--12-31falsefalse2021-09-300001820877Q30000926660--12-31Q30001820877us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001820877airc:OtherRevenuesMember2021-01-012021-09-300001820877airc:ApartmentIncomeReitLPMemberairc:NoncontrollingInterestsInConsolidatedRealEstatePartnershipsMember2020-06-300001820877airc:OtherRealEstateMemberairc:WhollyAndPartiallyOwnedConsolidatedPropertiesMember2021-09-300001820877airc:ApartmentIncomeReitLPMemberairc:NoncontrollingInterestsInConsolidatedRealEstatePartnershipsMember2020-12-310001820877srt:MaximumMember2021-09-300001820877airc:CreditAgreementThreeMemberairc:TermLoanMember2021-04-142021-04-140001820877airc:AIMCOPropertiesLPMember2020-01-012020-09-300001820877airc:NonRecoursePropertyDebtMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001820877airc:ApartmentIncomeReitLPMember2021-07-012021-09-300001820877us-gaap:ParentMember2021-06-300001820877us-gaap:FloodMember2021-07-012021-09-300001820877us-gaap:PreferredStockMember2020-09-300001820877us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300001820877airc:PropertyDebtMember2021-04-142021-04-140001820877us-gaap:RealEstateMember2021-01-012021-09-300001820877airc:OtherRealEstateMemberus-gaap:OperatingSegmentsMemberus-gaap:RealEstateMember2021-01-012021-09-300001820877us-gaap:SegmentContinuingOperationsMember2021-07-012021-09-300001820877us-gaap:SegmentDiscontinuedOperationsMember2020-01-012020-09-300001820877us-gaap:FairValueMeasurementsRecurringMember2021-09-300001820877us-gaap:RealEstateMember2021-07-012021-09-300001820877airc:ApartmentIncomeReitLPMember2020-07-012020-09-300001820877us-gaap:CorporateNonSegmentMemberus-gaap:RealEstateMember2020-01-012020-09-300001820877airc:AIROperatingPartnershipMember2021-09-300001820877us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001820877airc:ParkmercedInvestmentMember2021-01-012021-09-300001820877airc:ApartmentIncomeReitLPMemberairc:RentalAndOtherPropertyRevenuesMember2020-01-012020-09-300001820877us-gaap:OperatingSegmentsMemberairc:SameStoreMember2020-01-012020-09-300001820877airc:ApartmentIncomeReitLPMemberus-gaap:SegmentDiscontinuedOperationsMember2020-01-012020-09-3000018208772020-07-012020-09-300001820877airc:ApartmentIncomeReitLPMemberus-gaap:LimitedPartnerMember2020-07-012020-09-300001820877airc:CommonNoncontrollingInterestsInAimcoOperatingPartnershipMember2019-12-310001820877airc:NoncontrollingInterestsInConsolidatedRealEstatePartnershipsMember2020-06-300001820877us-gaap:CorporateNonSegmentMember2020-07-012020-09-300001820877airc:NonRecoursePropertyDebtMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300001820877airc:OtherRevenuesMemberairc:ApartmentIncomeReitLPMember2020-01-012020-09-300001820877us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300001820877us-gaap:RevolvingCreditFacilityMember2021-10-310001820877us-gaap:FairValueInputsLevel3Member2020-12-310001820877airc:ApartmentIncomeReitLPMember2020-12-310001820877airc:ApartmentCommunityMember2021-10-310001820877airc:ApartmentIncomeReitLPMemberairc:PreferredUnitsMember2020-12-310001820877us-gaap:AdditionalPaidInCapitalMember2021-09-300001820877us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2020-06-300001820877airc:AIROperatingPartnershipMember2021-01-012021-09-300001820877us-gaap:MaterialReconcilingItemsMemberus-gaap:RealEstateMember2020-07-012020-09-300001820877airc:ApartmentIncomeReitLPMemberairc:PreferredUnitsMember2021-06-300001820877us-gaap:MaterialReconcilingItemsMember2020-01-012020-09-300001820877us-gaap:ParentMember2020-06-3000018208772020-09-300001820877airc:CreditAgreementOneMemberairc:TermLoanMember2021-04-142021-04-140001820877airc:OtherRevenuesMember2021-07-012021-09-300001820877airc:ApartmentIncomeReitLPMemberus-gaap:SegmentDiscontinuedOperationsMember2021-01-012021-09-300001820877us-gaap:CommonStockMember2020-01-012020-09-300001820877airc:ApartmentIncomeReitLPMemberus-gaap:LimitedPartnerMember2021-07-012021-09-300001820877airc:ApartmentIncomeReitLPMemberus-gaap:SegmentContinuingOperationsMember2021-01-012021-09-300001820877us-gaap:CommonStockMember2021-09-300001820877airc:ApartmentIncomeReitLPMember2021-01-012021-09-300001820877srt:SubsidiariesMember2021-01-012021-09-300001820877srt:SubsidiariesMember2020-12-310001820877us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2020-01-012020-09-300001820877airc:ApartmentIncomeReitLPMemberairc:NoncontrollingInterestsInConsolidatedRealEstatePartnershipsMember2021-07-012021-09-300001820877us-gaap:SegmentContinuingOperationsMember2020-07-012020-09-300001820877us-gaap:OperatingSegmentsMemberairc:SameStoreMember2021-01-012021-09-300001820877us-gaap:CommonStockMember2021-01-012021-09-300001820877airc:NoncontrollingInterestsInConsolidatedRealEstatePartnershipsMember2020-12-310001820877airc:CommonNoncontrollingInterestsInAimcoOperatingPartnershipMember2020-07-012020-09-300001820877us-gaap:OperatingSegmentsMemberairc:SameStoreMember2020-07-012020-09-300001820877us-gaap:OtherAssetsMember2021-09-300001820877us-gaap:RealEstateMember2020-07-012020-09-300001820877airc:TermLoanMemberairc:CreditAgreementFourMember2021-04-142021-04-1400018208772020-12-310001820877us-gaap:RevolvingCreditFacilityMember2021-01-012021-09-300001820877airc:ApartmentIncomeReitLPMemberairc:PartnersCapitalAttributableToPartnershipMember2020-09-300001820877airc:ApartmentIncomeReitLPMemberairc:NoncontrollingInterestsInConsolidatedRealEstatePartnershipsMember2020-07-012020-09-300001820877airc:CreditAgreementOneMemberairc:TermLoanMember2021-04-140001820877us-gaap:OperatingSegmentsMemberus-gaap:RealEstateMemberairc:SameStoreMember2020-07-012020-09-300001820877us-gaap:CorporateNonSegmentMember2021-09-300001820877airc:TermLoanMember2021-04-142021-04-140001820877airc:ApartmentIncomeReitLPMemberus-gaap:SegmentContinuingOperationsMember2021-07-012021-09-300001820877us-gaap:ParentMember2020-07-012020-09-300001820877us-gaap:SegmentContinuingOperationsMember2020-01-012020-09-300001820877us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001820877us-gaap:AdditionalPaidInCapitalMember2021-06-300001820877airc:NoncontrollingInterestsInConsolidatedRealEstatePartnershipsMember2021-09-300001820877airc:ApartmentIncomeReitLPMemberairc:PartnersCapitalAttributableToPartnershipMember2020-12-310001820877us-gaap:ParentMember2021-01-012021-09-300001820877us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2021-06-300001820877us-gaap:AvailableforsaleSecuritiesMember2021-09-300001820877airc:ApartmentIncomeReitLPMemberus-gaap:LimitedPartnerMember2020-01-012020-09-300001820877us-gaap:GeneralAndAdministrativeExpenseMember2021-07-012021-09-300001820877us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001820877srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310001820877us-gaap:MaterialReconcilingItemsMember2021-07-012021-09-300001820877airc:CreditAgreementThreeMemberairc:TermLoanMember2021-04-140001820877airc:LondonInterbankOfferedRateFloorRateMemberairc:TermLoanMember2021-04-142021-04-140001820877airc:ParkmercedInvestmentMember2020-12-310001820877airc:CommonNoncontrollingInterestsInAimcoOperatingPartnershipMember2020-12-310001820877airc:ApartmentIncomeReitLPMemberairc:NoncontrollingInterestsInConsolidatedRealEstatePartnershipsMember2020-09-300001820877us-gaap:CarryingReportedAmountFairValueDisclosureMemberairc:NonRecoursePropertyDebtMember2020-12-310001820877airc:ApartmentIncomeReitLPMemberairc:RentalAndOtherPropertyRevenuesMember2020-07-012020-09-300001820877airc:ApartmentIncomeReitLPMemberairc:PartnersCapitalAttributableToPartnershipMember2021-09-300001820877airc:ApartmentIncomeReitLPMemberairc:PartnersCapitalAttributableToPartnershipMember2021-07-012021-09-300001820877us-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:RevolvingCreditFacilityMember2021-04-142021-04-140001820877airc:OtherRevenuesMemberairc:ApartmentIncomeReitLPMember2021-01-012021-09-300001820877us-gaap:CommonStockMember2019-12-310001820877us-gaap:MaterialReconcilingItemsMemberus-gaap:RealEstateMember2021-07-012021-09-300001820877airc:ApartmentIncomeReitLPMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberairc:PartnersCapitalAttributableToPartnershipMember2019-12-310001820877us-gaap:AccruedLiabilitiesMember2021-09-300001820877airc:ApartmentIncomeReitLPMemberairc:GeneralPartnerAndSpecialLimitedPartnerMember2021-06-300001820877airc:PembrokePinesFloridaMemberairc:ApartmentCommunityMember2021-06-170001820877us-gaap:CorporateNonSegmentMemberus-gaap:RealEstateMember2020-07-012020-09-300001820877airc:TermLoanMemberairc:CreditAgreementTwoMember2021-04-140001820877airc:NoncontrollingInterestsInConsolidatedRealEstatePartnershipsMember2021-07-012021-09-300001820877us-gaap:CorporateNonSegmentMember2021-07-012021-09-300001820877airc:CommonNoncontrollingInterestsInAimcoOperatingPartnershipMember2020-06-300001820877airc:OtherRealEstateMemberus-gaap:OperatingSegmentsMemberus-gaap:RealEstateMember2020-01-012020-09-300001820877airc:ApartmentIncomeReitLPMemberus-gaap:LimitedPartnerMember2019-12-310001820877us-gaap:InterestIncomeMember2021-07-012021-09-300001820877us-gaap:OperatingSegmentsMemberairc:OtherRealEstateMember2021-01-012021-09-300001820877us-gaap:OperatingSegmentsMemberairc:SameStoreMember2021-09-300001820877us-gaap:ParentMember2021-07-012021-09-300001820877airc:ApartmentIncomeReitLPMemberairc:GeneralPartnerAndSpecialLimitedPartnerMember2020-09-300001820877airc:NoncontrollingInterestsInConsolidatedRealEstatePartnershipsMember2021-01-012021-09-300001820877airc:ApartmentIncomeReitLPMemberairc:GeneralPartnerAndSpecialLimitedPartnerMember2021-01-012021-09-300001820877us-gaap:ParentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310001820877us-gaap:AdditionalPaidInCapitalMember2020-01-012020-09-300001820877airc:AffiliateOfBlackstoneMemberus-gaap:SubsequentEventMember2021-10-310001820877us-gaap:OperatingSegmentsMemberus-gaap:RealEstateMemberairc:SameStoreMember2021-07-012021-09-300001820877airc:ApartmentIncomeReitLPMemberus-gaap:LimitedPartnerMember2021-09-300001820877us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001820877airc:RentalAndOtherPropertyRevenuesMember2020-01-012020-09-300001820877airc:ApartmentIncomeReitLPMemberairc:NoncontrollingInterestsInConsolidatedRealEstatePartnershipsMember2021-01-012021-09-300001820877airc:CommonNoncontrollingInterestsInAimcoOperatingPartnershipMember2021-07-012021-09-3000018208772021-10-012021-10-310001820877srt:MaximumMembersrt:SubsidiariesMember2021-01-012021-09-3000018208772019-12-310001820877airc:ApartmentIncomeReitLPMemberairc:GeneralPartnerAndSpecialLimitedPartnerMember2021-07-012021-09-300001820877airc:AIMCOPropertiesLPMember2020-07-012020-09-300001820877us-gaap:OperatingSegmentsMemberairc:SameStoreMember2020-12-310001820877airc:TermLoanMember2021-07-152021-07-150001820877us-gaap:GeneralAndAdministrativeExpenseMember2021-01-012021-09-300001820877airc:PropertyDebtMember2021-04-230001820877airc:ApartmentIncomeReitLPMemberairc:GeneralPartnerAndSpecialLimitedPartnerMember2020-01-012020-09-300001820877us-gaap:SegmentDiscontinuedOperationsMember2020-07-012020-09-300001820877stpr:FLairc:ApartmentCommunityMember2021-01-012021-09-300001820877us-gaap:SubsequentEventMember2021-10-012021-12-310001820877airc:ApartmentIncomeReitLPMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310001820877us-gaap:InterestIncomeMember2021-01-012021-09-300001820877airc:TermLoanMember2021-09-300001820877airc:ApartmentIncomeReitLPMemberus-gaap:SegmentContinuingOperationsMember2020-07-012020-09-300001820877airc:AIMCOPropertiesLPMember2021-01-012021-09-300001820877airc:ApartmentIncomeReitLPMemberairc:PartnersCapitalAttributableToPartnershipMember2019-12-310001820877us-gaap:ParentMember2020-01-012020-09-3000018208772021-01-012021-09-300001820877us-gaap:PreferredStockMember2020-12-310001820877us-gaap:CommonStockMember2020-06-300001820877us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001820877us-gaap:PreferredStockMember2020-06-300001820877us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2020-09-300001820877airc:CommonNoncontrollingInterestsInAimcoOperatingPartnershipMember2020-01-012020-09-300001820877us-gaap:CorporateNonSegmentMember2020-12-310001820877us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2019-12-310001820877us-gaap:RealEstateMember2020-01-012020-09-300001820877airc:NoncontrollingInterestsInConsolidatedRealEstatePartnershipsMember2020-09-300001820877us-gaap:SegmentContinuingOperationsMember2021-01-012021-09-300001820877airc:ApartmentIncomeReitLPMemberairc:PartnersCapitalAttributableToPartnershipMember2020-01-012020-09-300001820877airc:ApartmentIncomeReitLPMemberairc:GeneralPartnerAndSpecialLimitedPartnerMember2020-06-300001820877us-gaap:OperatingSegmentsMemberairc:OtherRealEstateMemberus-gaap:RealEstateMember2021-07-012021-09-300001820877airc:ParkmercedInvestmentMember2021-07-012021-09-3000018208772021-10-310001820877us-gaap:AdditionalPaidInCapitalMember2020-06-300001820877us-gaap:CorporateNonSegmentMember2021-01-012021-09-300001820877us-gaap:PreferredStockMember2021-09-300001820877us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-09-300001820877airc:OtherRevenuesMemberairc:ApartmentIncomeReitLPMember2020-07-012020-09-300001820877airc:RentalAndOtherPropertyRevenuesMember2021-07-012021-09-300001820877us-gaap:PartiallyOwnedPropertiesMember2021-09-300001820877airc:ApartmentIncomeReitLPMemberairc:PartnersCapitalAttributableToPartnershipMember2020-06-300001820877airc:COVIDRelatedWriteOffMember2020-01-012020-09-300001820877us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2021-07-012021-09-300001820877airc:AIMCOMember2021-09-300001820877airc:AIMCOPropertiesLPMember2021-07-012021-09-3000018208772020-01-012020-09-300001820877us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300001820877airc:CommonNoncontrollingInterestsInAimcoOperatingPartnershipMember2021-09-300001820877airc:ApartmentIncomeReitLPMemberairc:PreferredUnitsMember2021-09-300001820877airc:MasterServicesAgreementMember2021-07-012021-09-300001820877us-gaap:FairValueMeasurementsRecurringMember2020-12-310001820877airc:ApartmentIncomeReitLPMemberus-gaap:LimitedPartnerMember2021-01-012021-09-300001820877srt:MinimumMember2021-09-300001820877us-gaap:OperatingSegmentsMemberus-gaap:RealEstateMemberairc:SameStoreMember2021-01-012021-09-3000018208772021-06-300001820877us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001820877srt:MaximumMemberairc:AIMCOOperatingPartnershipMember2021-01-012021-09-300001820877airc:CommonNoncontrollingInterestsInAimcoOperatingPartnershipMember2021-01-012021-09-300001820877airc:ApartmentIncomeReitLPMember2020-09-300001820877airc:CommonNoncontrollingInterestsInAimcoOperatingPartnershipMember2020-09-300001820877airc:PropertyDebtMember2021-04-232021-04-2300018208772021-07-012021-09-300001820877airc:ApartmentIncomeReitLPMemberairc:PartnersCapitalAttributableToPartnershipMember2020-07-012020-09-300001820877us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001820877airc:OtherRevenuesMember2020-07-012020-09-300001820877airc:OtherRevenuesMember2020-01-012020-09-300001820877us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2020-07-012020-09-300001820877us-gaap:CommonStockMember2021-07-012021-09-300001820877airc:ApartmentIncomeReitLPMemberairc:PartnersCapitalAttributableToPartnershipMember2021-06-300001820877us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300001820877us-gaap:CommonStockMember2021-06-300001820877airc:OtherRealEstateMemberus-gaap:OperatingSegmentsMemberus-gaap:RealEstateMember2020-07-012020-09-300001820877us-gaap:PrivatePlacementMemberus-gaap:CommonClassAMember2021-04-232021-04-230001820877us-gaap:CorporateNonSegmentMember2020-01-012020-09-300001820877us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-12-310001820877airc:WhollyAndPartiallyOwnedConsolidatedPropertiesMemberairc:SameStoreMember2021-09-300001820877us-gaap:OperatingSegmentsMemberus-gaap:RealEstateMemberairc:SameStoreMember2020-01-012020-09-300001820877us-gaap:AdditionalPaidInCapitalMember2020-12-310001820877us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310001820877airc:ApartmentIncomeReitLPMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberairc:GeneralPartnerAndSpecialLimitedPartnerMember2019-12-310001820877us-gaap:MaterialReconcilingItemsMemberus-gaap:RealEstateMember2021-01-012021-09-300001820877us-gaap:RevolvingCreditFacilityMember2021-04-142021-04-140001820877airc:ApartmentCommunityMember2021-06-170001820877airc:ApartmentIncomeReitLPMemberairc:PartnersCapitalAttributableToPartnershipMember2021-01-012021-09-300001820877airc:ApartmentIncomeReitLPMemberairc:GeneralPartnerAndSpecialLimitedPartnerMember2020-07-012020-09-300001820877us-gaap:ParentMember2021-09-300001820877airc:RentalAndOtherPropertyRevenuesMember2021-01-012021-09-300001820877us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-09-300001820877airc:ParkmercedInvestmentMember2021-09-300001820877airc:NoncontrollingInterestsInConsolidatedRealEstatePartnershipsMember2020-07-012020-09-300001820877us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300001820877us-gaap:RevolvingCreditFacilityMember2021-09-3000018208772021-10-270001820877airc:RentalAndOtherPropertyRevenuesMember2020-07-012020-09-300001820877us-gaap:AdditionalPaidInCapitalMember2021-01-012021-09-300001820877us-gaap:MaterialReconcilingItemsMemberus-gaap:RealEstateMember2020-01-012020-09-300001820