Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

Debt

The following table summarizes our total consolidated non-recourse indebtedness as of March 31, 2026 and December 31, 2025 (in thousands):

	March 31, 2026		December 31, 2025
Fixed-rate property debt due October 2026 to January 2055 (1)	$	1,678,317	$	1,683,772
Variable-rate property debt due July 2029 to November 2030	4,057,583		4,056,459
Total non-recourse property debt	5,735,900		5,740,231
Debt issuance costs, net of accumulated amortization	(16,714)		(22,731)
Total non-recourse property debt, net	$	5,719,186	$	5,717,500

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