XML 36 R22.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Variable Interest Entities
 3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities Variable Interest Entities
Consolidated Entities
AIR consolidates the AIR Operating Partnership, a VIE of which AIR is the primary beneficiary. AIR, through the AIR Operating Partnership, consolidates all VIEs for which it is the primary beneficiary. Substantially all of the assets and liabilities of AIR are those of the AIR Operating Partnership.
The AIR Operating Partnership consolidates (i) three VIEs that own interests in one or more apartment communities and are typically structured to generate a return for their partners through the operation and ultimate sale of the communities and (ii) one VIE related to a lessor entity that owns an interest in a property leased to a third party. The
AIR Operating Partnership is the primary beneficiary in the limited partnerships in which it is the sole decision maker and has a substantial economic interest.
The table below summarizes apartment community information regarding VIEs consolidated by the AIR Operating Partnership:
March 31, 2024
December 31, 2023
VIEs with interests in apartment communities33
Apartment communities owned by VIEs1414
Apartment homes in communities owned by VIEs4,8664,866
Assets of the AIR Operating Partnership’s consolidated VIEs must first be used to settle the liabilities of such consolidated VIEs. These consolidated VIEs’ creditors do not have recourse to the general credit of the AIR Operating Partnership. Assets and liabilities of VIEs, excluding those of the AIR Operating Partnership, are summarized in the table below (in thousands):
March 31, 2024December 31, 2023
ASSETS:
Net real estate$1,008,068 $1,013,770 
Cash and cash equivalents47,570 41,219 
Restricted cash2,386 2,179 
Other assets, net29,288 22,546 
LIABILITIES:
Non-recourse property debt, net$1,192,891 $1,196,280 
Accrued liabilities and other41,244 34,903