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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
REVENUES      
Total revenues $ 793,174 $ 800,601 $ 820,036
EXPENSES      
Property operating expenses 246,410 241,712 244,095
Property management expenses 34,589 33,958 31,737
Depreciation and amortization 312,735 325,362 342,593
General and administrative expenses 31,225 29,766 25,494
Other expenses, net 36,107 75,992 25,889
Operating expenses 661,066 706,790 669,808
Interest income 26,402 16,577 8,314
Interest expense (369,067) (260,388) (129,654)
Loss on extinguishment of debt (3,128) (36,888) (2,008)
Gain on dispositions of real estate and impairments of real estate, net 445,050 3,951 677,740
(Loss) gain on derivative instruments, net (2,824) 11,235 16,742
Loss from unconsolidated real estate partnerships (13,601) (17,035) (29,648)
Merger-related costs 0 (169,409) 0
Income (loss) before income tax benefit (expense) 214,940 (358,146) 691,714
Income tax (expense) benefit (198) 2,304 (2,427)
Net income (loss) 214,742 (355,842) 689,287
Net income attributable to noncontrolling interests in consolidated real estate partnerships (32,371) (5,270) (5,185)
Net income (loss) attributable to the AIR Operating Partnership 182,371 (361,112) 684,102
Net income attributable to the AIR Operating Partnership's preferred unitholders (4,611) (5,973) (6,452)
Net loss (income) attributable to participating securities 0 66 (485)
Net income (loss) attributable to the AIR Operating Partnership’s common unitholders $ 177,760 $ (367,019) $ 677,165
Net income (loss) attributable to the AIR Operating Partnership common unitholders per unit – basic (in dollars per share) $ 1.17 $ (2.38) $ 4.29
Net income (loss) attributable to the AIR Operating Partnership common unitholders per unit – diluted (in dollars per share) $ 1.17 $ (2.38) $ 4.27
Weighted-average common units outstanding – basic (in shares) 151,642 154,016 157,687
Weighted-average common units outstanding – diluted (in shares) 151,960 154,016 160,008
Rental and other property revenues      
REVENUES      
Total revenues $ 773,850 $ 785,507 $ 809,875
Other revenues      
REVENUES      
Total revenues $ 19,324 $ 15,094 $ 10,161