
Accrued liabilities and other	381,868	296,894
Total liabilities	6,623,951	3,507,238
Commitments and contingencies (Note 8)
Redeemable preferred units	57,277	77,140
Partners’ (deficit) capital:
Preferred units	0	2,000
General Partner and Special Limited Partner	(54,552)	2,349,896
Limited Partners	130,190	284,451
Partners’ capital attributable to the AIR Operating Partnership	75,638	2,636,347
Noncontrolling interests in consolidated real estate partnerships	(94,933)	(85,973)
Total partners’ (deficit) capital	(19,295)	2,550,374
Total liabilities, redeemable preferred units, and partners’ (deficit) capital	$ 6,661,933	$ 6,134,752

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
REVENUES
Total revenues	$ 201,554	$ 197,307	$ 597,549	$ 623,677
EXPENSES
Property operating expenses	64,386	58,076	183,740	190,122
Property management expenses	7,938	7,899	23,868	23,318
Depreciation and amortization	84,485	79,023	246,623	263,949
General and administrative expenses	6,423	5,663	26,045	18,866
Other expenses, net	53,086	8,110	68,001	14,434
Operating expenses	216,318	158,771	548,277	510,689
Interest income	4,938	2,918	9,034	6,133
Interest expense	(94,601)	(22,888)	(161,115)	(96,629)
Loss on extinguishment of debt	(8,560)	0	(36,888)	(2,008)
Gain on dispositions and impairments of real estate, net	0	692,861	3,282	675,534
(Loss) gain on derivative instruments, net	(50,969)	14,070	(36,188)	23,322
Loss from unconsolidated real estate partnerships	(5,338)	(10,390)	(14,388)	(12,267)
Merger-related costs	(1,054)	0	(168,982)	0
(Loss) income before income tax benefit (expense)	(170,348)	715,107	(355,973)	707,073
Income tax benefit (expense)	581	(4,595)	(273)	(5,911)
Net (loss) income	(169,767)	710,512	(356,246)	701,162
Net income attributable to noncontrolling interests in consolidated real estate partnerships	(1,661)	(2,525)	(3,629)	(3,894)
Net (loss) income attributable to the AIR Operating Partnership	(171,428)	707,987	(359,875)	697,268
Net income attributable to the AIR Operating Partnership's preferred unitholders	(1,571)	(1,614)	(4,812)	(4,839)
Net loss (income) attributable to participating securities	0	(391)	66	(484)
Net (loss) income attributable to the AIR Operating Partnership’s common unitholders	$ (172,999)	$ 705,982	$ (364,621)	$ 691,945
Net (loss) income attributable to the AIR Operating Partnership's common unitholders per unit – basic (in dollars per share)	$ (1.12)	$ 4.49	$ (2.37)	$ 4.38
Net (loss) income attributable to the AIR Operating Partnership's common unitholders per unit - diluted (in dollars per share)	$ (1.12)	$ 4.42	$ (2.37)	$ 4.34
Weighted average common units outstanding - basic (in shares)	153,800	157,366	154,138	158,138
Weighted average common units outstanding - diluted	153,800	159,937	154,138	160,458
Rental and other property revenues
REVENUES
Total revenues	$ 197,666	$ 194,244	$ 587,177	$ 616,659
Other revenues
REVENUES
Total revenues	$ 3,888	$ 3,063	$ 10,372	$ 7,018

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (169,767)	$ 710,512	$ (356,246)	$ 701,162
Unrealized (loss) gain on derivative instruments, net	0	(2,236)	0	2,955
Reclassification of interest rate derivative gain to net loss	(1,017)	(14,186)	(14,446)	(23,704)
Comprehensive (loss) income	(170,784)	694,090	(370,692)	680,413
Comprehensive income attributable to noncontrolling interests in consolidated real estate partnerships	(1,661)	(2,525)	(3,629)	(3,894)
Comprehensive (loss) income attributable to the AIR Operating Partnership	$ (172,445)	$ 691,565	$ (374,321)	$ 676,519

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Partners' (DEFICIT) Capital - USD ($) $ in Thousands	Total	Common Partnership Units	Preferred Partnership Units	Preferred Units	Preferred Units Preferred Partnership Units	General Partner and Special Limited Partner	General Partner and Special Limited Partner Common Partnership Units	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 and repurchase of common partnership and preferred units		$ (95,341)					$ (77,782)		$ (17,559)		$ (95,341)
Amortization of share-based compensation cost	7,072					3,607		3,465		7,072
Effect of changes in ownership of consolidated entities	1,119					(7,840)		10,356		2,516			(1,397)
Purchase of noncontrolling interests in consolidated real estate partnerships	(1,517)					479				479			(1,996)
Contributions from noncontrolling interests in consolidated real estate partnerships	5,235												5,235
Other comprehensive loss	(20,749)					(18,768)		(1,981)		(20,749)
Net (loss) income	696,452					651,313		41,245		692,558			3,894
Distributions to common unitholders	(213,354)					(200,142)		(13,212)		(213,354)
Distributions to noncontrolling interests	(9,908)												(9,908)
Other, net	30					180		3		183			(153)
Ending balance at Sep. 30, 2023	2,710,728			2,000		2,505,464		286,374		2,793,838			(83,110)
Beginning balance at Jun. 30, 2023	2,168,890			2,000		1,997,465		249,512		2,248,977			(80,087)
Increase (Decrease) in Partners' Capital [Roll Forward]
Redemption and repurchase of common partnership and preferred units		(79,527)					$ (77,782)		(1,745)		(79,527)
Amortization of share-based compensation cost	1,971					816		1,155		1,971
Effect of changes in ownership of consolidated entities	1,119					1,446		1,070		2,516			(1,397)
Contributions from noncontrolling interests in consolidated real estate partnerships	718												718
Other comprehensive loss	(16,422)					(14,549)		(1,873)		(16,422)
Net (loss) income	708,942					664,031		42,386		706,417			2,525
Distributions to common unitholders	(70,136)					(66,002)		(4,134)		(70,136)
Distributions to noncontrolling interests	(4,851)												(4,851)
Other, net	24					39		3		42			(18)
Ending balance at Sep. 30, 2023	2,710,728			2,000		2,505,464		286,374		2,793,838			(83,110)
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 and repurchase of common partnership and preferred units		(28,373)	$ (2,000)		$ (2,000)				(28,373)		(28,373)	$ (2,000)
Amortization of share-based compensation cost	23,657					11,843		11,814		23,657
Effect of changes in ownership of consolidated entities	0					(20,409)		20,409
Purchase of noncontrolling interests in consolidated real estate partnerships	(20,641)
Other comprehensive loss	(14,446)					(13,298)		(1,148)		(14,446)
Net (loss) income	(360,959)					(341,554)		(23,034)		(364,588)			3,629
Merger-related distributions	(2,105,949)					(1,976,696)		(129,253)		(2,105,949)
Distributions to common unitholders	(69,325)					(64,649)		(4,676)		(69,325)
Distributions to noncontrolling interests	(13,189)												(13,189)
Other, net	915					315				315			600
Ending balance at Sep. 30, 2024	(19,295)			0		(54,552)		130,190		75,638			(94,933)
Beginning balance at Jun. 30, 2024	1,064,001			0		965,426		191,537		1,156,963			(92,962)
Increase (Decrease) in Partners' Capital [Roll Forward]
Redemption and repurchase of common partnership and preferred units		$ (24,202)							$ (24,202)		$ (24,202)
Amortization of share-based compensation cost	9,137							9,137		9,137
Effect of changes in ownership of consolidated entities						(18,254)		18,254
Other comprehensive loss	(1,017)					(943)		(74)		(1,017)
Net (loss) income	(171,333)					(162,009)		(10,985)		(172,994)			1,661
Merger-related distributions	(892,521)					(839,044)		(53,477)		(892,521)
Distributions to noncontrolling interests	(4,363)												(4,363)
Other, net	1,003					272				272			731
Ending balance at Sep. 30, 2024	$ (19,295)			$ 0		$ (54,552)		$ 130,190		$ 75,638			$ (94,933)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (356,246)	$ 701,162
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	246,623	263,949
Gain on dispositions and impairments of real estate, net	(3,282)	(675,534)
Loss on extinguishment of debt	25,229	2,008
Income tax expense	273	5,911
Unrealized loss (gain) on derivative instruments, net	51,728	(19,124)
Share-based compensation expense	23,657	7,072
Other, net	34,625	16,360
Net changes in operating assets and operating liabilities	42,376	(55)
Net cash provided by operating activities	64,983	301,749
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate	(248,827)	(339,696)
Capital expenditures	(110,654)	(140,855)
Distributions from unconsolidated joint ventures	27,470	207,137
Contribution to unconsolidated joint ventures	0	(51,836)
Proceeds from dispositions of real estate	0	52,066
Other investing activities, net	(14,859)	3,194
Net cash used in investing activities	(346,870)	(269,990)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from non-recourse property debt, net	7,688,718	1,005,920
Principal repayments of non-recourse property debt	(3,570,230)	(111,699)
Repayments of term loans	(475,000)	(325,000)
Repayments of unsecured notes payable	(400,000)	0
Net repayments of revolving credit facility	(115,000)	(436,250)
Payment of deferred loan costs	(28,400)	(10,894)
Merger-related distributions	(2,105,949)	0
Redemption of common and preferred OP units	(49,014)	(17,562)
Payment of distributions to General Partner and Special Limited Partner	(64,649)	(200,137)
Payment of distributions to Limited Partners	(4,676)	(13,591)
Payment of distributions to noncontrolling interests	(13,189)	(9,933)
Repurchases of common partnership units held by General Partner and Special Limited Partner	(24,596)	(77,782)
Redemption of preferred units	(2,000)	0
Other financing activities, net	(3,020)	(2,066)
Net cash provided by (used in) financing activities	832,995	(198,994)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	551,108	(167,235)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	117,491	301,405
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	$ 668,599	$ 134,170

