Investments of Consolidated Affordable Housing Fund

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments of Consolidated Affordable Housing Fund

As discussed in Note 2, we established the Woodstar Fund effective November 5, 2021, an investment fund which holds our Woodstar multifamily affordable housing portfolios. The Woodstar Portfolios consist of the following:

Woodstar I Portfolio

The Woodstar I Portfolio is comprised of 32 affordable housing communities with 8,948 units concentrated primarily in the Tampa, Orlando and West Palm Beach metropolitan areas. During the year ended December 31, 2015, we acquired 18 of the 32 affordable housing communities of the Woodstar I Portfolio, with the final 14 communities acquired during the year ended December 31, 2016. The Woodstar I Portfolio includes properties at fair value of $1.8 billion and debt at fair value of $731.2 million as of December 31, 2023.

Woodstar II Portfolio

The Woodstar II Portfolio is comprised of 27 affordable housing communities with 6,109 units concentrated primarily in Central and South Florida. We acquired eight of the 27 affordable housing communities in December 2017, with the final 19 communities acquired during the year ended December 31, 2018. The Woodstar II Portfolio includes properties at fair value of $1.4 billion and debt at fair value of $479.9 million as of December 31, 2023.

Income from the Woodstar Fund’s investments reflects the following components for the years ended December 31, 2023 and 2022, and for the period from November 5, 2021 through December 31, 2021 (in thousands):


	Year Ended December 31, 2023		Year Ended December 31, 2022		November 5, 2021 - December 31, 2021
Distributions from affordable housing fund investments	$	39,413	$	35,043	$	6,023
Unrealized change in fair value of investments (1)	251,831		720,693		402
Income from affordable housing fund investments	$	291,244	$	755,736	$	6,425

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(1)The fair value of the Woodstar Fund’s investments are dependent upon the real estate and capital markets, which are cyclical in nature. Property and investment values are affected by, among other things, capitalization rates, the availability of capital, occupancy, rental rates and interest and inflation rates.