Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Summary of Non-Recourse Property Debt and Construction Loans

The following table summarizes non-recourse property debt as of December 31, 2022 and 2021 (in thousands):

				December 31,
	Maturity Date	Contractual Interest Rate Range	Weighted-Average Interest Rate (1)	2022			2021
Fixed-rate property debt	May 15, 2026 to June 1, 2033	1.00% to 4.68%	4.25%	$	774,293		$	429,883
Variable-rate property debt	January 10, 2024 to October 9, 2025	8.84% to 10.63%	9.73%		164,183			55,000
Total non-recourse property debt			5.21%	$	938,476		$	484,883
Assumed debt fair value adjustment,    net of accumulated amortization					1,210			1,536
Debt issuance costs, net of    accumulated amortization					(10,185	)		(3,282	)
Total non-recourse property debt, net				$	929,501		$	483,137

(1) As of December 31, 2022, and after application of interest rate caps, the weighted average interest rate is 5.12%.

Our construction loans, which are primarily non-recourse loans except for customary construction loan guarantees, are summarized in the following table (in thousands):

				December 31,
	Maturity Date	Contractual Interest Rate Range	Weighted-Average Interest Rate (1)	2022			2021
Fixed-rate construction loans	December 23, 2025 to December 23, 2052	3.25% to 13.00%	8.09%	$	12,900		$	—
Variable-rate construction loans	July 1, 2024 to June 23, 2025	7.32% to 8.76%	7.75%		113,417			168,376
Total construction loans			7.78%	$	126,317		$	168,376
Assumed debt fair value adjustment,    net of accumulated amortization					(363	)		—
Debt issuance costs, net of    accumulated amortization					(7,256	)		(4,806	)
Total construction loans, net				$	118,698		$	163,570

(1) As of December 31, 2022, and after application of interest rate caps, the weighted average interest rate is 6.89%.

Scheduled Principal Amortization and Maturity Payments for Non-Recourse Property Debt and Construction Loans

As of December 31, 2022, the scheduled principal amortization and maturity payments for the non-recourse property debt were as follows (in thousands):

	Amortization		Maturities		Total
2023	$	3,078	$	—	$	3,078
2024		3,188		82,883		86,071
2025		3,303		81,300		84,603
2026		2,166		75,519		77,685
2027		1,596		—		1,596
Thereafter		6,215		679,228		685,443
Total	$	19,546	$	918,930	$	938,476

As of December 31, 2022, the scheduled principal maturity payments for the construction debt were as follows (in thousands):

	Principal Maturity Payments
2023	$	—
2024		79,815
2025		40,002
2026		—
2027		—
Thereafter		6,500
Total	$	126,317