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Investments in Partially Owned Entities (Tables)
 12 Months Ended
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.