Partners' Capital (Tables)

12 Months Ended

Dec. 31, 2020

As of December 31, 2020 and 2019, the AIR Operating Partnership had the following classes of preferred OP Units (stated at their redemption values, in thousands, except unit and per unit data):

	Distributions per Annum					Units Issued and Outstanding				Redemption Values
Class of Preferred Units	Percent			Per Unit		2020		2019		2020		2019
Class One		8.75	%	$	8.00		90,000		90,000	$	8,229	$	8,229
Class Two		1.92	%	$	0.48		11,122		11,122		278		278
Class Three		7.88	%	$	1.97		1,313,927		1,338,524		32,848		33,463
Class Four		8.00	%	$	2.00		644,954		644,954		16,124		16,124
Class Six		8.50	%	$	2.13		773,693		773,693		19,342		19,342
Class Seven		7.87	%	$	1.97		26,150		26,150		654		654
Class Nine		6.00	%	$	1.50		78,956		78,956		1,974		1,974
Class Ten		6.00	%	$	1.50		—		680,000		—		17,000
Total							2,938,802		3,643,399	$	79,449	$	97,064

Reconciliation of Preferred OP Units

The following table presents a reconciliation of the AIR Operating Partnership’s preferred OP Units during the year ended December 31, 2020 (in thousands):

	2020
Balance at January 1	$	97,064
Preferred distributions		(7,019	)
Redemption of preferred units and other		(17,615	)
Net income		7,019
Balance at December 31	$	79,449