877us-gaap:MaterialReconcilingItemsMember2020-07-012020-09-300001820877airc:NoncontrollingInterestsInConsolidatedRealEstatePartnershipsMember2021-06-300001820877airc:OtherRealEstateMemberus-gaap:OperatingSegmentsMember2021-07-012021-09-300001820877us-gaap:AdditionalPaidInCapitalMember2020-09-300001820877us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2021-01-012021-09-300001820877airc:ApartmentIncomeReitLPMember2020-06-300001820877airc:ApartmentIncomeReitLPMemberairc:RentalAndOtherPropertyRevenuesMember2021-07-012021-09-300001820877airc:CommonNoncontrollingInterestsInAimcoOperatingPartnershipMember2021-06-300001820877us-gaap:OperatingSegmentsMemberairc:OtherRealEstateMember2020-12-310001820877us-gaap:PrivatePlacementMemberus-gaap:CommonClassAMember2021-04-230001820877us-gaap:ParentMember2019-12-310001820877airc:AIMCOMember2021-01-012021-09-300001820877us-gaap:CommonStockMember2020-09-300001820877airc:ApartmentIncomeReitLPMember2020-01-012020-09-300001820877airc:InterestRateOptionMember2021-09-300001820877airc:ApartmentIncomeReitLPMemberairc:GeneralPartnerAndSpecialLimitedPartnerMember2019-12-310001820877us-gaap:LeasesAcquiredInPlaceMarketAdjustmentMembersrt:MaximumMember2021-06-172021-06-170001820877us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001820877airc:ApartmentIncomeReitLPMemberus-gaap:SegmentContinuingOperationsMember2020-01-012020-09-300001820877airc:ApartmentIncomeReitLPMemberairc:RentalAndOtherPropertyRevenuesMember2021-01-012021-09-300001820877airc:TermLoanMemberairc:CreditAgreementFourMember2021-04-140001820877us-gaap:OperatingSegmentsMemberairc:SameStoreMember2021-07-012021-09-300001820877airc:PembrokePinesFloridaMemberairc:ApartmentCommunityMember2021-06-172021-06-170001820877us-gaap:PreferredStockMember2019-12-310001820877us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2021-09-300001820877airc:PropertyDebtMember2021-10-310001820877us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001820877airc:ApartmentIncomeReitLPMemberairc:NoncontrollingInterestsInConsolidatedRealEstatePartnershipsMember2021-09-300001820877airc:ApartmentIncomeReitLPMemberairc:NoncontrollingInterestsInConsolidatedRealEstatePartnershipsMember2021-06-300001820877airc:ApartmentIncomeReitLPMemberus-gaap:LimitedPartnerMember2020-06-300001820877airc:NoncontrollingInterestsInConsolidatedRealEstatePartnershipsMember2020-01-012020-09-300001820877us-gaap:FloodMember2021-01-012021-09-300001820877us-gaap:RevolvingCreditFacilityMember2021-04-140001820877us-gaap:ParentMember2020-09-300001820877srt:SubsidiariesMember2021-09-300001820877airc:ApartmentIncomeReitLPMemberairc:NoncontrollingInterestsInConsolidatedRealEstatePartnershipsMember2019-12-310001820877airc:PropertyManagementAgreementMember2021-07-012021-09-300001820877us-gaap:AdditionalPaidInCapitalMember2019-12-310001820877airc:OtherRealEstateMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300001820877us-gaap:ParentMember2020-12-3100018208772020-06-300001820877us-gaap:CarryingReportedAmountFairValueDisclosureMemberairc:NonRecoursePropertyDebtMember2021-09-300001820877airc:ApartmentIncomeReitLPMember2021-06-300001820877airc:ApartmentIncomeReitLPMemberairc:GeneralPartnerAndSpecialLimitedPartnerMember2020-12-310001820877srt:MaximumMemberus-gaap:LeasesAcquiredInPlaceMember2021-06-172021-06-170001820877us-gaap:OperatingSegmentsMemberairc:OtherRealEstateMember2020-01-012020-09-300001820877us-gaap:CommonStockMember2020-07-012020-09-300001820877srt:MinimumMembersrt:SubsidiariesMember2021-01-012021-09-300001820877us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300001820877airc:ApartmentIncomeReitLPMember2021-09-300001820877airc:TermLoanMemberairc:CreditAgreementTwoMember2021-04-142021-04-140001820877airc:VariableRateTermsLoanMember2021-04-140001820877airc:ApartmentIncomeReitLPMemberus-gaap:LimitedPartnerMember2020-12-310001820877us-gaap:CorporateNonSegmentMemberus-gaap:RealEstateMember2021-01-012021-09-3000018208772021-09-300001820877airc:PropertyManagementAgreementMember2021-01-012021-09-300001820877airc:OtherRevenuesMemberairc:ApartmentIncomeReitLPMember2021-07-012021-09-300001820877airc:NoncontrollingInterestsInConsolidatedRealEstatePartnershipsMember2019-12-310001820877us-gaap:PreferredStockMember2021-06-300001820877airc:MasterServicesAgreementMember2021-01-012021-09-300001820877us-gaap:MaterialReconcilingItemsMember2021-01-012021-09-300001820877airc:ApartmentIncomeReitLPMemberus-gaap:LimitedPartnerMember2021-06-300001820877us-gaap:CommonStockMember2020-12-310001820877airc:ApartmentIncomeReitLPMember2019-12-310001820877us-gaap:SubsequentEventMember2021-10-012021-10-310001820877us-gaap:CorporateNonSegmentMemberus-gaap:RealEstateMember2021-07-012021-09-300001820877us-gaap:OperatingSegmentsMemberairc:OtherRealEstateMember2021-09-300001820877us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2020-12-310001820877airc:TermLoanMember2021-07-150001820877airc:ApartmentIncomeReitLPMemberus-gaap:LimitedPartnerMember2020-09-300001820877airc:ApartmentIncomeReitLPMemberairc:GeneralPartnerAndSpecialLimitedPartnerMember2021-09-300001820877airc:InterestRateOptionMember2020-01-012020-12-310001820877airc:ApartmentIncomeReitLPMemberairc:NoncontrollingInterestsInConsolidatedRealEstatePartnershipsMember2020-01-012020-09-30airc:Propertyairc:Entityairc:ApartmentHomexbrli:pureutr:sqftairc:Property1xbrli:sharesairc:Multi_family_apartmentairc:Segmentiso4217:USDxbrli:sharesairc:Unitiso4217:USD
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
10-Q
(Mark One)
|
|
|
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
For the quarterly period ended
September 30,
2021
OR
|
|
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
For the transition period from
to
Commission File Number:
1-39686
(Apartment Income REIT Corp.)