Basis of Presentation and Organ

Basis of Presentation and Organization	9 Months Ended
	Sep. 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 nine months ended September 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, statements of cash flows, and statements of partners' (deficit) capital 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’ (deficit) 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 September 30, 2024, our portfolio included 77 apartment communities with 27,390 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 September 30, 2024, after elimination of units held by consolidated subsidiaries, the AIR Operating Partnership had 156,900,122 common OP Units and equivalents legally outstanding.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023, the AIR Operating Partnership consolidated four VIEs. Please see Note 1 2 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’ (deficit) 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 and accrued distributions (in thousands): Balance at January 1, 2024 $ 77,140 Preferred distributions (3,935) Redemption of preferred units (20,641) Net income allocated to preferred units 4,713 Balance at September 30, 2024 $ 57,277 As of September 30, 2024 and December 31, 2023, the AIR Operating Partnership had 2,020,901 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 $25.00 to $91.43 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	9 Months Ended
	Sep. 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 second quarter of 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 per unit, which resulted in the mirrored preferred units at the AIR Operating Partnership to be cancelled. During the second quarter of 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 September 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 nine months ended September 30, 2024, the Operating Partnership incurred cost of $1.1 million and $169.0 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 related to the cancellation of the stock options and restricted stock awards discussed above. During the nine months ended September 30, 2024, the acceleration of share-based compensation totaled $8.6 million. 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); • 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 costs, and the termination of $1.7 billion of outstanding debt principal amounts during the six months ended June 30, 2024. The cancellations and redemptions are outlined above, refer to Note 6 for discussion regarding debt transactions and Note 4 for discussion regarding the special distributions paid.

Significant Transactions

Significant Transactions	9 Months Ended
	Sep. 30, 2024
Significant Transactions [Abstract]
Significant Transactions	Significant Transactions Apartment Community Acquisitions During the nine months ended September 30, 2024, we acquired one apartment community located in Raleigh, North Carolina and one apartment community located in Bethesda, Maryland with 50,500 square feet of commercial space. Summarized information regarding this acquisition is set forth in the table below (dollars in thousands): Nine Months Ended September 30, 2024 Number of apartment communities 2 Number of apartment homes 743 Purchase price $ 236,500 Capitalized transaction costs 3,809 Total consideration $ 240,309 Land $ 51,548 Building and improvements 177,140 Intangible assets (1) 11,877 Below-market lease liabilities (1) (256) Total consideration $ 240,309 (1) At the time of acquisition, intangible assets and below-market lease liabilities for the Bethesda, Maryland apartment community acquisition had a weighted-average term of 4.7 years and 0.5 years, respectively. At the time of acquisition, intangible assets and below-market lease liabilities for the Raleigh, North Carolina apartment community acquisition had a weighted-average term of 0.5 years. Apartment Community Dispositions During the three months ended September 30, 2024, we did not sell any apartment communities. During the nine months ended September 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 months ended September 30, 2023, we sold one apartment community with 195 apartment homes included in our Other Real Estate segment for net proceeds of $19.9 million which approximates its carrying value. During the nine months ended September 30, 2023, we sold three apartment communities with 257 apartment homes included in our Other Real Estate segment for net proceeds of $52.1 million which approximates their carrying value. At the end of each reporting period, we evaluate whether such communities meet the criteria to be classified as held for sale. As of September 30, 2024, no communities were classified as held for sale. Write-Off of Pre-development, Development, and Redevelopment Costs During the three and nine months ended September 30, 2024, we wrote off $14.3 million of costs associated with certain pre-development, development, and redevelopment projects which we no longer intend to pursue as a result of the Merger. The write-off of costs associated with these projects represents non-cash activity during the period and is included in other expenses, net, in our condensed consolidated statements of operations. Distributions In the first quarter of 2024, we paid regular, recurring distributions per common OP Unit of $0.45. As a result of the announcement of the Merger Agreement on April 7, 2024, no regular, recurring distributions were paid in the second or third quarters of 2024. For the three and nine months ended September 30, 2023, regular, recurring distributions paid per common OP Unit were $0.45, and $1.35, respectively. In the second quarter of 2024 and in connection with, but effective 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. On August 1, 2024 and in connection with the July 2024 financing transactions described in Note 6 , the AIR Operating Partnership paid a special cash distribution in an aggregate amount of $892.0 million to holders of record of common OP Units and LTIP units as of the close of business on July 31, 2024, representing a distribution of $5.80 per common OP Unit. Departure of Certain Executive Officers In October 2024, Terry Considine resigned as Chief Executive Officer, as well as from all other director and officer positions held at AIR and its affiliated entities. Additionally, Joshua Minix resigned as Executive Vice President and Chief Investment Officer, along with any other officer position he held at AIR and its affiliated entities.

Leases

Leases	9 Months Ended
	Sep. 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 Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Fixed lease income $ 181,090 $ 179,069 $ 542,655 $ 572,123 Variable lease income 16,107 14,502 43,429 43,043 Total lease income $ 197,197 $ 193,571 $ 586,084 $ 615,166 Generally, our residential leases do not provide extension options and, as of September 30, 2024, have an average remaining term of 11.7 months. In general, our commercial leases have options to extend for a certain period of time at the tenant’s option. As of September 30, 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) $ 169,902 2025 416,319 2026 89,002 2027 14,933 2028 11,210 Thereafter 32,950 Total $ 734,316

