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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
REVENUES        
Total revenues $ 197,307 $ 200,871 $ 623,677 $ 565,849
EXPENSES        
Property operating expenses 58,076 64,009 190,122 176,679
Property management expenses 7,899 7,241 23,318 21,594
Depreciation and amortization 79,023 90,445 263,949 253,650
General and administrative expenses 5,663 7,663 18,866 19,593
Other expenses, net 8,110 4,941 14,434 5,883
Total operating expenses 158,771 174,299 510,689 477,399
Interest income 2,918 9,613 6,133 48,746
Interest expense (22,888) (32,656) (96,629) (80,790)
Loss on extinguishment of debt 0 0 (2,008) (23,636)
Gain on dispositions and impairments of real estate 692,861 0 675,534 587,609
Gain on derivative instruments, net 14,070 0 23,322 0
Loss from unconsolidated real estate partnerships (10,390) (87) (12,267) (2,974)
Income before income tax expense 715,107 3,442 707,073 617,405
Income tax expense (4,595) (46) (5,911) (966)
Net income 710,512 3,396 701,162 616,439
Noncontrolling interests:        
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships (2,525) 102 (3,894) 285
Net income attributable to the AIR Operating Partnership (1,570) (1,602) (4,710) (4,807)
Net income attributable to common noncontrolling interests in AIR Operating Partnership (42,386) (137) (41,245) (37,053)
Net income attributable to noncontrolling interests (46,481) (1,637) (49,849) (41,575)
Loss from unconsolidated real estate partnerships 664,031 1,759 651,313 574,864
Net income attributable to AIR preferred stockholders (44) (43) (129) (128)
Net (income) loss attributable to participating securities (391) 44 (484) (373)
Net income attributable to AIR common stockholders $ 663,596 $ 1,760 $ 650,700 $ 574,363
Net income attributable to AIR common stockholders per share - basic (in dollars per share) $ 4.50 $ 0.01 $ 4.39 $ 3.69
Net income attributable to AIR common stockholders per share - diluted (in dollars per share) $ 4.43 $ 0.01 $ 4.35 $ 3.68
Weighted average common shares/units outstanding - basic (in shares) 147,474 153,811 148,372 155,488
Weighted average common shares/units outstanding - diluted 150,045 154,057 150,692 157,440
Rental and other property revenues        
REVENUES        
Total revenues $ 194,244 $ 198,413 $ 616,659 $ 558,686
Other revenues        
REVENUES        
Total revenues 3,063 2,458 7,018 7,163
Apartment Income REIT, L.P.        
REVENUES        
Total revenues 197,307 200,871 623,677 565,849
EXPENSES        
Property operating expenses 58,076 64,009 190,122 176,679
Property management expenses 7,899 7,241 23,318 21,594
Depreciation and amortization 79,023 90,445 263,949 253,650
General and administrative expenses 5,663 7,663 18,866 19,593
Other expenses, net 8,110 4,941 14,434 5,883
Total operating expenses 158,771 174,299 510,689 477,399
Interest income 2,918 9,613 6,133 48,746
Interest expense (22,888) (32,656) (96,629) (80,790)
Loss on extinguishment of debt 0 0 (2,008) (23,636)
Gain on dispositions and impairments of real estate 692,861 0 675,534 587,609
Gain on derivative instruments, net 14,070 0 23,322 0
Loss from unconsolidated real estate partnerships (10,390) (87) (12,267) (2,974)
Income before income tax expense 715,107 3,442 707,073 617,405
Income tax expense (4,595) (46) (5,911) (966)
Net income 710,512 3,396 701,162 616,439
Noncontrolling interests:        
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships (2,525) 102 (3,894) 285
Loss from unconsolidated real estate partnerships 707,987 3,498 697,268 616,724
Net income attributable to AIR preferred stockholders (1,614) (1,645) (4,839) (4,935)
Net (income) loss attributable to participating securities (391) 44 (484) (373)
Net income attributable to AIR common stockholders $ 705,982 $ 1,897 $ 691,945 $ 611,416
Net income attributable to AIR common stockholders per share - basic (in dollars per share) $ 4.49 $ 0.01 $ 4.38 $ 3.69
Net income attributable to AIR common stockholders per share - diluted (in dollars per share) $ 4.42 $ 0.01 $ 4.34 $ 3.68
Weighted average common shares/units outstanding - basic (in shares) 157,366 163,866 158,138 165,578
Weighted average common shares/units outstanding - diluted 159,937 164,112 160,458 167,529
Apartment Income REIT, L.P. | Rental and other property revenues        
REVENUES        
Total revenues $ 194,244 $ 198,413 $ 616,659 $ 558,686
Apartment Income REIT, L.P. | Other revenues        
REVENUES        
Total revenues $ 3,063 $ 2,458 $ 7,018 $ 7,163