Commission File Number:
0-24497
(Apartment Income REIT, L.P.)
APARTMENT INCOME REIT CORP.
APARTMENT INCOME REIT, L.P.
(formerly AIMCO Properties, L.P.)
(Exact name of registrant as specified in its charter)
|
|
|
|
Maryland (Apartment
Income REIT Corp.)
|
|
84-1299717
|
|
Delaware (Apartment
Income REIT, L.P.)
|
|
84-1275621
|
|
(State or other jurisdiction of
|
|
(I.R.S. Employer
|
|
incorporation or organization)
|
|
Identification No.)
|
|
|
|
|
|
4582 South Ulster Street,
Suite 1700
|
|
|
|
Denver,
Colorado
|
|
80237
|
|
(Address of principal executive offices)
|
|
(Zip Code)
|
(303)
757-8101
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the
Act:
|
|
|
|
|
|
Title of Each Class
|
|
Trading Symbol(s)
|
|
Name of Each Exchange on Which Registered
|
|
Class A Common Stock (Apartment Income REIT
Corp.)
|
|
AIRC
|
|
New York Stock Exchange
|
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days.
|
|
|
|
Apartment Income REIT Corp.:
Yes ☒
No ☐
|
|
Apartment Income REIT, L.P.:
Yes ☒
No ☐
|
Indicate by check mark whether the registrant has submitted
electronically every Interactive Data File required to be submitted
pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter)
during the preceding 12 months (or for such shorter period that the
registrant was required to submit such files).
|
|
|
|
Apartment Income REIT Corp.:
Yes ☒
No ☐
|
|
Apartment Income REIT, L.P.:
Yes ☒
No ☐
|
Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, a
smaller reporting company, or an emerging growth company. See the
definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule
12b-2 of the Exchange Act.
|
|
|
|
Apartment Income REIT Corp.:
|
|
Apartment Income REIT, L.P.:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Large accelerated filer
|
☐
|
|
|
Accelerated filer
|
☐
|
|
Large accelerated filer
|
☐
|
|
|
Accelerated filer
|
☐
|
|
Non-accelerated filer
|
☒
|
|
|
Smaller reporting company
|
☐
|
|
Non-accelerated filer
|
☒
|
|
|
Smaller reporting company
|
☐
|
|
|
|
|
|
Emerging growth company
|
☐
|
|
|
|
|
|
Emerging growth company
|
☐
|
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange
Act.
|
|
|
|
|
|
Apartment Income REIT Corp.:
|
☐
|
|
Apartment Income REIT, L.P.:
|
☐
|
Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act).
|
|
|
|
Apartment Income REIT Corp.:
Yes
☐ No
☒
|
|
Apartment Income REIT, L.P.:
Yes
☐ No
☒
|
The number of shares of Apartment Income REIT Corp. Class A Common
Stock outstanding as of October 27, 2021:
156,985,422
Table of Contents
EXPLANATORY NOTE
On December 15, 2020, Apartment Investment and Management Company
(“Aimco”) completed the separation of its business into two,
separate and distinct, publicly traded companies, Apartment Income
REIT Corp. (“AIR”) and Aimco (the “Separation”).
Notwithstanding the legal form of the Separation, for accounting
and financial reporting purposes, Aimco is presented as being
spun-off from AIR (as it relates to Aimco subsequent to the
Separation, the “Spinnee”). This presentation is in accordance with
generally accepted accounting principles in the United States, and
is due primarily to the relative significance of AIR’s business, as
measured in terms of revenue, net income, assets, and other
relevant indicators, as compared to Aimco before the Separation.
Therefore, AIR is considered the divesting entity and treated as
the accounting spinnor, and Aimco is presented as the predecessor
(“AIR’s Predecessor”) for AIR’s financial statements. Unless
otherwise stated, financial results prior to the Separation on
December 15, 2020, include the financial results of AIR’s
Predecessor.
On July 7, 2021, the operating partnership of AIR (“AIR Operating
Partnership”) changed its name from “Aimco Properties, L.P.” to
“Apartment Income REIT, L.P.”
This filing combines the quarterly reports on Form 10-Q for the
quarterly period ended September 30, 2021, of AIR, the AIR
Operating Partnership, and their consolidated subsidiaries. The AIR
Operating Partnership’s condensed consolidated financial statements
include the accounts of the AIR Operating Partnership and its
consolidated subsidiaries. Except as the context otherwise
requires, “we,” “us,” or “our” refer to AIR, the AIR Operating
Partnership, and their consolidated subsidiaries,
collectively.
AIR, a Maryland corporation, is a self-administered and
self-managed real estate investment trust. AIR, through
wholly-owned subsidiaries,
is the general and special limited partner of the AIR Operating
Partnership. As of September 30, 2021, AIR owned approximately
93.3%
of the legal interest in the common partnership units of the AIR
Operating Partnership and 95.2% of the economic interest in the AIR
Operating Partnership. The remaining
6.7% legal
interest is owned by third-party limited partners. As the sole
general partner of the AIR Operating Partnership, AIR has exclusive
control of the AIR Operating Partnership’s day-to-day
management.
