Filing Flows › Real Estate › Apartment Income REIT, L.P.
Apartment Income REIT, L.P. earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 12, 2026
Q2 2026 Revenue down 3% year over year to $194M · 21¢ of every $1 of revenue lost · operating margin 8.2%
Apartment Income REIT, L.P. made $194M in Q2 2026 (-3% Y/Y): Rental and other property revenues $188M, Other revenues $6.0M. Operating margin 8.2%, net loss $40.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 12, 2026.
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What changed this quarter
Revenue was $193.9M in Q2 2026, down 3% year over year and roughly flat from the previous quarter. Rental and other property revenues was the largest line at 97% of revenue. Rental and other property revenues lost $7.5M year over year (down 4%), 114% of the total change.
Operating profit was $15.9M, a 8.2% margin (down 9.5 points year over year). Total costs grew 8% against a revenue fall of 3%. The fastest-growing cost line was Other operating costs (+16%). The quarter ended with a net loss of $40.1M, wider than the previous quarter's $29.0M loss. Net interest and other expense of $56.0M was the main reason.
Operating cash flow was $24.5M (down 58% year over year). Non-cash charges added back $76.0M of depreciation and amortization. Working capital and other items used $11.3M. Capital expenditures of $22.7M left free cash flow of $1.8M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 12, 2026 | $194M | -3% | 8.2% | −$40.1M | $24.5M |
| Q1 2026 | 10-Q | May 14, 2026 | $194M | -5% | -14.9% | −$29.0M | $39.6M |
| Q4 2025 | 10-K | Mar 13, 2026 | $196M | -4% | 79.9% | $156M | $34.1M |
| Q3 2025 | 10-Q | Nov 12, 2025 | $194M | -4% | -32.0% | −$61.6M | $41.0M |
| Q2 2025 | 10-Q | Aug 13, 2025 | $200M | +0.1% | 17.7% | $50.3M | $58.5M |
| Q1 2025 | 10-Q | May 12, 2025 | $203M | +4% | 19.7% | $38.4M | $8.3M |
| Q4 2024 | 10-K | Mar 19, 2025 | $203M | +3% | -1.1% | $404K | $46.2M |
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About Apartment Income REIT, L.P.
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. On June 28, 2024, AIR completed the transactions contemplated by the Agreement and Plan of Merger (the “Merger Agreement”) by and among Apartment Income REIT Corp., Apex Purchaser LLC, a Delaware limited liability company (“Buyer 1”), Aries Purchaser LLC, a Delaware limited liability company (“Buyer 2”), Astro Purchaser LLC, a Delaware limited liability company (“Buyer 3” and, together with Buyer 1 and Buyer 2, collectively, the “Parent Entities”), and Astro Merger Sub, Inc., a…
In its own words, from its 10-K, filed Mar 13, 2026.
Apartment Income REIT, L.P. against its Operators of Apartment Buildings peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -3% against the peers' median +2%. Operating margin: 8.2% against the peers' median 15.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| Apartment Income REIT, L.P. | Q2 2026 | $194M | -3% | 8.2% |
| NEN New England Realty Associates Limited Partnership | Q3 2026 | $24.2M | +2% | 19.4% |
| INTG Intergroup | Q4 FY26 | $18.4M | +13% | 15.6% |
| SRRE Sunrise Real Estate Group | Q2 2026 | $362K | -78% | -326.5% |
Source: Apartment Income REIT, L.P. 10-Q on SEC EDGAR · CIK 926660 · Operators of Apartment Buildings