Apartment Income REIT Corp - Ordinary Shares (AIRC) 10-Q7 May 212021 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	Apr. 30, 2021
Document Information [Line Items]
Entity Registrant Name	APARTMENT INCOME REIT CORP.
Entity Central Index Key	0001820877
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Trading Symbol	AIRC
Entity File Number	1-39686
Entity Tax Identification Number	84-1299717
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	4582 South Ulster Street
Entity Address, Address Line Two	Suite 1700
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80237
City Area Code	303
Local Phone Number	757-8101
Entity Common Stock, Shares Outstanding		156,825,674
Title of 12(b) Security	Class A Common Stock (Apartment Income REIT Corp.)
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false
AIMCO Properties, LP [Member]
Document Information [Line Items]
Entity Registrant Name	AIMCO PROPERTIES, L.P.
Entity Central Index Key	0000926660
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity File Number	0-24497
Entity Tax Identification Number	84-1275621
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	4582 South Ulster Street
Entity Address, Address Line Two	Suite 1700
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80237
City Area Code	303
Local Phone Number	757-8101

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Buildings and improvements	$ 5,712,264	$ 6,127,249
Land	1,299,272	1,341,615
Total real estate	7,011,536	7,468,864
Accumulated depreciation	(2,437,147)	(2,455,505)
Net real estate	4,574,389	5,013,359
Cash and cash equivalents	47,723	44,214
Restricted cash	28,023	29,266
Notes receivable from Aimco	534,127	534,127
Leased real estate assets	467,013
Goodwill	32,286	32,286
Other assets	637,943	576,026
Total assets	6,321,504	6,229,278
LIABILITIES AND EQUITY
Non-recourse property debt, net	3,568,815	3,628,236
Term loan, net	349,827	349,164
Revolving credit facility borrowings	394,550	265,600
Total indebtedness	4,313,192	4,243,000
Accrued liabilities and other	606,767	598,736
Total liabilities	4,919,959	4,841,736
Preferred noncontrolling interests in AIR Operating Partnership	79,449	79,449
Commitments and contingencies (Note 4)
Equity:
Perpetual preferred stock	2,000	2,000
Common Stock, $0.01 par value, 1,021,175,000 shares authorized at March 31, 2021 and December 31, 2020, respectively, and 148,974,839 and 148,861,036 shares issued/outstanding at March 31, 2021 and December 31, 2020, respectively	1,490	1,489
Additional paid-in capital	3,430,694	3,432,121
Accumulated other comprehensive income	1,100	3,039
Distributions in excess of earnings	(2,112,381)	(2,131,798)
Total AIR equity	1,322,903	1,306,851
Noncontrolling interests in consolidated real estate partnerships	(64,619)	(61,943)
Common noncontrolling interests in AIR Operating Partnership	63,812	63,185
Total equity	1,322,096	1,308,093
Total liabilities and equity	6,321,504	6,229,278
AIMCO Properties, LP [Member]
ASSETS
Buildings and improvements	5,712,264	6,127,249
Land	1,299,272	1,341,615
Total real estate	7,011,536	7,468,864
Accumulated depreciation	(2,437,147)	(2,455,505)
Net real estate	4,574,389	5,013,359
Cash and cash equivalents	47,723	44,214
Restricted cash	28,023	29,266
Notes receivable from Aimco	534,127	534,127
Leased real estate assets	467,013
Goodwill	32,286	32,286
Other assets	637,943	576,026
Total assets	6,321,504	6,229,278
LIABILITIES AND EQUITY
Non-recourse property debt, net	3,568,815	3,628,236
Term loan, net	349,827	349,164
Revolving credit facility borrowings	394,550	265,600
Total indebtedness	4,313,192	4,243,000
Accrued liabilities and other	606,767	598,736
Total liabilities	4,919,959	4,841,736
Preferred noncontrolling interests in AIR Operating Partnership	79,449	79,449
Commitments and contingencies (Note 4)
Equity:
Preferred units	2,000	2,000
General Partner and Special Limited Partner	1,320,903	1,304,851
Limited Partners	63,812	63,185
Partners’ capital attributable to the AIR Operating Partnership	1,386,715	1,370,036
Partners' Capital Attributable to Noncontrolling Interest	(64,619)	(61,943)
Total partners’ capital	1,322,096	1,308,093
Total liabilities and equity	$ 6,321,504	$ 6,229,278

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	1,021,175,000	1,021,175,000
Common Stock, shares issued (in shares)	148,974,839	148,861,036
Common Stock, shares outstanding (in shares)	148,974,839	148,861,036

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
REVENUES
Total revenues	$ 176,413	$ 186,043
OPERATING EXPENSES
Property operating expenses	64,617	65,962
Depreciation and amortization	75,280	81,446
General and administrative expenses	4,414	7,489
Other expenses, net	2,876	1,491
Total operating expenses	147,187	156,388
Interest income	15,972	3,989
Interest expense	(37,035)	(36,806)
Gain(Loss) on derecognition of leased properties and dispositions of real estate	84,032	13
Mezzanine / Unconsolidated partnerships investment income, net	0	6,747
Income from continuing operations before income tax (expense) benefit and discontinued operations	92,195	3,598
Income tax (expense) benefit	(3,080)	1,314
Income from continuing operations	89,115	4,912
Income from discontinued operations, net of tax		4,065
Net income	89,115	8,977
Noncontrolling interests:
Net loss (income) attributable to noncontrolling interests in consolidated real estate partnerships	235	(18)
Net income attributable to preferred noncontrolling interests in AIR Operating Partnership	(1,604)	(1,869)
Net income attributable to common noncontrolling interests in AIR Operating Partnership	(4,436)	(368)
Net income attributable to noncontrolling interests	(5,805)	(2,255)
Net income attributable to AIR	83,310	6,722
Net income attributable to AIR preferred stockholders	(50)
Net income attributable to participating securities	(64)	(43)
Net income attributable to AIR common stockholders	$ 83,196	$ 6,679
Earnings per common share – basic and diluted
Income from continuing operations attributable to AIR per common share	$ 0.56	$ 0.02
Income from discontinued operations attributable to AIR per common share		0.04
Net income attributable to AIR per common share – basic and diluted	$ 0.56	$ 0.06
Weighted average common shares/units outstanding - basic	148,611	119,946
Weighted average common shares/units outstanding - diluted	148,830	120,162
Income from continuing operations before income tax (expense) benefit and discontinued operations	$ 92,195	$ 3,598
Net loss (income) attributable to noncontrolling interests in consolidated real estate partnerships	235	(18)
Net income attributable to AIR	83,310	6,722
Net income attributable to preferred noncontrolling interests in AIR Operating Partnership	(1,604)	(1,869)
Net income attributable to participating securities	(64)	(43)
Net income attributable to AIR common stockholders	83,196	6,679
AIMCO Properties, LP [Member]
REVENUES
Total revenues	176,413	186,043
OPERATING EXPENSES
Property operating expenses	64,617	65,962
Depreciation and amortization	75,280	81,446
General and administrative expenses	4,414	7,489
Other expenses, net	2,876	1,491
Total operating expenses	147,187	156,388
Interest income	15,972	3,989
Interest expense	(37,035)	(36,806)
Gain(Loss) on derecognition of leased properties and dispositions of real estate	84,032	13
Mezzanine / Unconsolidated partnerships investment income, net	0	6,747
Income from continuing operations before income tax (expense) benefit and discontinued operations	92,195	3,598
Income tax (expense) benefit	(3,080)	1,314
Income from discontinued operations, net of tax		4,065
Net income	89,115	8,977
Noncontrolling interests:
Net loss (income) attributable to noncontrolling interests in consolidated real estate partnerships	235	(18)
Net income attributable to preferred noncontrolling interests in AIR Operating Partnership	(1,654)	(1,869)
Net income attributable to AIR	89,350	8,959
Net income attributable to participating securities	(64)	(43)
Net income attributable to AIR common stockholders	$ 87,632	$ 7,047
Earnings per common share – basic and diluted
Income from continuing operations attributable to AIR per common share	$ 0.56	$ 0.03
Income from discontinued operations attributable to AIR per common share		0.03
Net income attributable to AIR per common share – basic and diluted	$ 0.56	$ 0.06
Weighted average common shares/units outstanding - basic	156,527	126,521
Weighted average common shares/units outstanding - diluted	156,746	126,798
Income from continuing operations before income tax (expense) benefit and discontinued operations	$ 92,195	$ 3,598
Income from continuing operations	89,115	4,912
Net loss (income) attributable to noncontrolling interests in consolidated real estate partnerships	235	(18)
Net income attributable to AIR	89,350	8,959
Net income attributable to preferred noncontrolling interests in AIR Operating Partnership	(1,654)	(1,869)
Net income attributable to participating securities	(64)	(43)
Net income attributable to AIR common stockholders	87,632	7,047
Continuing Operations [Member]
OPERATING EXPENSES
Income tax (expense) benefit	(3,080)	1,314
Continuing Operations [Member] \| AIMCO Properties, LP [Member]
OPERATING EXPENSES
Income tax (expense) benefit	(3,080)	1,314
Rental And Other Property Revenues [Member]
REVENUES
Total revenues	174,730	186,043
Rental And Other Property Revenues [Member] \| AIMCO Properties, LP [Member]
REVENUES
Total revenues	174,730	$ 186,043
Other Revenues [Member]
REVENUES
Total revenues	1,683
Other Revenues [Member] \| AIMCO Properties, LP [Member]
REVENUES
Total revenues	$ 1,683

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net income	$ 89,115	$ 8,977
Unrealized losses on available for sale debt securities	(2,071)	(60)
Comprehensive income	87,044	8,917
Comprehensive loss (income) attributable to noncontrolling interests	(5,673)	(2,251)
Comprehensive income attributable to AIR	81,371	6,666
AIMCO Properties, LP [Member]
Net income	89,115	8,977
Unrealized losses on available for sale debt securities	(2,071)	(60)
Comprehensive income	87,044	8,917
Comprehensive loss (income) attributable to noncontrolling interests	235	(18)
Comprehensive income attributable to AIR	$ 87,279	$ 8,899

