XML 44 R30.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Investment in Unconsolidated Real Estate Partnership (Tables)
 3 Months Ended
Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments
Virginia JVValue-Add JV (1)Core JV
Initial formation dateOctober 2021June 2023July 2023
AIR Ownership20%30%53%
Outside Entities Ownership80%70%47%
Number of Apartment Communities3111
Apartment Units1,7484433,549
(1)A global asset manager 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 information with respect to our investments in unconsolidated real estate partnerships (in thousands):
March 31, 2024
Virginia JVValue-Add JVCore JV
Third-party debt
$395,000 $89,053 $793,874 
AIR's investment in balance (1)
$16,539 $28,482 $258,590 
(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 condensed consolidated balance sheets also includes $21.3 million related to two immaterial unconsolidated investments.
December 31, 2023
Virginia JVValue-Add JVCore JV
Third-party debt
$395,000 $88,741 $793,910 
AIR's investment in balance (1)
$17,212 $28,606 $268,931 
(1)AIR's investment in unconsolidated real estate partnerships in our condensed consolidated balance sheets includes $21.3 million related to two immaterial unconsolidated investments.
The table below presents earnings or losses attributable to our investments in unconsolidated real estate partnerships, which is included in loss from unconsolidated real estate partnerships in our combined condensed consolidated statements of operations (in thousands):
Three Months Ended March 31,
20242023
Virginia JV$(73)$(1,035)
Value-Add JV
(239)— 
Core JV
(6,538)— 
Total$(6,850)$(1,035)