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt The following table summarizes our total indebtedness (in thousands): September 30, 2024 December 31, 2023 Non-recourse property debt: Fixed-rate property debt due July 2025 to January 2055 (1) $ 2,152,155 $ 2,236,975 Variable-rate property debt due July 2029 to October 2029 (2) 4,139,158 — Total non-recourse property debt 6,291,313 2,236,975 Debt issuance costs, net of accumulated amortization (49,230) (13,184) Total non-recourse property debt, net $ 6,242,083 $ 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 $ 6,242,083 $ 3,210,344 (1) The stated rates on our fixed-rate property debt are between 2.7% to 7.1%. (2) As of September 30, 2024, $3.0 billion of our variable-rate property debt is economically hedged at an effective interest rate of 6.92% via interest rate swaps. Additionally, $1.0 billion of our variable-rate property debt is economically hedged at a maximum effective interest rate of 7.03% via interest rate caps. The remaining $0.1 billion of our variable-rate property debt is economically hedged at a maximum effective interest rate of 7.99% via an interest rate cap. As a result of the Merger and subsequent financing transactions completed to finalize our go-forward capital structure, during June, July, and September 2024, we placed net incremental financing of approximately $3.0 billion. The net cash proceeds from these transactions were used to fund the consideration for the Merger, pay for certain costs and expenses related to the Merger, fund special distributions as described in Note 4 , and to fund property operations. These transactions resulted in total fixed rate property debt of $2.2 billion with a weighted-average effective interest rate of 3.8%, and total variable rate property debt of $4.1 billion, with a weighted-average effective interest rate, before consideration of in place interest rate swaps and caps, of 7.7%. After consideration of these economic derivatives, the weighted-average effective interest rate on our variable rate debt is 7.0%. The below information provides details on these financing transactions. On June 28, 2024, we placed the following debt instruments in connection with the completion of the Merger. The net proceeds 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. • $2.7 billion of 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 at one-month term SOFR plus 2.00%, for an initial rate of 7.33%. This debt was subsequently refinanced in July and September 2024, as described below. • $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%. This debt was refinanced in July 2024 as described below. • $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. On July 26, 2024, we placed additional non-recourse variable-rate property debt (the “CMBS 1 Loan”), totaling $3.0 billion, maturing in 2026 and subject to three one-year extension options. The interest rate on the CMBS 1 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 these financing transactions were used to repay $1.9 billion and $375.0 million of variable-rate property debt, respectively. On September 18, 2024, we placed additional non-recourse variable-rate property debt (the “CMBS 2 Loan”), totaling $1.1 billion, maturing in 2026 and subject to three one-year extension options. The interest rate on the CMBS 2 Loan is equal to one month term SOFR, plus a margin rate of 2.08%, for an initial rate of 7.17%. The proceeds from the CMBS 2 Loan were used to repay $0.8 billion of variable-rate property debt. As a result of these transactions, we recognized $8.6 million and $36.9 million of loss on extinguishment of debt during the three and nine months ended September 30, 2024, respectively, which represents the unamortized discounts and related expenses and fees associated with the termination of these instruments.

Investment in Unconsolidated Re

Investment in Unconsolidated Real Estate Partnership	9 Months Ended
	Sep. 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 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 on dispositions and impairments of real estate in our condensed consolidated statements of operations. Unconsolidated Joint Ventures As of September 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 Ventures”). 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 tables summarize certain relevant information with respect to our investments in unconsolidated real estate partnerships (in thousands): September 30, 2024 Virginia JV Value-Add JV Core JV Third-party debt $ 395,000 $ 89,107 $ 891,136 AIR Operating Partnership's investment in balance (1) $ 13,120 $ 29,956 $ 281,933 (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 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 $21.3 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 Ventures. 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 Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Virginia JV $ (2,425) $ (1,113) $ (2,992) $ (3,004) Value-Add JV (163) (1,347) (552) (1,333) Core JV (2,750) (7,930) (10,844) (7,930) Total $ (5,338) $ (10,390) $ (14,388) $ (12,267)

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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 September 30, 2024, are immaterial to our condensed consolidated financial statements.

Earnings Per Unit

Earnings Per Unit	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Unit	Earnings per Unit Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per unit are as follows (in thousands, except per unit data): Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Earnings per unit Numerator: Basic net (loss) income attributable to the AIR Operating Partnership’s common unitholders $ (172,999) $ 705,982 $ (364,621) $ 691,945 Effect of dilutive instruments — 1,570 — 4,710 Dilutive net (loss) income attributable to the AIR Operating Partnership’s common unitholders $ (172,999) $ 707,552 $ (364,621) $ 696,655 Denominator – units: Basic weighted-average common units outstanding 153,800 157,366 154,138 158,138 Dilutive common unit equivalents outstanding — 2,571 — 2,320 Dilutive weighted-average common units outstanding 153,800 159,937 154,138 160,458 Earnings per unit – basic $ (1.12) $ 4.49 $ (2.37) $ 4.38 Earnings per unit – diluted $ (1.12) $ 4.42 $ (2.37) $ 4.34

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 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 11 for discussion regarding our derivative activity during the year. As of September 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 $ (37,561) $ — $ (37,561) $ — $ 14,679 $ — $ 14,679 $ — Interest rate swaps - pay-floating, receive-fixed $ — $ — $ — $ — $ 465 $ — $ 465 $ — Interest rate caps, net (1) $ 1,308 $ — $ 1,308 $ — $ — $ — $ — $ — Interest rate swaps - forward starting $ — $ — $ — $ — $ 331 $ — $ 331 $ — (1) The fair value of interest rate caps, net, is inclusive of $6.7 million related to interest rate caps, offset partially by $5.4 million related to sold interest rate caps. Financial Assets and Liabilities Not Measured at Fair Value We believe that the carrying value of the consolidated amounts of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable approximated their estimated fair value as of September 30, 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 financing transactions during the period. As of September 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 September 30, 2024 As of December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Fixed-rate non-recourse property debt $ 2,152,155 $ 2,010,278 $ 2,236,975 $ 2,001,532 Unsecured notes payable (1) $ — $ — $ 400,000 $ 384,244 Seller financing note receivable, net (2) $ 33,212 $ 34,342 $ 32,459 $ 33,042 Preferred equity investment (3) $ 23,578 $ 25,156 $ 22,693 $ 23,562 (1) In the second quarter of 2024, 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 financing 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	9 Months Ended
	Sep. 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, interest rate caps, 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 nine months ended September 30, 2024, we reclassified gains of $1.0 million and $14.4 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 loans that were previously designated as hedged instruments. During the three and nine months ended September 30, 2023, we reclassified $14.2 million and $23.7 million out of other comprehensive (loss) income, net into interest expense, respectively. As of September 30, 2024, we estimate that during the next 12 months, we will reclassify into earnings approximately $4.4 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 (loss) gain on derivative instruments, net, in our condensed consolidated statements of operations. During the three and nine months ended September 30, 2024 and 2023, (loss) gain on derivative instruments was ($51.0) million, ($36.2) million, $14.1 million, and $23.3 million, respectively. As of September 30, 2024, we have in place interest rate swaps with a notional value of $3.7 billion, after consideration for trades not yet effective and after consideration of the notional step-down value, and in place interest rate caps, net with a notional value of $1.1 billion. Of this balance, $3.0 billion of interest rate swaps and $1.1 billion of interest rate caps, net are a result of the Merger and subsequent financing transactions completed to finalize our go-forward capital structure, economically hedging the interest rate risk associated with our outstanding variable-rate property debt. Additionally, we have $675.0 million of speculative interest rate swaps previously placed, which continue to have favorable blended interest rates as compared to current market rates. The below information details out the 2024 derivative transactions. 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 second quarter of 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. 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 maturing in July 2026 at a maximum interest rate of 7.1%. During the third quarter of 2024, we placed interest rate caps due to lender requirements at the property level. However, we simultaneously sold partially offsetting interest rate caps for a portion of the total notional value due to the fact that a portion of the related debt was also hedged with interest rate swaps. The net impact of these interest rate caps, sold interest rate caps, and interest rate swaps, which are not designated as hedging instruments, is to economically fix or cap our variable interest rates at a weighted-average interest rate of 7.0% on $4.1 billion of variable rate non-recourse property debt maturing in the second and third quarters of 2029. After consideration of these derivative instruments, we have no variable rate non-recourse property debt that is not fixed or capped at the above weighted-average rates until the third quarter of 2026. The eight pay-fixed, receive-floating interest rate swaps have an aggregate notional value of $4.0 billion and economically hedge 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 by September 2025. The three interest rate caps have an aggregate notional value of $4.0 billion and mature in August 2026 to October 2026, and the two sold partially offsetting interest rate caps have a notional value of $3.0 billion and mature in August 2026 to October 2026. The two sold partially offsetting interest rate caps have a notional adjustment period, which reduces the aggregate notional value to $2.0 billion in August 2025 to October 2025. The following tables summarize our derivative financial instruments (dollars in thousands): As of September 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 16 $ 4,675,000 $ 5,213 $ (42,774) Interest rate caps, net (1) 6 $ 1,148,500 $ 6,680 $ (5,372) (1) Interest rate caps, net, is inclusive of four interest rate caps with an aggregate notional value of $4.1 billion, offset partially by two sold interest rate caps with an aggregate notional value of $3.0 billion. 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	9 Months Ended
	Sep. 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: September 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): September 30, 2024 December 31, 2023 ASSETS: Net real estate $ 983,361 $ 1,013,770 Cash and cash equivalents 48,813 41,219 Restricted cash 1,666 2,179 Other assets, net 24,200 22,546 LIABILITIES: Non-recourse property debt, net $ 1,314,186 $ 1,196,280 Accrued liabilities and other 43,496 34,903

