CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
ASSETS
Buildings and improvements	$ 6,141,821	$ 6,126,780
Land	1,179,653	1,179,653
Total real estate	7,321,474	7,306,433
Accumulated depreciation	(2,573,233)	(2,499,663)
Net real estate	4,748,241	4,806,770
Cash and cash equivalents	217,680	346,310
Restricted cash	27,405	26,062
Investment in unconsolidated real estate partnerships	310,076	314,297
Goodwill	32,286	32,286
Other assets, net	237,102	230,376
Total assets	5,572,790	5,756,101
LIABILITIES AND PARTNERS’ DEFICIT
Non-recourse property debt, net	5,719,186	5,717,500
Accrued liabilities and other	289,213	291,577
Total liabilities	6,008,399	6,009,077
Commitments and contingencies (Note 7)
Redeemable preferred units	56,456	56,456
Partners’ deficit:
General Partner and Special Limited Partner	(469,321)	(295,007)
Limited Partners	110,633	118,505
Partners’ capital attributable to the AIR Operating Partnership	(358,688)	(176,502)
Noncontrolling interests in consolidated real estate partnerships	(133,377)	(132,930)
Total partners’ deficit	(492,065)	(309,432)
Total liabilities, redeemable preferred units, and partners’ deficit	$ 5,572,790	$ 5,756,101