AIR Operating Partnership is a Blackstone-affiliated owner and operator of 70 stabilized, market-rate apartment communities (25,743 homes) across major U.S. markets that uses a centralized operating platform (AIR Edge) to optimize property operations and services.

# AIR Operating Partnership

## Overview
AIR Operating Partnership owns and operates stabilized, market-rate apartment communities across major U.S. markets. The portfolio concentrates in eight geographic areas: Boston; Philadelphia; Washington, D.C.; Miami; Denver; the San Francisco Bay Area; Los Angeles; and San Diego. Following the June 28, 2024 merger, AIR Operating Partnership became a subsidiary of Blackstone-affiliated Parent Entities. The General Partner and Special Limited Partner are controlled indirectly by Blackstone affiliates.

## What the company does
- Owns and operates a portfolio of stabilized, market-rate apartment communities.
- Runs a centralized operating platform (AIR Edge) to optimize property operations, analytics, automation, and centralized processes.
- Uses REIT-related structures and TRS subsidiaries to provide services to residents and investment partners that a REIT alone cannot provide.
- Manages enterprise risks across cybersecurity, environmental, legal, regulatory, and financing matters.

## Portfolio (as of December 31, 2025)
- Total properties: 70 apartment communities  
- Total apartment homes: 25,743  
- Average homes per community: 368  
- Largest community: 2,113 homes  
- Ownership level: 81% of the portfolio

## Regional breakdown
- Bay Area: 7 communities; 1,753 homes; 76% owned  
- Boston: 4 communities; 652 homes; 100% owned  
- Denver: 7 communities; 2,059 homes; 85% owned  
- Los Angeles: 9 communities; 3,815 homes; 78% owned  
- Miami: 10 communities; 4,014 homes; 96% owned  
- Philadelphia: 8 communities; 2,639 homes; 74% owned  
- San Diego: 5 communities; 2,314 homes; 80% owned  
- Washington, D.C.: 13 communities; 6,837 homes; 69% owned  
- Other markets: 7 communities; 1,660 homes; 100% owned

## Operations and scale
- Average community size is about 368 apartment homes.  
- The portfolio spans urban and suburban submarkets across nine states and the District of Columbia.  
- Common amenities include resort-style features such as pools, clubhouses, fitness centers, and modern in-unit finishes (granite countertops, wood flooring, stainless appliances).

## People and workforce
- Total employees (teammates): approximately 810 (as of December 31, 2025)  
- On-site staff: approximately 660 teammates; the remainder are off-site  
- Union representation: 27 teammates

## Financial position
- Property debt encumbering the portfolio: approximately $5.7 billion  
- Weighted-average interest rate on debt: ~5.8%  
- Weighted-average debt maturity: ~4.4 years  
- Net book value of properties serving as collateral: about $4.8 billion  
- Variable-rate indebtedness outstanding: approximately $4.1 billion (as of 12/31/2025)  
- Cash, cash equivalents, and restricted cash: about $372.4 million (a portion at variable rates)

## Tax and corporate structure
- Treated as a partnership for U.S. federal income tax purposes; some operations are conducted through TRS subsidiaries that are taxable entities.  
- Post-merger, Blackstone affiliates control the General Partner and AIR Operating Partnership, which affects management and strategic decisions.

## Summary
AIR Operating Partnership acquires and operates stabilized, market-rate apartment communities in major U.S. markets, using a centralized operating platform and data-driven management across a diversified regional portfolio. The company operates under a Blackstone-affiliated structure, with 70 properties totaling 25,743 homes and a workforce of about 810 teammates. The financial profile emphasizes debt, ownership levels, and capital structure metrics.

Apartment Income REIT, L.P. is a real estate investment trust focused on the ownership and operation of stabilized multi-family properties across key U.S. markets, generating significant rental income despite recent financial losses due to merger-related costs and lower gains on property dispositions.

### Company Overview: Apartment Income REIT, L.P.

**Business Focus:**
Apartment Income REIT, L.P. (the "AIR Operating Partnership") is primarily engaged in the ownership and operation of stabilized multi-family properties in key markets across the United States. These markets include notable cities such as Boston, Philadelphia, Washington, D.C., Miami, Denver, the San Francisco Bay Area, Los Angeles, and San Diego.