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Distributions in Excess of Earnings	Distributions in Excess of EarningsCumulative Effect, Period of Adoption, Adjustment	Total AIR's Predecessor	Total AIR's PredecessorCumulative Effect, Period of Adoption, Adjustment	Noncontrolling Interest in Consolidated Real Estate Partnerships	Common Noncontrolling Interests In AIR Operating Partnerships
Balances at Dec. 31, 2019	$ 1,860,795	$ (277)		$ 1,202	$ 3,497,654	$ 4,195	$ (1,722,402)	$ (277)	$ 1,780,649	$ (277)	$ (3,296)	$ 83,442
Balances (in shares) at Dec. 31, 2019				120,242
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchases of Common Stock	(10,004)			$ (2)	(10,002)				(10,004)
Repurchases of Common Stock (in shares)				(189)
Redemption of AIR Operating Partnership units	(969)											(969)
Amortization of share-based compensation cost	2,980				1,929				1,929			1,051
Amortization of share-based compensation cost (in shares)				16
Effect of changes in ownership for consolidated entities	0				(769)				(769)			769
Change in accumulated other comprehensive income	(60)					(56)			(56)			(4)
Net income (loss)	7,208						6,722		6,722		118	368
Common Stock dividends	(60,825)						(60,825)		(60,825)
Distributions to noncontrolling interests	(3,228)										(73)	(3,155)
Other, net	(72)				86		0		86		(158)
Other, net (in shares)				23
Balances at Mar. 31, 2020	1,795,548		$ 0	$ 1,200	3,488,898	4,139	(1,776,782)		1,717,455		(3,409)	81,502
Balances (in shares) at Mar. 31, 2020			0	120,092
Balances at Dec. 31, 2020	1,308,093		$ 2,000	$ 1,489	3,432,121	3,039	(2,131,798)		1,306,851		(61,943)	63,185
Balances (in shares) at Dec. 31, 2020			20	148,861
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of AIR Operating Partnership units	(3,223)											(3,223)
Amortization of share-based compensation cost	2,638				1,915				1,915			723
Amortization of share-based compensation cost (in shares)				33
Effect of changes in ownership for consolidated entities	0				(2,590)				(2,590)			2,590
Change in accumulated other comprehensive income	(2,071)					(1,939)			(1,939)			(132)
Net income (loss)	87,511						83,310		83,310		(235)	4,436
Common Stock dividends	(63,858)						(63,858)		(63,858)
Preferred Stock dividends	(50)						(50)		(50)
Distributions to noncontrolling interests	(5,169)										(1,402)	(3,767)
Other, net	(1,775)			$ 1	(752)		15		(736)		(1,039)
Other, net (in shares)				81
Balances at Mar. 31, 2021	$ 1,322,096		$ 2,000	$ 1,490	$ 3,430,694	$ 1,100	$ (2,112,381)		$ 1,322,903		$ (64,619)	$ 63,812
Balances (in shares) at Mar. 31, 2021			20	148,975

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 89,115	$ 8,977
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	75,280	81,446
Gain on derecognition of leased properties and dispositions of real estate	(84,032)	(13)
Income tax expense (benefit)	3,080	(1,314)
Other adjustments	3,194	3,022
Net changes in operating assets and operating liabilities	(37,467)	(31,995)
Net cash provided by operating activities	49,170	77,416
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate and deposits related to purchases of real estate	0	(2,733)
Capital expenditures	(39,075)	(88,189)
Purchases of corporate assets	(784)	(5,104)
Other investing activities	(483)	4,665
Net cash used in investing activities	(40,342)	(98,014)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal repayments on non-recourse property debt	(60,467)	(20,173)
Net borrowings on revolving credit facility	128,950	318,845
Payment of debt issuance costs	(121)	0
Payment of debt extinguishment costs	(519)	0
Repurchases of common stock or common units	0	(10,004)
Payment of dividends to holders of Common Stock	(64,314)	(61,116)
Payment of dividends to holders of Preferred Stock	(50)	0
Payment of distributions to noncontrolling interests	(6,835)	(5,442)
Redemptions of noncontrolling interests in the AIR Operating Partnership	(3,223)	(1,584)
Other financing activities	17	(365)
Net cash (used in) provided by financing activities	(6,562)	217,712
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	2,266	197,114
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH OF DISCONTINUED OPERATIONS	0	1,009
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH OF CONTINUING OPERATIONS	2,266	198,123
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	73,480	166,541
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	75,746	364,664
AIMCO Properties, LP [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	89,115	8,977
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	75,280	81,446
Gain on derecognition of leased properties and dispositions of real estate	(84,032)	(13)
Income tax expense (benefit)	3,080	(1,314)
Other adjustments	3,194	3,022
Net changes in operating assets and operating liabilities	(37,467)	(31,995)
Net cash provided by operating activities	49,170	77,416
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate and deposits related to purchases of real estate	0	(2,733)
Capital expenditures	(39,075)	(88,189)
Purchases of corporate assets	(784)	(5,104)
Other investing activities	(483)	4,665
Net cash used in investing activities	(40,342)	(98,014)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal repayments on non-recourse property debt	(60,467)	(20,173)
Net borrowings on revolving credit facility	128,950	318,845
Payment of debt issuance costs	(121)	0
Payment of debt extinguishment costs	(519)	0
Repurchases of common stock or common units	0	(10,004)
Payment of distributions to General Partner and Special Limited Partner	(64,314)	(61,116)
Payment of distributions to Limited Partners	(3,830)	(3,492)
Payment of dividends to holders of Preferred Stock	(1,654)	(1,869)
Payment of distributions to noncontrolling interests	(1,401)	(81)
Redemption of common and preferred units	(3,223)	(1,584)
Other financing activities	17	(365)
Net cash (used in) provided by financing activities	(6,562)	217,712
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	2,266	197,114
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH OF DISCONTINUED OPERATIONS	0	1,009
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH OF CONTINUING OPERATIONS	2,266	198,123
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	73,480	166,541
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	75,746	364,664
Discontinued Operations [Member]
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	0	19,030
Income tax expense (benefit)	0	(1,919)
Other adjustments	0	182
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	0	(6,653)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal repayments on non-recourse property debt	0	(2,449)
Discontinued Operations [Member] \| AIMCO Properties, LP [Member]
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	0	19,030
Income tax expense (benefit)	0	(1,919)
Other adjustments	0	182
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	0	(6,653)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal repayments on non-recourse property debt	$ 0	$ (2,449)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Partners' Capital - USD ($) $ in Thousands	Total	AIMCO Properties, LP [Member]	AIMCO Properties, LP [Member]Cumulative Effect, Period of Adoption, Adjustment	AIMCO Properties, LP [Member]Preferred Units [Member]	AIMCO Properties, LP [Member]General Partner and Special Limited Partner [Member]	AIMCO Properties, LP [Member]General Partner and Special Limited Partner [Member]Cumulative Effect, Period of Adoption, Adjustment	AIMCO Properties, LP [Member]Limited Partners [Member]	AIMCO Properties, LP [Member]Partners Capital Attributable To The Partnership [Member]	AIMCO Properties, LP [Member]Partners Capital Attributable To The Partnership [Member]Cumulative Effect, Period of Adoption, Adjustment	AIMCO Properties, LP [Member]Noncontrolling Interest in Consolidated Real Estate Partnerships
Balances at Dec. 31, 2019		$ 1,860,795	$ (277)		$ 1,780,649	$ (277)	$ 83,442	$ 1,864,091	$ (277)	$ (3,296)
Increase (Decrease) in Partners' Capital [Roll Forward]
Repurchases of common partnership units		(10,004)			(10,004)			(10,004)
Redemption of AIR Operating Partnership units	$ 969
Redemption of common partnership units		(969)					(969)	(969)
Amortization of share-based compensation cost		2,980			1,929		1,051	2,980
Effect of changes in ownership of consolidated entities					(769)		769
Change in accumulated other comprehensive income	(60)	(60)			(56)		(4)	(60)
Net income (loss)	7,208	7,208			6,722		368	7,090		118
Distributions paid to common unitholders		(63,980)			(60,825)		(3,155)	(63,980)
Distributions to noncontrolling interests	(3,228)	(73)								(73)
Other, net		(72)			86			86		(158)
Balances at Mar. 31, 2020		1,795,548			1,717,455		81,502	1,798,957		(3,409)
Balances at Dec. 31, 2020		1,308,093		$ 2,000	1,304,851		63,185	1,370,036		(61,943)
Increase (Decrease) in Partners' Capital [Roll Forward]
Redemption of AIR Operating Partnership units	3,223	(3,223)					(3,223)	(3,223)
Amortization of share-based compensation cost		2,638			1,915		723	2,638
Effect of changes in ownership of consolidated entities					(2,590)		2,590
Change in accumulated other comprehensive income	(2,071)	(2,071)			(1,939)		(132)	(2,071)
Net income (loss)	87,511	87,511			83,310		4,436	87,746		(235)
Distributions paid to common unitholders		(67,625)			(63,858)		(3,767)	(67,625)
Distributions paid to preferred unitholders		(50)			(50)			(50)
Distributions to noncontrolling interests	$ (5,169)	(1,402)								(1,402)
Other, net		(1,775)			(736)			(736)		(1,039)
Balances at Mar. 31, 2021		$ 1,322,096		$ 2,000	$ 1,320,903		$ 63,812	$ 1,386,715		$ (64,619)

