Fair Value (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of summary of consolidated hedging derivatives, excluding derivatives executed to hedge debt on communities classified as held for sale

The following table summarizes the consolidated derivative positions at December 31, 2024 (dollars in thousands):

	Non-designated Hedges			Cash Flow Hedges
	Interest Rate Caps			Interest Rate Swaps
Notional balance	$	391,846		$	100,000
Weighted average interest rate (1)	5.2		%	N/A
Weighted average capped/swapped interest rate	6.7		%	3.2		%
Earliest maturity date	February 2026			June 2025
Latest maturity date	January 2027			January 2026

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(1)     For debt hedged by interest rate caps, represents the weighted average interest rate on the hedged debt prior to any impact of the associated interest rate caps.

Schedule of summary of classification between the three levels of the fair value hierarchy of the Company's financial instruments measured at fair value on a recurring basis

The following tables summarize the classification between the three levels of the fair value hierarchy of the Company's financial instruments measured/disclosed at fair value on a recurring basis (dollars in thousands):

Description	Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	December 31, 2024
Assets
Investments
Notes Receivable, net	$	223,896	$	—	$	223,896	$	—
Non-Designated Hedges
Interest Rate Caps	24		—		24		—
Interest Rate Swaps - Assets	6,821		—		6,821		—
Total Assets	$	230,741	$	—	$	230,741	$	—
Liabilities
Indebtedness
Fixed rate unsecured notes	$	6,796,066	$	6,796,066	$	—	$	—
Mortgage notes payable and Commercial Paper Program	660,170		—		660,170		—
Total Liabilities	$	7,456,236	$	6,796,066	$	660,170	$	—
	December 31, 2023
Assets
Investments
Notes Receivable, net	$	118,127	$	—	$	118,127	$	—
Non-Designated Hedges
Interest Rate Caps	85		—		85		—
Interest Rate Swaps - Assets	5,163		—		5,163		—
Total Assets	$	123,375	$	—	$	123,375	$	—
Liabilities
Interest Rate Swaps - Liabilities	$	162	$	—	$	162	$	—
Indebtedness
Fixed rate unsecured notes	6,716,631		6,716,631		—		—
Mortgage notes payable and Commercial Paper Program	644,313		—		644,313		—
Total Liabilities	$	7,361,106	$	6,716,631	$	644,475	$	—