Business Segments

Business Segments	9 Months Ended
	Sep. 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 September 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 3,118 apartment homes. The following tables present the total revenues, property operating expenses, proportionate property net operating income (loss), and (loss) income before income tax benefit (expense) of our segments on a proportionate basis, excluding amounts related to communities sold. To reflect how the CODM evaluates the business, prior period segment information has been recast to conform with our reportable segment composition as of September 30, 2024 (in thousands): Same Other Proportionate Corporate and Consolidated Three Months Ended September 30, 2024: Total revenues $ 171,672 $ 21,382 $ 4,612 $ 3,888 $ 201,554 Property management and operating expenses 47,224 7,373 7,683 10,044 72,324 Other operating expenses not allocated to segments (3) — — — 143,994 143,994 Total operating expenses 47,224 7,373 7,683 154,038 216,318 Proportionate property net operating income (loss) 124,448 14,009 (3,071) (150,150) (14,764) Other items included in (loss) income before income tax expense (4) — — — (155,584) (155,584) Income (loss) before income tax expense $ 124,448 $ 14,009 $ (3,071) $ (305,734) $ (170,348) Same Other Proportionate Corporate and Consolidated Nine Months Ended September 30, 2024: Total revenues $ 511,432 $ 58,341 $ 17,473 $ 10,303 $ 597,549 Property management and operating expenses 135,543 20,725 22,403 28,937 207,608 Other operating expenses not allocated to segments (3) — — — 340,669 340,669 Total operating expenses 135,543 20,725 22,403 369,606 548,277 Proportionate property net operating income (loss) 375,889 37,616 (4,930) (359,303) 49,272 Other items included in (loss) income before income tax expense (4) — — — (405,245) (405,245) Income (loss) before income tax expense $ 375,889 $ 37,616 $ (4,930) $ (764,548) $ (355,973) Same Other Proportionate Corporate and Consolidated Three Months Ended September 30, 2023: Total revenues $ 167,360 $ 13,824 $ 12,142 $ 3,981 $ 197,307 Property management and operating expenses 43,534 4,941 9,097 8,403 65,975 Other operating expenses not allocated to segments (3) — — — 92,796 92,796 Total operating expenses 43,534 4,941 9,097 101,199 158,771 Proportionate property net operating income (loss) 123,826 8,883 3,045 (97,218) 38,536 Other items included in income (loss) before income tax expense (4) — — — 676,571 676,571 Income before income tax expense $ 123,826 $ 8,883 $ 3,045 $ 579,353 $ 715,107 Same Other Proportionate Corporate and Consolidated Nine Months Ended September 30, 2023: Total revenues $ 493,336 $ 38,601 $ 80,172 $ 11,568 $ 623,677 Property management and operating expenses 131,145 14,047 37,597 30,651 213,440 Other operating expenses not allocated to segments (3) — — — 297,249 297,249 Total operating expenses 131,145 14,047 37,597 327,900 510,689 Proportionate property net operating income (loss) 362,191 24,554 42,575 (316,332) 112,988 Other items included in income (loss) before income tax expense (4) — — — 594,085 594,085 Income before income tax expense $ 362,191 $ 24,554 $ 42,575 $ 277,753 $ 707,073 (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): September 30, 2024 December 31, 2023 Same Store $ 4,795,981 $ 4,841,335 Other Real Estate 863,836 779,456 Corporate and other assets (1) 1,002,116 513,961 Total consolidated assets $ 6,661,933 $ 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 nine months ended September 30, 2024 and 2023, capital additions related to our segments were as follows (in thousands): 2024 2023 Same Store $ 103,797 $ 118,325 Other Real Estate 14,476 10,049 Total capital additions $ 118,273 $ 128,374

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023, the AIR Operating Partnership consolidated four VIEs. Please see Note 1 2 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’ (deficit) 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 and accrued distributions (in thousands): Balance at January 1, 2024 $ 77,140 Preferred distributions (3,935) Redemption of preferred units (20,641) Net income allocated to preferred units 4,713 Balance at September 30, 2024 $ 57,277 As of September 30, 2024 and December 31, 2023, the AIR Operating Partnership had 2,020,901 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 $25.00 to $91.43 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)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Schedule of Reconciliation of Preferred OP Units	The following table presents a rollforward of the AIR Operating Partnership’s preferred OP Units’ redemption value and accrued distributions (in thousands): Balance at January 1, 2024 $ 77,140 Preferred distributions (3,935) Redemption of preferred units (20,641) Net income allocated to preferred units 4,713 Balance at September 30, 2024 $ 57,277

Significant Transactions (Table

Significant Transactions (Tables)	9 Months Ended
	Sep. 30, 2024
Significant Transactions [Abstract]
Schedule of Acquisition	Summarized information regarding this acquisition is set forth in the table below (dollars in thousands): Nine Months Ended September 30, 2024 Number of apartment communities 2 Number of apartment homes 743 Purchase price $ 236,500 Capitalized transaction costs 3,809 Total consideration $ 240,309 Land $ 51,548 Building and improvements 177,140 Intangible assets (1) 11,877 Below-market lease liabilities (1) (256) Total consideration $ 240,309 (1) At the time of acquisition, intangible assets and below-market lease liabilities for the Bethesda, Maryland apartment community acquisition had a weighted-average term of 4.7 years and 0.5 years, respectively. At the time of acquisition, intangible assets and below-market lease liabilities for the Raleigh, North Carolina apartment community acquisition had a weighted-average term of 0.5 years.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Schedule of Lease Income for Operating Leases	Our total lease income was comprised of the following amounts for all operating leases (in thousands): Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Fixed lease income $ 181,090 $ 179,069 $ 542,655 $ 572,123 Variable lease income 16,107 14,502 43,429 43,043 Total lease income $ 197,197 $ 193,571 $ 586,084 $ 615,166
Schedule of Future Minimum Annual Rental Payments Receivable Under Residential and Commercial Leases	As of September 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) $ 169,902 2025 416,319 2026 89,002 2027 14,933 2028 11,210 Thereafter 32,950 Total $ 734,316

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes our total indebtedness (in thousands): September 30, 2024 December 31, 2023 Non-recourse property debt: Fixed-rate property debt due July 2025 to January 2055 (1) $ 2,152,155 $ 2,236,975 Variable-rate property debt due July 2029 to October 2029 (2) 4,139,158 — Total non-recourse property debt 6,291,313 2,236,975 Debt issuance costs, net of accumulated amortization (49,230) (13,184) Total non-recourse property debt, net $ 6,242,083 $ 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 $ 6,242,083 $ 3,210,344 (1) The stated rates on our fixed-rate property debt are between 2.7% to 7.1%. (2) As of September 30, 2024, $3.0 billion of our variable-rate property debt is economically hedged at an effective interest rate of 6.92% via interest rate swaps. Additionally, $1.0 billion of our variable-rate property debt is economically hedged at a maximum effective interest rate of 7.03% via interest rate caps. The remaining $0.1 billion of our variable-rate property debt is economically hedged at a maximum effective interest rate of 7.99% via an interest rate cap.

