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of Contents](#i95ac47bb6940421283faa0a22a4d4ae2_10)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n______________________________________\n\nForm 10-Q\n\n(Mark One)\n\nxQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\noTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from           to\n\nCommission File Number: 0-24497\n\nAPARTMENT INCOME REIT, L.P.\n\n(Exact name of registrant as specified in its charter)\n\nDelaware\n84-1275621\n\n(State or other jurisdiction of\nincorporation or organization)(I.R.S. Employer\nIdentification No.)\n\n345 Park Avenue\n\nNew York, New York\n10154\n\n(Address of principal executive offices)(Zip Code)\n\n(212) 583-5000\n\n(Registrant’s telephone number, including area code)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered\n\nNot Applicable\n\nNot Applicable\n\nNot Applicable\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated fileroAccelerated fileroNon-accelerated filerxSmaller reporting companyo\n\nEmerging growth companyo\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x\n\nAs of May 6, 2026, the registrant had 1,506 holders of record of common OP Units outstanding.\n\n[Table of Contents](#i95ac47bb6940421283faa0a22a4d4ae2_10)\n\nAPARTMENT INCOME REIT, L.P.\n\nTABLE OF CONTENTS\n\nFORM 10-Q\n\n[PART I. FINANCIAL INFORMATION](#i95ac47bb6940421283faa0a22a4d4ae2_13)\nPage\n\n[ITEM 1.](#i95ac47bb6940421283faa0a22a4d4ae2_16)\n\n[FINANCIAL STATEMENTS (Unaudited)](#i95ac47bb6940421283faa0a22a4d4ae2_16)\n\n[Condensed Consolidated Balance Sheets](#i95ac47bb6940421283faa0a22a4d4ae2_22)\n\n[3](#i95ac47bb6940421283faa0a22a4d4ae2_22)\n\n[Condensed Consolidated Statements of Operations](#i95ac47bb6940421283faa0a22a4d4ae2_25)\n\n[4](#i95ac47bb6940421283faa0a22a4d4ae2_25)\n\n[Condensed Consolidated Statements of Comprehensive Income (Loss)](#i95ac47bb6940421283faa0a22a4d4ae2_28)\n\n[5](#i95ac47bb6940421283faa0a22a4d4ae2_28)\n\n[Condensed Consolidated Statements of Partners’ Capital (Deficit](#i95ac47bb6940421283faa0a22a4d4ae2_31))\n\n[6](#i95ac47bb6940421283faa0a22a4d4ae2_31)\n\n[Condensed Consolidated Statements of Cash Flows](#i95ac47bb6940421283faa0a22a4d4ae2_37)\n\n[7](#i95ac47bb6940421283faa0a22a4d4ae2_37)\n\n[Notes to the Condensed Consolidated Financial Statements:](#i95ac47bb6940421283faa0a22a4d4ae2_40)\n\n[8](#i95ac47bb6940421283faa0a22a4d4ae2_40)\n\n[Note 1 — Basis of Presentation and Organization](#i95ac47bb6940421283faa0a22a4d4ae2_43)\n\n[8](#i95ac47bb6940421283faa0a22a4d4ae2_43)\n\n[Note 2 — Summary of Significant Accounting Policies](#i95ac47bb6940421283faa0a22a4d4ae2_46)\n\n[9](#i95ac47bb6940421283faa0a22a4d4ae2_46)\n\n[Note 3 — Significant Transactions](#i95ac47bb6940421283faa0a22a4d4ae2_52)\n\n[9](#i95ac47bb6940421283faa0a22a4d4ae2_52)\n\n[Note 4 — Leases](#i95ac47bb6940421283faa0a22a4d4ae2_55)\n\n[10](#i95ac47bb6940421283faa0a22a4d4ae2_55)\n\n[Note 5 — Debt](#i95ac47bb6940421283faa0a22a4d4ae2_61)\n\n[11](#i95ac47bb6940421283faa0a22a4d4ae2_61)\n\n[Note 6 — Investment in Unconsolidated Real Estate Partnerships](#i95ac47bb6940421283faa0a22a4d4ae2_64)\n\n[11](#i95ac47bb6940421283faa0a22a4d4ae2_64)\n\n[Note 7 — Commitments and Contingencies](#i95ac47bb6940421283faa0a22a4d4ae2_67)\n\n[12](#i95ac47bb6940421283faa0a22a4d4ae2_67)\n\n[Note 8 — Earnings per Unit](#i95ac47bb6940421283faa0a22a4d4ae2_70)\n\n[13](#i95ac47bb6940421283faa0a22a4d4ae2_70)\n\n[Note 9 — Fair Value Measurements](#i95ac47bb6940421283faa0a22a4d4ae2_73)\n\n[13](#i95ac47bb6940421283faa0a22a4d4ae2_73)\n\n[Note 10 — Derivative Financial Instruments and Hedging Activities](#i95ac47bb6940421283faa0a22a4d4ae2_76)\n\n[14](#i95ac47bb6940421283faa0a22a4d4ae2_76)\n\n[Note 11 — Variable Interest Entities](#i95ac47bb6940421283faa0a22a4d4ae2_79)\n\n[15](#i95ac47bb6940421283faa0a22a4d4ae2_79)\n\n[Note 12 — Business Segments](#i95ac47bb6940421283faa0a22a4d4ae2_82)\n\n[15](#i95ac47bb6940421283faa0a22a4d4ae2_82)\n\n \n\n[ITEM 2.](#i95ac47bb6940421283faa0a22a4d4ae2_85)\n\n[MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#i95ac47bb6940421283faa0a22a4d4ae2_85)\n\n[18](#i95ac47bb6940421283faa0a22a4d4ae2_85)\n\n[ITEM 3.](#i95ac47bb6940421283faa0a22a4d4ae2_106)\n\n[QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#i95ac47bb6940421283faa0a22a4d4ae2_106)\n\n[22](#i95ac47bb6940421283faa0a22a4d4ae2_106)\n\n[ITEM 4.](#i95ac47bb6940421283faa0a22a4d4ae2_109)\n\n[CONTROLS AND PROCEDURES](#i95ac47bb6940421283faa0a22a4d4ae2_109)\n\n[23](#i95ac47bb6940421283faa0a22a4d4ae2_109)\n\n[PART II. OTHER INFORMATION](#i95ac47bb6940421283faa0a22a4d4ae2_112)\n\n[ITEM 1.](#i95ac47bb6940421283faa0a22a4d4ae2_115)\n\n[LEGAL PROCEEDINGS](#i95ac47bb6940421283faa0a22a4d4ae2_115)\n\n[23](#i95ac47bb6940421283faa0a22a4d4ae2_115)\n\n[ITEM 1A.](#i95ac47bb6940421283faa0a22a4d4ae2_118)\n\n[RISK FACTORS](#i95ac47bb6940421283faa0a22a4d4ae2_118)\n\n[23](#i95ac47bb6940421283faa0a22a4d4ae2_118)\n\n[ITEM 2.](#i95ac47bb6940421283faa0a22a4d4ae2_121)\n\n[UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](#i95ac47bb6940421283faa0a22a4d4ae2_121)\n\n[23](#i95ac47bb6940421283faa0a22a4d4ae2_121)\n\n[ITEM 5.](#i95ac47bb6940421283faa0a22a4d4ae2_124)\n\n[OTHER INFORMATION](#i95ac47bb6940421283faa0a22a4d4ae2_124)\n\n[24](#i95ac47bb6940421283faa0a22a4d4ae2_124)\n\n[ITEM](#i95ac47bb6940421283faa0a22a4d4ae2_127)6.\n\n[EXHIBITS](#i95ac47bb6940421283faa0a22a4d4ae2_127)\n\n[25](#i95ac47bb6940421283faa0a22a4d4ae2_127)\n\n[Signatures](#i95ac47bb6940421283faa0a22a4d4ae2_130)\n\n[26](#i95ac47bb6940421283faa0a22a4d4ae2_130)\n\n2\n\n[Table of Contents](#i95ac47bb6940421283faa0a22a4d4ae2_10)\n\nPART I. FINANCIAL INFORMATION"}