Partners’ (Deficit) Capital (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Classes of Preferred OP Units

As of December 31, 2024 and 2023, the AIR Operating Partnership had the following classes of preferred OP Units (stated at their redemption values, in thousands, except unit and per unit data):


	Distributions per Annum				Units Issued and Outstanding		Redemption Values
Class of Preferred Units	Percent		Per Unit		2024	2023	2024		2023
Class One	8.75	%	$	8.00	90,000	90,000	$	8,229	$	8,229
Class Two	1.92	%	$	0.48	5,368	5,368	132		132
Class Three	7.88	%	$	1.97	472,281	1,310,902	11,807		32,772
Class Four	8.00	%	$	2.00	644,954	644,954	16,124		16,124
Class Six	8.50	%	$	2.13	769,585	769,585	19,240		19,240
Class Seven	7.87	%	$	1.97	20,970	25,715	524		643
Total					2,003,158	2,846,524	$	56,056	$	77,140

Schedule of Reconciliation of Preferred OP Units

The following table presents a rollforward of the AIR Operating Partnership’s preferred OP Units’ redemption value and accrued distributions (in thousands):


Balance at January 1, 2024	$	77,140
Preferred distributions	(5,103)
Redemption of preferred units	(21,084)
Net income allocated to preferred units	5,874
Balance at December 31, 2024	$	56,827

Apartment Income REIT, L.P. 10-K