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Investments of Consolidated Affordable Housing Fund | 12 Months Ended
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Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Investments of Consolidated Affordable Housing Fund | Investments of Consolidated Affordable Housing Fund As discussed in Note 2, we established the Woodstar Fund effective November 5, 2021, an investment fund which holds our Woodstar multifamily affordable housing portfolios. The Woodstar Portfolios consist of the following: Woodstar I Portfolio The Woodstar I Portfolio was previously comprised of 32 affordable housing communities with 8,948 units concentrated primarily in the Tampa, Orlando and West Palm Beach metropolitan areas. During the year ended December 31, 2015, we acquired 18 of the 32 affordable housing communities of the Woodstar I Portfolio, with the final 14 communities acquired during the year ended December 31, 2016. During the year ended December 31, 2025, we sold one of these properties for $56.4 million, leaving 31 affordable housing communities with 8,684 units in the Woodstar I Portfolio as of December 31, 2025. The Woodstar I Portfolio includes properties at fair value of $1.8 billion and debt at fair value of $1.0 billion as of December 31, 2025. Woodstar II Portfolio The Woodstar II Portfolio is comprised of 27 affordable housing communities with 6,109 units concentrated primarily in Central and South Florida. We acquired eight of the 27 affordable housing communities in December 2017, with the final 19 communities acquired during the year ended December 31, 2018. The Woodstar II Portfolio includes properties at fair value of $1.4 billion and debt at fair value of $497.7 million as of December 31, 2025. Income from the Woodstar Fund’s investments reflects the following components for the years ended December 31, 2025, 2024 and 2023 (in thousands):
|  | Year Ended December 31, 2025 |  | Year Ended December 31, 2024 |  | Year Ended December 31, 2023
Operating distributions from affordable housing fund investments |  | $ | 55,085 |  |  | $ | 41,441 |  |  | $ | 39,413 |
Distributions from refinancings and sale of property (1) |  | 337,902 |  |  | — |  |  | — |
Unrealized change in fair value of investments attributable to refinancings and sale of property (1) |  | (337,902) |  |  | — |  |  | — |
Other unrealized change in fair value of investments (2) |  | (8,132) |  |  | 60,700 |  |  | 251,831 |
Income from affordable housing fund investments |  | $ | 46,953 |  |  | $ | 102,141 |  |  | $ | 291,244 |
______________________________________________________________________________________________________________________ (1)Amounts in the year ended December 31, 2025 represent a $299.0 million distribution of excess proceeds from the refinancings of maturing mortgage debt on certain Woodstar properties and a $38.9 million distribution of proceeds from the sale referred to above. (2)The fair value of the Woodstar Fund’s investments are dependent upon the real estate and capital markets, which are cyclical in nature. Property and investment values are affected by, among other things, capitalization rates, the availability of capital, occupancy, rental rates and interest and inflation rates.

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- Definition The entire disclosure for the information summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates. It reflects specified information about ownership, financial results from, and financial position in such entities. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column E)(Footnote 6)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column E)(Footnote 6)(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6 + Details
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