Schedule III: Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III: Real Estate and Accumulated Depreciation

APARTMENT INCOME REIT CORP.

APARTMENT INCOME REIT, L.P.

SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2023

(In Thousands, Except Apartment Home Data)

Apartment Community Name	Apartment Type	(1) Date Consolidated	Location	Year Built	Apartment Homes	Initial Cost				(2) Cost Capitalized Subsequent to Consolidation		As of December 31, 2023
						Land		Buildings and Improvements				Land		Buildings and Improvements		(3) Total		(4) Accumulated Depreciation (AD)		Total Cost Net of AD		(5) Encumbrances
Same Store:
21 Fitzsimons	Mid Rise	Aug 2014	Aurora, CO	2008	601	$	13,176	$	110,795	$	40,086	$	13,176	$	150,881	$	164,057	$	(53,485)	$	110,572	$	81,838
3400 Avenue of the Arts	Mid Rise	Mar 2002	Costa Mesa, CA	1987	770	57,241		65,506		101,943		57,241		167,449		224,690		(116,299)		108,391		—
777 South Broad Street	Mid Rise	May 2018	Philadelphia, PA	2010	146	6,986		67,512		5,229		6,986		72,741		79,727		(16,149)		63,578		37,051
Axiom	Mid Rise	Apr 2015	Cambridge, MA	2015	115	—		63,612		5,133		—		68,745		68,745		(21,542)		47,203		—
Bay Parc Plaza	High Rise	Sep 2004	Miami, FL	2000	474	22,680		41,847		65,092		22,680		106,939		129,619		(43,586)		86,033		69,987
Boulder Creek	Garden	Jul 1994	Boulder, CO	1973	221	754		7,730		19,634		754		27,364		28,118		(21,125)		6,993		—
Broadcast Center	Garden	Mar 2002	Los Angeles, CA	1990	279	29,407		41,244		44,820		29,407		86,064		115,471		(46,287)		69,184		—
Calhoun Beach Club	High Rise	Dec 1998	Minneapolis, MN	1928	332	11,708		73,334		62,140		11,708		135,474		147,182		(101,407)		45,775		—
Charlesbank Apartment Homes	Mid Rise	Sep 2013	Watertown, MA	2012	44	3,399		11,726		1,720		3,399		13,446		16,845		(4,902)		11,943		—
Chestnut Hall	High Rise	Oct 2006	Philadelphia, PA	1923	315	12,338		14,299		14,895		12,338		29,194		41,532		(16,044)		25,488		32,291
City Center on 7th	Garden	Jun 2021	Pembroke Pines, FL	2014	700	35,196		186,823		33,250		35,196		220,073		255,269		(21,858)		233,411		—
Flamingo Point, Center Tower	High Rise	Sep 1997	Miami Beach, FL	2003	513	15,279		29,358		240,993		15,279		270,351		285,630		(146,577)		139,053		—
Flamingo Point, South Tower (6)	High Rise	Sep 1997	Miami Beach, FL	1960	260	—		14,570		74,656		—		89,226		89,226		(21,537)		67,689		—
Foxchase	Garden	Dec 1997	Alexandria, VA	1940	2,113	15,496		96,062		95,399		15,496		191,461		206,957		(127,305)		79,652		170,000
Hidden Cove	Garden	Jul 1998	Escondido, CA	1983	334	3,043		17,616		20,372		3,043		37,988		41,031		(23,334)		17,697		64,757
Hidden Cove II	Garden	Jul 2007	Escondido, CA	1986	118	12,849		6,530		7,518		12,849		14,048		26,897		(7,867)		19,030		25,183
Hillcreste	Garden	Mar 2002	Century City, CA	1989	315	35,862		47,216		26,720		35,862		73,936		109,798		(41,057)		68,741		—
Indian Oaks	Garden	Mar 2002	Simi Valley, CA	1986	254	24,523		15,801		13,395		24,523		29,196		53,719		(21,548)		32,171		58,955
Indigo	High Rise	Aug 2016	Redwood City, CA	2016	463	26,932		296,116		12,194		26,932		308,310		335,242		(80,869)		254,373		171,938
Laurel Crossing	Garden	Jan 2006	San Mateo, CA	1971	418	49,474		17,756		20,756		49,474		38,512		87,986		(22,212)		65,774		—
Lincoln Place (7)	Garden	Oct 2004	Venice, CA	1951	795	128,332		10,439		256,641		44,198		351,214		395,412		(193,540)		201,872		169,960
Malibu Canyon	Garden	Mar 2002	Calabasas, CA	1986	698	69,834		53,438		45,720		69,834		99,158		168,992		(70,914)		98,078		158,950
Mariners Cove	Garden	Mar 2002	San Diego, CA	1984	500	—		66,861		18,641		—		85,502		85,502		(52,801)		32,701		—
Meadow Creek	Garden	Jul 1994	Boulder, CO	1968	332	1,435		24,533		13,660		1,435		38,193		39,628		(27,091)		12,537		—
Mezzo	High Rise	Mar 2015	Atlanta, GA	2008	95	4,292		34,178		3,616		4,292		37,794		42,086		(12,332)		29,754		—
Monterey Grove	Garden	Jun 2008	San Jose, CA	1999	224	34,325		21,939		19,497		34,325		41,436		75,761		(20,533)		55,228		45,541
North Park	High Rise	Oct 2021	Chevy Chase, MD	1973	310	42,900		68,090		11,492		42,933		79,549		122,482		(6,726)		115,756		73,634

