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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
REVENUES        
Total revenues $ 193,554 $ 201,554 $ 597,503 $ 597,549
EXPENSES        
Property operating expenses 63,790 64,386 186,220 183,740
Property management expenses 8,099 7,938 26,337 23,868
Depreciation and amortization 78,879 84,485 234,674 246,623
General and administrative expenses 8,986 6,423 24,821 26,045
Other expenses, net 10,757 53,086 27,684 68,001
Property management and operating expenses 170,511 216,318 499,736 548,277
Interest income 5,231 4,938 19,798 9,034
Interest expense (93,073) (94,601) (279,158) (161,115)
Loss on extinguishment of debt in conjunction with a property sale 0 0 (2,030) 0
Loss on extinguishment of debt related to the Merger 0 (8,560) 0 (36,888)
Gain on dispositions of real estate 0 0 241,400 3,282
Gain (loss) on derivative instruments, net 7,399 (50,969) (8,160) (36,188)
Loss from unconsolidated real estate partnerships (4,456) (5,338) (10,987) (14,388)
Merger-related costs 0 (1,054) 0 (168,982)
Income (loss) before income tax benefit (expense) (61,856) (170,348) 58,630 (355,973)
Income tax benefit (expense) 277 581 13 (273)
Net income (loss) (61,579) (169,767) 58,643 (356,246)
Net income attributable to noncontrolling interests in consolidated real estate partnerships (471) (1,661) (32,021) (3,629)
Net income (loss) attributable to the AIR Operating Partnership (62,050) (171,428) 26,622 (359,875)
Net income attributable to the AIR Operating Partnership's preferred unitholders (1,152) (1,571) (3,459) (4,812)
Net loss attributable to participating securities 0 0 0 66
Net income (loss) attributable to the AIR Operating Partnership’s common unitholders $ (63,202) $ (172,999) $ 23,163 $ (364,621)
Net (loss) income attributable to the AIR Operating Partnership's common unitholders per unit – basic (in dollars per share) $ (0.42) $ (1.12) $ 0.15 $ (2.37)
Weighted average common units outstanding - basic (in shares) 151,075 153,800 151,840 154,138
Weighted average common units outstanding - diluted 151,075 153,800 152,115 154,138
Rental and other property revenues        
REVENUES        
Total revenues $ 188,393 $ 197,666 $ 582,722 $ 587,177
Other revenues        
REVENUES        
Total revenues $ 5,161 $ 3,888 $ 14,781 $ 10,372