Investments in Partially Owned Entities (Tables)

9 Months Ended

Sep. 30, 2022

Investments In Partially Owned Entities [Abstract]

Summary of Company's Consolidated Joint Ventures

The following table summarizes the Company’s consolidated joint ventures as of September 30, 2022:

	Operating Properties (1)				Project Under Development (2)
	Properties		Apartment Units		Project		Apartment Units
Consolidated Joint Ventures (VIE)		15		3,114		1		312

(1)During the nine months ended September 30, 2022, the Company acquired its joint venture partner’s 25% interest in a 432-unit apartment property for $32.2 million, and the property is now wholly owned. In connection with the buyout, the carrying amount of the Noncontrolling Interests – Partially Owned Properties totaling $4.8 million was reduced to zero and the remaining $27.4 million was recorded to paid in capital/general partner capital.

(2)The land under this project is subject to a long-term ground lease.

Summary of Consolidated Assets and Liabilities Related to the VIEs

The following table provides consolidated assets and liabilities related to the VIEs discussed above as of September 30, 2022 and December 31, 2021 (amounts in thousands):

	September 30, 2022		December 31, 2021
Consolidated Assets	$	675,974	$	912,955
Consolidated Liabilities	$	148,071	$	251,424

Summary of Variable Rate Construction Mortgage Debt

The following table and information summarizes the variable rate construction mortgage debt that is non-recourse to the Company at September 30, 2022 (aggregate and amounts borrowed under loan commitments in thousands):

	Recently Completed Operating Property (1)		Project Under Development
Number of joint ventures with debt financing		1		1
Aggregate loan commitments	$	67,589	$	73,344
Amounts borrowed under loan commitments (2)	$	64,816	$	34,356
Maturity dates	2023		2025

(1)The maturity date of the construction loan was extended to June 25, 2023.

(2)See Note 9 for the current period proceeds of secured conventional floating rate debt under Mortgage Notes Payable.

Summary of Company's Investment in Unconsolidated Entities

The following table and information summarizes the Company’s investments in unconsolidated entities as of September 30, 2022 and December 31, 2021 (amounts in thousands except for ownership percentage):

	September 30, 2022			December 31, 2021			Ownership Percentage
Investments in Unconsolidated Entities:
Various Real Estate Holdings (VIE)	$	36,372		$	36,024		Varies
Projects Under Development and Land Held for Development (VIE)		195,974			72,488		62% - 95% (1)
Real Estate Technology Funds/Companies (VIE)		24,206			19,347		Varies
Other		(241	)		(411	)	Varies
Investments in Unconsolidated Entities	$	256,311		$	127,448

(1)In certain instances, the joint venture agreements contain provisions for promoted interests in favor of our joint venture partner. If the terms of the promoted interest are attained, then our share of the proceeds from a sale or other capital event of the unconsolidated entity may be less than the indicated ownership percentage.

Summary of Company's Unconsolidated Joint Ventures Deemed to be VIEs

The following table summarizes the Company’s unconsolidated joint ventures that were deemed to be VIEs as of September 30, 2022:

	Real Estate Holdings (1)		Projects Under Development (2), (5)				Land Held for Development (2), (3)
	Entities		Projects		Apartment Units (4)		Projects		Apartment Units (4)
Unconsolidated Joint Ventures (VIE)		2		6		1,982		2		745

(1)Represents entities that hold various real estate investments.

(2)Represents separate unconsolidated joint ventures for the purpose of developing multifamily rental properties.

(3)Represents separate unconsolidated joint ventures that have not yet started but are expected to start construction in the fourth quarter of 2022 and the second quarter of 2023.

(4)Represents the intended number of apartment units to be developed.

(5)The land parcel under one of the projects is subject to a long-term ground lease.

Summary of Information on Total Unconsolidated Development Joint Ventures

The following table provides information on total unconsolidated development joint ventures entered into during the nine months ended September 30, 2022 (amounts in thousands except for number of unconsolidated joint ventures):

Number of unconsolidated joint ventures (1)		2
Apartment units (2)		797
Investments in unconsolidated entities – acquisitions	$	49,330

(1)The entities qualify as VIEs, but the Company is not the primary beneficiary because it does not have the power to direct the activities that most significantly impact the VIE’s performance. Therefore, the entities are unconsolidated and recorded using the equity method of accounting. See Note 2 of the Company’s and the Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2021 for additional discussion.

(2)Represents the intended number of apartment units to be developed.