424B3 1 airc-424b3-2021q2.htm 424B3 10-Q

Table of Contents

 

 

 

 

 

 

Filed Pursuant to Rule 424(b)(3)

Registration No. 333-256270

Prospectus Supplement No. 1

(to prospectus dated May 21, 2021)

  

Apartment Income REIT Corp.

7,825,000 Shares of Class A Common Stock

This prospectus supplement is being filed to update and supplement the information contained in the prospectus dated May 21, 2021 (as supplemented to date, the “Prospectus”), related to the issuance by us of 7,825,000 shares of our Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), with the information contained in our Quarterly Report on Form 10-Q for the period ended June 30, 2021, filed with the Securities and Exchange Commission (“SEC”) on August 5, 2021 (the “Quarterly Report”). Accordingly, we have attached the Quarterly Report to this prospectus supplement.

This prospectus supplement updates and supplements the information in the Prospectus and is not complete without, and may not be delivered or utilized except in combination with, the Prospectus, including any amendments or supplements thereto. This prospectus supplement should be read in conjunction with the Prospectus and if there is any inconsistency between the information in the Prospectus and this prospectus supplement, you should rely on the information in this prospectus supplement.

Our Class A Common Stock is traded on the New York Stock Exchange (“NYSE”) under the symbol “AIRC.” On July 30, 2021, the closing price of our Class A common stock was $52.64 per share.

Investing in our securities involves risks. See Risk Factorsbeginning on page 2 of the Prospectus and in any applicable prospectus supplement.

Neither the SEC nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of the Prospectus or this prospectus supplement. Any representation to the contrary is a criminal offense.

 

 

The date of this prospectus supplement is August 5, 2021.

 

 


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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021  

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-39686 (Apartment Income REIT Corp.)

Commission File Number: 0-24497 (Apartment Income REIT, L.P.)

APARTMENT INCOME REIT CORP.

APARTMENT INCOME REIT, L.P.

(formerly AIMCO Properties, L.P.)

(Exact name of registrant as specified in its charter)

 

Maryland (Apartment Income REIT Corp.)

 

84-1299717

Delaware (Apartment Income REIT, L.P.)

 

84-1275621

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

 

 

 

4582 South Ulster Street, Suite 1700

 

 

Denver, Colorado

 

80237

(Address of principal executive offices)

 

(Zip Code)

 

(303) 757-8101

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

 

Trading Symbol(s)

 

Name of Each Exchange on Which Registered

Class A Common Stock (Apartment Income REIT Corp.)

 

AIRC

 

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

Apartment Income REIT Corp.: Yes ☒ No ☐

 

Apartment Income REIT, L.P.: Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 

Apartment Income REIT Corp.: Yes ☒ No ☐

 

Apartment Income REIT, L.P.: Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Apartment Income REIT Corp.:

 

Large accelerated filer

 

 

Accelerated filer

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

Emerging growth company

 

Apartment Income REIT, L.P.:

 

Large accelerated filer

 

 

Accelerated filer

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Apartment Income REIT Corp.:

 

Apartment Income REIT, L.P.:

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Apartment Income REIT Corp.: Yes ☐ No ☒

 

Apartment Income REIT, L.P.: Yes ☐ No ☒

The number of shares of Apartment Income REIT Corp. Class A Common Stock outstanding as of July 30, 2021: 156,962,825

 

 

 


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EXPLANATORY NOTE

On December 15, 2020, Apartment Investment and Management Company (“Aimco”) completed the separation of its business into two, separate and distinct, publicly traded companies, Apartment Income REIT Corp. (“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 generally accepted accounting principles in the United States, and is due primarily to the relative significance of AIR’s business, as measured in terms of revenue, 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.

On July 7, 2021, the operating partnership of AIR ("AIR Operating Partnership) changed its name from "Aimco Properties, L.P." to “Apartment Income REIT, L.P.”

This filing combines the quarterly reports on Form 10-Q for the quarterly period ended June 30, 2021, of AIR, the 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. Except as the context otherwise requires, “we,” “us,” or “our” refer to AIR, the AIR Operating Partnership, and their consolidated subsidiaries, collectively.

