Sign in

Private company

Apartment Income REIT, L.P.

Apartment Income REIT, L.P. is an American Operators of Apartment Buildings company, incorporated in Delaware.1 It is headquartered in New York, New York.1

Last updated Oct 21, 2026.

Overview

  • IndustryOperators of Apartment Buildings1
  • HeadquartersNew York, New York1
  • Incorporated inDE2
  • Business address345 Park Avenue, New York, Ny 101542
  • Filer categoryNon-accelerated filer2

See how the biggest companies compare on our leaderboards

The AIR Operating Partnership is focused on the ownership and operation of stabilized multi-family properties located in top markets including eight important geographic concentrations: Boston; Philadelphia; Washington, D.C.; Miami; Denver; the San Francisco Bay Area; Los Angeles; and San Diego. Please refer to Note 13 to the consolidated financial statements in Item 8 for discussion regarding our segments.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

23.0%Net margin4
-0.9%Revenue growth, 20254

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue35¢$281.0M
  • Other costs42¢$329.6M
  • Income tax0¢$198.0K
  • Profit23¢$182.4M

Out of $793.2M in revenue.4

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid100¢$332.4M

Out of $141.9M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.4

Financial statements

Revenue564$793.2M in 2025−19% since 2014
0$250.0M$500.0M$750.0M$1.0B2014: $984.4M$984.4M20142022: $773.7M$773.7M2022−21%2023: $820.0M$820.0M2023+6%2024: $800.6M$800.6M2024−2%2025: $793.2M$793.2M2025−1%
Net income564$182.4M in 2025−41% since 2014
-$500.0M0$500.0M$1.0B2014: $309.2M$309.2M20142022: $969.6M$969.6M2022+214%2023: $684.1M$684.1M2023−29%2024: -$361.1M-$361.1M20242025: $182.4M$182.4M2025
Fiscal year2014201520212022202320242025
Revenue$984.4M5$773.7M6$820.0M4$800.6M4$793.2M4
Cost of revenue$275.8M4$275.7M4$281.0M4
Operating expenses$646.2M6$669.8M4$706.8M4$661.1M4
Operating income$262.4M5
Interest$221.0M5
Income before tax$974.0M6$691.7M4-$358.1M4$214.9M4
Income tax-$20.0M5$3.9M6$2.4M4-$2.3M4$198.0K4
Net income$309.2M5$969.6M6$684.1M4-$361.1M4$182.4M4
Earnings per share$5.866$4.294-$2.384$1.174
Earnings per share (diluted)$5.816$4.274-$2.384$1.174
Shares (weighted, basic)164.1M shares6157.7M shares4154.0M shares4151.6M shares4
Shares (weighted, diluted)166.6M shares6160.0M shares4154.0M shares4152.0M shares4

Compare Apartment Income REIT, L.P. with another company

What it owns

What Apartment Income REIT, L.P. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Land$1.2B4 Dec 31, 2025$1.3B4 Dec 31, 2024−9.1%

Real estate and locations

ItemLatestA year beforeChange
Real estate investments, net$4.8B4 Dec 31, 2025$5.3B4 Dec 31, 2024−9.2%
Real estate investments, at cost$7.3B4 Dec 31, 2025$7.8B4 Dec 31, 2024−6.3%
Real estate accumulated depreciation$2.5B4 Dec 31, 2025$2.5B4 Dec 31, 2024−0.1%
Units in real estate properties19,6424 Dec 31, 202521,2946 Dec 31, 2024−7.8%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$346.3M4 Dec 31, 2025$616.5M4 Dec 31, 2024−43.8%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$32.3M4 Dec 31, 2025$32.3M4 Dec 31, 20240%

Properties, in its own words

Additional information about our consolidated real estate, including property debt, is contained in “Schedule III – Real Estate and Accumulated Depreciation” in this Annual Report on Form 10-K.

Our portfolio is diversified by both geography and price point, with a mix of urban and suburban submarkets, and consists of market rate apartment communities in which we own a substantial interest. Our portfolio includes garden style, mid-rise, and high-rise apartment communities located in nine states and the District of Columbia. Our portfolio strategy seeks predictable rent growth from a portfolio of apartment communities diversified among some of the largest markets in the United States. The following table sets forth information on the apartment communities in our portfolio as of December 31, 2025:

The rest of Item 2

Number ofApartmentCommunities · Number ofApartmentHomes · AverageEconomicOwnership

Bay Area · 7 · 1,753 · 76

Boston · 4 · 652 · 100

Denver · 7 · 2,059 · 85

Los Angeles · 9 · 3,815 · 78

Miami · 10 · 4,014 · 96

Philadelphia · 8 · 2,639 · 74

San Diego · 5 · 2,314 · 80

Washington, D.C. · 13 · 6,837 · 69

Other markets · 7 · 1,660 · 100

Total portfolio (1) · 70 · 25,743 · 81

(1)Total portfolio represents the number of apartment communities in which we owned an equity interest.

