Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

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

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

	As of December 31, 2022				As of December 31, 2021
	Total	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3
Interest rate options	$62,259	$—	$62,259	$—	$25,449	$—	$25,449	$—
Investments in real estate technology funds (1)	$4,296	$—	$—	$—	$9,613	$—	$—	$—

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

Summary of Carrying Value and Fair Value of Non-recourse Property Debt

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

	As of December 31, 2022				As of December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
Non-recourse property debt	$	938,476	$	878,804	$	484,883	$	498,960
Construction loans		126,317		125,954		168,376		168,376
Notes Payable to AIR		-		-		534,127		534,127
Total	$	1,064,793	$	1,004,758	$	1,187,386	$	1,201,463