The AIR Operating Partnership holds all of AIR’s assets and manages
the daily operations of AIR’s business. Pursuant to the AIR
Operating Partnership agreement, AIR is required to contribute to
the AIR Operating Partnership all proceeds from the offerings of
its securities. In exchange for the contribution of such proceeds,
AIR receives additional interests in the AIR Operating Partnership
with similar terms (e.g., if AIR contributes proceeds of a stock
offering, AIR receives partnership units with terms substantially
similar to the stock issued by AIR).
We believe combining the periodic reports of AIR and the AIR
Operating Partnership into this single report provides the
following benefits:
We present our business as a whole, in the same manner our
management views and operates the business;
We eliminate duplicative disclosure and provide a more streamlined
and readable presentation because a substantial portion of the
disclosures apply to both AIR and the AIR Operating Partnership;
and
We save time and cost through the preparation of a single combined
report rather than two separate reports.
We operate AIR and the AIR Operating Partnership as one enterprise,
the management of AIR directs the management and operations of the
AIR Operating Partnership, and the members of the Board of
Directors of AIR are identical to those of the AIR Operating
Partnership’s general partner.
We believe it is important to understand the few differences
between AIR and the AIR Operating Partnership in the context of how
AIR and the AIR Operating Partnership operate as a consolidated
company. AIR has no assets or liabilities other than its investment
in the AIR Operating Partnership, which is held directly and
indirectly through certain intermediate holding companies (in which
all of the common stock is owned by AIR). Also, AIR is a
corporation that issues publicly traded equity from time to time,
whereas the AIR Operating Partnership is a partnership that has no
publicly traded equity. Except for the net proceeds from stock
offerings by AIR, which are contributed to the AIR Operating
Partnership in exchange for additional limited partnership
interests (of a similar type and in an amount equal to the shares
of stock sold in the offering), the AIR Operating Partnership
generates all remaining capital required by its business. These
sources include the AIR Operating Partnership’s working capital,
net cash provided by operating activities, borrowings under its
revolving credit facility, the issuance of debt and equity
securities, including additional partnership units, and proceeds
received from the sale of apartment communities.
Equity, partners’ capital, and noncontrolling interests are the
main areas of difference between the condensed consolidated
financial statements of AIR and those of the AIR Operating
Partnership. Interests in the AIR Operating Partnership held by
entities other than
1
Table of Contents
AIR, which we refer to as OP Units, are classified within partners’
capital in the AIR Operating Partnership’s financial statements and
as noncontrolling interests in AIR’s financial
statements.
To help investors understand the differences between AIR and the
AIR Operating Partnership, this report provides: separate condensed
consolidated financial statements for AIR and the AIR Operating
Partnership; a single set of condensed consolidated notes to such
financial statements that includes separate discussions of each
entity’s stockholders’ equity or partners’ capital, and earnings
per share or earnings per unit, as applicable; and a combined
Management’s Discussion and Analysis of Financial Condition and
Results of Operations section that includes discrete information
related to each entity, where appropriate.
This report also includes separate Part I, Item 4. Controls and
Procedures sections and separate Exhibits 31 and 32 certifications
for AIR and the AIR Operating Partnership in order to establish
that the requisite certifications have been made and that AIR and
the AIR Operating Partnership are both compliant with Rule 13a-15
or Rule 15d-15 of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), and 18 U.S.C. §1350.
2
Table of Contents
APARTMENT
INCOME REIT CORP.
APARTMENT INCOME REIT, L.P.
TABLE OF
CONTENTS
FORM 10-Q
3
Table of Contents
PART I. FINANCIAL
INFORMATION
ITEM 1. FINANCIAL
STATEMENTS
APARTMENT INCOME REIT CORP.
CONDENSED CONSOLIDATED
BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
|
December 31,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Buildings and improvements
|
|
$
|
5,971,806
|
|
|
$
|
6,127,249
|
|
|
Land
|
|
|
1,329,521
|
|
|
|
1,341,615
|
|
|
Total real estate
|
|
|
7,301,327
|
|
|
|
7,468,864
|
|
|
Accumulated depreciation
|
|
|
(2,585,474
|
)
|
|
|
(2,455,505
|
)
|
|
Net real estate
|
|
|
4,715,853
|
|
|
|
5,013,359
|
|
|
Cash and cash equivalents
|
|
|
73,687
|
|
|
|
44,214
|
|
|
Restricted cash
|
|
|
23,440
|
|
|
|
29,266
|
|
|
Notes receivable from Aimco
|
|
|
534,127
|
|
|
|
534,127
|
|
|
Leased real estate assets
|
|
|
466,448
|
|
|
|
—
|
|
|
Goodwill
|
|
|
32,286
|
|
|
|
32,286
|
|
|
Other assets
|
|
|
588,668
|
|
|
|
576,026
|
|
|
Total assets
|
|
$
|
6,434,509
|
|
|
$
|
6,229,278
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
Non-recourse property debt, net
|
|
$
|
3,013,913
|
|
|
$
|
3,628,236
|
|
|
Term loans, net
|
|
|
1,143,867
|
|
|
|
349,164
|
|
|
Revolving credit facility borrowings
|
|
|
78,200
|
|
|
|
265,600
|
|
|
Total indebtedness
|
|
|
4,235,980
|
|
|
|
4,243,000
|
|
|
Accrued liabilities and other
|
|
|
610,217
|
|
|
|
598,736
|
|
|
Total liabilities
|
|
|
4,846,197
|
|
|
|
4,841,736
|
|
|
|
|
|
|
|
|
|
|
Preferred noncontrolling interests in AIR Operating
Partnership
|
|
|
79,377
|
|
|
|
79,449
|
|
|
Commitments and contingencies (Note
4)
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
Perpetual preferred stock
|
|
|
2,000
|
|
|
|
2,000
|
|
|
Common Stock, $0.01 par
value,
1,021,175,000 shares
authorized at September 30, 2021 and December 31, 2020, and
156,983,542 and
148,861,036 shares
issued/outstanding at September 30, 2021 and December 31, 2020,
respectively
|
|
|
1,570
|
|
|
|
1,489
|
|
|
Additional paid-in capital
|
|
|
3,773,936
|
|
|
|
3,432,121
|
|
|
Accumulated other comprehensive income
|
|
|
—
|
|
|
|
3,039
|
|
|
Distributions in excess of earnings
|
|
|
(2,257,562
|
)
|
|
|
(2,131,798
|
)
|
|
Total AIR equity
|
|
|
1,519,944
|
|
|
|
1,306,851
|
|
|
Noncontrolling interests in consolidated real estate
partnerships
|
|
|
(68,098
|
)
|
|
|
(61,943
|
)
|
|
Common noncontrolling interests in AIR Operating
Partnership
|
|
|
57,089
|
|
|
|
63,185
|
|
|
Total equity
|
|
|
1,508,935
|
|
|
|
1,308,093
|
|
|
Total liabilities and equity
|
|
$
|
6,434,509
|
|
|
$
|
6,229,278
|
|
See notes to condensed consolidated financial
statements.
