2023 Q3 Form 10-Q Financial Statement

#000162828023026156 Filed on July 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $106.6M $106.3M
YoY Change 21.51% 41.9%
Cash & Equivalents $106.6M $106.3M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $106.6M $106.3M
YoY Change 21.51% 41.9%
LONG-TERM ASSETS
Property, Plant & Equipment $5.403B $5.671B
YoY Change -4.67% 4.15%
Goodwill $32.29M $32.29M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $352.1M
YoY Change
Other Assets $27.50M $23.56M
YoY Change -82.31% -9.17%
Total Long-Term Assets $6.293B $6.301B
YoY Change -5.16% -0.91%
TOTAL ASSETS
Total Short-Term Assets $106.6M $106.3M
Total Long-Term Assets $6.293B $6.301B
Total Assets $6.399B $6.407B
YoY Change -4.81% -0.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $483.1M $476.4M
YoY Change -36.3% -31.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $483.1M $476.4M
YoY Change -36.3% -31.62%
LONG-TERM LIABILITIES
Long-Term Debt $3.128B $3.685B
YoY Change -15.27% 9.38%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $3.128B $3.685B
YoY Change -15.29% 9.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $483.1M $476.4M
Total Long-Term Liabilities $3.128B $3.685B
Total Liabilities $3.611B $4.408B
YoY Change -18.87% 8.42%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.470M $1.492M
YoY Change -3.92% -3.24%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.507B $1.999B
YoY Change
Total Liabilities & Shareholders Equity $6.399B $6.407B
YoY Change -4.81% -0.41%

