Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Summary of Non-Recourse Property Debt and Construction Loans

The following table summarizes non-recourse property debt as of December 31, 2023 and 2022 (in thousands):

					December 31,
	Maturity Date	Contractual Interest Rate Range	Weighted-Average Interest Rate	Weighted-Average Interest Rate with Rate Caps	2023			2022
Fixed-rate property debt	May 15, 2026 to June 1, 2033	1.00% to 4.68%	4.25%		$	771,202		$	774,293
Variable-rate property debt	October 9, 2025	9.86%	9.86%	8.00%		81,300			164,183
Total non-recourse property debt					$	852,502		$	938,476
Assumed debt fair value adjustment,    net of accumulated amortization						871			1,210
Debt issuance costs, net of    accumulated amortization						(7,075	)		(10,185	)
Total non-recourse property debt, net					$	846,298		$	929,501

Our construction loans, which are primarily non-recourse loans except for customary construction loan guarantees, are summarized in the following table as of December 31, 2023 and 2022 (in thousands):

					As of December 31,
	Maturity Date	Contractual Interest Rate Range	Weighted-Average Interest Rate	Weighted-Average Interest Rate with Rate Caps	2023	2022
Fixed-rate construction loans	December 23, 2025 to December 23, 2052	3.25% to 13.00%	11.55%		$41,829	$12,900
Variable-rate construction loans	July 1, 2024 to December 23, 2025	8.11% to 9.92%	9.19%	7.78%	267,692	113,417
Total construction loans					$309,521	$126,317
Assumed debt fair value adjustment,    net of accumulated amortization					(351)	(363)
Debt issuance costs, net of    accumulated amortization					(7,727)	(7,256)
Total construction loans, net					$301,443	$118,698

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

As of December 31, 2023, the scheduled principal amortization and maturity payments for the non-recourse property debt were as follows (in thousands):

	Amortization		Maturities		Total
2024	$	3,188	$	—	$	3,188
2025		3,303		81,300		84,603
2026		2,166		75,519		77,685
2027		1,596		—		1,596
2028		1,650		—		1,650
Thereafter		4,553		679,227		683,780
Total	$	16,456	$	836,046	$	852,502

As of December 31, 2023, the scheduled principal maturity payments, prior to the consideration of extension options, for the construction debt were as follows (in thousands):

	Principal Maturity Payments
2024	$	100,700
2025		202,321
2026		—
2027		—
2028		—
Thereafter		6,500
Total	$	309,521