v3.25.3

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
ASSETS
Buildings and improvements	$ 6,230,493	$ 6,501,386
Land	1,235,873	1,297,106
Total real estate	7,466,366	7,798,492
Accumulated depreciation	(2,491,659)	(2,503,088)
Net real estate	4,974,707	5,295,404
Cash and cash equivalents	413,008	616,452
Restricted cash	27,637	28,007
Investment in unconsolidated real estate partnerships	328,381	341,357
Goodwill	32,286	32,286
Other assets, net	247,481	262,036
Total assets	6,023,500	6,575,542
LIABILITIES AND PARTNERS’ DEFICIT
Non-recourse property debt, net	5,944,876	6,241,869
Accrued liabilities and other	324,796	309,137
Total liabilities	6,269,672	6,551,006
Commitments and contingencies (Note 7)
Redeemable preferred units	56,695	56,827
Partners’ deficit:
General Partner and Special Limited Partner	(297,110)	(61,484)
Limited Partners	116,898	126,848
Partners’ capital attributable to the AIR Operating Partnership	(180,212)	65,364
Noncontrolling interests in consolidated real estate partnerships	(122,655)	(97,655)
Total partners’ deficit	(302,867)	(32,291)
Total liabilities, redeemable preferred units, and partners’ deficit	$ 6,023,500	$ 6,575,542

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