2024 Q2 Form 10-Q Financial Statement

#000162828024021680 Filed on May 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $87.80M $90.21M
YoY Change -2.68% 15.86%
Cash & Equivalents $87.80M $90.21M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $87.80M $90.21M
YoY Change -2.68% 15.86%
LONG-TERM ASSETS
Property, Plant & Equipment $5.407B $5.880B
YoY Change -8.05% 17.2%
Goodwill $32.29M $32.29M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $324.9M
YoY Change
Other Assets $26.94M $24.87M
YoY Change 8.32% -38.38%
Total Long-Term Assets $6.111B $6.482B
YoY Change -5.73% 4.13%
TOTAL ASSETS
Total Short-Term Assets $87.80M $90.21M
Total Long-Term Assets $6.111B $6.482B
Total Assets $6.198B $6.572B
YoY Change -5.69% 4.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $303.4M $521.5M
YoY Change -41.81% -13.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $303.4M $521.5M
YoY Change -41.81% -13.56%
LONG-TERM LIABILITIES
Long-Term Debt $3.349B $3.739B
YoY Change -10.42% 11.41%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $3.349B $3.739B
YoY Change -10.42% 11.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $303.4M $521.5M
Total Long-Term Liabilities $3.349B $3.739B
Total Liabilities $3.652B $4.260B
YoY Change -14.27% 7.59%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.451M $1.492M
YoY Change -2.75% -5.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.279B $2.060B
YoY Change
Total Liabilities & Shareholders Equity $6.198B $6.572B
YoY Change -5.69% 4.28%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1

