Investments in Unconsolidated Real Estate Partnerships (Tables)

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]


	Virginia JV	Value-Add JV (1)	Core JV
Initial formation date	October 2021	June 2023	July 2023
AIR Ownership	20%	30%	53%
Outside entities ownership	80%	70%	47%
Number of apartment communities	3	1	11
Apartment units	1,748	443	3,549

(1)The purchaser acquired a 70% legal ownership in the Huntington Gateway property, but AIR is entitled to 50% of the net cash flows from operations, and various fees for providing property management, construction, and corporate services to the joint venture.

The following table summarizes certain relevant financial information with respect to our investment in unconsolidated joint ventures (in thousands):


	December 31, 2023
	Virginia JV		Value-Add JV		Core JV
Net real estate	$	467,020	$	131,339	$	1,258,307
Other assets, net	7,061		7,368		41,882
Total assets	$	474,081	$	138,707	$	1,300,189

Third-party debt	$	395,000	$	88,741	$	793,910
Accrued liabilities and other	4,070		2,528		10,298
Total liabilities	$	399,070	$	91,269	$	804,208
Total equity	$	75,011	$	47,438	$	495,981

AIR's investment in balance (1)	$	17,212	$	28,606	$	268,931

(1) AIR's investment in balance includes certain basis differences that are subject to amortization. AIR's investment in unconsolidated real estate partnerships in our consolidated balance sheets also includes $21.3 million related to two immaterial unconsolidated investments.


	December 31, 2022
	Virginia JV		Value-Add JV		Core JV
Net real estate	$	481,939	$	—	$	—
Other assets, net	10,841		—		—
Total assets	$	492,780	$	—	$	—

Third-party debt	$	395,000	$	—	$	—
Accrued liabilities and other	5,179		—		—
Total liabilities	$	400,179	$	—	$	—
Total equity	$	92,601	$	—	$	—

AIR's investment in balance (1)	$	20,684	$	—	$	—

(1) AIR's investment in unconsolidated real estate partnerships in our consolidated balance sheets includes $21.2 million related to two immaterial unconsolidated investments.

The following tables summarize the financial information related to the Joint Venture Entities for the years ended December 31, 2023, 2022, and 2021 (in thousands):


	December 31, 2023
	Virginia JV		Value-Add JV		Core JV
Total revenues	$	44,725	$	6,665	$	51,341
Total expenses	64,779		12,969		94,141
Net loss	$	(20,054)	$	(6,304)	$	(42,800)

AIR's loss from unconsolidated real estate partnerships	$	(3,999)	$	(2,772)	$	(22,877)


	December 31, 2022
	Virginia JV		Value-Add JV		Core JV
Total revenues	$	41,422	$	—	$	—
Total expenses	57,316		—		—
Net loss	$	(15,894)	$	—	$	—

AIR's loss from unconsolidated real estate partnerships	$	(3,504)	$	—	$	—


	December 31, 2021
	Virginia JV		Value-Add JV		Core JV
Total revenues	$	7,471	$	—	$	—
Total expenses	11,414		—		—
Net loss	$	(3,943)	$	—	$	—

AIR's loss from unconsolidated real estate partnerships	$	(565)	$	—	$	—