Organization

Organization	3 Months Ended
Organization	Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	Note 1 — Basis of Presentation and Organization Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of Apartment Income REIT Corp. (“AIR”), AIMCO Properties, L.P. (“AIR Operating Partnership”), and their consolidated subsidiaries. The AIR Operating Partnership’s condensed consolidated financial statements include the accounts of the AIR Operating Partnership and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Except as the context otherwise requires, “we,” “our,” and “us” refer to AIR, the AIR Operating Partnership, and their consolidated subsidiaries, collectively. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”), have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments, consisting of normal recurring items, considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2021, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The condensed consolidated balance sheets of AIR, the AIR Operating Partnership, and their consolidated subsidiaries as of December 31, 2020, have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in AIR’s and the AIR Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2020. Except where indicated, the footnotes refer to AIR, the AIR Operating Partnership and their consolidated subsidiaries, collectively. The Separation On December 15, 2020, Apartment Investment and Management Company (“Aimco”) completed the separation of its business into two, separate and distinct, publicly traded companies, AIR and Aimco (the “Separation”). Notwithstanding the legal form of the Separation, for accounting and financial reporting purposes, Aimco is presented as being spun-off from AIR (as it relates to Aimco subsequent to the Separation, the “Spinnee”). This presentation is in accordance with GAAP, and is due primarily to the relative significance of AIR’s business, as measured in terms of revenues, net income, assets, and other relevant indicators, as compared to Aimco before the Separation. Therefore, AIR is considered the divesting entity and treated as the accounting spinnor, and Aimco is presented as the predecessor (“AIR’s Predecessor”) for AIR’s financial statements. Unless otherwise stated, financial results prior to the Separation on December 15, 2020 include the financial results of AIR’s Predecessor. The financial results attributable to the apartment communities retained by Aimco in the Separation are presented as discontinued operations. Unless otherwise noted, all disclosures in the notes accompanying the condensed consolidated financial statements reflect only continuing operations. Please see Note 9 for further details regarding our discontinued operations. Organization and Business AIR is a self-administered and self-managed real estate investment trust (“REIT”). AIR owns, through its wholly-owned subsidiaries, all of the common equity, the general partner interest, and special limited partner interest in AIR Operating Partnership, a Delaware limited partnership originally incorporated on May 16, 1994. AIR Operating Partnership conducts all of the business of AIR, which is focused on the ownership of stabilized multi-family properties located in top markets including eight important geographic concentrations: Boston; Philadelphia; Greater Washington D.C.; Miami; Denver; the San Francisco Bay Area; Los Angeles; and San Diego. Interests in the AIR Operating Partnership that are held by limited partners other than AIR are referred to as OP Units. OP Units include common partnership units, which we refer to as common OP Units, as well as preferred partnership units, which we refer to as preferred OP Units. As of March 31, 2021, after elimination of units held by consolidated subsidiaries, the AIR Operating Partnership had 159,101,296 common OP Units outstanding. As of March 31, 2021, AIR owned 148,974,839 of the common OP Units of the AIR Operating Partnership and AIR had an equal number of shares of its Class A Common Stock outstanding, which we refer to as Common Stock. AIR’s ownership of the total common OP Units outstanding represents a 93.6% legal interest in the AIR Operating Partnership and a 94.9% economic interest. We own and operate a portfolio of apartment communities, diversified by both geography and price point, in 12 states and the District of Columbia. As of March 31, 2021, our portfolio included 95 apartment communities with 25,722 apartment homes in which we held an average ownership of approximately 93%. We also have four properties that we leased to Aimco for redevelopment and development.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Summary of Significant Accounting Policies	Note 2 — Summary of Significant Accounting Policies Principles of Consolidation We consolidate a variable interest entity (“VIE”), in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company. Interests in the AIR Operating Partnership that are held by limited partners other than AIR are reflected in AIR’s accompanying condensed consolidated balance sheets as noncontrolling interests in the AIR Operating Partnership. Interests in partnerships consolidated by the AIR Operating Partnership that are held by third parties are reflected in AIR’s accompanying condensed consolidated balance sheets as noncontrolling interests in consolidated real estate partnerships. Redeemable Preferred OP Units As described in Note 5, the preferred OP Units may be redeemed at the holder’s option and are therefore presented within temporary equity in AIR’s condensed consolidated balance sheets and within temporary capital in the AIR Operating Partnership’s condensed consolidated balance sheets. The following table presents a rollforward of the AIR Operating Partnership’s preferred OP Units from December 31, 2020, to March 31, 2021 (in thousands): Balance at December 31, 2020 $ 79,449 Preferred distributions (1,604 ) Net income 1,604 Balance at March 31, 2021 $ 79,449 The AIR Operating Partnership has outstanding various classes of redeemable preferred OP Units. As of March 31, 2021 and December 31, 2020, the AIR Operating Partnership had 2,938,802 redeemable preferred OP Units issued and outstanding. Distributions per annum range from 1.92% to 8.75% per class and $0.48 to $8.00 per unit. Revenue from Leases The majority of lease payments we receive from our residents and tenants are fixed. We receive variable payments from our residents and tenants primarily for utility reimbursements. For the three months ended March 31, 2021 and 2020, our total lease income, included in continuing operations, was comprised of the following amounts for all operating leases (in thousands): Three Months Ended March 31, 2021 2020 Fixed lease income $ 163,968 $ 178,027 Variable lease income 10,459 10,554 Straight-line rent write-off (1) — (2,850 ) Total lease income $ 174,427 $ 185,731 (1) We monitor the collectability of all unpaid rent amounts. The onset of COVID-19 and the anticipated economic slowdown resulted in a $2.9 million write-off of accrued straight-line rent during the three months ended March 31, 2020. On January 1, 2021, we leased four redevelopment and development properties to the Spinnee. The leases are being accounted for as sales-type leases. Please see Note 9 for further discussion. Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates. Reclassifications and Revisions On November 30, 2020, AIR’s Predecessor and the Aimco Operating Partnership effected a reverse split of Common Stock and common partnership units, respectively, at a ratio of one share or unit for every 1.23821 shares or units outstanding on the date of effectiveness. The accounting guidance for recapitalization events requires that we revise AIR’s equity and the AIR Operating Partnership’s partners’ capital as if the reverse split had occurred at the beginning of the earliest period presented. As such, we have revised the outstanding share and unit counts, presentation of share and unit activity, and earnings per share and unit, as if the reverse split had occurred on January 1, 2020. As previously stated in Note 1, the financial results for the three months ended March 31, 2020, include the financial results of AIR’s Predecessor, and the financial results attributable to the apartment communities retained by Aimco in the Separation are presented as discontinued operations.

Significant Transactions

Significant Transactions	3 Months Ended
Significant Transactions	Mar. 31, 2021
Significant Transactions [Abstract]
Significant Transactions	Note 3 — Significant Transactions New Credit Facility On April 14, 2021, we closed a new $1.4 billion credit facility, providing four-to-five-year money at a current all-in cost of 1.6%. The facility is comprised of a $600 million revolving credit facility and $800 million of variable rate term loans. Term loan proceeds are being used to extend the maturity of our current $350 million term loan and are expected to repay future debt maturities. The $800 million of term loans are priced at a LIBOR spread of 100 basis points, with a LIBOR floor of 0.00%, 98 basis points lower than our previous term loan. Borrowing costs under the new revolving credit facility are 10 basis points lower than under our previous facility. The revolving credit facility currently bears interest at a 30-day LIBOR plus 0.90%. The facility allows for an additional one basis point margin reduction if certain environmental, social, and governance targets are achieved. The term of the revolver ends April 14, 2025, with two six-month extension options. The term loans mature on the following schedule: • $150 million maturing on December 15, 2023, with two one-year extension options; • $300 million maturing on December 15, 2024, with a one-year extension option; • $150 million maturing on December 15, 2025; and • $200 million maturing on April 14, 2026. Equity Issuance On April 23, 2021, we issued and sold 7.825 million shares of our Class A Common Stock for $43.766 per share in a private placement to a large global real estate-focused investment firm for a cash purchase price of $342 million.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 4 — Commitments and Contingencies Legal Matters In addition to the matters described below, we are a party to various legal actions and administrative proceedings arising in the ordinary course of business, some of which are covered by our general liability insurance program, and none of which we expect to have a material adverse effect on our consolidated financial condition, results of operations or cash flows. The Spinnee is responsible for the first $17.5 million of legal and environmental liabilities related to occurrences prior to the Separation. The AIR Operating Partnership is responsible for any such liabilities in excess of $17.5 million. Environmental Various federal, state and local laws subject apartment community owners or operators to liability for management and the costs of removal or remediation of certain potentially hazardous materials that may be present in the land or buildings of an apartment community. Such laws often impose liability without regard to fault or whether the owner or operator knew of, or was responsible for, the presence of such materials. The presence of, or the failure to manage or remediate properly, these materials may adversely affect occupancy at such apartment communities as well as the ability to sell or finance such apartment communities. In addition, governmental agencies may bring claims for costs associated with investigation and remediation actions. Moreover, private plaintiffs may potentially make claims for investigation and remediation costs they incur or for personal injury, disease, disability or other infirmities related to the alleged presence of hazardous materials. In addition to potential environmental liabilities or costs associated with our current apartment communities, we may also be responsible for such liabilities or costs associated with communities we acquire or manage in the future or apartment communities we no longer own or operate. We have determined that our legal obligations to remove or remediate certain potentially hazardous materials may be conditional asset retirement obligations, as defined by GAAP. Except in limited circumstances where the asset retirement activities are expected to be performed in connection with a planned construction project or apartment community casualty, we believe that the fair value of our asset retirement obligations cannot be reasonably estimated due to significant uncertainties in the timing and manner of settlement of those obligations. Asset retirement obligations that are reasonably estimable as of March 31, 2021, are immaterial to our condensed consolidated financial statements.