4
Table of Contents
APARTMENT INCOME REIT CORP.
CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental and other property revenues
|
|
$
|
190,082
|
|
|
$
|
178,123
|
|
|
$
|
541,533
|
|
|
$
|
545,809
|
|
|
Other revenues
|
|
|
1,695
|
|
|
|
—
|
|
|
|
4,990
|
|
|
|
—
|
|
|
Total revenues
|
|
|
191,777
|
|
|
|
178,123
|
|
|
|
546,523
|
|
|
|
545,809
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property operating expenses
|
|
|
73,925
|
|
|
|
65,419
|
|
|
|
203,300
|
|
|
|
195,340
|
|
|
Depreciation and amortization
|
|
|
81,121
|
|
|
|
79,264
|
|
|
|
232,192
|
|
|
|
239,659
|
|
|
General and administrative expenses
|
|
|
5,875
|
|
|
|
7,676
|
|
|
|
15,510
|
|
|
|
22,731
|
|
|
Other expenses, net
|
|
|
3,816
|
|
|
|
17,492
|
|
|
|
9,207
|
|
|
|
23,139
|
|
|
Total operating expenses
|
|
|
164,737
|
|
|
|
169,851
|
|
|
|
460,209
|
|
|
|
480,869
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
13,432
|
|
|
|
2,492
|
|
|
|
45,088
|
|
|
|
8,784
|
|
|
Interest expense
|
|
|
(37,203
|
)
|
|
|
(44,608
|
)
|
|
|
(145,045
|
)
|
|
|
(125,653
|
)
|
|
Gain on derecognition of leased properties and dispositions of real
estate
|
|
|
7,127
|
|
|
|
—
|
|
|
|
94,512
|
|
|
|
47,295
|
|
|
Mezzanine investment income, net
|
|
|
—
|
|
|
|
6,870
|
|
|
|
—
|
|
|
|
20,553
|
|
|
Income (loss) from continuing operations before income tax
(expense) benefit and discontinued operations
|
|
|
10,396
|
|
|
|
(26,974
|
)
|
|
|
80,869
|
|
|
|
15,919
|
|
|
Income tax (expense) benefit
|
|
|
275
|
|
|
|
(419
|
)
|
|
|
(770
|
)
|
|
|
1,678
|
|
|
Income (loss) from continuing
operations
|
|
|
10,671
|
|
|
|
(27,393
|
)
|
|
|
80,099
|
|
|
|
17,597
|
|
|
Income from discontinued operations, net of tax
|
|
|
—
|
|
|
|
2,578
|
|
|
|
—
|
|
|
|
9,769
|
|
|
Net income (loss)
|
|
|
10,671
|
|
|
|
(24,815
|
)
|
|
|
80,099
|
|
|
|
27,366
|
|
|
Noncontrolling interests:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (income) loss attributable to noncontrolling interests in
consolidated real estate partnerships
|
|
|
785
|
|
|
|
154
|
|
|
|
3,417
|
|
|
|
153
|
|
|
Net income attributable to preferred noncontrolling interests in
AIR Operating Partnership
|
|
|
(1,603
|
)
|
|
|
(1,687
|
)
|
|
|
(4,810
|
)
|
|
|
(5,415
|
)
|
|
Net (income) loss attributable to common noncontrolling interests
in AIR Operating Partnership
|
|
|
(475
|
)
|
|
|
1,341
|
|
|
|
(3,966
|
)
|
|
|
(1,134
|
)
|
|
Net (income) loss attributable to noncontrolling
interests
|
|
|
(1,293
|
)
|
|
|
(192
|
)
|
|
|
(5,359
|
)
|
|
|
(6,396
|
)
|
|
Net income (loss) attributable
to AIR
|
|
|
9,378
|
|
|
|
(25,007
|
)
|
|
|
74,740
|
|
|
|
20,970
|
|
|
Net income attributable to AIR
preferred stockholders
|
|
|
(43
|
)
|
|
|
—
|
|
|
|
(136
|
)
|
|
|
—
|
|
|
Net income attributable to
participating securities
|
|
|
(46
|
)
|
|
|
(39
|
)
|
|
|
(149
|
)
|
|
|
(125
|
)
|
|
Net income (loss) attributable to AIR common
stockholders
|
|
$
|
9,289
|
|
|
$
|
(25,046
|
)
|
|
$
|
74,455
|
|
|
$
|
20,845
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per common share – basic
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations attributable to AIR per
common share
|
|
$
|
0.06
|
|
|
$
|
(0.23
|
)
|
|
$
|
0.49
|
|
|
$
|
0.09
|
|
|
Income (loss) from discontinued operations attributable to AIR per
common share
|
|
|
—
|
|
|
|
0.02
|
|
|
|
—
|
|
|
|
0.08
|
|
|
Net income (loss) attributable to AIR common stockholders per share
– basic
|
|
$
|
0.06
|
|
|
$
|
(0.21
|
)
|
|
$
|
0.49
|
|
|
$
|
0.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per common share – diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations attributable to AIR per
common share
|
|
$
|
0.06
|
|
|
$
|
(0.23
|
)
|
|
$
|
0.48
|
|
|
$
|
0.09
|
|
|
Income (loss) from discontinued operations attributable to AIR per
common share
|
|
|
—
|
|
|
|
0.02
|
|
|
|
—
|
|
|
|
0.08
|
|
|
Net income (loss) attributable to AIR common stockholders per share
– diluted
|
|
$
|
0.06
|
|
|
$
|
(0.21
|
)
|
|
$
|
0.48
|
|
|
$
|
0.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding –
basic
|
|
|
156,646
|
|
|
|
119,967
|
|
|
|
153,289
|
|
|
|
119,957
|
|
|
Weighted-average common shares outstanding –
diluted
|
|
|
157,042
|
|
|
|
119,967
|
|
|
|
153,650
|
|
|
|
120,035
|
|
See notes to condensed consolidated financial
statements.