Cashflow Statement

Concept 2023 Q3 2023 Q2

Facts In Submission

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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
920000 usd
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-624000 usd
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-2939000 usd
us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
14334000 usd
us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
14638000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
182662000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
201496000 usd
us-gaap Payments To Acquire Residential Real Estate
PaymentsToAcquireResidentialRealEstate
182459000 usd
us-gaap Payments To Acquire Residential Real Estate
PaymentsToAcquireResidentialRealEstate
472317000 usd
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
89388000 usd
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
90599000 usd
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
33633000 usd
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
759344000 usd
airc Proceeds From Repayment Of Notes Receivable
ProceedsFromRepaymentOfNotesReceivable
0 usd
airc Proceeds From Repayment Of Notes Receivable
ProceedsFromRepaymentOfNotesReceivable
387088000 usd
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
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us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
8849000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-228410000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
574667000 usd
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
103964000 usd
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
353770000 usd
us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
320000000 usd
us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
0 usd
us-gaap Repayments Of Debt
RepaymentsOfDebt
0 usd
us-gaap Repayments Of Debt
RepaymentsOfDebt
350000000 usd
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-170000000 usd
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-154795000 usd
us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
0 usd
us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
400000000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
125000000 usd
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
134135000 usd
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
141104000 usd
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
14159000 usd
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
16306000 usd
us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
15814000 usd
us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
4269000 usd
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-7672000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-125744000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-768033000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-171492000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
8130000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
301405000 usd
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
3684577000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
3641629000 usd
airc Debt Instrument Total Leverage Percent
DebtInstrumentTotalLeveragePercent
0.04
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
92761000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
129913000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
100891000 usd
CY2022Q2 airc Partners Capital Account Effect Of Changes In Ownership Of Partnership Units And Consolidated
PartnersCapitalAccountEffectOfChangesInOwnershipOfPartnershipUnitsAndConsolidated
0 usd
CY2023Q2 airc Partners Capital Account Effect Of Changes In Ownership Of Partnership Units And Consolidated
PartnersCapitalAccountEffectOfChangesInOwnershipOfPartnershipUnitsAndConsolidated
0 usd
airc Partners Capital Account Effect Of Changes In Ownership Of Partnership Units And Consolidated
PartnersCapitalAccountEffectOfChangesInOwnershipOfPartnershipUnitsAndConsolidated
0 usd
airc Partners Capital Account Effect Of Changes In Ownership Of Partnership Units And Consolidated
PartnersCapitalAccountEffectOfChangesInOwnershipOfPartnershipUnitsAndConsolidated
0 usd
us-gaap Nature Of Operations
NatureOfOperations
Basis of Presentation and Organization<div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Basis of Presentation</span></div><div style="margin-top:10pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying condensed consolidated financial statements include the accounts of Apartment Income REIT Corp. (“AIR”), Apartment Income REIT, L.P. (“AIR Operating Partnership”), and their consolidated subsidiaries. The AIR Operating Partnership’s condensed consolidated financial statements include the accounts of the AIR Operating Partnership and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.</span></div><div style="margin-top:10pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company. Interests in the AIR Operating Partnership that are held by limited partners other than AIR are reflected in AIR’s accompanying condensed consolidated balance sheets as noncontrolling interests in the AIR Operating Partnership. Interests in partnerships consolidated by the AIR Operating Partnership that are held by third parties are reflected in AIR’s and AIR Operating Partnership’s accompanying condensed consolidated balance sheets as noncontrolling interests in consolidated real estate partnerships. </span></div><div style="margin-top:10pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Except as the context otherwise requires, “we,” “our,” and “us” refer to AIR, the AIR Operating Partnership, and their consolidated subsidiaries, collectively.</span></div><div style="margin-top:10pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments, consisting of normal recurring items, considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2023, are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.</span></div><div style="margin-top:10pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The condensed consolidated balance sheets of AIR, the AIR Operating Partnership, and their consolidated subsidiaries as of December 31, 2022, have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in AIR’s and the AIR Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2022. Except where indicated, the footnotes refer to AIR, the AIR Operating Partnership and their consolidated subsidiaries, collectively.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Reclassifications</span></div><div style="margin-top:10pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior period balances in the condensed consolidated balance sheets, statements of operations, and statements of cash flows have been combined or reclassified to conform to current period presentation pursuant to Rule 10-01(a)(2) of Regulation S-X of the SEC. These changes had no impact on net income (loss), cash flows, assets and liabilities, equity or partners’ capital previously reported.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Organization and Business</span></div><div style="margin-top:10pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">AIR is a self-administered and self-managed REIT. AIR owns, through its wholly-owned subsidiaries, the general partner interest and special limited partner interest in AIR Operating Partnership. AIR Operating Partnership conducts all of the business of AIR, which is focused on the ownership of stabilized multi-family properties located in top markets including eight important geographic concentrations: Boston; Philadelphia; Washington, D.C.; Miami; Denver; the San Francisco Bay Area; Los Angeles; and San Diego.</span></div><div style="margin-top:10pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We own and operate a portfolio of stabilized apartment communities, diversified by both geography and price point, in 10 states and the District of Columbia. As of June 30, 2023, our portfolio included 73 apartment communities with </span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">25,739 apartment homes, in which we held an average ownership of approximately 87%. We also have one land parcel and one indirect land interest that we lease to third parties. </span></div><div style="margin-top:10pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Interests in the AIR Operating Partnership that are held by limited partners other than AIR are referred to as OP Units. OP Units include common partnership units, which we refer to as common OP Units, as well as preferred partnership units, which we refer to as preferred OP Units. As of June 30, 2023, after elimination of units held by consolidated subsidiaries, the AIR Operating Partnership had 163,508,889 common OP Units outstanding. As of June 30, 2023, AIR owned 149,223,526 of the common OP Units of the AIR Operating Partnership and AIR had an equal number of shares of its Class A Common Stock outstanding, which we refer to as Common Stock. AIR’s ownership of the total common OP Units outstanding represents a 91.3% legal interest in the AIR Operating Partnership and a 93.1% economic interest.</span></div>
CY2023Q2 airc Number Of States And District
NumberOfStatesAndDistrict
10 stateanddistrict
CY2022Q4 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
RedeemableNoncontrollingInterestEquityPreferredCarryingAmount
77143000 usd
airc Distributions Preferred Unitholders Cash
DistributionsPreferredUnitholdersCash
3140000 usd
us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