AIR, a Maryland corporation, is a self-administered and self-managed real estate investment trust. AIR, through wholly-owned subsidiaries, is the general and special limited partner of the AIR Operating Partnership. As of June 30, 2021, AIR owned approximately 93.2% of the legal interest in the common partnership units of the AIR Operating Partnership and 95.0% of the economic interest in the AIR Operating Partnership. The remaining 6.8% legal interest is owned by third-party limited partners. As the sole general partner of the AIR Operating Partnership, AIR has exclusive control of the AIR Operating Partnership’s day-to-day management.

The AIR Operating Partnership holds all of AIR’s assets and manages the daily operations of AIR’s business. Pursuant to the AIR Operating Partnership agreement, AIR is required to contribute to the AIR Operating Partnership all proceeds from the offerings of its securities. In exchange for the contribution of such proceeds, AIR receives additional interests in the AIR Operating Partnership with similar terms (e.g., if AIR contributes proceeds of a stock offering, AIR receives partnership units with terms substantially similar to the stock issued by AIR).

We believe combining the periodic reports of AIR and the AIR Operating Partnership into this single report provides the following benefits:

We present our business as a whole, in the same manner our management views and operates the business;
We eliminate duplicative disclosure and provide a more streamlined and readable presentation because a substantial portion of the disclosures apply to both AIR and the AIR Operating Partnership; and
We save time and cost through the preparation of a single combined report rather than two separate reports.

We operate AIR and the AIR Operating Partnership as one enterprise, the management of AIR directs the management and operations of the AIR Operating Partnership, and the members of the Board of Directors of AIR are identical to those of the AIR Operating Partnership’s general partner.

We believe it is important to understand the few differences between AIR and the AIR Operating Partnership in the context of how AIR and the AIR Operating Partnership operate as a consolidated company. AIR has no assets or liabilities other than its investment in the AIR Operating Partnership, which is held directly and indirectly through certain intermediate holding companies (in which all of the common stock is owned by AIR). Also, AIR is a corporation that issues publicly traded equity from time to time, whereas the AIR Operating Partnership is a partnership that has no publicly traded equity. Except for the net proceeds from stock offerings by AIR, which are contributed to the AIR Operating Partnership in exchange for additional limited partnership interests (of a similar type and in an amount equal to the shares of stock sold in the offering), the AIR Operating Partnership generates all remaining capital required by its business. These sources include the AIR Operating Partnership’s working capital, net cash provided by operating activities, borrowings under its revolving credit facility, the issuance of debt and equity securities, including additional partnership units, and proceeds received from the sale of apartment communities.

Equity, partners’ capital, and noncontrolling interests are the main areas of difference between the condensed consolidated financial statements of AIR and those of the AIR Operating Partnership. Interests in the AIR Operating Partnership held by entities other than

1


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AIR, which we refer to as OP Units, are classified within partners’ capital in the AIR Operating Partnership’s financial statements and as noncontrolling interests in AIR’s financial statements.

To help investors understand the differences between AIR and the AIR Operating Partnership, this report provides: separate condensed consolidated financial statements for AIR and the AIR Operating Partnership; a single set of condensed consolidated notes to such financial statements that includes separate discussions of each entity’s stockholders’ equity or partners’ capital, and earnings per share or earnings per unit, as applicable; and a combined Management’s Discussion and Analysis of Financial Condition and Results of Operations section that includes discrete information related to each entity, where appropriate.

This report also includes separate Part I, Item 4. Controls and Procedures sections and separate Exhibits 31 and 32 certifications for AIR and the AIR Operating Partnership in order to establish that the requisite certifications have been made and that AIR and the AIR Operating Partnership are both compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and 18 U.S.C. §1350.

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APARTMENT INCOME REIT CORP.

APARTMENT INCOME REIT, L.P.

 

TABLE OF CONTENTS

 

FORM 10-Q

 

 

Page

 

PART I. FINANCIAL INFORMATION

 

ITEM 1.

