Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Contractual property management and construction management fee revenue is reflected within Other revenues in the condensed consolidated statements of operations, as presented in the table below (in thousands):


	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Other revenues	$	3,550	$	578	$	4,927	$	826

Direct cost reimbursements are reflected as an offset to the related expense line in the condensed consolidated statements of operations, in the amounts presented in the table below (in thousands):


	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Property management expenses	$	3,164	$	—	$	3,164	$	—
General and administrative expenses	1,083		677		2,766		1,072
Other expense, net	693		—		693		—
Total corporate service reimbursements received	$	4,940	$	677	$	6,623	$	1,072

Schedule of Reconciliation of Preferred OP Units

The following table presents a rollforward of the AIR Operating Partnership’s preferred OP Units’ redemption value and accrued distributions (in thousands):


Balance at January 1, 2026	$	56,456
Preferred distributions	(2,298)
Redemption of preferred units	(44)
Net income allocated to preferred units	2,295
Balance at June 30, 2026	$	56,409

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details