3140000 usd
CY2023Q2 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
RedeemableNoncontrollingInterestEquityPreferredCarryingAmount
77143000 usd
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span></div><div style="margin-top:10pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
CY2023Q2 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
29000 sqft
CY2022Q2 airc Other Items Included In Continuing Operations
OtherItemsIncludedInContinuingOperations
174358000 usd
us-gaap Notes Assumed1
NotesAssumed1
101200000 usd
CY2023Q2 airc Common Op Units Issuance
CommonOpUnitsIssuance
22400000 usd
us-gaap Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
ImpairmentReal estate and other long-lived assets to be held and used are individually evaluated for impairment when conditions exist that may indicate the carrying amount of a long-lived asset may not be recoverable. Impairment indicators include significant fluctuations in rental and other property revenues less property operating expenses, occupancy changes, significant near-term lease expirations, current and historical cash flow losses, rental rates, and if applicable, a comparison of an asset’s carrying value to its estimated fair value. Upon determination that an impairment has occurred, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the community
CY2023Q2 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
8200000 usd
CY2023Q2 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
196718000 usd
CY2022Q2 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
169337000 usd
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
393054000 usd
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
337567000 usd
CY2023Q2 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
15253000 usd
CY2022Q2 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
11216000 usd
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
28541000 usd
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
22021000 usd
CY2023Q2 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
211971000 usd
CY2022Q2 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
180553000 usd
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
421595000 usd
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
359588000 usd
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
262306000 usd
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
258690000 usd
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
41745000 usd
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
11214000 usd
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
9701000 usd
CY2023Q2 airc Lessor Operating Lease Payment To Be Received After Year Four
LessorOperatingLeasePaymentToBeReceivedAfterYearFour
34712000 usd
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
618368000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-8034000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-1439000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1439000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
196722000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
196722000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-12896000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-12896000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
572603000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
572603000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
148832000 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
155927000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
148821000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
156327000 shares
CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2022Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
209000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
280000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
148832000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
156136000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
148821000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
156607000 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.26
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.26
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.09
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.09
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.66
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.66
CY2022Q2 airc Dividends And Distributions Paid Per Share And Unit
DividendsAndDistributionsPaidPerShareAndUnit
0.45
airc Dividends And Distributions Paid Per Share And Unit
DividendsAndDistributionsPaidPerShareAndUnit
0.90
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2200000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2200000 shares
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1700000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1600000 shares
CY2022Q2 us-gaap Revenues
Revenues
183500000 usd
CY2022Q2 airc Other Operating Expenses Not Allocated To Reportable Segment
OtherOperatingExpensesNotAllocatedToReportableSegment
80913000 usd
CY2022Q2 us-gaap Operating Expenses
OperatingExpenses
144700000 usd
CY2022Q2 airc Operating Income Loss Property
OperatingIncomeLossProperty
38800000 usd
CY2022Q4 us-gaap Derivative Average Variable Interest Rate
DerivativeAverageVariableInterestRate
0.045
CY2022Q4 us-gaap Receivables With Imputed Interest Amortization Amount
ReceivablesWithImputedInterestAmortizationAmount
8500000 usd
CY2023Q2 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
11400000 usd
us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
9300000 usd
us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
0 usd
CY2022Q2 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
0 usd
CY2023Q2 airc Derivative Change In Hedging Designation
DerivativeChangeInHedgingDesignation
830000000 usd
CY2023Q2 airc Derivative Change In Hedging Designation Unrealized Gains
DerivativeChangeInHedgingDesignationUnrealizedGains
29500000 usd
us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
10800000 usd
CY2023Q2 us-gaap Derivative Amount Of Hedged Item
DerivativeAmountOfHedgedItem
325000000 usd
us-gaap Derivative Term Of Contract
DerivativeTermOfContract
P3Y4M24D
CY2023Q2 us-gaap Number Of Units In Real Estate Property
NumberOfUnitsInRealEstateProperty
328 apartment
CY2023Q2 us-gaap Redeemable Noncontrolling Interest Equity Preferred Redemption Value
RedeemableNoncontrollingInterestEquityPreferredRedemptionValue
28000000 usd
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2023Q2 us-gaap Revenues
Revenues
214560000 usd
CY2023Q2 airc Other Operating Expenses Not Allocated To Reportable Segment
OtherOperatingExpensesNotAllocatedToReportableSegment
97802000 usd
CY2023Q2 us-gaap Operating Expenses
OperatingExpenses
169814000 usd
CY2023Q2 airc Operating Income Loss Property
OperatingIncomeLossProperty
44746000 usd
CY2023Q2 airc Other Items Included In Continuing Operations
OtherItemsIncludedInContinuingOperations
-42971000 usd
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1775000 usd
us-gaap Revenues
Revenues
426553000 usd
airc Other Operating Expenses Not Allocated To Reportable Segment
OtherOperatingExpensesNotAllocatedToReportableSegment
204308000 usd
us-gaap Operating Expenses
OperatingExpenses
351773000 usd
airc Operating Income Loss Property
OperatingIncomeLossProperty
74780000 usd
airc Other Items Included In Continuing Operations
OtherItemsIncludedInContinuingOperations
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CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
213158000 usd
us-gaap Revenues
Revenues
364978000 usd
airc Other Operating Expenses Not Allocated To Reportable Segment
OtherOperatingExpensesNotAllocatedToReportableSegment
176077000 usd
us-gaap Operating Expenses
OperatingExpenses
303100000 usd
airc Operating Income Loss Property
OperatingIncomeLossProperty
61878000 usd
airc Other Items Included In Continuing Operations
OtherItemsIncludedInContinuingOperations
552085000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
613963000 usd
CY2023Q2 us-gaap Assets
Assets
6407010000 usd
CY2022Q4 us-gaap Assets
Assets
6551883000 usd
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
88037000 usd
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
86353000 usd
CY2023Q2 us-gaap Revenues
Revenues
214560000 usd
CY2022Q2 us-gaap Revenues
Revenues
183500000 usd
us-gaap Revenues
Revenues
426553000 usd
us-gaap Revenues
Revenues
364978000 usd
CY2023Q2 airc Property Operating Expenses
PropertyOperatingExpenses
72012000 usd
CY2022Q2 airc Property Operating Expenses
PropertyOperatingExpenses
63787000 usd
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.09

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0001628280-23-026156-index-headers.html Edgar Link pending
0001628280-23-026156-index.html Edgar Link pending
0001628280-23-026156.txt Edgar Link pending
0001628280-23-026156-xbrl.zip Edgar Link pending
airc-20230630.htm Edgar Link pending
airc-20230630.xsd Edgar Link pending
airc-20230630_g1.jpg Edgar Link pending
airc2023q2-exx322.htm Edgar Link pending
airc-20230630_def.xml Edgar Link unprocessable
airc-20230630_pre.xml Edgar Link unprocessable
airc-20230630_lab.xml Edgar Link unprocessable
airc-20230630_htm.xml Edgar Link completed
airc2023q2ex-311.htm Edgar Link pending
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report.css Edgar Link pending
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airc-20230630_cal.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable