Significant Transactions

3 Months Ended

Mar. 31, 2024

Apartment Community Acquisitions

During the three months ended March 31, 2024, we acquired one apartment community located in Raleigh, North Carolina with 384 apartment homes. Summarized information regarding this acquisition is set forth in the table below (dollars in thousands):


	Three Months Ended March 31, 2024
Purchase price	$	86,500
Capitalized transaction costs	713
Total consideration	$	87,213

Land	$	11,704
Building and improvements	73,102
Intangible assets (1)	2,482

Below-market lease liabilities (1)	(75)
Total consideration	$	87,213

(1)Intangible assets and below-market lease liabilities for the Raleigh, North Carolina apartment community acquisition have a weighted-average term of 0.5 years.

Subsequent to March 31, 2024, we acquired one apartment community located in Bethesda, Maryland with 359 apartment homes and 50,500 square feet of commercial space for $150.0 million. In connection with the acquisition, AIR placed $97.3 million of non-recourse property debt on the property.

Dividends and Distributions

For the three months ended March 31, 2024 and 2023, dividends and distributions paid per share of Common Stock and per common unit were $0.45. As a result of the announced Plan of Merger with Blackstone Real Estate as described in N ote 1 2, payment of additional quarterly dividends has been suspended, effective immediately, other than for the purpose of meeting REIT status, and any such dividends would result in an offsetting decrease to the Common Stock Merger Consideration. Subject to and upon consummation of the Merger, the Company’s Class A common stock will no longer be listed on the New York Stock Exchange.