Investment in Unconsolidated _2

Investment in Unconsolidated Real Estate Partnership (Tables)	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of 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. September 30, 2024 Virginia JV Value-Add JV Core JV Third-party debt $ 395,000 $ 89,107 $ 891,136 AIR Operating Partnership's investment in balance (1) $ 13,120 $ 29,956 $ 281,933 (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 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 $21.3 million related to two immaterial unconsolidated investments. Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Virginia JV $ (2,425) $ (1,113) $ (2,992) $ (3,004) Value-Add JV (163) (1,347) (552) (1,333) Core JV (2,750) (7,930) (10,844) (7,930) Total $ (5,338) $ (10,390) $ (14,388) $ (12,267)

Earnings Per Unit (Tables)

Earnings Per Unit (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings per Unit	Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per unit are as follows (in thousands, except per unit data): Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Earnings per unit Numerator: Basic net (loss) income attributable to the AIR Operating Partnership’s common unitholders $ (172,999) $ 705,982 $ (364,621) $ 691,945 Effect of dilutive instruments — 1,570 — 4,710 Dilutive net (loss) income attributable to the AIR Operating Partnership’s common unitholders $ (172,999) $ 707,552 $ (364,621) $ 696,655 Denominator – units: Basic weighted-average common units outstanding 153,800 157,366 154,138 158,138 Dilutive common unit equivalents outstanding — 2,571 — 2,320 Dilutive weighted-average common units outstanding 153,800 159,937 154,138 160,458 Earnings per unit – basic $ (1.12) $ 4.49 $ (2.37) $ 4.38 Earnings per unit – diluted $ (1.12) $ 4.42 $ (2.37) $ 4.34

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule 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 11 for discussion regarding our derivative activity during the year. As of September 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 $ (37,561) $ — $ (37,561) $ — $ 14,679 $ — $ 14,679 $ — Interest rate swaps - pay-floating, receive-fixed $ — $ — $ — $ — $ 465 $ — $ 465 $ — Interest rate caps, net (1) $ 1,308 $ — $ 1,308 $ — $ — $ — $ — $ — Interest rate swaps - forward starting $ — $ — $ — $ — $ 331 $ — $ 331 $ — (1) The fair value of interest rate caps, net, is inclusive of $6.7 million related to interest rate caps, offset partially by $5.4 million related to sold interest rate caps.
Schedule 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 September 30, 2024 As of December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Fixed-rate non-recourse property debt $ 2,152,155 $ 2,010,278 $ 2,236,975 $ 2,001,532 Unsecured notes payable (1) $ — $ — $ 400,000 $ 384,244 Seller financing note receivable, net (2) $ 33,212 $ 34,342 $ 32,459 $ 33,042 Preferred equity investment (3) $ 23,578 $ 25,156 $ 22,693 $ 23,562 (1) In the second quarter of 2024, 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 financing 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)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Financial Instrument and Hedging Activities	The following tables summarize our derivative financial instruments (dollars in thousands): As of September 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 16 $ 4,675,000 $ 5,213 $ (42,774) Interest rate caps, net (1) 6 $ 1,148,500 $ 6,680 $ (5,372) (1) Interest rate caps, net, is inclusive of four interest rate caps with an aggregate notional value of $4.1 billion, offset partially by two sold interest rate caps with an aggregate notional value of $3.0 billion. 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)	9 Months Ended
	Sep. 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: September 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 September 30, 2024 December 31, 2023 ASSETS: Net real estate $ 983,361 $ 1,013,770 Cash and cash equivalents 48,813 41,219 Restricted cash 1,666 2,179 Other assets, net 24,200 22,546 LIABILITIES: Non-recourse property debt, net $ 1,314,186 $ 1,196,280 Accrued liabilities and other 43,496 34,903

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Information for Reportable Segments	To reflect how the CODM evaluates the business, prior period segment information has been recast to conform with our reportable segment composition as of September 30, 2024 (in thousands): Same Other Proportionate Corporate and Consolidated Three Months Ended September 30, 2024: Total revenues $ 171,672 $ 21,382 $ 4,612 $ 3,888 $ 201,554 Property management and operating expenses 47,224 7,373 7,683 10,044 72,324 Other operating expenses not allocated to segments (3) — — — 143,994 143,994 Total operating expenses 47,224 7,373 7,683 154,038 216,318 Proportionate property net operating income (loss) 124,448 14,009 (3,071) (150,150) (14,764) Other items included in (loss) income before income tax expense (4) — — — (155,584) (155,584) Income (loss) before income tax expense $ 124,448 $ 14,009 $ (3,071) $ (305,734) $ (170,348) Same Other Proportionate Corporate and Consolidated Nine Months Ended September 30, 2024: Total revenues $ 511,432 $ 58,341 $ 17,473 $ 10,303 $ 597,549 Property management and operating expenses 135,543 20,725 22,403 28,937 207,608 Other operating expenses not allocated to segments (3) — — — 340,669 340,669 Total operating expenses 135,543 20,725 22,403 369,606 548,277 Proportionate property net operating income (loss) 375,889 37,616 (4,930) (359,303) 49,272 Other items included in (loss) income before income tax expense (4) — — — (405,245) (405,245) Income (loss) before income tax expense $ 375,889 $ 37,616 $ (4,930) $ (764,548) $ (355,973) Same Other Proportionate Corporate and Consolidated Three Months Ended September 30, 2023: Total revenues $ 167,360 $ 13,824 $ 12,142 $ 3,981 $ 197,307 Property management and operating expenses 43,534 4,941 9,097 8,403 65,975 Other operating expenses not allocated to segments (3) — — — 92,796 92,796 Total operating expenses 43,534 4,941 9,097 101,199 158,771 Proportionate property net operating income (loss) 123,826 8,883 3,045 (97,218) 38,536 Other items included in income (loss) before income tax expense (4) — — — 676,571 676,571 Income before income tax expense $ 123,826 $ 8,883 $ 3,045 $ 579,353 $ 715,107 Same Other Proportionate Corporate and Consolidated Nine Months Ended September 30, 2023: Total revenues $ 493,336 $ 38,601 $ 80,172 $ 11,568 $ 623,677 Property management and operating expenses 131,145 14,047 37,597 30,651 213,440 Other operating expenses not allocated to segments (3) — — — 297,249 297,249 Total operating expenses 131,145 14,047 37,597 327,900 510,689 Proportionate property net operating income (loss) 362,191 24,554 42,575 (316,332) 112,988 Other items included in income (loss) before income tax expense (4) — — — 594,085 594,085 Income before income tax expense $ 362,191 $ 24,554 $ 42,575 $ 277,753 $ 707,073 (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.
Schedule of Reconciliation of Assets from Segment to Consolidated	The assets of our segments and the consolidated assets not allocated to our segments were as follows (in thousands): September 30, 2024 December 31, 2023 Same Store $ 4,795,981 $ 4,841,335 Other Real Estate 863,836 779,456 Corporate and other assets (1) 1,002,116 513,961 Total consolidated assets $ 6,661,933 $ 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.
Schedule of Capital Additions Related to Segments	For the nine months ended September 30, 2024 and 2023, capital additions related to our segments were as follows (in thousands): 2024 2023 Same Store $ 103,797 $ 118,325 Other Real Estate 14,476 10,049 Total capital additions $ 118,273 $ 128,374

Basis of Presentation and Org_2

Basis of Presentation and Organization (Details)	Sep. 30, 2024 apartment property stateAndDistrict shares
Real Estate Properties [Line Items]
Number of states and district | stateAndDistrict	10
AIR Operating Partnership
Real Estate Properties [Line Items]
Common operating partnership units and equivalents outstanding (in shares) | shares	156,900,122
Partially Owned Properties
Real Estate Properties [Line Items]
Apartment communities owned by VIEs | property	77
Apartment homes in communities owned by VIEs | apartment	27,390
Percentage of average ownership of portfolio	81%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 entity $ / shares shares	Dec. 31, 2023 entity shares
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Number of consolidated VIEs | entity	4	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	2,020,901	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)	$ 25
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)	$ 91.43

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Reconciliation of Preferred OP Units (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at January 1, 2024	$ 77,140
Preferred distributions	(3,935)
Redemption of preferred units	(20,641)	$ (1,517)
Net income allocated to preferred units	4,713
Balance at September 30, 2024	$ 57,277

