Investments in Partially Owned Entities (Tables)

12 Months Ended

Dec. 31, 2023

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 December 31, 2023 and 2022:

	Operating Properties (1)				Projects Under Development (2), (3)				Projects Held for Development (3), (4)
	Properties		Apartment Units		Projects		Apartment Units (5)		Projects		Apartment Units (5)
2023 Consolidated Joint Ventures (VIE)		14		3,060		—		—		1		440
2022 Consolidated Joint Ventures (VIE)		15		3,114		1		312		—		—

(1)The land parcel under one of the properties in 2023 is subject to a long-term ground lease.

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

(3)Represents separate consolidated joint ventures for the purpose of developing multifamily rental properties.

(4)Represents separate consolidated joint ventures that have not yet started.

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

Summary of Consolidated Assets and Liabilities Related to the Company's VIEs

The following table provides consolidated assets and liabilities related to the Company's VIEs as of December 31, 2023 and 2022 (amounts in thousands):

	December 31, 2023		December 31, 2022
Consolidated Assets	$	599,788	$	691,880
Consolidated Liabilities	$	41,153	$	158,932

Summary of Variable Rate Construction Mortgage Debt

The following table and information summarizes the variable rate construction mortgage debt that was non-recourse to the Company at December 31, 2022 (there was no outstanding consolidated construction mortgage debt at December 31, 2023) (aggregate and amounts borrowed under loan commitments in thousands):

	December 31, 2022
	Recently Completed Operating Property		Project Under Development
Number of joint ventures with debt financing		1		1
Aggregate loan commitments	$	67,589	$	73,344
Amounts borrowed under loan commitments (1)	$	64,776	$	44,980

(1)See Note 9 for the 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 December 31, 2023 and 2022 (amounts in thousands except for ownership percentage):

	December 31, 2023			December 31, 2022			Ownership Percentage
Investments in Unconsolidated Entities:
Various Real Estate Holdings (VIE)	$	35,421		$	35,974		Varies
Projects Under Development and Land Held for Development (VIE)		220,192			218,043		62% - 95% (1)
Real Estate Technology Funds/Companies (VIE)		26,691			25,249		Varies
Other		(255	)		(242	)	Varies
Investments in Unconsolidated Entities	$	282,049		$	279,024

(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 December 31, 2023 and 2022:

	Real Estate Holdings (1)		Projects Under Development (2), (5)				Projects Held for Development (2), (3)
	Entities		Projects		Apartment Units (4)		Projects		Apartment Units (4)
2023 Unconsolidated Joint Ventures (VIE)		3		6		1,982		4		1,164
2022 Unconsolidated Joint Ventures (VIE)		2		6		1,982		3		966

(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.

(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 years ended December 31, 2023 and 2022 (amounts in thousands except for number of unconsolidated joint ventures and apartment units):

	December 31, 2023		December 31, 2022
Number of unconsolidated joint ventures (1)		2		3
Apartment units (2)		638		1,019
Investments in unconsolidated entities – acquisitions	$	2,800	$	49,855

(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 for additional discussion.

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