v3.26.1
Variable Interest Entities
 6 Months Ended
Jun. 30, 2026
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, 2026December 31, 2025
VIEs with interests in apartment communities33
Apartment communities owned by VIEs1313
Apartment homes in communities owned by VIEs4,5424,542
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, 2026December 31, 2025
ASSETS:
Net real estate$818,811 $838,371 
Cash and cash equivalents35,339 15,696 
Restricted cash1,154 1,022 
Other assets, net21,975 20,698 
LIABILITIES:
Non-recourse property debt, net$1,222,768 $1,227,877 
Accrued liabilities and other36,485 34,677