Blackstone Transaction (Details

Blackstone Transaction (Details) - USD ($) $ / shares in Thousands, $ in Millions		3 Months Ended		6 Months Ended	9 Months Ended
	Jun. 28, 2024	Sep. 30, 2024	Jun. 30, 2024	Jun. 30, 2024	Sep. 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			$ 100
Preferred stock, redemption amount			$ 2	$ 2
Repayments of long-term debt				$ 1,700
Merger Agreement
Class of Warrant or Right [Line Items]
Business combination, acquisition related costs		$ 1.1			$ 169
Restricted Stock
Class of Warrant or Right [Line Items]
Share-based payment arrangement, accelerated cost			8.6		$ 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

Significant Transactions - Narr

Significant Transactions - Narrative (Details) $ / shares in Units, $ in Millions		3 Months Ended				9 Months Ended
	Aug. 01, 2024 USD ($) $ / shares	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($) ft² $ / shares	Mar. 31, 2024 $ / shares	Sep. 30, 2023 USD ($) apartment $ / shares	Sep. 30, 2024 property	Sep. 30, 2024 apartment	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($) apartment $ / shares
Business Acquisition [Line Items]
Cost associated with real estate, write off		$ 14.3						$ 14.3
Dividends and distributions paid (in dollars per share) | $ / shares				$ 0.45	$ 0.45				$ 1.35
Incremental compensation expense		9.6
LTIP Units
Business Acquisition [Line Items]
Share-based payment arrangement, accelerated cost		$ 7.9
Special Distribution
Business Acquisition [Line Items]
Dividends and distributions paid (in dollars per share) | $ / shares	$ 5.80		$ 7.70
Distribution made to limited partner, cash distributions paid	$ 892		$ 1,200
Apartment Community Dispositions
Business Acquisition [Line Items]
Apartment communities owned by VIEs | apartment					1				1
Apartment homes in communities owned by VIEs | apartment					195				195
Proceeds from sale of real estate					$ 19.9
Apartment Community Dispositions Second Disposition
Business Acquisition [Line Items]
Apartment communities owned by VIEs | apartment					3				3
Apartment homes in communities owned by VIEs | apartment					257				257
Proceeds from sale of real estate									$ 52.1
Raleigh North Carolina
Business Acquisition [Line Items]
Number of apartment communities						2	1
Bethesda Maryland
Business Acquisition [Line Items]
Number of apartment communities | property						1
Commercial space | ft²			50,500
Bethesda Maryland | Core JV
Business Acquisition [Line Items]
Proceeds from real estate and real estate joint ventures								$ 27.5

Significant Transactions - Sche

Significant Transactions - Schedule of Acquisition (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2024 USD ($) property	Sep. 30, 2024	Sep. 30, 2024 apartment	Sep. 30, 2024 property	Sep. 30, 2024 USD ($)
Raleigh North Carolina
Business Acquisition [Line Items]
Number of apartment communities			1	2
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
Below-market lease liabilities					$ (256)
Bethesda Maryland
Business Acquisition [Line Items]
Number of apartment communities | property				1
Number of apartment homes | property	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

Leases - Lease Income for Opera

Leases - Lease Income for Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Fixed lease income	$ 181,090	$ 179,069	$ 542,655	$ 572,123
Variable lease income	16,107	14,502	43,429	43,043
Total lease income	$ 197,197	$ 193,571	$ 586,084	$ 615,166
Operating lease, lease income, statement of income or comprehensive income	Other assets, net	Other assets, net	Other assets, net	Other assets, net

Leases - Narrative (Details)

Leases - Narrative (Details)	Sep. 30, 2024
Residential Lease
Operating Leased Assets [Line Items]
Lessee, operating lease, term of contract	11 months 22 days

Leases - Schedule of Aggregate

Leases - Schedule of Aggregate Minimum Lease Payments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
2024 (remaining)	$ 169,902
2025	416,319
2026	89,002
2027	14,933
2028	11,210
Thereafter	32,950
Total	$ 734,316

Debt - Schedule of Debt Instrum

Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total indebtedness	$ 6,242,083	$ 3,210,344
Secured Debt
Debt Instrument [Line Items]
Debt issuance costs, net of accumulated amortization	(49,230)	(13,184)
Total indebtedness	6,242,083	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	2,152,155	2,236,975
Variable Rate Property Debt | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	4,139,158	0
Variable Rate Property Debt | Secured Debt | Designated as Hedging Instrument | Interest Rate Swap
Debt Instrument [Line Items]
Long-term debt, gross	$ 3,000,000
Debt instrument, interest rate, effective percentage	6.92%
Variable Rate Property Debt | Secured Debt | Designated as Hedging Instrument | Interest rate caps
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,000,000
Variable Rate Property Debt | Secured Debt | Maximum | Designated as Hedging Instrument | Interest rate caps
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.03%
Fixed-rate non-recourse property debt | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 6,291,313	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 | Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	2.70%
Fixed Rate Member | Secured Debt | Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.10%
Variable-Rate Non-Recourse Property Debt, Maturing In July 2026 | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 148,500
Variable-Rate Non-Recourse Property Debt, Maturing In July 2026 | Secured Debt | Designated as Hedging Instrument | Interest rate caps
Debt Instrument [Line Items]
Long-term debt, gross	$ 100,000
Variable-Rate Non-Recourse Property Debt, Maturing In July 2026 | Secured Debt | Maximum | Interest rate caps
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.10%
Variable-Rate Non-Recourse Property Debt, Maturing In July 2026 | Secured Debt | Maximum | Designated as Hedging Instrument | Interest rate caps
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.99%

Debt - Narrative (Details)

Debt - Narrative (Details)			3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 18, 2024 USD ($) extension	Jul. 26, 2024 USD ($) extension	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Sep. 30, 2024 USD ($) extension	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Repayments of long-term debt					$ 1,700,000,000
Loss on extinguishment of debt			$ (8,560,000)	$ 0		$ (36,888,000)	$ (2,008,000)
Net Incremental Financing | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross			3,000,000,000			3,000,000,000
Fixed Rate Property Debt | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross			$ 2,152,155,000			$ 2,152,155,000		$ 2,236,975,000
Debt, weighted average interest rate			3.80%			3.80%
Variable Rate Property Debt | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross			$ 4,139,158,000			$ 4,139,158,000		$ 0
Debt, weighted average interest rate			7.70%			7.70%
Debt instrument basis spread on variable rate						7%
Variable Rate Property Debt | Secured Debt | Designated as Hedging Instrument | Interest rate caps
Debt Instrument [Line Items]
Long-term debt, gross			$ 1,000,000,000			$ 1,000,000,000
Variable Rate Property Debt | Secured Debt | Designated as Hedging Instrument | Interest rate caps | Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			7.03%			7.03%
Fixed-Rate Property Debt | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross			$ 1,700,000,000			$ 1,700,000,000
Non Recourse Property Debt Maturing On June 26, 2026 | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross			$ 2,700,000,000			$ 2,700,000,000
Debt instrument basis spread on variable rate						2%
Debt instrument, number of extension terms | extension						2
Debt instrument, extension term						1 year
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		$ 375,000,000
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]
Long-term debt, gross			$ 148,500,000			$ 148,500,000
Debt instrument basis spread on variable rate						2.10%
Debt instrument, number of extension terms | extension						3
Debt instrument, extension term						1 year
Variable-Rate Non-Recourse Property Debt, Maturing In July 2026 | Secured Debt | Interest rate caps | Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			7.10%			7.10%
Variable-Rate Non-Recourse Property Debt, Maturing In July 2026 | Secured Debt | Designated as Hedging Instrument | Interest rate caps
Debt Instrument [Line Items]
Long-term debt, gross			$ 100,000,000			$ 100,000,000
Variable-Rate Non-Recourse Property Debt, Maturing In July 2026 | Secured Debt | Designated as Hedging Instrument | Interest rate caps | Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			7.99%			7.99%
Fixed Rate, Matruing In August 2030 | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross			$ 20,300,000			$ 20,300,000
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			$ 31,900,000			$ 31,900,000
Debt instrument, interest rate, effective percentage			7.13%			7.13%
Variable-Rate Non-Recourse Property Debt, Maturing In 2026
Debt Instrument [Line Items]
Repayments of long-term debt		$ 1,900,000,000
Variable-Rate Non-Recourse Property Debt, Maturing In 2026 | Secured Debt
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate	2.08%	2.18%
Debt instrument, number of extension terms | extension	3	3
Debt instrument, extension term	1 year	1 year
Debt instrument, interest rate, effective percentage	7.17%	7.53%
Loan borrowed	$ 1,100,000,000	$ 3,000,000,000
Fixed Rate, Maturing In August 2029 | Secured Debt
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		5.49%
Loan borrowed		$ 401,900,000
Variable Rate Property Debt, Maturing in 2026 | Secured Debt
Debt Instrument [Line Items]
Loan borrowed	$ 800,000,000
Fifteen Year Fixed Rate Financing | Cash and Cash Equivalents
Debt Instrument [Line Items]
Line of credit, total liquidity			$ 668,600,000			$ 668,600,000

