XML 46 R34.htm IDEA: XBRL DOCUMENT v3.25.3
Investments in Partially Owned Entities (Tables)
 9 Months Ended
Sep. 30, 2025
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 September 30, 2025:

 

 

 

Consolidated Joint Ventures (VIE)

 

 

 

Properties/Projects

 

Apartment Units

 

Operating Properties

 

12

 

2,656

 

Projects Under Development (1)

 

1

 

440

(2)

Total

 

13

 

3,096

 

 

(1)
Represents separate consolidated joint ventures for the purpose of developing multifamily rental properties.
(2)
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 September 30, 2025 and December 31, 2024 (amounts in thousands):

 

 

 

September 30, 2025

 

 

December 31, 2024

 

Consolidated Assets

 

$

579,395

 

 

$

528,076

 

Consolidated Liabilities

 

$

55,570

 

 

$

47,137

 

Summary of Company's Investment in Unconsolidated Entities

The following table summarizes the Company’s investments in unconsolidated entities as of September 30, 2025 and December 31, 2024 (amounts in thousands except for ownership percentage):

 

 

 

September 30, 2025

 

 

December 31, 2024

 

 

Ownership Percentage

Investments in Unconsolidated Entities:

 

 

 

 

 

 

 

 

Various Real Estate Holdings (VIE)

 

$

34,039

 

 

$

34,510

 

 

Varies

Development and Lease-Up Projects and Land Held for Development (VIE)

 

 

335,828

 

 

 

323,998

 

 

62% - 95% (1)

Real Estate Technology Funds/Companies (VIE)

 

 

30,473

 

 

 

28,276

 

 

Varies

Other

 

 

(263

)

 

 

(253

)

 

Varies

Investments in Unconsolidated Entities

 

$

400,077

 

 

$

386,531

 

 

 

 

(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 September 30, 2025:

 

 

 

Unconsolidated Joint Ventures (VIE)

 

 

 

Properties/Projects/Entities

 

Apartment Units

 

Operating Properties

 

3

 

1,169

 

Development Lease-Up Projects (1)

 

2

 

543

 

Real Estate Holdings (2)

 

3

 

—

 

Projects Under Development (3)

 

2

 

639

 (5)

Projects Held for Development (4)

 

2

 

526

 (5)

Total

 

12

 

2,877

 

 

(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)
Represents separate unconsolidated joint ventures for the purpose of developing multifamily rental properties that have not yet started.
(5)
Represents the intended number of apartment units to be developed.