Earnings and Dividends per Shar

Earnings and Dividends per Share and Unit	3 Months Ended
Earnings and Dividends per Share and Unit	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings and Dividends per Share and Unit	Note 5 — Earnings and Dividends per Share and Unit AIR and the AIR Operating Partnership calculate basic earnings per common share and basic earnings per common unit based on the weighted-average number of shares of Common Stock and common partnership units outstanding. We calculate diluted earnings per share and diluted earnings per unit taking into consideration dilutive common stock and common partnership unit equivalents and dilutive convertible securities outstanding during the period. Our common stock and common partnership unit equivalents include options to purchase shares of Common Stock, which, if exercised, would result in AIR’s issuance of additional shares and the AIR Operating Partnership’s issuance to AIR of additional common partnership units equal to the number of shares purchased under the options. These equivalents also include unvested total shareholder return (“TSR”) restricted stock awards that do not meet the definition of participating securities, which would result in an increase in the number of shares of Common Stock and common partnership units outstanding equal to the number of the shares that vest. Common partnership unit equivalents also include unvested long-term incentive partnership units. We include in the denominator securities with dilutive effect in calculating diluted earnings per share and per unit during these periods. Our restricted stock awards that are subject to time-based vesting receive non-forfeitable dividends similar to shares of Common Stock and common partnership units prior to vesting, and our TSR long-term incentive partnership units receive non-forfeitable distributions based on specified percentages of the distributions paid to common partnership units prior to vesting and conversion. The unvested restricted shares and units related to these awards are participating securities. We include the effect of participating securities in basic and diluted earnings per share and unit computations using the two-class method of allocating distributed and undistributed earnings when the two-class method is more dilutive than the treasury stock method. In our condensed consolidated statement of operations, noncontrolling interest in consolidated real estate partnerships is related to both continuing and discontinued operations. For purposes of our earnings per share calculation, we have appropriately allocated the noncontrolling interest in consolidated real estate partnerships for the three months ended March 31, 2020. Please see Note 9 for detail of noncontrolling interest in consolidated real estate partnerships associated with discontinued operations. Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the three months ended March 31, 2021 and 2020, are as follows (in thousands, except per share and per unit data): Three Months Ended March 31, 2021 Income (Numerator) Shares (Denominator) Per Share Amount Basic Earnings per Share: Net income attributable to AIR common stockholders $ 83,196 148,611 $ 0.56 Diluted Earnings per Share: Effect of dilutive securities — 219 — Net income attributable to AIR common stockholders $ 83,196 148,830 $ 0.56 Non-dilutive share equivalents outstanding 7,878 Three Months Ended March 31, 2020 Income (Numerator) Shares (Denominator) Per Share Amount Basic Earnings per Share: Income from continuing operations attributable to AIR $ 2,511 119,946 $ 0.02 Income from discontinued operations attributable to AIR 4,168 119,946 0.04 Net income attributable to AIR common stockholders $ 6,679 119,946 $ 0.06 Diluted Earnings per Share: Effect of dilutive securities — 216 — Net income attributable to AIR common stockholders $ 6,679 120,162 $ 0.06 Non-dilutive share equivalents outstanding 97 Three Months Ended March 31, 2021 Income (Numerator) Shares (Denominator) Per Unit Amount Basic Earnings per unit: Net income attributable to the AIR Operating Partnership's common unitholders $ 87,632 156,527 $ 0.56 Diluted Earnings per unit: Effect of dilutive securities — 219 — Net income attributable to the AIR Operating Partnership's common unitholders $ 87,632 156,746 $ 0.56 Non-dilutive partnership unit equivalents outstanding 1,144 Three Months Ended March 31, 2020 Income (Numerator) Shares (Denominator) Per Unit Amount Basic Earnings per unit: Income from continuing operations attributable to the AIR Operating Partnership $ 2,879 126,521 $ 0.03 Income from discontinued operations attributable to the AIR Operating Partnership 4,168 126,521 0.03 Net income attributable to the AIR Operating Partnership's common unitholders $ 7,047 126,521 $ 0.06 Diluted Earnings per unit: Effect of dilutive securities — 277 — Net income attributable to the AIR Operating Partnership's common unitholders $ 7,047 126,798 $ 0.06 Non-dilutive partnership unit equivalents outstanding 1,847 The AIR Operating Partnership has various classes of preferred OP Units, which may be redeemed at the holders’ option. The AIR Operating Partnership may redeem these units for cash, or at its option, shares of Common Stock. As of March 31, 2021, these preferred OP Units were potentially redeemable for approximately 1.9 million shares of Common Stock (based on the period end market price) or cash. The AIR Operating Partnership has a redemption policy that requires cash settlement of redemption requests for the preferred OP Units, subject to limited exceptions. Accordingly, we have excluded these securities from earnings per share and unit computations for the periods presented above. Dividends and distributions paid per share of Common Stock during the three months ended March 31, 2021 and 2020, were as follows: Three Months Ended March 31, 2021 2020 Dividends and distributions paid $ 0.43 $ 0.41

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 6 — Fair Value Measurements Recurring Fair Value Measurements We measure at fair value on a recurring basis our investments in the securitization trust that holds certain of our property debt, which we classify as available for sale (“AFS”) debt securities. These investments are presented within other assets in the condensed consolidated balance sheets. We hold several positions in the securitization trust that pay interest currently and we also hold the first loss position in the securitization trust, which accrues interest over the term of the investment. These investments were acquired at a discount to face value and we are accreting the discount to the $100.9 million face value of the investments through interest income using the effective interest method over the remaining expected term of the investments, which as of March 31, 2021, was approximately 0.25 years. Our amortized cost basis for these investments, which represents the original cost adjusted for interest accretion less interest payments received, was $99.0 million and $97.1 million as of March 31, 2021, and December 31, 2020, respectively. Our investments in AFS debt securities are classified within Level 2 of the GAAP fair value hierarchy. We estimate the fair value of these investments using an income and market approach with primarily observable inputs, including yields and other information regarding similar types of investments, and adjusted for certain unobservable inputs specific to these investments. The fair value of the positions that pay interest currently typically moves in an inverse relationship with movements in interest rates. The fair value of the first loss position is primarily correlated to collateral quality and demand for similar subordinate commercial mortgage-backed securities. During the year ended December 31, 2020, we paid an upfront premium of $12.1 million for the option to enter into an interest rate swap at a future date. This interest rate option, or swaption, provides partial protection against our refinancing interest rate risk and is intended to mitigate interest rate increases between now and 2024. We receive a cash settlement in the future if the prevailing interest rate is higher than the 1.68% strike price. The amount of future cash settlement is limited if the prevailing interest rate exceeds 2.78%. Alternatively, if interest rates were to decrease below the specified strike price, we would not receive a cash settlement. In connection with the Separation, AIR assigned all of the risks and rewards of ownership to Aimco, with an offsetting and equal asset or liability recognized for the amount of gain or loss recognized. We measure at fair value on a recurring basis our interest rate option, which is presented in other assets in our condensed consolidated balance sheets. Our interest rate option is classified within Level 2 of the GAAP fair value hierarchy, and we estimate its fair value using pricing models that rely on observable market information, including contractual terms, market prices, and interest rate yield curves. The fair value adjustment is included in earnings in other expense, net, in our condensed consolidated statements of operations. Changes in fair value are reflected as a non-cash transaction in adjustments to arrive at cash flows from operations, and the upfront premium is reflected in other financing in our condensed consolidated statements of cash flows. The following table summarizes fair value for our AFS debt securities and our interest rate option (in thousands): As of March 31, 2021 As of December 31, 2020 Total Fair Value Level 1 Level 2 Level 3 Total Fair Value Level 1 Level 2 Level 3 AFS debt securities $ 99,983 $ — $ 99,983 $ — $ 100,151 $ — $ 100,151 $ — Interest rate option $ 37,368 $ — $ 37,368 $ — $ 13,177 $ — $ 13,177 $ — Nonrecurring Fair Value Measurements There were no assets measured at fair value on a nonrecurring basis a s of March 31, 2021. As of December 31, 2020, assets measured at fair value on a nonrecurring basis in our condensed consolidated balance sheets consist of a real estate asset that was written down to its estimated fair value for impairment purposes during the year ended December 31, 2020. Our estimate of fair value was determined using valuations performed by third-party specialists, as well as various estimates and assumptions, the most significant being market rental rates, operating expense assumptions, and capitalization rate. These unobservable inputs are classified as Level 3 within the GAAP fair value hierarchy. As of December 31, 2020, the fair value of the real estate asset measured on a nonrecurring basis was $34.4 million. Financial Assets and Liabilities Not Measured at Fair Value We believe that the carrying value of the consolidated amounts of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable approximated their fair value as of March 31, 2021, and December 31, 2020, due to their relatively short-term nature and high probability of realization. The carrying amounts of notes receivable from Aimco, the term loan, and the revolving credit facility also approximated their estimated fair value as of March 31, 2021, and December 31, 2020. We estimate the fair value of our non-recourse property debt using an income and market approach, including comparison of the contractual terms to observable and unobservable inputs such as market interest rate risk spreads, contractual interest rates, remaining periods to maturity, collateral quality, and loan to value ratios on similarly encumbered apartment communities within our portfolio. We classify the fair value of our non-recourse property debt within Level 2 of the GAAP fair value hierarchy based on the significance of certain of the unobservable inputs used to estimate its fair value. The following table summarizes carrying value and fair value for our non-recourse property debt (in thousands): As of March 31, 2021 As of December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 3,585,629 $ 3,666,592 $ 3,646,093 $ 3,730,621

Variable Interest Entities

Variable Interest Entities	3 Months Ended
Variable Interest Entities	Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Variable Interest Entities	Note 7 — Variable Interest Entities Consolidated Entities AIR consolidates the AIR Operating Partnership, a variable interest entity (“VIE”) of which AIR is the primary beneficiary. AIR, through the AIR Operating Partnership, consolidates all VIEs for which it is the primary beneficiary. The AIR Operating Partnership consolidates (i) five VIEs that own interest 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) four VIEs related to lessor entities that own interest in the properties leased to Aimco. The assets and liabilities of the VIEs associated with the leased properties consists of our net investment in the leases. The AIR Operating Partnership is 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 the AIR Operating Partnership: March 31, 2021 December 31, 2020 VIEs with interests in apartment communities 5 5 Apartment communities owned by VIEs 16 16 Apartment homes in communities owned by VIEs 5,369 5,369 Assets of the AIR Operating Partnership’s 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, excluding those of the AIR Operating Partnership, are summarized in the table below (in thousands): March 31, 2021 December 31, 2020 ASSETS: Net real estate $ 1,114,993 $ 1,125,315 Cash and cash equivalents 16,345 10,548 Restricted cash 8,450 8,818 Other assets 28,456 23,870 LIABILITIES: Non-recourse property debt secured by AIR communities, net $ 1,274,457 $ 1,278,318 Accrued liabilities and other 35,206 34,038 Unconsolidated Entities We have an interest in a partnership that owns Parkmerced Apartments, which meets the definition of a VIE. However, we are not the primary beneficiary and do not consolidate this partnership. In connection with the Separation, Aimco was allocated economic ownership of the $275.0 million mezzanine loan investment and option to acquire a 30% equity interest in the partnership. The investment accrues interest at 10% per annum with a five-year five-year

