Financial Data and Key Metrics Changes - FFO for Q3 2023 was $0.64 per share, exceeding the midpoint of guidance by $0.01, with run rate FFO at $0.59 per share, up 7.3% year-over-year [21] - AFFO was $0.52 per share, reflecting a 4% year-over-year increase, with excess AFFO over dividends expected to be about $80 million for the full year [21][22] - Revenue increased by 6.8% year-over-year, while expenses rose by 8%, primarily due to timing [9] Business Line Data and Key Metrics Changes - New lease rates increased by 3.6%, renewals by 6%, and blended lease rates by 4.7% in Q3 [9] - The acquisition portfolio, now 20% of the business, saw revenue growth of 10.3% and net operating income growth of 15.2% [10] - Same-store net operating income grew by 6.3%, with an operating margin of 73.4% [9] Market Data and Key Metrics Changes - Occupancy rates improved from 94.6% in July to 96% in September, with October's average daily occupancy at 96.9% [11] - The company anticipates a strong start to 2024, with bad debt showing improvement and diversified portfolio mitigating pressures from new supply [11][12] Company Strategy and Development Direction - The company emphasizes a diversified portfolio across markets and price points, focusing on operational excellence and customer selection to enhance stability [5][6] - AIR is actively pursuing profitable acquisitions, having raised over $600 million through joint ventures and property sales [8][13] - The investment philosophy remains focused on generating positive spreads to the cost of capital and improving portfolio quality [14] Management's Comments on Operating Environment and Future Outlook - Management noted that interest rates have disrupted property pricing but created acquisition opportunities [5] - The company expects continued strong same-store NOI growth and a favorable outlook for 2024, despite potential headwinds from higher interest rates [38][39] - Management remains cautious about certain markets, particularly Northern California, but sees potential for recovery [48][56] Other Important Information - The company declared a quarterly cash dividend of $0.45 per share, reflecting an annualized yield of approximately 5.8% [22] - AIR's balance sheet is robust, with no debt maturities until Q2 2025 and $2.1 billion in available liquidity [20] Q&A Session Summary Question: Breakdown of NOI growth by properties - Management confirmed that 89% of GAV will be in the same-store pool next year, with expectations for growth from reacquired properties [25][26] Question: Impact of late fees on growth - Management acknowledged potential headwinds from reduced late fees but highlighted other initiatives to offset this [27][28] Question: Future joint venture activities - Management indicated that while joint ventures add complexity, they are necessary due to changes in capital markets and will continue to be a part of the strategy [29][30] Question: Guidance on same-store revenue - Management maintained that the midpoint of guidance is achievable, with expectations for blended lease rate growth remaining consistent [34][35] Question: Bad debt recovery efforts - Management emphasized their focus on resident quality and ongoing efforts to pursue delinquent accounts, with some success in small claims court [66][68]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________ Form 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-39686 (Apartment Income REIT Corp.) Commission File Number: 0-24497 (Apar ...

Apartment Income REIT Corp (NYSE:AIRC) Q2 2023 Earnings Call Transcript July 28, 2023 2:00 PM ET Company Participants Lisa Cohn - President and General Counsel, AIR Communities Terry Considine - CEO Keith Kimmel - President of Property Operations John McGrath - Co-CIO and Chairman of Investment Committee Paul Beldin - CFO Conference Call Participants Eric Wolfe - Citi Robert Stevenson - Janney Haendel St. Juste - Mizuho John Kim - BMO Capital Markets Operator Welcome and thank you for attending today's AIR ...

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Apartment Income REIT Corp. (NYSE:AIRC) Q1 2023 Earnings Conference Call May 2, 2023 1:00 PM ET Company Participants Lisa Cohn - President and General Counsel, AIR Communities Terry Considine - CEO Keith Kimmel - President of Property Operations John McGrath - Co-CIO and Chairman of Investment Committee Paul Beldin - CFO Conference Call Participants Eric Wolfe - Citi Haendel St. Juste - Mizuho John Kim - BMO Capital Markets Chandni Luthra - Goldman Sachs John Pawlowski - Green Street Operator Welcome, and t ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 APARTMENT INCOME REIT CORP. APARTMENT INCOME REIT, L.P. For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-39686 (Apartment Income REIT Corp.) Commission File Num ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-39686 (Apartment Income REIT Corp.) Commission file number 0-24497 (Apartment Income REIT, L.P.) APARTMENT INCOME REI ...