Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes our total non-recourse indebtedness (in thousands):

	September 30, 2025		December 31, 2024
Fixed-rate property debt due November 2025 to January 2055 (1)	$	1,747,022	$	2,144,797
Variable-rate property debt due July 2029 to June 2030 (2)	4,226,717		4,140,409
Total non-recourse property debt	5,973,739		6,285,206
Debt issuance costs, net of accumulated amortization	(28,863)		(43,337)
Total non-recourse property debt, net	$	5,944,876	$	6,241,869

(1)The stated rates on our fixed-rate property debt are between 2.7% to 7.1%.

(2)As of September 30, 2025, all $4.2 billion of our floating rate debt is economically hedged through interest rate swaps and caps.