Business Segments

Business Segments	3 Months Ended
Business Segments	Mar. 31, 2021
Segment Reporting [Abstract]
Business Segments	Note 8 — Business Segments We have two segments: Same Store and Other Real Estate. chief operating decision maker (“CODM”) Our CODM uses proportionate property net operating income to assess the operating performance of our communities. Proportionate property net operating income reflects our share of rental and other property revenues, excluding utility reimbursements, less direct property operating expenses, net of utility reimbursements, for consolidated communities. In our condensed consolidated statements of operations, utility reimbursements are included in rental and other property revenues in accordance with GAAP. As of March 31, 2021, our Same Store segment included 93 apartment communities with 25,485 apartment homes, and our Other Real Estate segment included two apartment communities with 237 homes. The following tables present the total revenues, property operating expenses, proportionate property net operating income (loss), and income (loss) from continuing operations before income tax benefit (expense) of our segments on a proportionate basis, excluding amounts related to communities sold or communities included in discontinued operations, for the three months ended March 31, 2021 and 2020 (in thousands): Same Store Other Real Estate Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three months ended March 31, 2021: Total revenues $ 153,652 $ 1,056 $ 20,018 $ 1,687 $ 176,413 Property operating expenses 44,097 1,067 10,559 8,894 64,617 Other operating expenses not allocated to segments (3) — — — 82,570 82,570 Total operating expenses 44,097 1,067 10,559 91,464 147,187 Proportionate property net operating income (loss) 109,555 (11 ) 9,459 (89,777 ) 29,226 Other items included in income before income tax expense (4) — — — 62,969 62,969 Income (loss) from continuing operations before income tax expense $ 109,555 $ (11 ) $ 9,459 $ (26,808 ) $ 92,195 Same Store Other Real Estate Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three months ended March 31, 2020: Total revenues $ 176,757 $ 1,715 $ 6,973 $ 598 $ 186,043 Property operating expenses 46,049 1,093 6,474 12,346 65,962 Other operating expenses not allocated to segments (3) — — — 90,426 90,426 Total operating expenses 46,049 1,093 6,474 102,772 156,388 Proportionate property net operating income (loss) 130,708 622 499 (102,174 ) 29,655 Other items included in income before income tax benefit (4) — — — (26,057 ) (26,057 ) Income (loss) from continuing operations before income tax benefit $ 130,708 $ 622 $ 499 $ (128,231 ) $ 3,598 (1) Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the results of consolidated communities in our segments, which are included in the related consolidated amounts but excluded from proportionate property net operating income for our segment evaluation. Also includes the reclassification of utility reimbursements from revenues to property operating expenses for the purpose of evaluating segment results. Utility reimbursements are included in rental and other property revenues in our condensed consolidated statements of operations prepared in accordance with GAAP. (2) Includes the operating results of apartment communities sold during the periods shown or held for sale at the end of the period, if any. Also includes property management revenues, which are not part of our segment performance measure and property management expenses and casualty gains and losses, which are included in consolidated property operating expenses and are not part of our segment performance measure. The write-off of straight-line rent receivables, recognized due to the impact of COVID-19 and the resulting economic impact on our commercial tenants, are included in consolidated rental and property revenues and are not included in our measurement of segment performance for the three months ended March 31, 2020. (3) Includes depreciation and amortization, general and administrative expenses, and other operating expenses, which may include provision for real estate impairment loss and write-offs of deferred leasing commissions, which are not included in our measure of segment performance. (4) Includes gain on derecognition of leased properties and dispositions of real estate, interest income, including interest income related to the properties leased to Aimco, and interest expense. The assets of our segments and the consolidated assets not allocated to our segments were as follows (in thousands): March 31, 2021 December 31, 2020 Same Store $ 4,666,856 $ 4,697,969 Other Real Estate 89,325 97,248 Corporate and other assets (1) 1,565,323 1,434,061 Total consolidated assets $ 6,321,504 $ 6,229,278 (1) Includes the assets not allocated to our segments including: (i) corporate assets; (ii) our notes receivable from Aimco; and (iii) assets of apartment communities which were leased to Aimco, sold, or classified as held for sale as of March 31, 2021. For the three months ended March 31, 2021 and 2020, capital additions related to our segments were as follows (in thousands): 2021 2020 Same Store $ 22,354 $ 43,351 Other Real Estate 818 44,689 Total capital additions $ 23,172 $ 88,040

Discontinued Operations

Discontinued Operations	3 Months Ended
Discontinued Operations	Mar. 31, 2021
Discontinued Operations And Disposal Groups [Abstract]
Discontinued Operations	Note 9 – Discontinued Operations The financial results attributable to apartment communities retained by the Spinnee for the prior year comparative period have been classified as discontinued operations within the condensed consolidated financial statements. Summarized results of discontinued operations are shown below (in thousands): Three Months Ended March 31, 2020 REVENUES: Rental and other property revenues $ 38,509 OPERATING EXPENSES: Property operating expenses 13,321 Depreciation and amortization 19,030 Other expenses, net 198 Total operating expenses 32,549 Interest income 534 Interest expense (4,530 ) Income from unconsolidated real estate partnerships 182 Income before income tax benefit 2,146 Income tax benefit 1,919 Income from discontinued operations, net of tax 4,065 Net loss attributable to noncontrolling interests in consolidated real estate partnerships 103 Net income from discontinued operations attributable to Spinnee $ 4,168 During the three months ended March 31, 2021, we recognized $3.9 million of additional costs related to Separation, consisting of $1.8 million of incremental tax expense and $2.1 million of costs incurred as a direct result of the Separation. We entered into various separation and transition services agreements with the Spinnee that provide for a framework of our relationship with the Spinnee after the Separation, including: (i) a separation agreement setting forth the mechanics of the Separation, the key provisions relating to the Separation of our assets and liabilities from those of the Spinnee, and certain organizational matters and conditions; (ii) an employee matters agreement to allocate liabilities and responsibilities relating to employment matters, teammate compensation, and benefits plans and programs, and other related matters; (iii) Property Management Agreements pursuant to which we provide property management and related services at a majority of the properties owned or leased by the Spinnee in exchange for a fee based on an agreed percentage of revenue collected; (iv) Master Services Agreement pursuant to which we provide the Spinnee with customary administrative and support services on an ongoing basis in exchange for payment for the fully-burdened costs (including internal allocated costs); and (v) a Master Leasing Agreement pursuant to which the Spinnee may enter into leases with us pursuant to which the Spinnee, at its option, may redevelop, develop, or lease-up apartment communities. The Property Management Agreement, the Master Services Agreement, and the Master Leasing Agreement may be terminated in accordance with the respective agreements. During the three months ended March 31, 2021, we recognized revenue of $1.7 million from the Property Management Agreements and Master Services Agreement, all of which is reflected in other revenue in our condensed consolidated statement of operations. The Master Leasing Agreement governs any future leasing arrangements between us and the Spinnee. The initial term of the Master Leasing Agreement is 18 months, with automatic annual extensions (subject to each party’s right to terminate upon notice prior to the end of any such extension term). Each leased property has a separate lease agreement with specified terms. On January 1, 2021, we leased four redevelopment and development properties to the Spinnee. In accordance with ASC 842, these leases were accounted for as sales-type leases and we recorded a net investment in the leases, equal to the sum of the lease receivable and residual asset, discounted at the rate implicit to the leases. Commensurate with the commencement of each of the leases on January 1, 2021, we also recognized a net gain of $83.7 million, which is equal to the difference in the net investment values and their carrying values immediately prior to the commencement of the leases. During the three months ended March 31, 2021, we recognized income of $6.4 million on an effective interest basis at a constant rate of return over the term of the applicable leases, which is reflected in interest income in our condensed consolidated statement of operations. Cash income from the leasing agreements was $6.6 million during the three months ended March 31, 2021. The initial term of each of the leases range from 10 to 25 years. All of the leases payments are triple net basis to the tenant and we have rights in accordance with the individual lease agreements to protect the value of our leased properties. As of March 31, 2021, the aggregate minimum lease payments owed to us for each of the five succeeding years under the sales-type leases is as follows: 2021 (remaining) $ 18,947 2022 25,262 2023 25,262 2024 25,262 2025 25,373 Thereafter 730,446 Lease payments plus guaranteed residual value (1) (2) $ 850,552 Add: Unguaranteed residual value 131,580 Less: Discount (515,119 ) Total leased real estate assets $ 467,013 (1) As of March 31, 2021, this amount includes $244.7 million of guaranteed residual value and $605.8 million of remaining cash lease payments. (2) The total future minimum lease payments assume that no early termination option is elected after the leased property is stabilized, which is currently expected between January 1, 2024 and January 1, 2025. In connection with the Separation, we acquired $534 million in notes receivable pledged by a subsidiary of the Spinnee that has an interest in a portfolio of assets. Our notes receivable are subordinate to the existing debt of $215.4 million as of December 31, 2020, on the portfolio of assets. The notes receivable mature on January 31, 2024, and bear interest at a rate of 5.2% per annum, payable quarterly on January 1, April 1, July 1, and October 1, commencing on April 1, 2021. The notes receivable contain certain representations, warranties, covenants, and events of default and are secured by a pool of properties owned by Aimco. Notes receivable are reported in our condensed consolidated balance sheet at the outstanding principal balance. Interest receivable related to the unpaid principal is recorded separately from the outstanding balance in other assets in our condensed consolidated balance sheets.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Principles of Consolidation	Principles of Consolidation We consolidate a variable interest entity (“VIE”), in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company. Interests in the AIR Operating Partnership that are held by limited partners other than AIR are reflected in AIR’s accompanying condensed consolidated balance sheets as noncontrolling interests in the AIR Operating Partnership. Interests in partnerships consolidated by the AIR Operating Partnership that are held by third parties are reflected in AIR’s accompanying condensed consolidated balance sheets as noncontrolling interests in consolidated real estate partnerships.
Noncontrolling Interests in the Aimco Operating Partnership	Redeemable Preferred OP Units As described in Note 5, the preferred OP Units may be redeemed at the holder’s option and are therefore presented within temporary equity in AIR’s condensed consolidated balance sheets and within temporary capital in the AIR Operating Partnership’s condensed consolidated balance sheets. The following table presents a rollforward of the AIR Operating Partnership’s preferred OP Units from December 31, 2020, to March 31, 2021 (in thousands): Balance at December 31, 2020 $ 79,449 Preferred distributions (1,604 ) Net income 1,604 Balance at March 31, 2021 $ 79,449 The AIR Operating Partnership has outstanding various classes of redeemable preferred OP Units. As of March 31, 2021 and December 31, 2020, the AIR Operating Partnership had 2,938,802 redeemable preferred OP Units issued and outstanding. Distributions per annum range from 1.92% to 8.75% per class and $0.48 to $8.00 per unit.
Revenue from Leases	Revenue from Leases The majority of lease payments we receive from our residents and tenants are fixed. We receive variable payments from our residents and tenants primarily for utility reimbursements. For the three months ended March 31, 2021 and 2020, our total lease income, included in continuing operations, was comprised of the following amounts for all operating leases (in thousands): Three Months Ended March 31, 2021 2020 Fixed lease income $ 163,968 $ 178,027 Variable lease income 10,459 10,554 Straight-line rent write-off (1) — (2,850 ) Total lease income $ 174,427 $ 185,731 (1) We monitor the collectability of all unpaid rent amounts. The onset of COVID-19 and the anticipated economic slowdown resulted in a $2.9 million write-off of accrued straight-line rent during the three months ended March 31, 2020. On January 1, 2021, we leased four redevelopment and development properties to the Spinnee. The leases are being accounted for as sales-type leases. Please see Note 9 for further discussion.
Use of Estimates	Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates.
Reclassifications and Revisions	Reclassifications and Revisions On November 30, 2020, AIR’s Predecessor and the Aimco Operating Partnership effected a reverse split of Common Stock and common partnership units, respectively, at a ratio of one share or unit for every 1.23821 shares or units outstanding on the date of effectiveness. The accounting guidance for recapitalization events requires that we revise AIR’s equity and the AIR Operating Partnership’s partners’ capital as if the reverse split had occurred at the beginning of the earliest period presented. As such, we have revised the outstanding share and unit counts, presentation of share and unit activity, and earnings per share and unit, as if the reverse split had occurred on January 1, 2020. As previously stated in Note 1, the financial results for the three months ended March 31, 2020, include the financial results of AIR’s Predecessor, and the financial results attributable to the apartment communities retained by Aimco in the Separation are presented as discontinued operations.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Fair Value of Financial Instruments	Recurring Fair Value Measurements