FINANCIAL STATEMENTS (Unaudited)

 

 

Apartment Income REIT Corp.:

 

 

Condensed Consolidated Balance Sheets

4

 

Condensed Consolidated Statements of Operations

5

 

Condensed Consolidated Statements of Comprehensive Income (Loss)

6

 

Condensed Consolidated Statements of Equity

7

 

Condensed Consolidated Statements of Cash Flows

9

 

Apartment Income REIT, L.P.:

 

 

Condensed Consolidated Balance Sheets

10

 

Condensed Consolidated Statements of Operations

11

 

Condensed Consolidated Statements of Comprehensive Income (Loss)

12

 

Condensed Consolidated Statements of Partners’ Capital

13

 

Condensed Consolidated Statements of Cash Flows

15

 

Notes to the Condensed Consolidated Financial Statements of Apartment Income REIT Corp. and Apartment Income REIT, L.P.

16

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

28

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

43

ITEM 4.

CONTROLS AND PROCEDURES

43

 

PART II. OTHER INFORMATION

 

ITEM 1A.

RISK FACTORS

45

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

45

ITEM 6.

EXHIBITS

46

Signatures

 

47

 

 

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PART I. FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

APARTMENT INCOME REIT CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

 

 

 

June 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

ASSETS

 

 

 

 

 

 

Buildings and improvements

 

$

5,930,815

 

 

$

6,127,249

 

Land

 

 

1,327,963

 

 

 

1,341,615

 

   Total real estate

 

 

7,258,778

 

 

 

7,468,864

 

Accumulated depreciation

 

 

(2,510,690

)

 

 

(2,455,505

)

   Net real estate

 

 

4,748,088

 

 

 

5,013,359

 

Cash and cash equivalents

 

 

59,401

 

 

 

44,214

 

Restricted cash

 

 

21,300

 

 

 

29,266

 

Notes receivable from Aimco

 

 

534,127

 

 

 

534,127

 

Leased real estate assets

 

 

479,441

 

 

 

 

Goodwill

 

 

32,286

 

 

 

32,286

 

Other assets

 

 

555,189

 

 

 

576,026

 

   Total assets

 

$

6,429,832

 

 

$

6,229,278

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Non-recourse property debt, net

 

$

3,064,803

 

 

$

3,628,236

 

Term loans, net

 

 

796,658

 

 

 

349,164

 

Revolving credit facility borrowings

 

 

347,200

 

 

 

265,600

 

   Total indebtedness

 

 

4,208,661

 

 

 

4,243,000

 

Accrued liabilities and other

 

 

570,040

 

 

 

598,736

 

   Total liabilities

 

 

4,778,701

 

 

 

4,841,736

 

 

 

 

 

 

 

Preferred noncontrolling interests in AIR Operating Partnership

 

 

79,375

 

 

 

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 June 30, 2021 and
          December 31, 2020, respectively, and 156,856,952 and 148,861,036 shares
          issued/outstanding at June 30, 2021 and December 31, 2020, respectively

 

 

1,569

 

 

 

1,489

 

      Additional paid-in capital

 

 

3,773,173

 

 

 

3,432,121

 

      Accumulated other comprehensive income

 

 

 

 

 

3,039

 

      Distributions in excess of earnings

 

 

(2,197,843

)

 

 

(2,131,798

)

   Total AIR equity

 

 

1,578,899

 

 

 

1,306,851

 

Noncontrolling interests in consolidated real estate partnerships

 

 

(67,531

)

 

 

(61,943

)

Common noncontrolling interests in AIR Operating Partnership

 

 

60,388

 

 

 

63,185

 

   Total equity

 

 

1,571,756

 

 

 

1,308,093

 

   Total liabilities and equity

 

$

6,429,832

 

 

$

6,229,278

 

 

 

 

 

See notes to condensed consolidated financial statements.