5
Table of Contents
APARTMENT INCOME REIT CORP.
CONDENSED CONSOLIDATED STATEMENTS
OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
Net income (loss)
|
|
$
|
10,671
|
|
|
$
|
(24,815
|
)
|
|
$
|
80,099
|
|
|
$
|
27,366
|
|
|
Unrealized losses on available for sale debt securities
|
|
|
—
|
|
|
|
(243
|
)
|
|
|
(3,251
|
)
|
|
|
(658
|
)
|
|
Comprehensive income (loss)
|
|
|
10,671
|
|
|
|
(25,058
|
)
|
|
|
76,848
|
|
|
|
26,708
|
|
|
Comprehensive (income) loss attributable to noncontrolling
interests
|
|
|
(1,293
|
)
|
|
|
(177
|
)
|
|
|
(5,147
|
)
|
|
|
(6,354
|
)
|
|
Comprehensive income (loss) attributable to AIR
|
|
$
|
9,378
|
|
|
$
|
(25,235
|
)
|
|
$
|
71,701
|
|
|
$
|
20,354
|
|
See notes to condensed consolidated financial
statements.
6
Table of Contents
APARTMENT INCOME REIT CORP.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
For the Three Months Ended September 30, 2021 and 2020
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock
|
|
|
Common Stock
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
|
Noncontrolling
Interests in
|
|
|
Common
Noncontrolling
Interests in
|
|
|
|
|
|
|
|
Shares
Issued
|
|
|
Amount
|
|
|
Shares
Issued
|
|
|
Amount
|
|
|
Additional
Paid-
in Capital
|
|
|
Other
Comprehensive
Income
|
|
|
Distributions
in Excess
of Earnings
|
|
|
Total AIR Equity
|
|
|
Consolidated
Real Estate
Partnerships
|
|
|
AIR
Operating
Partnership
|
|
|
Total
Equity
|
|
|
Balances at June 30, 2020
|
|
|
—
|
|
|
$
|
—
|
|
|
|
120,225
|
|
|
$
|
1,201
|
|
|
$
|
3,491,565
|
|
|
$
|
3,807
|
|
|
$
|
(1,798,561
|
)
|
|
$
|
1,698,012
|
|
|
$
|
(3,190
|
)
|
|
$
|
79,414
|
|
|
$
|
1,774,236
|
|
|
Redemption of AIR Operating Partnership units
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(484
|
)
|
|
|
(484
|
)
|
|
Amortization of share-based compensation cost
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
902
|
|
|
|
—
|
|
|
|
—
|
|
|
|
902
|
|
|
|
—
|
|
|
|
1,052
|
|
|
|
1,954
|
|
|
Effect of changes in ownership of consolidated entities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
508,716
|
|
|
|
—
|
|
|
|
—
|
|
|
|
508,716
|
|
|
|
(61,356
|
)
|
|
|
335
|
|
|
|
447,695
|
|
|
Contribution from noncontrolling interest in consolidated real
estate partnerships
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
4,701
|
|
|
|
—
|
|
|
|
4,701
|
|
|
Change in accumulated other comprehensive income (loss)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(228
|
)
|
|
|
—
|
|
|
|
(228
|
)
|
|
|
—
|
|
|
|
(15
|
)
|
|
|
(243
|
)
|
|
Net income (loss)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(25,007
|
)
|
|
|
(25,007
|
)
|
|
|
(31
|
)
|
|
|
(1,341
|
)
|
|
|
(26,379
|
)
|
|
Common Stock dividends
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(61,034
|
)
|
|
|
(61,034
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(61,034
|
)
|
|
Distributions to noncontrolling interests
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(70
|
)
|
|
|
(3,343
|
)
|
|
|
(3,413
|
)
|
|
Other, net
|
|
|
—
|
|
|
|
—
|
|
|
|
1
|
|
|
|
—
|
|
|
|
30
|
|
|
|
—
|
|
|
|
—
|
|
|
|
30
|
|
|
|
(266
|
)
|
|
|
—
|
|
|
|
(236
|
)
|
|
Balances at September 30, 2020
|
|
|
—
|
|
|
$
|
—
|
|
|
|
120,226
|
|
|
$
|
1,201
|
|
|
$
|
4,001,213
|
|
|
$
|
3,579
|
|
|
$
|
(1,884,602
|
)
|
|
$
|
2,121,391
|
|
|
$
|
(60,212
|
)
|
|
$
|
75,618
|
|
|
$
|
2,136,797
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at June 30, 2021
|
|
|
20
|
|
|
$
|
2,000
|
|
|
|
156,857
|
|
|
$
|
1,569
|
|
|
$
|
3,773,173
|
|
|
$
|
—
|
|
|
$
|
(2,197,843
|
)
|
|
$
|
1,578,899
|
|
|
$
|
(67,531
|
)
|
|
$
|
60,388
|
|
|
$
|
1,571,756
|
|
|
Issuance of Common Stock, net
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(31
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(31
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(31
|
)
|
|
Redemption of AIR Operating Partnership units
|
|
|
—
|
|
|
|
—
|
|
|
|
126
|
|
|
|
1
|
|
|
|
6,282
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,283
|
|
|
|
—
|
|
|
|
(6,708
|
)
|
|
|
(425
|
)
|
|
Amortization of share-based compensation cost
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
409
|
|
|
|
—
|
|
|
|
—
|
|
|
|
409
|
|
|
|
—
|
|
|
|
992
|
|
|
|
1,401
|
|
|
Effect of changes in ownership of consolidated entities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(5,423
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(5,423
|
)
|
|
|
—
|
|
|
|
5,653
|
|
|
|
230
|
|
|
Contribution from noncontrolling interest in consolidated real
estate partnerships
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
4,128
|
|
|
|
—
|
|
|
|
4,128
|
|
|
Net income (loss)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
9,378
|
|
|
|
9,378
|
|
|
|
(785
|
)
|
|
|
475
|
|
|
|
9,068
|
|
|
Common Stock dividends
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(69,051
|
)
|
|
|
(69,051
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(69,051
|
)
|
|
Preferred stock dividends
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(43
|
)
|
|
|
(43
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(43
|
)
|
|
Distributions to noncontrolling interests
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|