v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
REVENUES        
Total revenues $ 193,931,000 $ 200,477,000 $ 387,613,000 $ 403,949,000
EXPENSES        
Property operating expenses 61,338,000 62,068,000 122,742,000 122,430,000
Property management expenses 9,399,000 8,046,000 18,421,000 18,238,000
Depreciation and amortization 75,968,000 77,190,000 151,770,000 155,795,000
General and administrative expenses 7,838,000 8,831,000 15,876,000 15,835,000
Other expenses, net 23,524,000 8,897,000 36,245,000 16,927,000
Property management and operating expenses 178,067,000 165,032,000 345,054,000 329,225,000
Interest income 3,663,000 6,958,000 8,609,000 14,567,000
Interest expense (81,947,000) (92,248,000) (163,184,000) (186,085,000)
Loss on extinguishment of debt (36,000) (922,000) (36,000) (2,030,000)
Gain on dispositions of real estate 0 135,874,000 0 241,400,000
Loss on impairment of real estate (2,035,000) 0 (2,035,000) 0
Loss on impairment of goodwill (6,136,000) 0 (6,136,000) 0
Gain (loss) on derivative instruments, net 20,253,000 (1,882,000) 35,789,000 (15,559,000)
Income (loss) from unconsolidated real estate partnerships 10,230,000 (2,921,000) 15,346,000 (6,531,000)
Income (loss) before income tax benefit (expense) (40,144,000) 80,304,000 (69,088,000) 120,486,000
Income tax benefit (expense) 2,000 (244,000) (13,000) (264,000)
Net income (loss) (40,142,000) 80,060,000 (69,101,000) 120,222,000
Net income attributable to noncontrolling interests in consolidated real estate partnerships (790,000) (29,746,000) (1,369,000) (31,550,000)
Net income (loss) attributable to the AIR Operating Partnership (40,932,000) 50,314,000 (70,470,000) 88,672,000
Net income attributable to the AIR Operating Partnership's preferred unitholders (1,147,000) (1,153,000) (2,295,000) (2,307,000)
Net income (loss) attributable to the AIR Operating Partnership’s common unitholders $ (42,079,000) $ 49,161,000 $ (72,765,000) $ 86,365,000
Net income (loss) attributable to the AIR Operating Partnership's common unitholders per unit – basic (in dollars per share) $ (0.28) $ 0.33 $ (0.48) $ 0.57
Net income (loss) attributable to the AIR Operating Partnership's common unitholders per unit - diluted (in dollars per share) $ (0.28) $ 0.33 $ (0.48) $ 0.57
Weighted average common units outstanding - basic (in shares) 151,015 151,100 151,016 152,222
Weighted average common units outstanding - diluted 151,015 153,373 151,016 154,414
Rental and other property revenues        
REVENUES        
Total revenues $ 187,918,000 $ 195,402,000 $ 377,178,000 $ 394,329,000
Other revenues        
REVENUES        
Total revenues $ 6,013,000 $ 5,075,000 $ 10,435,000 $ 9,620,000