4

 


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APARTMENT INCOME REIT CORP.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

Rental and other property revenues

 

$

176,721

 

 

$

181,643

 

 

$

351,451

 

 

$

367,686

 

Other revenues

 

 

1,612

 

 

 

 

 

 

3,295

 

 

 

 

Total revenues

 

 

178,333

 

 

 

181,643

 

 

 

354,746

 

 

 

367,686

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

Property operating expenses

 

 

64,758

 

 

 

63,959

 

 

 

129,375

 

 

 

129,921

 

Depreciation and amortization

 

 

75,791

 

 

 

78,949

 

 

 

151,071

 

 

 

160,395

 

General and administrative expenses

 

 

5,221

 

 

 

7,566

 

 

 

9,635

 

 

 

15,055

 

Other expenses, net

 

 

2,515

 

 

 

4,156

 

 

 

5,391

 

 

 

5,647

 

   Total operating expenses

 

 

148,285

 

 

 

154,630

 

 

 

295,472

 

 

 

311,018

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

15,684

 

 

 

2,303

 

 

 

31,656

 

 

 

6,292

 

Interest expense

 

 

(70,807

)

 

 

(44,239

)

 

 

(107,842

)

 

 

(81,045

)

Gain on derecognition of leased properties and dispositions of real estate

 

 

3,353

 

 

 

47,282

 

 

 

87,385

 

 

 

47,295

 

Mezzanine investment income, net

 

 

 

 

 

6,936

 

 

 

 

 

 

13,683

 

Income (loss) from continuing operations before income tax (expense) benefit and discontinued operations

 

 

(21,722

)

 

 

39,295

 

 

 

70,473

 

 

 

42,893

 

Income tax (expense) benefit

 

 

2,035

 

 

 

783

 

 

 

(1,045

)

 

 

2,097

 

   Income (loss) from continuing operations

 

 

(19,687

)

 

 

40,078

 

 

 

69,428

 

 

 

44,990

 

Income from discontinued operations, net of tax

 

 

 

 

 

3,126

 

 

 

 

 

 

7,191

 

   Net income (loss)

 

 

(19,687

)

 

 

43,204

 

 

 

69,428

 

 

 

52,181

 

Noncontrolling interests:

 

 

 

 

 

 

 

 

 

 

 

 

Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships

 

 

2,397

 

 

 

17

 

 

 

2,632

 

 

 

(1

)

Net income attributable to preferred noncontrolling interests in AIR Operating Partnership

 

 

(1,603

)

 

 

(1,859

)

 

 

(3,207

)

 

 

(3,728

)

Net (income) loss attributable to common noncontrolling interests in AIR Operating Partnership

 

 

945

 

 

 

(2,107

)

 

 

(3,491

)

 

 

(2,475

)

   Net (income) loss attributable to noncontrolling interests

 

 

1,739

 

 

 

(3,949

)

 

 

(4,066

)

 

 

(6,204

)

      Net income (loss) attributable to AIR

 

 

(17,948

)

 

 

39,255

 

 

 

65,362

 

 

 

45,977

 

      Net income attributable to AIR preferred stockholders

 

 

(43

)

 

 

 

 

 

(93

)

 

 

 

      Net income attributable to participating securities

 

 

(39

)

 

 

(43

)

 

 

(103

)

 

 

(86

)

Net income (loss) attributable to AIR common stockholders

 

$

(18,030

)

 

$

39,212

 

 

$

65,166

 

 

$

45,891

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per common share – basic and diluted

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations attributable to AIR per common share

 

$

(0.12

)

 

$

0.30

 

 

$

0.43

 

 

$

0.32

 

Income from discontinued operations attributable to AIR per common share

 

 

 

 

 

0.03

 

 

 

 

 

 

0.06

 

Net income (loss) attributable to AIR per common share – basic and diluted

 

$

(0.12

)

 

$

0.33

 

 

$

0.43

 

 

$

0.38

 

 

 

 

 

 

 

 

 

 

 

 

 

   Weighted-average common shares outstanding – basic

 

 

154,608

 

 

 

119,959

 

 

 

151,609

 

 

 

119,953

 

   Weighted-average common shares outstanding – diluted

 

 

154,608

 

 

 

119,974

 

 

 

152,083

 

 

 

120,068

 

 

See notes to condensed consolidated financial statements.

