Investments in Partially Owned Entities (Tables)

6 Months Ended

Jun. 30, 2025

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 June 30, 2025:

	Operating Properties				Projects Under Development (1)
	Properties		Apartment Units		Projects		Apartment Units (2)
Consolidated Joint Ventures (VIE)		12		2,656		1		440

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

(2)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 June 30, 2025 and December 31, 2024 (amounts in thousands):

	June 30, 2025		December 31, 2024
Consolidated Assets	$	559,732	$	528,076
Consolidated Liabilities	$	48,799	$	47,137

Summary of Company's Investment in Unconsolidated Entities

The following table and information summarizes the Company’s investments in unconsolidated entities as of June 30, 2025 and December 31, 2024 (amounts in thousands except for ownership percentage):

	June 30, 2025			December 31, 2024			Ownership Percentage
Investments in Unconsolidated Entities:
Various Real Estate Holdings (VIE)	$	34,615		$	34,510		Varies
Development and Lease-Up Projects and Land Held for Development (VIE)		338,984			323,998		62% - 95% (1)
Real Estate Technology Funds/Companies (VIE)		30,429			28,276		Varies
Other		(260	)		(253	)	Varies
Investments in Unconsolidated Entities	$	403,768		$	386,531

(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 June 30, 2025:

Development Lease-Up Projects (1)

Real Estate Holdings (2)

Projects Under Development (3)

Projects Held for Development (4)

Properties

Apartment Units

Entities

Projects

Apartment Units (5)

Projects

Apartment Units (5)

Unconsolidated Joint Ventures (VIE)

5

1,712

3

2

639

2

526

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

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

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

(4)Represents separate unconsolidated joint ventures for the purpose of developing multifamily rental properties that have not yet started.

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