Apartment Community Name	Apartment Type	(1) Date Consolidated	Location	Year Built	Apartment Homes	Initial Cost				(2) Cost Capitalized Subsequent to Consolidation		As of December 31, 2023
						Land		Buildings and Improvements				Land		Buildings and Improvements		(3) Total		(4) Accumulated Depreciation (AD)		Total Cost Net of AD		(5) Encumbrances
Ocean House on Prospect	Mid Rise	Apr 2013	La Jolla, CA	1970	53	12,528		$	18,805	$	17,298	$	12,528	$	36,103	$	48,631	$	(15,618)	$	33,013	$	—
One Ardmore	Mid Rise	Apr 2019	Ardmore, PA	2019	110	4,929		61,631		4,135		4,929		65,766		70,695		(11,520)		59,175		28,504
One Canal	High Rise	Sep 2013	Boston, MA	2016	310	—		15,873		184,077		—		199,950		199,950		(59,287)		140,663		—
Pacific Bay Vistas (7)	Garden	Mar 2001	San Bruno, CA	1987	308	28,694		62,460		34,167		23,354		101,967		125,321		(51,306)		74,015		95,804
Pacifica Park	Garden	Jul 2006	Pacifica, CA	1977	104	12,970		6,579		9,765		12,970		16,344		29,314		(10,197)		19,117		37,264
Palazzo at Park La Brea, The	Mid Rise	Feb 2004	Los Angeles, CA	2002	521	48,362		125,464		61,144		48,362		186,608		234,970		(111,787)		123,183		205,883
Palazzo East at Park La Brea, The	Mid Rise	Mar 2005	Los Angeles, CA	2005	611	72,578		136,503		43,699		72,578		180,202		252,780		(110,240)		142,540		174,531
Parc Mosaic	Garden	Dec 2014	Boulder, CO	1970	226	15,300		—		111,319		15,300		111,319		126,619		(24,893)		101,726		—
Peachtree Park	Garden	Jan 1996	Atlanta, GA	1969	303	4,684		11,713		17,696		4,684		29,409		34,093		(20,455)		13,638		—
Preserve at Marin	Mid Rise	Aug 2011	Corte Madera, CA	1964	126	13,516		30,132		81,922		13,516		112,054		125,570		(48,841)		76,729		—
Residences at Capital Crescent Trail	High Rise	Oct 2021	Bethesda, MD	2002	258	15,975		84,167		8,019		15,975		92,186		108,161		(7,664)		100,497		—
Royal Crest Estates	Garden	Aug 2002	North Andover, MA	1970	588	51,292		36,808		29,995		51,292		66,803		118,095		(45,758)		72,337		—
Saybrook Pointe	Garden	Dec 2014	San Jose, CA	1995	324	32,842		84,457		27,878		32,842		112,335		145,177		(37,931)		107,246		107,347
SouthStar Lofts	High Rise	May 2018	Philadelphia, PA	2014	85	1,780		37,428		1,458		1,780		38,886		40,666		(8,261)		32,405		17,000
Sterling Apartment Homes, The	Garden	Oct 1999	Philadelphia, PA	1961	534	8,871		55,365		120,985		8,871		176,350		185,221		(121,690)		63,531		—
The Left Bank	Mid Rise	May 2018	Philadelphia, PA	1929	282	—		130,893		26,672		—		157,565		157,565		(34,431)		123,134		73,658
Tremont	Mid Rise	Dec 2014	Atlanta, GA	2009	78	5,274		18,011		4,365		5,274		22,376		27,650		(7,708)		19,942		—
Vaughan Place Apartments (6)	High Rise	Oct 2021	Washington, D.C.	1988	382	47,276		125,213		17,339		47,244		142,584		189,828		(12,428)		177,400		150,000
Villas at Park La Brea, The	Garden	Mar 2002	Los Angeles, CA	2002	250	8,630		48,871		24,942		8,630		73,813		82,443		(46,528)		35,915		—
Villas of Pasadena	Mid Rise	Jan 2006	Pasadena, CA	1973	92	9,693		6,818		5,826		9,693		12,644		22,337		(7,888)		14,449		20,500
Vivo	High Rise	Jun 2016	Cambridge, MA	2015	91	6,450		35,974		6,623		6,450		42,597		49,047		(19,812)		29,235		—
Waterways Village	Garden	Jun 1997	Aventura, FL	1994	180	4,504		11,064		19,088		4,504		30,152		34,656		(19,909)		14,747		—
Total Same Store					17,555	$	1,063,609	$	2,649,160	$	2,133,624	$	974,136	$	4,872,257	$	5,846,393	$	(2,173,079)	$	3,673,314	$	2,070,576
Other Real Estate:
707 Leahy	Garden	Sep 2022	Redwood City, CA	1973	110	$	20,956	$	62,605	$	185	$	20,956	$	62,790	$	83,746	$	(3,069)	$	80,677	$	—
Brizo Apartments	Garden	Jul 2023	Durham, NC	2019	260	7,652		60,170		1,055		7,652		61,225		68,877		(738)		68,139		41,026
Flamingo Point, North Tower	High Rise	Sep 2022	Miami Beach, FL	1960	366	91,529		290,682		1,561		91,529		292,243		383,772		(13,602)		370,170		—
PRISM	Mid Rise	Sep 2022	Cambridge, MA	2019	136	13,768		74,541		572		13,768		75,113		88,881		(3,668)		85,213		—
Southgate Towers	High Rise	Jan 2023	Miami Beach, FL	1958	495	99,338		187,427		3,392		99,338		190,819		290,157		(6,855)		283,302		84,336
The District at Flagler Village	High Rise	Jul 2022	Fort Lauderdale, FL	2021	350	14,472		156,718		1,526		14,472		158,244		172,716		(8,721)		163,995		—
The Fremont	Mid Rise	Sep 2022	Aurora, CO	2020	253	7,218		92,621		213		7,218		92,834		100,052		(4,651)		95,401		—

