As of June 30, 2026, we have equity investments in three significant unconsolidated joint ventures: the joint venture with an affiliate of Blackstone Inc. (“Virginia JV”), the joint venture with a global asset manager (“Value-Add JV”), and the joint venture with a global institutional investor (“Core JV”) (collectively, the “Joint Ventures”). We account for these Joint Ventures using the equity method of accounting and our ownership interests meet the definition of a VIE. However, we are not the primary beneficiary and do not consolidate these entities.


	Virginia JV (1)	Value-Add JV (2)	Core JV
Initial formation date	October 2021	June 2023	July 2023
AIR ownership	20%	30%	53%
Outside entities' ownership	80%	70%	47%
Number of apartment communities	1	1	12
Apartment homes	748	443	3,909

(1)On January 20, 2026, the Virginia JV sold an apartment community with 360 apartment homes for gross consideration of $138.1 million, recognizing a gain on the disposition of $40.5 million. On May 21, 2026, the Virginia JV sold an apartment community with 640 apartment homes for gross consideration of $216.2 million, recognizing a gain on the disposition of $60.7 million.

(2)Our partner holds a 70% legal ownership in the Value-Add JV, however, we are 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 carrying value of our investment in each Joint Venture is included in investment in unconsolidated real estate partnerships in our condensed consolidated balance sheets. Our exposure to the obligations of the Joint Ventures is limited to the carrying value of the limited partnership interests and our interest of the joint ventures' non-recourse liabilities. The following tables summarize certain relevant information with respect to our investments in unconsolidated joint ventures (in thousands):


	June 30, 2026
	Virginia JV		Value-Add JV		Core JV
Third-party debt (1)	$	146,228	$	87,506	$	890,832
AIR Operating Partnership's investment in balance (2)	$	7,701	$	28,483	$	249,388


	December 31, 2025
	Virginia JV		Value-Add JV		Core JV
Third-party debt	$	395,000	$	87,988	$	890,925
AIR Operating Partnership's investment in balance (2)	$	8,877	$	28,767	$	255,465

(1)In connection with the sale of two apartment communities, the Virginia JV repaid $248.8 million of third-party debt.

(2)Our investment in balance includes deferred acquisitions costs that are subject to amortization. Our investment in unconsolidated real estate partnerships in our condensed consolidated balance sheets also includes $20.0 million related to an immaterial unconsolidated investment as of June 30, 2026, and $21.2 million related to two immaterial unconsolidated investments as of December 31, 2025.

We recognize earnings or losses from our investments in unconsolidated real estate partnerships consisting of our proportionate share of the net earnings or losses of the Joint Ventures. In addition, we earn various fees for providing property management, construction, and corporate services to the Joint Ventures, presented within other revenues in our condensed consolidated statements of operations. The table below presents income (loss) from unconsolidated real estate partnerships within our condensed consolidated statements of operations (in thousands):


	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Virginia JV (1)	$	11,977	$	(462)	$	19,849	$	(1,411)
Value-Add JV	415		(358)		(370)		(784)
Core JV	(2,635)		(2,101)		(4,606)		(4,336)
Total (2)	$	9,757	$	(2,921)	$	14,873	$	(6,531)

(1)For the three and six months ended June 30, 2026, the income (loss) from unconsolidated real estate partnerships includes AIR Operating Partnership's proportionate share of the gain on the disposition of real estate in the amount of $12.1 million and $20.2 million, respectively.

(2)For the three and six months ended June 30, 2026, our income (loss) from unconsolidated real estate partnerships in our condensed consolidated statements of operations also includes a $0.5 million gain on disposition related to an immaterial unconsolidated investment that we sold on April 27, 2026.