5

 


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APARTMENT INCOME REIT CORP.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

(Unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income (loss)

 

$

(19,687

)

 

$

43,204

 

 

$

69,428

 

 

$

52,181

 

Unrealized losses on available for sale debt securities

 

 

(1,180

)

 

 

(355

)

 

 

(3,251

)

 

 

(415

)

Comprehensive income (loss)

 

 

(20,867

)

 

 

42,849

 

 

 

66,177

 

 

 

51,766

 

Comprehensive (income) loss attributable to noncontrolling interests

 

 

1,819

 

 

 

(3,926

)

 

 

(3,854

)

 

 

(6,177

)

Comprehensive income (loss) attributable to AIR

 

$

(19,048

)

 

$

38,923

 

 

$

62,323

 

 

$

45,589

 

 

See notes to condensed consolidated financial statements.

6

 


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APARTMENT INCOME REIT CORP.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

For the Three Months Ended June 30, 2021 and 2020

(In thousands)

(Unaudited)

 

 

 

Preferred Stock

 

 

Common Stock

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

Noncontrolling
Interests in

 

 

Common
Noncontrolling
Interests in

 

 

 

 

 

 

Shares
Issued

 

 

Amount

 

 

Shares
Issued

 

 

Amount

 

 

Additional 
Paid-
in Capital

 

 

 Other
Comprehensive
Income 

 

 

Distributions 
in Excess 
of Earnings

 

 

Total AIR's Predecessor
Equity

 

 

Consolidated
Real Estate
Partnerships

 

 

AIR
Operating
Partnership

 

 

Total
Equity

 

Balances at March 31, 2020

 

 

 

 

$

 

 

 

120,092

 

 

$

1,200

 

 

$

3,488,898

 

 

$

4,139

 

 

$

(1,776,782

)

 

$

1,717,455

 

 

$

(3,409

)

 

$

81,502

 

 

$

1,795,548

 

Redemption of AIR Operating Partnership units

 

 

 

 

 

 

 

 

128

 

 

 

1

 

 

 

5,136

 

 

 

 

 

 

 

 

 

5,137

 

 

 

 

 

 

(5,423

)

 

 

(286

)

Amortization of share-based compensation cost

 

 

 

 

 

 

 

 

4

 

 

 

 

 

 

1,080

 

 

 

 

 

 

 

 

 

1,080

 

 

 

 

 

 

1,051

 

 

 

2,131

 

Effect of changes in ownership of consolidated entities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,579

)

 

 

 

 

 

 

 

 

(3,579

)

 

 

36

 

 

 

3,543

 

 

 

 

Change in accumulated other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(332

)

 

 

 

 

 

(332

)

 

 

 

 

 

(23

)

 

 

(355

)

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

39,255

 

 

 

39,255

 

 

 

107

 

 

 

2,107

 

 

 

41,469

 

Common Stock dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(61,034

)

 

 

(61,034

)

 

 

 

 

 

 

 

 

(61,034

)

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(35

)

 

 

(3,343

)

 

 

(3,378

)

Other, net

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

30

 

 

 

 

 

 

 

 

 

30

 

 

 

111

 

 

 

 

 

 

141

 

Balances at June 30, 2020

 

 

 

 

$

 

 

 

120,225

 

 

$

1,201

 

 

$

3,491,565

 

 

$

3,807

 

 

$

(1,798,561

)

 

$

1,698,012

 

 

$

(3,190

)

 

$

79,414

 

 

$

1,774,236

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at March 31, 2021

 

 

20

 

 

$

2,000

 

 

 

148,975

 

 

$

1,490

 

 

$

3,430,694

 

 

$

1,100

 

 

$

(2,112,381

)

 

$

1,322,903

 

 

$

(64,619

)

 

$

63,812

 

 

$

1,322,096

 

Issuance of Common Stock, net

 

 

 

 

 

 

 

 

7,825

 

 

 

79

 

 

 

342,084

 

 

 

 

 

 

 

 

 

342,163

 

 

 

 

 

 

 

 

 

342,163

 

Redemption of AIR Operating Partnership units

 

 

 

 

 

 

 

 

43

 

 

 