Investment in Unconsolidated _3

Investment in Unconsolidated Real Estate Partnership - Narrative (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($) ft² property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Variable Interest Entity [Line Items]
Non-recourse property debt, net	$ 6,242,083			$ 6,242,083		$ 2,223,791
Gain on dispositions and impairments of real estate	$ 0		$ 692,861	$ 3,282	$ 675,534
Core JV | Parent Company
Variable Interest Entity [Line Items]
Ownership, percentage	53%			53%
Bethesda Maryland
Variable Interest Entity [Line Items]
Number of apartment homes | property		359,000
Commercial space | ft²		50,500
Bethesda Maryland | Core JV
Variable Interest Entity [Line Items]
Non-recourse property debt, net		$ 97,300
Proceeds from real estate and real estate joint ventures				$ 27,500
Gain 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	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2024
Virginia JV
Schedule of Equity Method Investments [Line Items]
Number of Apartment Communities		3
Apartment Units		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]
Number of Apartment Communities		1
Apartment Units		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]
Number of Apartment Communities		12
Apartment Units		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	Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Third-party debt	$ 6,623,951	$ 3,507,238
AIR Operating Partnership's investment in balance	346,241	336,077
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
AIR Operating Partnership's investment in balance	21,200	21,300
Variable Interest Entity, Primary Beneficiary | Virginia JV
Variable Interest Entity [Line Items]
Third-party debt	395,000	395,000
AIR Operating Partnership's investment in balance	13,120	17,212
Variable Interest Entity, Primary Beneficiary | Value-Add JV
Variable Interest Entity [Line Items]
Third-party debt	89,107	88,741
AIR Operating Partnership's investment in balance	29,956	28,606
Variable Interest Entity, Primary Beneficiary | Core JV
Variable Interest Entity [Line Items]
Third-party debt	891,136	793,910
AIR Operating Partnership's investment in balance	$ 281,933	$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Variable Interest Entity [Line Items]
Net income (loss) from real estate investment partnership	$ (5,338)	$ (10,390)	$ (14,388)	$ (12,267)
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Net income (loss) from real estate investment partnership	(5,338)	(10,390)	(14,388)	(12,267)
Virginia JV | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Net income (loss) from real estate investment partnership	(2,425)	(1,113)	(2,992)	(3,004)
Value-Add JV | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Net income (loss) from real estate investment partnership	(163)	(1,347)	(552)	(1,333)
Core JV | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Net income (loss) from real estate investment partnership	$ (2,750)	$ (7,930)	$ (10,844)	$ (7,930)

Earnings Per Unit - Reconciliat

Earnings Per Unit - Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings (Loss) per Share and per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Basic net (loss) income attributable to the AIR Operating Partnership’s common unitholders	$ (172,999)	$ 705,982	$ (364,621)	$ 691,945
Effect of dilutive instruments	0	1,570	0	4,710
Dilutive net (loss) income attributable to the AIR Operating Partnership’s common unitholders	$ (172,999)	$ 707,552	$ (364,621)	$ 696,655
Denominator:
Basic weighted-average common units outstanding (in shares)	153,800	157,366	154,138	158,138
Dilutive common unit equivalents outstanding (in shares)	0	2,571	0	2,320
Dilutive weighted-average common units outstanding (in shares)	153,800	159,937	154,138	160,458
Earnings per unit - basic (in dollars per share)	$ (1.12)	$ 4.49	$ (2.37)	$ 4.38
Earnings per unit - diluted (in dollars per share)	$ (1.12)	$ 4.42	$ (2.37)	$ 4.34

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Value for Interest Rate Options (Details) - Fair value recurring - USD ($) $ in Thousands	Sep. 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	$ (37,561)	$ 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	(37,561)	14,679
Interest rate swaps - pay-fixed, receive-floating | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Interest rate swaps - pay-floating, receive-fixed
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	0	465
Interest rate swaps - pay-floating, receive-fixed | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Interest rate swaps - pay-floating, receive-fixed | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	0	465
Interest rate swaps - pay-floating, receive-fixed | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Interest rate caps, net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	1,308	0
Interest rate caps, net | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Interest rate caps, net | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	1,308	0
Interest rate caps, net | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Interest rate swaps - forward starting
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	0	331
Interest rate swaps - forward starting | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Interest rate swaps - forward starting | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	0	331
Interest rate swaps - forward starting | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	0	$ 0
Interest rate caps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	6,700
Sold Interest Rate Caps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Fair Value	$ (5,400)

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Carrying Value and Fair Value of Non-recourse Property Debt (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2022	Sep. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-term debt				$ 6,242,083	$ 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				33,212	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				23,578	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				2,152,155	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				34,342	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				25,156	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				2,010,278	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)	3 Months Ended				9 Months Ended
	Sep. 30, 2024 USD ($) instrument	Jun. 30, 2024 USD ($) instrument	Mar. 31, 2024 USD ($) instrument	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification of interest rate derivative gain to net loss	$ (1,017,000)			$ (14,186,000)	$ (14,446,000)	$ (23,704,000)
Cash flow hedge gain (loss) to be reclassified within 12 months					4,400,000
(Loss) gain on derivative instruments, net	(50,969,000)			$ 14,070,000	(36,188,000)	$ 23,322,000
Revolving Credit Facility | Unsecured Debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Long-term debt, gross	0				0		$ 115,000,000
Fixed-Rate Property Debt | Secured Debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Long-term debt, gross	1,700,000,000				$ 1,700,000,000
Variable Rate Property Debt | Secured Debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt instrument basis spread on variable rate					7%
Long-term debt, gross	4,139,158,000				$ 4,139,158,000		0
Variable-Rate Non-Recourse Property Debt, Maturing In July 2026 | Secured Debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt instrument basis spread on variable rate					2.10%
Long-term debt, gross	148,500,000				$ 148,500,000
Designated as Hedging Instrument | Favorable Interest Rates
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount	675,000,000				675,000,000
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of interest rate derivatives terminated | instrument			5
Aggregate notional amount	$ 3,700,000,000				3,700,000,000
Number of interest rate derivatives | instrument	4
Interest Rate Swap | Revolving Credit Facility | Unsecured Debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount			$ 200,000,000
Interest Rate Swap | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount	$ 1,000,000,000		$ 42,000,000		1,000,000,000
Interest Rate Swap | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount	3,000,000,000				3,000,000,000
Interest Rate Swap | Designated as Hedging Instrument | Variable Rate Property Debt | Secured Debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Long-term debt, gross	3,000,000,000				3,000,000,000
Interest rate caps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount	$ 1,100,000,000				1,100,000,000
Number of interest rate derivatives | instrument	3,000,000
Interest rate caps | Unsecured Debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount	$ 4,100,000,000				4,100,000,000
Interest rate caps | Variable Rate Property Debt | Unsecured Debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount	$ 148,500,000				$ 148,500,000
Interest rate caps | Variable-Rate Non-Recourse Property Debt, Maturing In July 2026 | Secured Debt | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt instrument, interest rate, stated percentage	7.10%				7.10%
Interest rate caps | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount	$ 4,000,000,000				$ 4,000,000,000
Interest rate caps | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount	1,100,000,000				1,100,000,000
Interest rate caps | Designated as Hedging Instrument | Variable Rate Property Debt | Secured Debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Long-term debt, gross	$ 1,000,000,000				$ 1,000,000,000
Interest rate caps | Designated as Hedging Instrument | Variable Rate Property Debt | Secured Debt | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt instrument, interest rate, stated percentage	7.03%				7.03%
Interest rate caps | Designated as Hedging Instrument | Variable-Rate Non-Recourse Property Debt, Maturing In July 2026 | Secured Debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Long-term debt, gross	$ 100,000,000				$ 100,000,000
Interest rate caps | Designated as Hedging Instrument | Variable-Rate Non-Recourse Property Debt, Maturing In July 2026 | Secured Debt | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt instrument, interest rate, stated percentage	7.99%				7.99%
Interest rate swap, pay-fixed, receive-floating
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of interest rate derivatives terminated | instrument			2
Number of interest rate derivatives | instrument	8,000,000
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	$ 4,000,000,000	$ 93,700,000	$ 80,000,000		$ 4,000,000,000
Derivative, gain (loss) on derivative, net					3,700,000
Interest rate swap, pay-floating, receive-fixed
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of interest rate derivatives terminated | instrument			2
Interest rate swap, pay-floating, receive-fixed | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount			$ 80,000,000
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			$ 51,700,000				$ 50,000,000
Derivative, gain (loss) on derivative, net			6,200,000
Interest rate swaps, forward starting | Not Designated as Hedging Instrument | Fixed-Rate Property Debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount			$ 50,000,000
Partially offsetting, interest rate caps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of interest rate derivatives | instrument	2,000,000
Partially offsetting, interest rate caps mature in August 2026 to October 2026 | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount	$ 3,000,000,000				3,000,000,000
Partially offsetting, interest rate caps mature in August 2025 to October 2025 | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount	$ 2,000,000,000				$ 2,000,000,000