Apartment Community Name	Apartment Type	(1) Date Consolidated	Location	Year Built	Apartment Homes	Initial Cost				(2) Cost Capitalized Subsequent to Consolidation		As of December 31, 2023
						Land		Buildings and Improvements				Land		Buildings and Improvements		(3) Total		(4) Accumulated Depreciation (AD)		Total Cost Net of AD		(5) Encumbrances
The Reserve at Coconut Point	Garden	May 2022	Fort Myers, FL	2022	180	$	5,162	$	66,593	$	237	$	5,162	$	66,830	$	71,992	$	(4,732)	$	67,260	$	—
Villages at Olde Towne	Garden	Jul 2023	Raleigh, NC	2022	360	11,575		70,767		535		11,575		71,302		82,877		(1,244)		81,633		33,500
Watermarc at Biscayne Bay	High Rise	Jun 2022	Miami, FL	2021	296	34,710		174,237		2,531		34,710		176,768		211,478		(10,271)		201,207		—
Willard Towers	High Rise	Jun 2022	Washington, D.C.	1969	525	334		179,141		12,701		334		191,842		192,176		(10,776)		181,400		—
Other (8)						4,863		—		12,590		4,860		12,590		17,450		(4,183)		13,267		7,537
Total Other Real Estate					3,331	$	311,577	$	1,415,502	$	37,098	$	311,574	$	1,452,600	$	1,764,174	$	(72,510)	$	1,691,664	$	166,399
Total Portfolio					20,886	$	1,375,186	$	4,064,662	$	2,170,722	$	1,285,710	$	6,324,857	$	7,610,567	$	(2,245,589)	$	5,364,978	$	2,236,975

(1)Date we acquired the apartment community or first consolidated the partnership that owns the community.

(2)Includes costs capitalized since acquisition or date of initial consolidation of the community.

(3)The aggregate cost of land and depreciable property for federal income tax purposes was approximately $6.9 billion as of December 31, 2023 (unaudited).

(4)Depreciable life for buildings and improvements ranges from 5 to 30 years and is calculated on a straight-line basis.

(5)Encumbrances are presented before reduction for debt issuance costs.

(6)Initial cost of buildings and improvements includes the cost of additional apartment homes acquired subsequent to consolidation.

(7)The current carrying value of the apartment community reflects an impairment loss recognized.

(8)Other includes apartment communities under development, land parcels, and certain non-residential properties held for future development.

APARTMENT INCOME REIT CORP.

APARTMENT INCOME REIT, L.P.

SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION

For the Years Ended December 31, 2023, 2022, and 2021

(In Thousands)

	2023		2022		2021
Total real estate balance at beginning of year	$	8,076,394	$	6,885,081	$	7,468,864
Additions during the year:
Acquisitions and lease cancellation	447,945		1,300,122		723,599
Capital additions	168,248		193,360		168,920
Amounts related to assets held for sale	—		—		(253,547)
Dispositions and other	(1,082,020)		(302,169)		(1,222,755)
Total real estate balance at end of year	$	7,610,567	$	8,076,394	$	6,885,081
Accumulated depreciation balance at beginning of year	$	2,449,883	$	2,284,793	$	2,455,505
Depreciation	310,952		308,382		298,789
Amounts related to assets held for sale	—		—		(107,055)
Dispositions and other	(515,246)		(143,292)		(362,446)
Accumulated depreciation balance at end of year	$	2,245,589	$	2,449,883	$	2,284,793