**Portfolio Details:**
- **Number of Apartment Communities:** 77
- **Total Apartment Homes:** 27,395
- **Average Ownership:** Approximately 81% of the apartment communities

The company seeks predictable rent growth through its diversified portfolio of apartment communities, focusing on urban and suburban submarkets with various price points.

**Revenue Generation:**
AIR generates revenue primarily from rental income derived from its portfolio of apartment communities. As of December 31, 2024, the company reported:
- **Rental and Other Property Revenues:** $785.5 million
- **Total Revenues:** $800.6 million

**Expense Outline:**
The operational flow of the company includes various costs associated with property management and maintenance:
- **Property Operating Expenses:** $241.7 million
- **General and Administrative Expenses:** $29.8 million
- **Total Expenses:** $706.8 million 

**Financial Performance:**
In terms of profitability, the AIR Operating Partnership reported:
- **Net Income (Loss) for 2024:** -$355.8 million
- **Gain on Dispositions of Real Estate (2024):** $4.0 million

The significant loss in 2024 was primarily attributed to lower gains on property dispositions, merger-related costs, and increased interest expenses. The company, however, did see a slight increase in residential rents by approximately 2.7%.

**Workforce:**
As of December 31, 2024, the AIR Operating Partnership employed about 790 staff members. Among these, approximately 660 work directly at the apartment communities in various operational roles.

**Corporate Structure & Management:**
The AIR Operating Partnership operates as a publicly traded real estate investment trust (REIT) and is managed by its General Partner, AIR-GP LLC. The company's governance structure involves a Board of Directors overseeing the strategic performance and management.

**Market Positioning:**
AIR operates in a competitive environment, focusing on attracting and retaining residents while dealing with various housing alternatives. The business strategies revolve around maintaining high occupancy rates and optimizing rental prices amidst a backdrop of economic fluctuations and competition in the real estate market.

### Summary
Apartment Income REIT, L.P. is a notable player in the multi-family housing sector, with a substantial portfolio spread across high-demand markets and a significant revenue base. Despite experiencing losses in recent financial periods, the company continues to seek growth through effective property management and strategic acquisitions.

Apartment Income REIT Corp. (AIR) is a self-managed real estate investment trust focused on multifamily properties across the U.S., aiming to enhance residential living through superior property management and sustainable practices.

# Apartment Income REIT Corp.

## Business description
Apartment Income REIT Corp. (AIR) is a self-administered, self-managed real estate investment trust that owns, operates, and manages apartment communities across the United States. The company focuses on delivering high-quality living environments through attentive property management and community engagement.

## Strategy
- **Property acquisition**: Acquire and manage multifamily residential properties, concentrating on markets with strong growth potential and favorable demographic trends for long-term housing demand.  
- **Value creation**: Execute strategic capital improvements and drive operational efficiencies to improve property performance and increase asset value.  
- **Sustainability initiatives**: Pursue corporate responsibility and sustainability programs that align with environmental, social, and governance (ESG) standards.

## Key statistics
- **Revenue**: In 2023, AIR reported revenues with a compound annual growth rate (CAGR) of 4.0% over 14 years.  
- **Net operating income (NOI)**: Same-store NOI grew 9.3% in 2023, outpacing peer performance and reflecting strong operational results and rental income growth.

## Financial performance
- **Operating margins**: AIR reported operating margins of 74.5%, compared with a peer average of 67.8%, indicating efficiency in converting rental income to free cash flow.  
- **Equity alignment**: Executive compensation is aligned with shareholder interests through performance-based awards tied to Total Shareholder Return (TSR) metrics.

AIR is positioned in the multifamily real estate sector with an operational focus on property performance and a commitment to delivering value to tenants and shareholders through strategic management and growth initiatives.

Apartment Income REIT, L.P.

10-K / March 13, 2026

10-K / March 19, 2025

10-K / April 29, 2024

10-K / March 13, 2026

AIR Operating Partnership

Overview

What the company does

Portfolio (as of December 31, 2025)

Regional breakdown

Operations and scale

People and workforce

Financial position

Tax and corporate structure

Summary