Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Non-Recourse Property Loans Payable Related to Properties

The following table summarizes our total consolidated indebtedness as of December 31, 2025 and 2024 (in thousands):

	2025		2024
Fixed-rate property debt due October 2026 to January 2055 (1)	$	1,683,772	$	2,144,797
Variable-rate property debt due July 2029 to November 2030	4,056,459		4,140,409
Total non-recourse property debt	5,740,231		6,285,206
Debt issuance costs, net of accumulated amortization	(22,731)		(43,337)
Total non-recourse property debt, net	$	5,717,500	$	6,241,869

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

Scheduled of Principal Amortization and Maturity Payments for Outstanding Debt Balances

As of December 31, 2025, the scheduled principal amortization and maturity payments for our outstanding debt balances were as follows (in thousands):

	Amortization		Maturities		Total
2026	$	18,174	$	161,950	$	180,124
2027	18,807		37,264		56,071
2028	13,320		189,652		202,972
2029 (1)	13,673		4,131,583		4,145,256
2030 (1)	11,816		796,237		808,053
Thereafter	142,407		205,348		347,755
Total	$	218,197	$	5,522,034	$	5,740,231

(1) Amounts presented above are inclusive of extension options on our non-recourse variable-rate property debt and fixed-rate property debt, as outlined above.