As of December 31, 2025, on a consolidated basis, our apartment communities contained, on average, 368 apartment homes, with the largest community containing 2,113 apartment homes. These apartment communities offer residents a range of amenities, including resort pools with cabanas, grills, clubhouses, spas, fitness centers, package lockers, dog parks, and large open spaces. Many of the apartment homes offer features such as granite countertops, wood flooring, stainless steel appliances, fireplaces, spacious closets, washer and dryer connections, balconies, and patios.

As of December 31, 2025, on a consolidated basis, apartment communities in our portfolio were encumbered by, in aggregate, $5.7 billion of property debt with a weighted-average interest rate of 5.8% and a weighted-average maturity of 4.4 years. The apartment communities collateralizing this non-recourse property debt have an aggregate net book value of $4.8 billion.

Item 2 of the 10-K filed Mar 13, 2026.3

Leadership

Who has led Apartment Income REIT, L.P., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Terry Considine2020–2022

Chair

  1. Terry Considine2020

Chief financial officer

  1. Ernest Michael Freedman2009
2010201520202025
Board members and other officers (28)

Former names

  • AIMCO PROPERTIES L.P.Apr 27, 2005 to May 7, 20212
  • AIMCO PROPERTIES LPOct 26, 1998 to Sep 21, 20122

Timeline

  1. Nov 7, 20258-K Executive or director change40
  2. Oct 24, 20248-K Executive or director change41
  3. Oct 8, 20248-K Executive or director change42
  4. Sep 20, 20248-K Entered a material agreement; Ended a material agreement; New debt or obligation43
  5. Aug 1, 20248-K Entered a material agreement; New debt or obligation; Other events44
  6. Jan 30, 2020New chief executive Terry Considine becomes CEO10

Filings

39 filings to the SEC since October 2021: 2 annual reports, 7 quarterly reports, 5 major events, 13 insider forms, 12 other. The latest 20:

  1. Aug 12, 202610-Q EDGAR
  2. May 14, 202610-Q EDGAR
  3. Mar 13, 202610-K EDGAR
  4. Nov 12, 202510-Q EDGAR
  5. Nov 7, 20258-K EDGAR
  6. Aug 13, 202510-Q EDGAR
  7. May 12, 202510-Q EDGAR
  8. Mar 19, 2025IRANNOTICE EDGAR
  9. Mar 19, 202510-K EDGAR
  10. Nov 8, 2024IRANNOTICE EDGAR
  11. Nov 8, 202410-Q EDGAR
  12. Oct 24, 20248-K EDGAR
  13. Oct 8, 20248-K EDGAR
  14. Sep 20, 20248-K EDGAR
  15. Aug 9, 202410-Q EDGAR
  16. Aug 9, 2024IRANNOTICE EDGAR
  17. Aug 1, 20248-K EDGAR
  18. Jul 1, 20243 EDGAR
  19. Jul 1, 20243 EDGAR
  20. Jul 1, 20243 EDGAR

The 39 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

SEC filer profile

How Apartment Income REIT, L.P. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARApartment Income REIT, L.P.1
  • CIK0000926660
  • Employer ID (EIN)84-12756213
  • Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company3
  • Incorporated inDelaware3
  • Fiscal year endsDecember 311
  • Industry code (SIC)6513 Operators of Apartment Buildings1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business address345 Park Avenue, New York, NY 101541
  • Phone(212) 583-50001
  • Shares outstanding1,489 as of Aug 5, 20269
  • Public float$0 as of Jun 30, 20254
  • AuditorDELOITTE & TOUCHE LLP, Denver, Colorado PCAOB ID 34; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceMay 19, 19981
  • Filings2,668 in all: SC TO-T/A (827), SC 13D/A (369), SC 14D1/A (271), SC TO-T (240), 8-K (124), 424B3 (120), SC 14D1 (118), 10-Q (84)1
    All 46 form types

    4 (55), CORRESP (51), S-4/A (51), SC 13E3 (51), 3 (34), SC 13E3/A (32), 10-K (26), 425 (26), UPLOAD (26), S-4 (21), 5 (20), 4/A (16), SC 13D (16), EFFECT (15), REGDEX (8), 8-K/A (7), S-3ASR (6), SC 14D9 (6), D (5), DEFA14A (5), SC 14D9/A (4), IRANNOTICE (3), POS AM (3), RW (3), S-3 (3), S-3/A (3), 10-12G (2), 10-12G/A (2), 10-K/A (2), 10-K405 (2), 424B2 (2), DEF 14A (2), PRE 14A (2), 10-K405/A (1), 10-Q/A (1), 424B5 (1), POSASR (1), REGDEX/A (1)

  • Latest filingsAnnual report (10-K) Mar 13, 2026
    Quarterly report (10-Q) Aug 12, 2026
    Proxy statement (DEF 14A) Oct 20, 2020
    Latest 8-K (8-K) Nov 7, 2025

Risk factors and legal proceedings

The risks Apartment Income REIT, L.P. names in Item 1A of its 10-K filed Mar 13, 2026: 34 risks under these headings, as written.3