 

 

 

1,957

 

 

 

 

 

 

 

 

 

1,957

 

 

 

 

 

 

(2,286

)

 

 

(329

)

Amortization of share-based compensation cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

629

 

 

 

 

 

 

 

 

 

629

 

 

 

 

 

 

1,260

 

 

 

1,889

 

Effect of changes in ownership of consolidated entities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,833

)

 

 

 

 

 

 

 

 

(1,833

)

 

 

 

 

 

1,833

 

 

 

 

Contribution from noncontrolling interest in consolidated real estate partnerships

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,998

 

 

 

 

 

 

1,998

 

Change in accumulated other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,100

)

 

 

 

 

 

(1,100

)

 

 

 

 

 

(80

)

 

 

(1,180

)

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,948

)

 

 

(17,948

)

 

 

(2,397

)

 

 

(945

)

 

 

(21,290

)

Common Stock dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(67,418

)

 

 

(67,418

)

 

 

 

 

 

 

 

 

(67,418

)

Preferred stock dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(43

)

 

 

(43

)

 

 

 

 

 

 

 

 

(43

)

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,432

)

 

 

(3,436

)

 

 

(6,868

)

Other, net

 

 

 

 

 

 

 

 

14

 

 

 

 

 

 

(358

)

 

 

 

 

 

(53

)

 

 

(411

)

 

 

919

 

 

 

230

 

 

 

738

 

Balances at June 30, 2021

 

 

20

 

 

$

2,000

 

 

 

156,857

 

 

$

1,569

 

 

$

3,773,173

 

 

$

 

 

$

(2,197,843

)

 

$

1,578,899

 

 

$

(67,531

)

 

$

60,388

 

 

$

1,571,756

 

 

 

See notes to condensed consolidated financial statements.

7

 


Table of Contents

 

APARTMENT INCOME REIT CORP.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

For the Six Months Ended June 30, 2021 and 2020

(In thousands)

(Unaudited)

 

 

 

Preferred Stock

 

 

Common Stock

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

Noncontrolling
Interests in

 

 

Common
Noncontrolling
Interests in

 

 

 

 

 

 

Shares
Issued

 

 

Amount

 

 

Shares
Issued

 

 

Amount

 

 

Additional 
Paid-
in Capital

 

 

 Other
Comprehensive
Income 

 

 

Distributions 
in Excess 
of Earnings

 

 

Total AIR's Predecessor
Equity

 

 

Consolidated
Real Estate
Partnerships

 

 

AIR
Operating
Partnership

 

 

Total
Equity

 

Balances at December 31, 2019

 

 

 

 

$

 

 

 

120,242

 

 

$

1,202

 

 

$

3,497,654

 

 

$

4,195

 

 

$

(1,722,402

)

 

$

1,780,649

 

 

$

(3,296

)

 

$

83,442

 

 

$

1,860,795

 

Repurchases of Common Stock

 

 

 

 

 

 

 

 

(189

)

 

 

(2

)

 

 

(10,002

)

 

 

 

 

 

 

 

 

(10,004

)

 

 

 

 

 

 

 

 

(10,004

)

Redemption of AIR Operating Partnership units

 

 

 

 

 

 

 

 

128

 

 

 

1

 

 

 

5,136

 

 

 

 

 

 

 

 

 

5,137

 

 

 

 

 

 

(6,392

)

 

 

(1,255

)

Amortization of share-based compensation cost

 

 

 

 

 

 

 

 

20

 

 

 

 

 

 

3,009

 

 

 

 

 

 

 

 

 

3,009

 

 

 

 

 

 

2,102

 

 

 

5,111

 

Effect of changes in ownership of consolidated entities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,348

)

 

 

 

 

 

 

 

 

(4,348

)

 

 

36

 

 

 

4,312

 

 

 

 

Cumulative effect of a change in accounting principle

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(277

)

 

 

(277

)

 

 

 

 

 

 

 

 

(277

)

Change in accumulated other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(388

)

 

 

 

 

 

(388

)

 

 

 

 

 

(27

)

 

 

(415

)

Net income (loss)