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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Summary of Fair Value for Interest Rate Options and Investments in Stock and Real Estate Technology Funds | The following table summarizes the fair value of our interest rate options, investments in stock, and our investments in real estate technology funds as of December 31, 2023 and 2022 (in thousands):
|  | As of December 31, 2023 |  |  | As of December 31, 2022 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Interest rate options |  | $ | 5,237 |  |  | $ | — |  |  | $ | 5,237 |  |  | $ | — |  |  | $ | 62,259 |  |  | $ | — |  |  | $ | 62,259 |  |  | $ | — |
Investments in stock |  |  | 2,868 |  |  |  | 2,868 |  |  |  | — |  |  |  | — |  |  |  | 1,179 |  |  |  | 1,179 |  |  |  | — |  |  |  | — |
Investments in real estate technology funds (1) |  |  | 2,508 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,117 |  |  |  | — |  |  |  | — |  |  |  | — |
(1) Investments measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.
Summary of Carrying Value and Fair Value of Non-recourse Property Debt, Construction Loans | The following table summarizes carrying value and fair value of our non-recourse property debt and construction loans as of December 31, 2023 and 2022 (in thousands):
|  | As of December 31, 2023 |  | As of December 31, 2022
|  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Non-recourse property debt |  | $852,502 |  | $807,240 |  | $938,476 |  | $878,804
Construction loans |  | 309,521 |  | 309,170 |  | 126,317 |  | 125,954
Total |  | $1,162,023 |  | $1,116,410 |  | $1,064,793 |  | $1,004,758

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- Definition Tabular disclosure of information about fair value of asset and liability not measured at fair value. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2E + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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