Facts In Submission

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NetCashProvidedByUsedInOperatingActivities
88894000 usd
CY2024Q1 us-gaap Payments To Acquire Residential Real Estate
PaymentsToAcquireResidentialRealEstate
90497000 usd
CY2023Q1 us-gaap Payments To Acquire Residential Real Estate
PaymentsToAcquireResidentialRealEstate
180673000 usd
CY2024Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
19682000 usd
CY2023Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
34278000 usd
CY2024Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
3207000 usd
CY2023Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-23689000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-113386000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-191262000 usd
CY2024Q1 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
0 usd
CY2023Q1 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
320000000 usd
CY2024Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
7179000 usd
CY2023Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
96294000 usd
CY2024Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
145000000 usd
CY2023Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-217000000 usd
CY2024Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
24595000 usd
CY2023Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 usd
CY2024Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
65105000 usd
CY2023Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
67121000 usd
CY2024Q1 us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
3793000 usd
CY2023Q1 us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
10529000 usd
CY2024Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-10599000 usd
CY2023Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-13007000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
33729000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-83951000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-2754000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-186319000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
117491000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
301405000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
114737000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
115086000 usd
CY2023Q1 airc Partners Capital Account Effect Of Changes In Ownership Of Partnership Units And Consolidated
PartnersCapitalAccountEffectOfChangesInOwnershipOfPartnershipUnitsAndConsolidated
0 usd
CY2024Q1 airc Partners Capital Account Effect Of Changes In Ownership Of Partnership Units And Consolidated
PartnersCapitalAccountEffectOfChangesInOwnershipOfPartnershipUnitsAndConsolidated
0 usd
CY2024Q1 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 months ended March 31, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.</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, 2023, have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in AIR’s and the AIR Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2023. Except where indicated, the footnotes refer to AIR, the AIR Operating Partnership and their consolidated subsidiaries, collectively.</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 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 March 31, 2024, our portfolio included 76 apartment communities with 27,015 apartment homes, in which we held an average ownership of approximately 82%. </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 March 31, 2024, after elimination of units held by consolidated subsidiaries, the AIR Operating Partnership had 158,247,357 common OP Units and equivalents outstanding. As of March 31, 2024, AIR owned 145,104,220 of the common OP Units of the AIR Operating Partnership and AIR had an equal number of shares of its Class A Common Stock outstanding, which we refer to as Common Stock. AIR’s ownership of the total common OP Units outstanding represents a 91.7% legal interest in the AIR Operating Partnership and a 93.7% economic interest.</span></div>
CY2024Q1 airc Number Of States And District
NumberOfStatesAndDistrict
10 stateanddistrict
CY2024Q1 airc Number Of Consolidated Variable Interest Entities
NumberOfConsolidatedVariableInterestEntities
5 entity
CY2023Q4 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
RedeemableNoncontrollingInterestEquityPreferredCarryingAmount
77140000 usd
CY2024Q1 airc Distributions Preferred Unitholders Cash
DistributionsPreferredUnitholdersCash
1570000 usd
CY2024Q1 us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
1570000 usd
CY2024Q1 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
RedeemableNoncontrollingInterestEquityPreferredCarryingAmount
77140000 usd
CY2024Q1 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>
CY2024Q1 airc Dividends And Distributions Paid Per Share And Unit
DividendsAndDistributionsPaidPerShareAndUnit
0.45
CY2023Q1 airc Dividends And Distributions Paid Per Share And Unit
DividendsAndDistributionsPaidPerShareAndUnit
0.45
CY2024Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
179359000 usd
CY2023Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
196336000 usd
CY2024Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
12826000 usd
CY2023Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
13288000 usd
CY2024Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
192185000 usd
CY2023Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
209624000 usd
CY2024Q1 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
344334000 usd
CY2024Q1 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
148584000 usd
CY2024Q1 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
21498000 usd
CY2024Q1 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
11713000 usd
CY2024Q1 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
9604000 usd
CY2024Q1 airc Lessor Operating Lease Payment To Be Received After Year Four
LessorOperatingLeasePaymentToBeReceivedAfterYearFour
30872000 usd
CY2024Q1 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
566605000 usd
CY2024Q1 us-gaap Long Term Debt
LongTermDebt
3349049000 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
3210344000 usd
CY2023Q4 us-gaap Derivative Average Variable Interest Rate
DerivativeAverageVariableInterestRate
0.045
CY2023Q4 us-gaap Receivables With Imputed Interest Amortization Amount
ReceivablesWithImputedInterestAmortizationAmount
8500000 usd
CY2023Q4 us-gaap Investment Interest Rate
InvestmentInterestRate
0.0725
CY2024Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
2100000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
-4200000 usd
CY2024Q1 us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
6100000 usd
CY2024Q1 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
9600000 usd
CY2023Q1 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
-2100000 usd
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2024Q1 us-gaap Revenues
Revenues
195622000 usd
CY2024Q1 airc Other Operating Expenses Not Allocated To Reportable Segment
OtherOperatingExpensesNotAllocatedToReportableSegment
101336000 usd
CY2024Q1 us-gaap Operating Expenses
OperatingExpenses
169075000 usd
CY2024Q1 airc Operating Income Loss Property
OperatingIncomeLossProperty
26547000 usd
CY2024Q1 airc Other Items Included In Continuing Operations
OtherItemsIncludedInContinuingOperations
-30506000 usd
CY2024Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-3959000 usd
CY2023Q1 us-gaap Revenues
Revenues
211993000 usd
CY2023Q1 airc Other Operating Expenses Not Allocated To Reportable Segment
OtherOperatingExpensesNotAllocatedToReportableSegment
106506000 usd
CY2023Q1 us-gaap Operating Expenses
OperatingExpenses
181959000 usd
CY2023Q1 airc Operating Income Loss Property
OperatingIncomeLossProperty
30034000 usd
CY2023Q1 airc Other Items Included In Continuing Operations
OtherItemsIncludedInContinuingOperations
-39843000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-9809000 usd
CY2024Q1 us-gaap Assets
Assets
6198306000 usd
CY2023Q4 us-gaap Assets
Assets
6134752000 usd
CY2024Q1 us-gaap Segment Expenditure Addition To Long Lived Assets
SegmentExpenditureAdditionToLongLivedAssets
27422000 usd
CY2023Q1 us-gaap Segment Expenditure Addition To Long Lived Assets
SegmentExpenditureAdditionToLongLivedAssets
33411000 usd

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