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
Summary of Significant Accounting Policies (Tables)	Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Reconciliation of Preferred OP Units	The following table presents a rollforward of the AIR Operating Partnership’s preferred OP Units from December 31, 2020, to March 31, 2021 (in thousands): Balance at December 31, 2020 $ 79,449 Preferred distributions (1,604 ) Net income 1,604 Balance at March 31, 2021 $ 79,449
Lease Income for Operating Leases	For the three months ended March 31, 2021 and 2020, our total lease income, included in continuing operations, was comprised of the following amounts for all operating leases (in thousands): Three Months Ended March 31, 2021 2020 Fixed lease income $ 163,968 $ 178,027 Variable lease income 10,459 10,554 Straight-line rent write-off (1) — (2,850 ) Total lease income $ 174,427 $ 185,731 (1) We monitor the collectability of all unpaid rent amounts. The onset of COVID-19 and the anticipated economic slowdown resulted in a $2.9 million write-off of accrued straight-line rent during the three months ended March 31, 2020.

Earnings and Dividends per Sh_2

Earnings and Dividends per Share and Unit (Tables)	3 Months Ended
Earnings and Dividends per Share and Unit (Tables)	Mar. 31, 2021
Earnings Per Share [Abstract]
Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings per Share and per Unit	Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the three months ended March 31, 2021 and 2020, are as follows (in thousands, except per share and per unit data): Three Months Ended March 31, 2021 Income (Numerator) Shares (Denominator) Per Share Amount Basic Earnings per Share: Net income attributable to AIR common stockholders $ 83,196 148,611 $ 0.56 Diluted Earnings per Share: Effect of dilutive securities — 219 — Net income attributable to AIR common stockholders $ 83,196 148,830 $ 0.56 Non-dilutive share equivalents outstanding 7,878 Three Months Ended March 31, 2020 Income (Numerator) Shares (Denominator) Per Share Amount Basic Earnings per Share: Income from continuing operations attributable to AIR $ 2,511 119,946 $ 0.02 Income from discontinued operations attributable to AIR 4,168 119,946 0.04 Net income attributable to AIR common stockholders $ 6,679 119,946 $ 0.06 Diluted Earnings per Share: Effect of dilutive securities — 216 — Net income attributable to AIR common stockholders $ 6,679 120,162 $ 0.06 Non-dilutive share equivalents outstanding 97 Three Months Ended March 31, 2021 Income (Numerator) Shares (Denominator) Per Unit Amount Basic Earnings per unit: Net income attributable to the AIR Operating Partnership's common unitholders $ 87,632 156,527 $ 0.56 Diluted Earnings per unit: Effect of dilutive securities — 219 — Net income attributable to the AIR Operating Partnership's common unitholders $ 87,632 156,746 $ 0.56 Non-dilutive partnership unit equivalents outstanding 1,144 Three Months Ended March 31, 2020 Income (Numerator) Shares (Denominator) Per Unit Amount Basic Earnings per unit: Income from continuing operations attributable to the AIR Operating Partnership $ 2,879 126,521 $ 0.03 Income from discontinued operations attributable to the AIR Operating Partnership 4,168 126,521 0.03 Net income attributable to the AIR Operating Partnership's common unitholders $ 7,047 126,521 $ 0.06 Diluted Earnings per unit: Effect of dilutive securities — 277 — Net income attributable to the AIR Operating Partnership's common unitholders $ 7,047 126,798 $ 0.06 Non-dilutive partnership unit equivalents outstanding 1,847
Summary of Dividend and Distribution Paid per Unit	Dividends and distributions paid per share of Common Stock during the three months ended March 31, 2021 and 2020, were as follows: Three Months Ended March 31, 2021 2020 Dividends and distributions paid $ 0.43 $ 0.41

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Summary of Fair Value for AFS Debt Securities and Derivative Instrument	The following table summarizes fair value for our AFS debt securities and our interest rate option (in thousands): As of March 31, 2021 As of December 31, 2020 Total Fair Value Level 1 Level 2 Level 3 Total Fair Value Level 1 Level 2 Level 3 AFS debt securities $ 99,983 $ — $ 99,983 $ — $ 100,151 $ — $ 100,151 $ — Interest rate option $ 37,368 $ — $ 37,368 $ — $ 13,177 $ — $ 13,177 $ —
Summary of Carrying Value and Fair Value of Non-recourse Property Debt	The following table summarizes carrying value and fair value for our non-recourse property debt (in thousands): As of March 31, 2021 As of December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Non-recourse property debt $ 3,585,629 $ 3,666,592 $ 3,646,093 $ 3,730,621

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
Variable Interest Entities (Tables)	Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The table below summarizes apartment community information regarding VIEs consolidated by the AIR Operating Partnership: March 31, 2021 December 31, 2020 VIEs with interests in apartment communities 5 5 Apartment communities owned by VIEs 16 16 Apartment homes in communities owned by VIEs 5,369 5,369 Assets of the AIR Operating Partnership’s 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, excluding those of the AIR Operating Partnership, are summarized in the table below (in thousands): March 31, 2021 December 31, 2020 ASSETS: Net real estate $ 1,114,993 $ 1,125,315 Cash and cash equivalents 16,345 10,548 Restricted cash 8,450 8,818 Other assets 28,456 23,870 LIABILITIES: Non-recourse property debt secured by AIR communities, net $ 1,274,457 $ 1,278,318 Accrued liabilities and other 35,206 34,038

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
Business Segments (Tables)	Mar. 31, 2021
Segment Reporting [Abstract]
Summary of Information for Reportable Segments	The following tables present the total revenues, property operating expenses, proportionate property net operating income (loss), and income (loss) from continuing operations before income tax benefit (expense) of our segments on a proportionate basis, excluding amounts related to communities sold or communities included in discontinued operations, for the three months ended March 31, 2021 and 2020 (in thousands): Same Store Other Real Estate Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three months ended March 31, 2021: Total revenues $ 153,652 $ 1,056 $ 20,018 $ 1,687 $ 176,413 Property operating expenses 44,097 1,067 10,559 8,894 64,617 Other operating expenses not allocated to segments (3) — — — 82,570 82,570 Total operating expenses 44,097 1,067 10,559 91,464 147,187 Proportionate property net operating income (loss) 109,555 (11 ) 9,459 (89,777 ) 29,226 Other items included in income before income tax expense (4) — — — 62,969 62,969 Income (loss) from continuing operations before income tax expense $ 109,555 $ (11 ) $ 9,459 $ (26,808 ) $ 92,195 Same Store Other Real Estate Proportionate and Other Adjustments (1) Corporate and Amounts Not Allocated to Segments (2) Consolidated Three months ended March 31, 2020: Total revenues $ 176,757 $ 1,715 $ 6,973 $ 598 $ 186,043 Property operating expenses 46,049 1,093 6,474 12,346 65,962 Other operating expenses not allocated to segments (3) — — — 90,426 90,426 Total operating expenses 46,049 1,093 6,474 102,772 156,388 Proportionate property net operating income (loss) 130,708 622 499 (102,174 ) 29,655 Other items included in income before income tax benefit (4) — — — (26,057 ) (26,057 ) Income (loss) from continuing operations before income tax benefit $ 130,708 $ 622 $ 499 $ (128,231 ) $ 3,598 (1) Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the results of consolidated communities in our segments, which are included in the related consolidated amounts but excluded from proportionate property net operating income for our segment evaluation. Also includes the reclassification of utility reimbursements from revenues to property operating expenses for the purpose of evaluating segment results. Utility reimbursements are included in rental and other property revenues in our condensed consolidated statements of operations prepared in accordance with GAAP. (2) Includes the operating results of apartment communities sold during the periods shown or held for sale at the end of the period, if any. Also includes property management revenues, which are not part of our segment performance measure and property management expenses and casualty gains and losses, which are included in consolidated property operating expenses and are not part of our segment performance measure. The write-off of straight-line rent receivables, recognized due to the impact of COVID-19 and the resulting economic impact on our commercial tenants, are included in consolidated rental and property revenues and are not included in our measurement of segment performance for the three months ended March 31, 2020. (3) Includes depreciation and amortization, general and administrative expenses, and other operating expenses, which may include provision for real estate impairment loss and write-offs of deferred leasing commissions, which are not included in our measure of segment performance. (4) Includes gain on derecognition of leased properties and dispositions of real estate, interest income, including interest income related to the properties leased to Aimco, and interest expense.
Reconciliation of Assets from Segment to Consolidated	The assets of our segments and the consolidated assets not allocated to our segments were as follows (in thousands): March 31, 2021 December 31, 2020 Same Store $ 4,666,856 $ 4,697,969 Other Real Estate 89,325 97,248 Corporate and other assets (1) 1,565,323 1,434,061 Total consolidated assets $ 6,321,504 $ 6,229,278 (1) Includes the assets not allocated to our segments including: (i) corporate assets; (ii) our notes receivable from Aimco; and (iii) assets of apartment communities which were leased to Aimco, sold, or classified as held for sale as of March 31, 2021.
Capital Additions Related to Segments	For the three months ended March 31, 2021 and 2020, capital additions related to our segments were as follows (in thousands): 2021 2020 Same Store $ 22,354 $ 43,351 Other Real Estate 818 44,689 Total capital additions $ 23,172 $ 88,040

