Significant Transactions (Tables)

12 Months Ended

Dec. 31, 2022

Business Acquisition [Line Items]

Schedule of Acquisition

During the year ended December 31, 2022, we acquired three apartment communities in South Florida and one in the Washington, D.C. area. Summarized information regarding these acquisitions is set forth in the table below (dollars in thousands):

Number of apartment communities		4
Number of apartment homes		1,351
Purchase price	$	640,067
Capitalized transaction costs		7,325
Total consideration	$	647,392
Land	$	54,825
Building and improvements		576,779
Right-of-use lease asset		80,651
Intangible assets (1)		17,203
Lease liability		(80,651	)
Below-market lease liabilities (1)		(613	)
Real estate tax liability assumed		(802	)
Total consideration	$	647,392

(1)Intangible assets and below-market lease liabilities have a weighted-average term of 2.2 years and 1.4 years, respectively.

Subsequent to the year ended December 31, 2022, we acquired Southgate Towers, a 495 apartment home community located in the South Beach neighborhood of Miami Beach. Total consideration of $298.0 million includes $101.2 million of debt assumed and the issuance of $22.4 million in common OP Units.

Summary of Apartment Community Sold

Sold apartment communities during the years ended December 31, 2022, 2021, and 2020, are summarized below (dollars in thousands):

	2022		2021		2020
Number of apartment communities sold		18		16		2
Number of apartment homes sold		3,364		1,395		485
Gain on apartment community sales	$	939,806	$	243,369	$	119,215

Summary of Lease cancellation of cost

The total consideration of the added improvement value payment, leased real estate asset, and related costs were allocated to the underlying assets returned to AIR based on the following allocation (dollars in thousands):

Number of apartment communities		4
Number of apartment homes		865
Land	$	133,471
Building and improvements		520,448
Intangible assets (1)		13,470
Below-market lease liabilities (1)		(866	)
Total consideration (2)	$	666,523

(1)Intangible assets and below-market lease liabilities have a weighted-average term of less than a year.

(2)Includes the leased real estate asset as of the cancellation date and the added improvement value payment.