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AIR's Point of

Comparative Advantage

AIR provides the most efficient and most effective way to allocate capital to multi-family real estate

AIR emphasizes “good neighbor” policies and stable communities to attract strong demand, and retain high-quality residents


TTM Resident Retention

We are committed to efficiency through the AIR Edge which has produced a peer-leading track record in cost control and operating margin

-10 BPS

14-year CAGR in Controllable Operating Expense

Cost discipline further extends across the AIR platform with overhead targeted at < 15 basis points of GAV

15 BPS

Net G&A < 15 Basis Points of GAV

As a result, AIR converts ~10% more Same Store Revenue to Property EBITDA as compared to our peers creating a durable advantage that compounds over time


2023 Same Store Revenue Conversion To Property EBITDA

Public filings as of 12/31/2023

AIR condo building

Diversified Portfolio

Portfolio diversified by geography, location, and price point, in high quality markets where demand generates continued organic growth


Core Markets

with Attractive

Growth Prospects





47% / 53%

Class A/B

Properties by

Q4 2023 GAV

  • Diversification supports stable growth over cycles

  • Great submarkets driving attractive growth prospects

  • Broad range of average rents serve a diverse resident base

  • Constructed with aim of limiting regulatory exposure

Public filings as of 12/31/2023



Capital Allocation

Significant opportunity for AIR to enhance its portfolio and attract new residents at highly attractive returns


Targeted IRR on Capital Enhancements

200+ basis point IRR spread required from new acquisitions as compared to AIR’s stabilized portfolio to enhance near-term NOI growth


Allocation Target to New Properties Benefitting From the AIR Edge

Targeted dividend level of approximately 75% of full year FFO per share


Annualized Dividend Per Share

Flexible, Low Leverage Balance Sheet

Low leverage and significant liquidity enhance AIR’s ability to focus on operations and allocate capital accretively






Net Leverage




Leverage to



Weighted Average

Interest Rate

6.5 Years

Pro Forma

Weighted Average


BBB / Baa2

S&P / Moody's

Issuer Rating

Public filings as of 12/31/2023


Corporate Governance

  • AIR’s Board is comprised of directors with diverse and relevant experience

  • Eight of nine directors are independent, and average tenure is ~5 years

  • Directors are subject to annual elections

  • The roles of Chairman and CEO are separate

AIR is committed to maximizing value for shareholders and to corporate responsibility, both of which start in the Board room. The members of AIR’s Board bring deep real estate, investment, and governance expertise, and offer a broad and diverse range of perspectives. We consider our track record in governance to be a key differentiator for AIR.

-Tom Keltner, Chairman of the Board

AIR’s Board is fully engaged. Each director is focused on making us better. I am thankful for the Board input and guidance in shaping AIR’s strategy and executing our business plan.

-Terry Considine, Chief Executive Officer

Serving Others

Organization of great people with a mission to serve others

Corporate Responsibility

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