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
Discontinued Operations (Tables)	Mar. 31, 2021
Discontinued Operations And Disposal Groups [Abstract]
Summarized Results of Discontinued Operations	Summarized results of discontinued operations are shown below (in thousands): Three Months Ended March 31, 2020 REVENUES: Rental and other property revenues $ 38,509 OPERATING EXPENSES: Property operating expenses 13,321 Depreciation and amortization 19,030 Other expenses, net 198 Total operating expenses 32,549 Interest income 534 Interest expense (4,530 ) Income from unconsolidated real estate partnerships 182 Income before income tax benefit 2,146 Income tax benefit 1,919 Income from discontinued operations, net of tax 4,065 Net loss attributable to noncontrolling interests in consolidated real estate partnerships 103 Net income from discontinued operations attributable to Spinnee $ 4,168
Summary of Sales Type and Direct Financing Leases Receivable Maturity	The initial term of each of the leases range from 10 to 25 years. All of the leases payments are triple net basis to the tenant and we have rights in accordance with the individual lease agreements to protect the value of our leased properties. As of March 31, 2021, the aggregate minimum lease payments owed to us for each of the five succeeding years under the sales-type leases is as follows: 2021 (remaining) $ 18,947 2022 25,262 2023 25,262 2024 25,262 2025 25,373 Thereafter 730,446 Lease payments plus guaranteed residual value (1) (2) $ 850,552 Add: Unguaranteed residual value 131,580 Less: Discount (515,119 ) Total leased real estate assets $ 467,013 (1) As of March 31, 2021, this amount includes $244.7 million of guaranteed residual value and $605.8 million of remaining cash lease payments. (2) The total future minimum lease payments assume that no early termination option is elected after the leased property is stabilized, which is currently expected between January 1, 2024 and January 1, 2025.

Organization (Details Textual)

Organization (Details Textual)	3 Months Ended
Organization (Details Textual)	Mar. 31, 2021Propertyapartment_homeshares	Jan. 01, 2021Property
Organization [Line Items]
Number of leased properties \| Property	4	4
Partially Owned Properties [Member]
Organization [Line Items]
Number of apartment communities \| Property	95
Number of apartment homes in apartment communities \| apartment_home	25,722
Percentage of average ownership of portfolio	93.00%
AIR Operating Partnership [Member]
Organization [Line Items]
Common operating partnership units and equivalents outstanding \| shares	159,101,296
Common operating partnership units and equivalents outstanding \| shares	148,974,839
Percentage of the Aimco Operating Partnership's common partnership units and equivalents owned by Aimco	93.60%
Percentage of economic interest	94.90%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Reconciliation of Preferred OP Units (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at December 31, 2020	$ 79,449
Balance at March 31, 2021	79,449
AIMCO PROPERTIES, L.P [Member]
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at December 31, 2020	79,449
Preferred distributions	(1,604)
Net income	1,604
Balance at March 31, 2021	$ 79,449

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details Textual)	Nov. 30, 2020	Mar. 31, 2021Property$ / sharesshares	Jan. 01, 2021Property	Dec. 31, 2020shares
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Number of leased properties \| Property		4	4
Equity reverse stock split	0.0123821
AIMCO PROPERTIES, L.P [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Units issued (in shares) \| shares		2,938,802		2,938,802
Units outstanding (in shares) \| shares		2,938,802		2,938,802
AIMCO PROPERTIES, L.P [Member] \| Minimum [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Distributions per annum (in dollars per share) \| $ / shares		$ 0.48
Distributions per annum		1.92%
AIMCO PROPERTIES, L.P [Member] \| Maximum [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Distributions per annum (in dollars per share) \| $ / shares		$ 8
Distributions per annum		8.75%

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Lease Income for Operating Leases (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Fixed lease income		$ 163,968	$ 178,027
Variable lease income		10,459	10,554
Straight-line rent write-off	[1]		(2,850)
Total lease income		$ 174,427	$ 185,731

[1]	We monitor the collectability of all unpaid rent amounts. The onset of COVID-19 and the anticipated economic slowdown resulted in a $2.9 million write-off of accrued straight-line rent during the three months ended March 31, 2020.

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Lease Income for Operating Leases (Parenthetical) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Disaggregation Of Revenue [Line Items]
Write off of straight line rent receivables	$ 2,850	[1]
COVID Related Write-off [Member]
Disaggregation Of Revenue [Line Items]
Write off of straight line rent receivables	$ 2,900

[1]	We monitor the collectability of all unpaid rent amounts. The onset of COVID-19 and the anticipated economic slowdown resulted in a $2.9 million write-off of accrued straight-line rent during the three months ended March 31, 2020.

Significant Transactions (Detai

Significant Transactions (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Apr. 23, 2021	Apr. 14, 2021	Mar. 31, 2021	Dec. 31, 2020
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Non-recourse property debt, net			$ 3,568,815	$ 3,628,236
Common Stock, par value (in dollars per share)			$ 0.01	$ 0.01
Class A Common Stock [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Common Stock, par value (in dollars per share)	$ 43.766
LIBOR Floor [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Spread on variable interest rate		0.98%
Revolving Credit Facility [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Spread on variable interest rate		0.10%
Line of credit facility, expiration date		Apr. 14, 2025
Revolving credit facility right to extend term		two six-month extension
Variable interest rate description		30-day LIBOR plus 0.90%
Revolving Credit Facility [Member] \| 30-Day LIBOR [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Spread on variable interest rate		0.90%
Variable Rate Term Loan [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Non-recourse property debt, net		$ 800,000
Term Loan [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Repayment of Debt		350,000
Secured term loan		$ 800,000
Term Loan [Member] \| LIBOR Spread [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Spread on variable interest rate		1.00%
Term Loan [Member] \| LIBOR Floor [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Spread on variable interest rate		0.00%
Subsequent Event [Member] \| Class A Common Stock [Member] \| Private Placement [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Share issued and sold	7,825
Cash purchase price received	$ 342,000
Subsequent Event [Member] \| Revolving Credit Facility [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Credit facility, closing payment amount		$ 1,400,000
Credit agreement option to increase maximum borrowing capacity		1.60%
Revolving credit facility		$ 600,000
Credit Agreement One [Member] \| Subsequent Event [Member] \| Term Loan [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Revolving credit facility		$ 150,000
Line of credit facility, expiration date		Dec. 15, 2023
Revolving credit facility right to extend term		two one-year extension
Credit Agreement Two [Member] \| Subsequent Event [Member] \| Term Loan [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Revolving credit facility		$ 300,000
Line of credit facility, expiration date		Dec. 15, 2024
Revolving credit facility right to extend term		one-year extension
Credit Agreement Three [Member] \| Subsequent Event [Member] \| Term Loan [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Revolving credit facility		$ 150,000
Line of credit facility, expiration date		Dec. 15, 2025
Credit Agreement Four [Member] \| Subsequent Event [Member] \| Term Loan [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Revolving credit facility		$ 200,000
Line of credit facility, expiration date		Apr. 14, 2026

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Long Term Purchase Commitment [Line Items]
Bearing environmental liabilities	$ 17.5
Maximum [Member] \| AIMCO Operating Partnership [Member]
Long Term Purchase Commitment [Line Items]
Bearing environmental liabilities	$ 17.5

Earnings per Share and per Unit

Earnings per Share and per Unit - Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings per Share and per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Basic and Diluted Earnings per Share:
Net income attributable to AIR common stockholders	$ 83,196	$ 6,679
Income from continuing operations attributable to AIR		2,511
Income from discontinued operations attributable to AIR		$ 4,168
Net income attributable to AIR common stockholders, Shares	148,611	119,946
Effect of dilutive securities, Shares	219	216
Income from continuing operations attributable to AIR, Shares		119,946
Income from discontinued operations attributable to AIR, Shares		119,946
Net income attributable to AIR common stockholders, Per share amount	$ 0.56	$ 0.06
Income from continuing operations attributable to AIR, Per share amount	0.56	0.02
Income from discontinued operations attributable to AIR, Per share amount		0.04
Net income attributable to AIR per common share – basic and diluted	$ 0.56	$ 0.06
Diluted Earnings per Share:
Net income attributable to AIR common stockholders	$ 83,196	$ 6,679
Net income attributable to AIR common stockholders, Shares	148,830	120,162
Effect of dilutive securities, Shares	219	216
Net income attributable to AIR common stockholders, Per share amount	$ 0.56	$ 0.06
Non-dilutive share equivalents outstanding	7,878	97
Net income attributable to AIR common stockholders	$ 83,196	$ 6,679
Net income attributable to AIR common stockholders, Shares	148,611	119,946
Net income attributable to AIR common stockholders, Per share amount	$ 0.56	$ 0.06
AIMCO Properties, LP [Member]
Basic and Diluted Earnings per Share:
Net income attributable to AIR common stockholders	$ 87,632	$ 7,047
Income from continuing operations attributable to AIR		2,879
Income from discontinued operations attributable to AIR		$ 4,168
Net income attributable to AIR common stockholders, Shares	156,527	126,521
Effect of dilutive securities, Shares	219	277
Income from continuing operations attributable to AIR, Shares		126,521
Income from discontinued operations attributable to AIR, Shares		126,521
Net income attributable to AIR common stockholders, Per share amount	$ 0.56	$ 0.06
Income from continuing operations attributable to AIR, Per share amount	0.56	0.03
Income from discontinued operations attributable to AIR, Per share amount		0.03
Net income attributable to AIR per common share – basic and diluted	$ 0.56	$ 0.06
Diluted Earnings per Share:
Net income attributable to AIR common stockholders	$ 87,632	$ 7,047
Net income attributable to AIR common stockholders, Shares	156,746	126,798
Effect of dilutive securities, Shares	219	277
Net income attributable to AIR common stockholders, Per share amount	$ 0.56	$ 0.06
Non-dilutive share equivalents outstanding	1,144	1,847
Net income attributable to AIR common stockholders	$ 87,632	$ 7,047
Net income attributable to AIR common stockholders, Shares	156,527	126,521
Net income attributable to AIR common stockholders, Per share amount	$ 0.56	$ 0.06

Earnings and Dividends per Sh_3

Earnings and Dividends per Share and Unit (Details Textual) shares in Millions	Mar. 31, 2021shares
Earnings Per Share [Abstract]
Number of shares potentially redeemable for (in shares)	1.9

