Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Summary of Fair Value for Interest Rate Options and Investments in Real Estate Technology Funds

The following table summarizes fair value for our interest rate options and our investments in real estate technology funds as of September 30, 2022, and December 31, 2021 (in thousands):

	As of September 30, 2022								As of December 31, 2021
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Interest rate options	$	61,329	$	—	$	61,329	$	—	$	25,449	$	—	$	25,449	$	—
Investment in real estate technology funds (1)	$	3,909		—		—		—	$	9,613		—		—		—

(1) Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy.

Summary of Carrying Value and Fair Value of Non-recourse Property Debt, Construction Loan and Notes Payable to AIR

The following table summarizes the carrying value and fair value of our non-recourse property debt, construction loans, and Notes Payable to AIR as of September 30, 2022, and December 31, 2021, (in thousands):

	As of September 30, 2022				As of December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
Non-recourse property debt	$	868,237	$	796,311	$	484,883	$	498,960
Construction loans		86,693		86,693		168,376		168,376
Notes Payable to AIR		—		—		534,127		534,127
Total	$	954,930	$	883,004	$	1,187,386	$	1,201,463