v3.25.2
Variable Interest Entities
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities Variable Interest Entities
Consolidated Entities
We consolidate (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. We are 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 AIR Operating Partnership:
June 30, 2025December 31, 2024
VIEs with interests in apartment communities33
Apartment communities owned by VIEs (1)1314
Apartment homes in communities owned by VIEs (1)4,5424,866
(1) During the three months ended June 30, 2025, we sold one apartment community owned by a consolidated joint venture with 324 apartment homes.
Assets of our 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’ are summarized in the table below (in thousands):
June 30, 2025December 31, 2024
ASSETS:
Net real estate$851,605 $972,802 
Cash and cash equivalents67,377 45,554 
Restricted cash1,478 1,876 
Other assets, net22,189 23,904 
LIABILITIES:
Non-recourse property debt, net$(1,194,286)$(1,309,959)
Accrued liabilities and other(33,091)(36,743)