v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
ASSETS    
Buildings and improvements $ 5,863,778 $ 6,126,780
Land 1,123,987 1,179,653
Total real estate 6,987,765 7,306,433
Accumulated depreciation (2,554,236) (2,499,663)
Net real estate 4,433,529 4,806,770
Cash and cash equivalents 216,058 346,310
Restricted cash 27,008 26,062
Investment in unconsolidated real estate partnerships 305,570 314,297
Goodwill 26,151 32,286
Other assets, net 262,291 230,376
Assets held for sale 185,937 0
Total assets 5,456,544 5,756,101
LIABILITIES AND PARTNERS’ DEFICIT    
Non-recourse property debt, net 5,671,953 5,717,500
Accrued liabilities and other 293,368 291,577
Total liabilities 5,965,321 6,009,077
Commitments and contingencies (Note 7)
Redeemable preferred units 56,409 56,456
Partners’ deficit:    
General Partner and Special Limited Partner (538,841) (295,007)
Limited Partners 107,269 118,505
Partners’ capital attributable to the AIR Operating Partnership (431,572) (176,502)
Noncontrolling interests in consolidated real estate partnerships (133,614) (132,930)
Total partners’ deficit (565,186) (309,432)
Total liabilities, redeemable preferred units, and partners’ deficit $ 5,456,544 $ 5,756,101