Derivative Financial Instrume_4

Derivative Financial Instruments and Hedging Activities - Schedule of Balance Sheet Hedges (Details) $ in Thousands	Sep. 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	16		7
Aggregate notional amount	$ 4,675,000		$ 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	5,213		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	$ (42,774)		$ (587)
Interest Rate Caps, Net | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments held | instrument	6
Aggregate notional amount	$ 1,148,500
Interest Rate Caps, Net | Not Designated as Hedging Instrument | Other Assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives, fair value	6,680
Interest Rate Caps, Net | Not Designated as Hedging Instrument | Other Liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability derivatives, fair value	(5,372)
Interest rate caps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount	1,100,000
Interest rate caps | Unsecured Debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount	$ 4,100,000
Interest rate caps | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments held | instrument	4
Aggregate notional amount	$ 4,000,000
Interest rate caps | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount	$ 1,100,000
Sold Interest Rate Caps | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments held | instrument	2
Aggregate notional amount	$ 3,000,000
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	Sep. 30, 2024 property entity apartment	Dec. 31, 2023 apartment entity property
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	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Net real estate	$ 5,340,759	$ 5,364,978
Cash and cash equivalents	640,440	91,401
Restricted cash	28,159	26,090
Other assets, net	274,048	283,920
LIABILITIES:
Non-recourse property debt, net	6,242,083	2,223,791
Accrued liabilities and other	381,868	296,894
Variable Interest Entity, Primary Beneficiary
ASSETS
Net real estate	983,361	1,013,770
Cash and cash equivalents	48,813	41,219
Restricted cash	1,666	2,179
Other assets, net	24,200	22,546
LIABILITIES:
Non-recourse property debt, net	1,314,186	1,196,280
Accrued liabilities and other	$ 43,496	$ 34,903

Business Segments - Narrative (

Business Segments - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 apartment property Segment	Dec. 31, 2023 property
Segment Reporting Information [Line Items]
Number of reportable segments | Segment	2
Other Real Estate
Segment Reporting Information [Line Items]
Apartment communities owned by VIEs	8
Apartment homes in communities owned by VIEs | apartment	3,118
Same Store
Segment Reporting Information [Line Items]
Apartment communities owned by VIEs	69
Apartment homes in communities owned by VIEs | apartment	24,272
Wholly Owned Consolidated Properties | Other Real Estate
Segment Reporting Information [Line Items]
Apartment communities owned by VIEs	2	4

Business Segments - Summary of

Business Segments - Summary of Information for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Summary information for the reportable segments
Total revenues	$ 201,554	$ 197,307	$ 597,549	$ 623,677
Other operating expenses not allocated to segments	143,994	92,796	340,669	297,249
Operating expenses	216,318	158,771	548,277	510,689
Proportionate property net operating income (loss)	(14,764)	38,536	49,272	112,988
Other items included in (loss) income before income tax expense	(155,584)	676,571	(405,245)	594,085
(Loss) income before income tax benefit (expense)	(170,348)	715,107	(355,973)	707,073
Real Estate
Summary information for the reportable segments
Cost of Revenue	72,324	65,975	207,608	213,440
Segment Reconciling Items
Summary information for the reportable segments
Total revenues	4,612	12,142	17,473	80,172
Other operating expenses not allocated to segments	0	0	0	0
Operating expenses	7,683	9,097	22,403	37,597
Proportionate property net operating income (loss)	(3,071)	3,045	(4,930)	42,575
Other items included in (loss) income before income tax expense	0	0	0	0
(Loss) income before income tax benefit (expense)	(3,071)	3,045	(4,930)	42,575
Segment Reconciling Items | Real Estate
Summary information for the reportable segments
Cost of Revenue	7,683	9,097	22,403	37,597
Corporate Non-Segment
Summary information for the reportable segments
Total revenues	3,888	3,981	10,303	11,568
Other operating expenses not allocated to segments	143,994	92,796	340,669	297,249
Operating expenses	154,038	101,199	369,606	327,900
Proportionate property net operating income (loss)	(150,150)	(97,218)	(359,303)	(316,332)
Other items included in (loss) income before income tax expense	(155,584)	676,571	(405,245)	594,085
(Loss) income before income tax benefit (expense)	(305,734)	579,353	(764,548)	277,753
Corporate Non-Segment | Real Estate
Summary information for the reportable segments
Cost of Revenue	10,044	8,403	28,937	30,651
Same Store | Operating Segments
Summary information for the reportable segments
Total revenues	171,672	167,360	511,432	493,336
Other operating expenses not allocated to segments	0	0	0	0
Operating expenses	47,224	43,534	135,543	131,145
Proportionate property net operating income (loss)	124,448	123,826	375,889	362,191
Other items included in (loss) income before income tax expense	0	0	0	0
(Loss) income before income tax benefit (expense)	124,448	123,826	375,889	362,191
Same Store | Operating Segments | Real Estate
Summary information for the reportable segments
Cost of Revenue	47,224	43,534	135,543	131,145
Other Real Estate | Operating Segments
Summary information for the reportable segments
Total revenues	21,382	13,824	58,341	38,601
Other operating expenses not allocated to segments	0	0	0	0
Operating expenses	7,373	4,941	20,725	14,047
Proportionate property net operating income (loss)	14,009	8,883	37,616	24,554
Other items included in (loss) income before income tax expense	0	0	0	0
(Loss) income before income tax benefit (expense)	14,009	8,883	37,616	24,554
Other Real Estate | Operating Segments | Real Estate
Summary information for the reportable segments
Cost of Revenue	$ 7,373	$ 4,941	$ 20,725	$ 14,047

Business Segments - Reconciliat

Business Segments - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total consolidated assets	$ 6,661,933	$ 6,134,752
Corporate Non-Segment
Segment Reporting Information [Line Items]
Total consolidated assets	1,002,116	513,961
Same Store | Operating Segments
Segment Reporting Information [Line Items]
Total consolidated assets	4,795,981	4,841,335
Other Real Estate | Operating Segments
Segment Reporting Information [Line Items]
Total consolidated assets	$ 863,836	$ 779,456

Business Segments - Capital Add

Business Segments - Capital Additions Related to Segments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total capital additions	$ 118,273	$ 128,374
Same Store
Segment Reporting Information [Line Items]
Total capital additions	103,797	118,325
Other Real Estate
Segment Reporting Information [Line Items]
Total capital additions	$ 14,476	$ 10,049