Earnings and Dividends per Sh_4

Earnings and Dividends per Share and Unit - Summary of Dividend and Distribution Paid per Unit (Details) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Dividends and distributions paid	$ 0.43	$ 0.41

Fair Value Measurements (Detail

Fair Value Measurements (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized cost of the investment in available-for-sale debt securities	$ 99	$ 97.1
Derivative, description of terms	We receive a cash settlement in the future if the prevailing interest rate is higher than the 1.68% strike price. The amount of future cash settlement is limited if the prevailing interest rate exceeds 2.78%. Alternatively, if interest rates were to decrease below the specified strike price, we would not receive a cash settlement.
Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of real estate measure on a nonrecurring basis	$ 0	$ 34.4
Interest Rate Option [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Payments for purchase of swaption	$ 12.1
Derivative strike rate	1.68%
Derivative strike rate for limited settlement	2.78%
Available-for-sale Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Face amount of investment in available-for-sale debt securities	$ 100.9
Expected remaining term of available for sale securities	3 months

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Value for AFS Debt Securities and Derivative Instrument (Details) - Fair value recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
AFS debt securities	$ 99,983	$ 100,151
Interest rate option	37,368	13,177
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
AFS debt securities	0	0
Interest rate option	0	0
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
AFS debt securities	99,983	100,151
Interest rate option	37,368	13,177
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
AFS debt securities	0	0
Interest rate option	$ 0	$ 0

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Carrying Value and Fair Value of Non-recourse Property Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Non-recourse property debt	$ 4,313,192	$ 4,243,000
Carrying Value [Member] \| Non-recourse property debt [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Non-recourse property debt	3,585,629	3,646,093
Fair Value [Member] \| Non-recourse property debt [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Non-recourse property debt	$ 3,666,592	$ 3,730,621

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	Mar. 31, 2021USD ($)PropertyEntityUnit	Dec. 31, 2020USD ($)PropertyEntityUnit
Net real estate	$ 4,574,389	$ 5,013,359
Cash and cash equivalents	47,723	44,214
Restricted cash	28,023	29,266
Other assets	637,943	576,026
Non-recourse property debt, net	3,568,815	3,628,236
Accrued liabilities and other	$ 606,767	$ 598,736
Variable Interest Entity, Primary Beneficiary [Member]
VIEs with interests in apartment communities \| Entity	5	5
Number of apartment communities \| Property	16	16
Number of apartment homes in apartment communities \| Unit	5,369	5,369
Net real estate	$ 1,114,993	$ 1,125,315
Cash and cash equivalents	16,345	10,548
Restricted cash	8,450	8,818
Other assets	28,456	23,870
Non-recourse property debt, net	1,274,457	1,278,318
Accrued liabilities and other	$ 35,206	$ 34,038

Variable Interest Entities (D_2

Variable Interest Entities (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Mezzanine investment			$ 307,400
Income connection with Mezzanine loan	$ 0	$ 6,747
Parkmerced Investment [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investment owned amount	$ 275,000
Equity method investment, interest rate percentage	10.00%
Equity method investment, term	5 years
Equity method investment, right to extend term	5 years
Mezzanine investment	$ 315,100
Option To Acquire Equity Interest In Partnership Percentage	30.00%
Income connection with Mezzanine loan	$ 6,700

Business Segments (Details Text

Business Segments (Details Textual)	3 Months Ended
Business Segments (Details Textual)	Mar. 31, 2021Propertyapartment_homeSegment
Business Segments (Textual) [Abstract]
Number of reportable segments \| Segment	2
Wholly And Partially Owned Consolidated Properties [Member] \| Same Store [Member]
Business Segments (Textual) [Abstract]
Number of owned and managed apartment communities in segments \| Property	93
Number of apartment homes in apartment communities \| apartment_home	25,485
Wholly And Partially Owned Consolidated Properties [Member] \| Other Real Estate [Member]
Business Segments (Textual) [Abstract]
Number of owned and managed apartment communities in segments \| Property	2
Number of apartment homes in apartment communities \| apartment_home	237

Business Segments - Summary of

Business Segments - Summary of Information for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Summary information for the reportable segments
Total revenues	$ 176,413	$ 186,043
Property operating expenses	64,617	65,962
Other operating expenses not allocated to segments	82,570	90,426
Total operating expenses	147,187	156,388
Proportionate property net operating income (loss)	29,226	29,655
Other items included in income before income tax expense (benefit)	62,969	(26,057)
Income from continuing operations before income tax (expense) benefit and discontinued operations	92,195	3,598
Real Estate [Member]
Summary information for the reportable segments
Property operating expenses	64,617	65,962
Segment Reconciling Items [Member]
Summary information for the reportable segments
Total revenues	20,018	6,973
Total operating expenses	10,559	6,474
Proportionate property net operating income (loss)	9,459	499
Income from continuing operations before income tax (expense) benefit and discontinued operations	9,459	499
Segment Reconciling Items [Member] \| Real Estate [Member]
Summary information for the reportable segments
Property operating expenses	10,559	6,474
Corporate Non-Segment [Member]
Summary information for the reportable segments
Total revenues	1,687	598
Other operating expenses not allocated to segments	82,570	90,426
Total operating expenses	91,464	102,772
Proportionate property net operating income (loss)	(89,777)	(102,174)
Other items included in income before income tax expense (benefit)	62,969	(26,057)
Income from continuing operations before income tax (expense) benefit and discontinued operations	(26,808)	(128,231)
Corporate Non-Segment [Member] \| Real Estate [Member]
Summary information for the reportable segments
Property operating expenses	8,894	12,346
Same Store [Member] \| Operating Segments [Member]
Summary information for the reportable segments
Total revenues	153,652	176,757
Total operating expenses	44,097	46,049
Proportionate property net operating income (loss)	109,555	130,708
Income from continuing operations before income tax (expense) benefit and discontinued operations	109,555	130,708
Same Store [Member] \| Operating Segments [Member] \| Real Estate [Member]
Summary information for the reportable segments
Property operating expenses	44,097	46,049
Other Real Estate [Member] \| Operating Segments [Member]
Summary information for the reportable segments
Total revenues	1,056	1,715
Total operating expenses	1,067	1,093
Proportionate property net operating income (loss)	(11)	622
Income from continuing operations before income tax (expense) benefit and discontinued operations	(11)	622
Other Real Estate [Member] \| Operating Segments [Member] \| Real Estate [Member]
Summary information for the reportable segments
Property operating expenses	$ 1,067	$ 1,093

Business Segments - Reconciliat

Business Segments - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total assets	$ 6,321,504	$ 6,229,278
Corporate Non-Segment [Member]
Segment Reporting Information [Line Items]
Total assets	1,565,323	1,434,061
Same Store [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Total assets	4,666,856	4,697,969
Other Real Estate [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Total assets	$ 89,325	$ 97,248

Business Segments - Capital Add

Business Segments - Capital Additions Related to Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Capital additions	$ 23,172	$ 88,040
Same Store [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Capital additions	22,354	43,351
Other Real Estate [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Capital additions	$ 818	$ 44,689

Discontinued Operations - Summa

Discontinued Operations - Summarized Results of Discontinued Operations (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
OPERATING EXPENSES:
Income from discontinued operations, net of tax	$ 4,065
Discontinued Operations [Member]
REVENUES:
Rental and other property revenues	38,509
OPERATING EXPENSES:
Property operating expenses	13,321
Depreciation and amortization	19,030
Other expenses, net	198
Total operating expenses	32,549
Interest income	534
Interest expense	(4,530)
Income from unconsolidated real estate partnerships	182
Income before income tax benefit	2,146
Income tax benefit	1,919
Income from discontinued operations, net of tax	4,065
Net loss attributable to noncontrolling interests in consolidated real estate partnerships	103
Net income from discontinued operations attributable to Spinnee	$ 4,168

Discontinued Operations - (Deta

Discontinued Operations - (Details Textual) $ in Thousands	3 Months Ended		12 Months Ended
Discontinued Operations - (Details Textual) $ in Thousands	Mar. 31, 2021USD ($)Property	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Additional costs related to separation	$ 3,900
Incremental tax expense	1,800
Incurred costs related to separation	$ 2,100
Sales-type lease, risk strategy, residual asset	we have rights in accordance with the individual lease agreements to protect the value of our leased properties.
Senior debt to notes receivable from related party			$ 215,400
Interest income	$ 15,972	$ 3,989
Other Assets [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Accounts receivable from Aimco	14,000
Accrued Liability [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Accounts payable from Aimco	23,000
Interest Income [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Interest income	$ 6,900
AIMCO [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Note Receivable issue from Aimco			$ 534,000
Note maturity date	Jan. 31, 2024
Note interest rate	5.20%
Note frequency of periodic payment	quarterly
Minimum [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Lessor, sales-type lease, term of contract	10 years
Maximum [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Lessor, sales-type lease, term of contract	25 years
Property Management Agreement [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Revenue	$ 1,700
Master Service Agreement [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Master lease agreement term	18 months
Master lease agreement commencement date	Jan. 1, 2021
Sales-type lease income	$ 6,400
Sales-type lease cash payments	6,600
Gain of Derecognition of Properties	$ 83,700
Master Service Agreement [Member] \| Development and Redevelopment Property [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Number of leased property \| Property	4

Discontinued Operations - Sum_2

Discontinued Operations - Summary of Sales Type and Direct Financing Leases Receivable Maturity (Details) $ in Thousands	Mar. 31, 2021USD ($)
Discontinued Operations And Disposal Groups [Abstract]
2021 (remaining)	$ 18,947
2022	25,262
2023	25,262
2024	25,262
2025	25,373
Thereafter	730,446
Lease payments plus guaranteed residual value (1) (2)	850,552
Add: Unguaranteed residual value	131,580
Less: Discount	(515,119)
Total leased real estate assets	$ 467,013

Discontinued Operations - Sum_3

Discontinued Operations - Summary of Sales Type and Direct Financing Leases Receivable Maturity (Parenthetical) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Discontinued Operations And Disposal Groups [Abstract]
Sales-type lease, residual value of leased asset	$ 244.7
Sales type lease cash payments receivable	$ 605.8
Lessor, sales-type lease, option to terminate	The total future minimum lease payments assume that no early termination option is elected after the leased property is stabilized, which is currently expected between January 1, 2024 and January 1, 2025.