  • Risks Related to Our Business
  • Failure to generate sufficient net operating income may adversely affect our liquidity or limit our ability to fund necessary capital expenditures.
  • Competition could limit our ability to lease apartment homes or increase or maintain rents.
  • We depend on our senior management.
  • We may experience various increased costs, including increased property taxes.
  • Rent control laws and other regulations that limit our ability to select residents, increase rental rates or limit our ability to evict residents to limited circumstances may negatively impact our rental income and profitability.
  • Although we are insured for certain risks, the cost of insurance, increased claims activity, or losses resulting from casualty events may affect our financial condition and results of operations.
  • Investments through joint ventures introduce governance risks even where the business of the joint venture adds no further business risks.
  • Our business and operations would suffer in the event of significant disruptions or cyberattacks of our information technology systems or our failure to comply with laws, rules and regulations related to privacy and data protection.
  • Potential liability or other expenditures associated with potential environmental contamination may be costly.
  • Laws benefiting disabled persons may result in our incurrence of unanticipated expenses.
  • Adverse economic and geopolitical conditions, local, regional, national, or international health crises and dislocations in the credit markets could negatively impact our residents and our operations.
The other 23 risks
  • We are subject to evolving sustainability disclosure standards and expectations that expose us to numerous risks.
  • Technological developments in artificial intelligence could disrupt the markets in which we operate and subject us to increased competition, legal and regulatory risks and compliance costs.
  • Natural disasters and severe weather may affect our financial condition and results of operations.
  • Moisture infiltration and resulting mold remediation may be costly.
  • Risks Related to Our Indebtedness and Financing
  • Increases in interest rates would increase our interest expense and reduce our profitability.
  • Our debt financing could result in foreclosure resulting in a loss of income and value, prevent us from making distributions on our equity, or otherwise adversely affect our liquidity.
  • Disruptions in the financial markets could affect our ability to obtain financing and the cost of available financing and could adversely affect our liquidity.
  • Because real estate investments are relatively illiquid, we may not be able to sell apartment communities when appropriate.
  • Failure to hedge effectively against interest rate changes may adversely affect our results of operations.
  • We may increase leverage, which could further exacerbate the risks associated with our indebtedness.
  • Risks Related to Our Organization and Structure
  • We are controlled by Blackstone and its interests may conflict with ours or yours in the future.
  • Risks Related to Conflicts of Interest
  • Various potential and actual conflicts of interest will arise, and these conflicts may not be identified or resolved in a manner favorable to us.
  • The personnel of Blackstone are not required to dedicate a specific portion of their time to the management of our business.
  • We and Blackstone vehicles have competed, and in the future will likely compete, with or enter into transactions with existing and future private and public investment vehicles established and/or managed by Blackstone or its affiliates, which may present various conflicts of interest that restrict our ability to pursue certain investment opportunities or take other actions that are beneficial to our business and/or result in decisions that are not in the best interests of our unitholders.
  • Risks Related to Valuation
  • Redemptions of our units are generally based on our most recent quarter-end calculations of NAV per common OP unit, which calculations are not current as of a future date.
  • The General Partner has discretion to determine whether a Material Event (as defined in our Valuation Policy) has occurred, and whether and in what amount to make adjustments to the Value of a REIT Share (as defined in our Valuation Policy), prior to the end of the then-current calendar quarter.
  • Valuations and appraisals of our real estate are estimates of fair value and may not necessarily correspond to realizable value.
  • Our NAV per common OP Unit may change materially if the appraised values of our properties materially change from prior appraisals, the actual operating results for a particular calendar quarter differ from what we originally budgeted for that quarter or if the value of a liability (contingent or otherwise) is determined to be different than initially anticipated.
  • It may be difficult to reflect, fully and accurately, material events that may impact our quarterly NAV per common OP Unit.
  • NAV calculations are not governed by governmental or independent securities, financial or accounting rules or standards.
  • We may need to adjust the methodologies used in calculating NAV per common OP Unit in certain situations.
  • Our independent valuation advisor and/or independent third-party appraisers may have conflicts of interests and other relationships with us and our affiliates.
  • We do not make any representations, warranties or guarantees regarding the accuracy of our NAV.

Legal proceedings

Information regarding legal matters included in Note 7 to our consolidated financial statements in Item 8 of this report on Form 10-K is incorporated by reference into this Item 3. In addition to the matters referred to in Note 7, we are a party to various legal actions and administrative proceedings arising in the ordinary course of business, some of which are covered by our general liability insurance program, and none of which we expect to have a material adverse effect on our consolidated financial condition, results of operations, or cash flows.

The opening of Item 3, Legal Proceedings.3

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
  18. 18
  19. 19
  20. 20
  21. 21
  22. 22
  23. 23
  24. 24
  25. 25
  26. 26
  27. 27
  28. 28
  29. 29
  30. 30
  31. 31
  32. 32
  33. 33
  34. 34
  35. 35
  36. 36
  37. 37
  38. 38
  39. 39
  40. 40
  41. 41
  42. 42
  43. 43
  44. 44