AIR Equity	12 Months Ended
Dec. 31, 2020
Equity [Abstract]
AIR Equity	Note 8 — AIR Equity On December 14, 2020, our Board of Directors amended and restated our charter. Immediately following the Separation, our Board of Directors is authorized to issue up to 1,021,175,000 shares of common stock and 1,000,000 shares of preferred stock. We completed the Separation, which was effected by way of a pro rata distribution, in which stockholders received one share of AIR common stock for every one share of Aimco common stock held as of the close of business on the record date. Common Stock During the years ended December 31, 2020, 2019, and 2018, we declared regular quarterly cash dividends per common share of $0.41, $0.39, and $0.38, respectively, excluding dividends declared as part of the special dividend. On January 28, 2021, our Board of Directors declared quarterly cash dividends of $0.43 per share of AIR Common Stock. This amount is payable on February 26, 2021, to stockholders of record on February 12, 2021. 2020 Special Stock Dividend and Reverse Stock Split 2020 property sales, including the California joint venture, generated taxable gains in excess of our regular quarterly dividend. On October 21, 2020, the Board of Directors of AIR’s Predecessor declared a special dividend and reverse stock split on its Common Stock in which every 1.23821 common share was combined into one common share, effective on the close of business on November 30, 2020. The special dividend consisted of $121.8 million in cash and 35.4 million shares of AIR’s Predecessor Common Stock. The special dividend was paid on November 30, 2020 to stockholders of record as of November 4, 2020. The special dividend amount of $0.82 per share included the regular quarterly cash dividend for the fourth quarter of 2020 and accelerated into 2020 what would have been AIR’s Predecessor’s first regular quarterly cash dividend for 2021. 2019 Special Stock Dividend and Reverse Stock Split On February 3, 2019, our Board of Directors authorized a reverse stock split, in which every 1.03119 then AIR’s Predecessor common share was combined into one common share, effective at the close of business on February 20, 2019. On the same date, our Board of Directors also declared a special dividend on the Common Stock that consisted of $67.1 million in cash, 4.5 million shares of Common Stock, and $0.4 million of cash paid in lieu of issuing fractional units. We paid the special dividend on March 22, 2019, to stockholders of record as of February 22, 2019. The special dividend amount included the regular quarterly cash dividend of $0.39 per share. As a result of the 2020 and 2019 reverse stock splits, the total number of shares outstanding after the stock dividend and reverse split was unchanged from the number of shares outstanding immediately prior to the two actions. Preferred Stock As of December 31, 2020, we had a single class of perpetual preferred stock outstanding, our Class A Preferred Stock, with twenty shares issued and outstanding and a balance of $2.0 million. The Preferred Stock was issued in connection with the Separation. Our Class A Preferred Stock has a $0.01 per share par value, is senior to our Common Stock, has a liquidation preference per share of $100.0 thousand and is redeemable at our option on or after December 15, 2025. The holders of Preferred Stock are generally not entitled to vote on matters submitted to stockholders. Dividends in an amount per share equal to 8.5% per annum are subject to declaration by our Board of Directors.

AIR Equity

12 Months Ended

Dec. 31, 2020

Note 8 — AIR Equity

On December 14, 2020, our Board of Directors amended and restated our charter. Immediately following the Separation, our Board of Directors is authorized to issue up to 1,021,175,000 shares of common stock and 1,000,000 shares of preferred stock.

We completed the Separation, which was effected by way of a pro rata distribution, in which stockholders received one share of AIR common stock for every one share of Aimco common stock held as of the close of business on the record date.

Common Stock

During the years ended December 31, 2020, 2019, and 2018, we declared regular quarterly cash dividends per common share of $0.41, $0.39, and $0.38, respectively, excluding dividends declared as part of the special dividend.

On January 28, 2021, our Board of Directors declared quarterly cash dividends of $0.43 per share of AIR Common Stock. This amount is payable on February 26, 2021, to stockholders of record on February 12, 2021.

2020 Special Stock Dividend and Reverse Stock Split

2020 property sales, including the California joint venture, generated taxable gains in excess of our regular quarterly dividend. On October 21, 2020, the Board of Directors of AIR’s Predecessor declared a special dividend and reverse stock split on its Common Stock in which every 1.23821 common share was combined into one common share, effective on the close of business on November 30, 2020. The special dividend consisted of $121.8 million in cash and 35.4 million shares of AIR’s Predecessor Common Stock. The special dividend was paid on November 30, 2020 to stockholders of record as of November 4, 2020. The special dividend amount of $0.82 per share included the regular quarterly cash dividend for the fourth quarter of 2020 and accelerated into 2020 what would have been AIR’s Predecessor’s first regular quarterly cash dividend for 2021.

2019 Special Stock Dividend and Reverse Stock Split

On February 3, 2019, our Board of Directors authorized a reverse stock split, in which every 1.03119 then AIR’s Predecessor common share was combined into one common share, effective at the close of business on February 20, 2019. On the same date, our Board of Directors also declared a special dividend on the Common Stock that consisted of $67.1 million in cash, 4.5 million shares of Common Stock, and $0.4 million of cash paid in lieu of issuing fractional units. We paid the special dividend on March 22, 2019, to stockholders of record as of February 22, 2019. The special dividend amount included the regular quarterly cash dividend of $0.39 per share.

As a result of the 2020 and 2019 reverse stock splits, the total number of shares outstanding after the stock dividend and reverse split was unchanged from the number of shares outstanding immediately prior to the two actions.

Preferred Stock

As of December 31, 2020, we had a single class of perpetual preferred stock outstanding, our Class A Preferred Stock, with twenty shares issued and outstanding and a balance of $2.0 million. The Preferred Stock was issued in connection with the Separation.

Our Class A Preferred Stock has a $0.01 per share par value, is senior to our Common Stock, has a liquidation preference per share of $100.0 thousand and is redeemable at our option on or after December 15, 2025. The holders of Preferred Stock are generally not entitled to vote on matters submitted to stockholders. Dividends in an amount per share equal to 8.5% per annum are subject to declaration by our Board of Directors.