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Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Total Compensation Cost Recognized for Share-Based Awards
Total compensation cost recognized for share-based awards was as follows for the years ended December 31, 2023, 2022, and 2021 (in thousands):
202320222021
Share-based compensation expense (1)$8,874 $7,463 $7,360 
Capitalized share-based compensation (2)422 503 295 
Total share-based compensation (3)$9,296 $7,966 $7,655 
(1)Amounts are recorded in general and administrative expenses and property management expenses in our consolidated statements of operations.
(2)Amounts are recorded in building and improvements in our consolidated balance sheets.
(3)Amounts are recorded in additional paid-in capital and common noncontrolling interests in AIR Operating Partnership in the AIR consolidated balance sheets, and in general partner and special limited partner and limited partners in the AIR Operating Partnership consolidated balance sheets.
Assumptions Used in Determination of Grant-Date Fair Value of Awards The valuation assumptions for the 2023, 2022, and 2021 grants were as follows:
202320222021
Grant date market value of a common share$38.26 $53.91 $36.84 
Risk-free interest rate
3.85%- 4.14%
1.20% - 1.68%
0.24% - 0.78%
Dividend yield4.70 %3.50 %4.00 %
Expected volatility
28.56% - 28.59%
22.63% - 24.83%
23.08% - 28.21%
Derived vesting period of TSR Restricted Stock and TSR LTIP I units3.5 years3.5 years3.2 years
Weighted average expected term of TSR Stock Options and LTIP II units5.5 years5.4 years5.4 years