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Investments in Partially Owned Entities (Tables) | 12 Months Ended
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Dec. 31, 2024
Investments In Partially Owned Entities [Abstract] |
Summary of Company's Consolidated Joint Ventures | The following table summarizes the Company’s consolidated joint ventures as of December 31, 2024 and 2023:
| Operating Properties (1) |  |  | Projects Under Development (2) |  |  | Projects Held for Development (2), (3) |
| Properties |  |  | Apartment Units |  |  | Projects |  |  | Apartment Units (4) |  |  | Projects |  |  | Apartment Units (4) |
2024 Consolidated Joint Ventures (VIE) |  | 12 |  |  |  | 2,656 |  |  |  | 1 |  |  |  | 440 |  |  |  | — |  |  |  | — |
2023 Consolidated Joint Ventures (VIE) |  | 14 |  |  |  | 3,060 |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 440 |
(1) The land parcel under one of the properties in 2023 is subject to a long-term ground lease. (2) Represents separate consolidated joint ventures for the purpose of developing multifamily rental properties. (3) Represents separate consolidated joint ventures that have not yet started. (4) Represents the intended number of apartment units to be developed.
Summary of Consolidated Assets and Liabilities Related to the Company's VIEs | The following table provides consolidated assets and liabilities related to the Company's VIEs as of December 31, 2024 and 2023 (amounts in thousands):
| December 31, 2024 |  |  | December 31, 2023 |
Consolidated Assets | $ | 528,076 |  |  | $ | 599,788 |
Consolidated Liabilities | $ | 47,137 |  |  | $ | 41,153 |
Summary of Company's Investment in Unconsolidated Entities | The following table and information summarizes the Company’s investments in unconsolidated entities as of December 31, 2024 and 2023 (amounts in thousands except for ownership percentage):
| December 31, 2024 |  |  | December 31, 2023 |  |  | Ownership Percentage
Investments in Unconsolidated Entities: |  |  |  |  |  |  |
Various Real Estate Holdings (VIE) | $ | 34,510 |  |  | $ | 35,421 |  |  | Varies
Projects Under Development and Land Held for Development (VIE) |  | 323,998 |  |  |  | 220,192 |  |  | 62% - 95% (1)
Real Estate Technology Funds/Companies (VIE) |  | 28,276 |  |  |  | 26,691 |  |  | Varies
Other |  | (253 | ) |  |  | (255 | ) |  | Varies
Investments in Unconsolidated Entities | $ | 386,531 |  |  | $ | 282,049 |  |  |
(1) In certain instances, the joint venture agreements contain provisions for promoted interests in favor of our joint venture partner. If the terms of the promoted interest are attained, then our share of the proceeds from a sale or other capital event of the unconsolidated entity may be less than the indicated ownership percentage.
Summary of Company's Unconsolidated Joint Ventures Deemed to be VIEs | The following table summarizes the Company’s unconsolidated joint ventures that were deemed to be VIEs as of December 31, 2024 and 2023:
| Operating Properties (1) |  |  | Real Estate Holdings (2) |  |  | Projects Under Development (3), (4) |  |  | Projects Held for Development (3), (5) |
| Properties |  |  | Apartment Units |  |  | Entities |  |  | Projects |  |  | Apartment Units (6) |  |  | Projects |  |  | Apartment Units (6) |
2024 Unconsolidated Joint Ventures (VIE) |  | 4 |  |  |  | 1,262 |  |  |  | 3 |  |  |  | 4 |  |  |  | 1,359 |  |  |  | 2 |  |  |  | 526 |
2023 Unconsolidated Joint Ventures (VIE) |  | — |  |  |  | — |  |  |  | 3 |  |  |  | 6 |  |  |  | 1,982 |  |  |  | 4 |  |  |  | 1,164 |
(1) The land parcel under one of these properties is subject to a long-term ground lease. (2) Represents entities that hold various real estate investments. (3) Represents separate unconsolidated joint ventures for the purpose of developing multifamily rental properties. (4) The land parcel under one of the projects in 2023 is subject to a long-term ground lease. (5) Represents separate unconsolidated joint ventures that have not yet started. (6) Represents the intended number of apartment units to be developed.
Summary of Information on Total Unconsolidated Development Joint Ventures | The following table provides information on total unconsolidated development joint ventures entered into during the year ended December 31, 2023 (there were no new development joint ventures entered into during the year ended December 31, 2024) (amounts in thousands except for number of unconsolidated joint ventures and apartment units).
|  | December 31, 2023 |
Number of unconsolidated joint ventures (1) |  |  | 2 |
Apartment units (2) |  |  | 639 |
Investments in unconsolidated entities – acquisitions |  | $ | 2,800 |
(1) The entities qualify as VIEs, but the Company is not the primary beneficiary because it does not have the power to direct the activities that most significantly impact the VIE’s performance. Therefore, the entities are unconsolidated and recorded using the equity method of accounting. See Note 2 for additional discussion. (2) Represents the intended number of apartment units to be developed.

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