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Debt (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Summary of Non-Recourse Property Debt and Construction Loans | The following table summarizes non-recourse property debt as of December 31, 2023 and 2022 (in thousands):
|  |  |  |  |  |  |  |  | December 31, |
| Maturity Date |  | Contractual Interest Rate Range |  | Weighted-Average Interest Rate |  | Weighted-Average Interest Rate with Rate Caps |  | 2023 |  |  | 2022 |
Fixed-rate property debt | May 15, 2026 to June 1, 2033 |  | 1.00% to 4.68% |  | 4.25% |  |  |  | $ | 771,202 |  |  | $ | 774,293 |
Variable-rate property debt | October 9, 2025 |  | 9.86% |  | 9.86% |  | 8.00% |  |  | 81,300 |  |  |  | 164,183 |
Total non-recourse property debt |  |  |  |  |  |  |  |  | $ | 852,502 |  |  | $ | 938,476 |
Assumed debt fair value adjustment, net of accumulated amortization |  |  |  |  |  |  |  |  |  | 871 |  |  |  | 1,210 |
Debt issuance costs, net of accumulated amortization |  |  |  |  |  |  |  |  |  | (7,075 | ) |  |  | (10,185 | )
Total non-recourse property debt, net |  |  |  |  |  |  |  |  | $ | 846,298 |  |  | $ | 929,501 |
Our construction loans, which are primarily non-recourse loans except for customary construction loan guarantees, are summarized in the following table as of December 31, 2023 and 2022 (in thousands):
|  |  |  |  |  |  |  |  | As of December 31,
| Maturity Date |  | Contractual Interest Rate Range |  | Weighted-Average Interest Rate |  | Weighted-Average Interest Rate with Rate Caps |  | 2023 |  | 2022
Fixed-rate construction loans | December 23, 2025 to December 23, 2052 |  | 3.25% to 13.00% |  | 11.55% |  |  |  | $41,829 |  | $12,900
Variable-rate construction loans | July 1, 2024 to December 23, 2025 |  | 8.11% to 9.92% |  | 9.19% |  | 7.78% |  | 267,692 |  | 113,417
Total construction loans |  |  |  |  |  |  |  |  | $309,521 |  | $126,317
Assumed debt fair value adjustment, net of accumulated amortization |  |  |  |  |  |  |  |  | (351) |  | (363)
Debt issuance costs, net of accumulated amortization |  |  |  |  |  |  |  |  | (7,727) |  | (7,256)
Total construction loans, net |  |  |  |  |  |  |  |  | $301,443 |  | $118,698
Scheduled Principal Amortization and Maturity Payments for Non-Recourse Property Debt and Construction Loans | As of December 31, 2023, the scheduled principal amortization and maturity payments for the non-recourse property debt were as follows (in thousands):
| Amortization |  |  | Maturities |  |  | Total |
2024 | $ | 3,188 |  |  | $ | — |  |  | $ | 3,188 |
2025 |  | 3,303 |  |  |  | 81,300 |  |  |  | 84,603 |
2026 |  | 2,166 |  |  |  | 75,519 |  |  |  | 77,685 |
2027 |  | 1,596 |  |  |  | — |  |  |  | 1,596 |
2028 |  | 1,650 |  |  |  | — |  |  |  | 1,650 |
Thereafter |  | 4,553 |  |  |  | 679,227 |  |  |  | 683,780 |
Total | $ | 16,456 |  |  | $ | 836,046 |  |  | $ | 852,502 |
As of December 31, 2023, the scheduled principal maturity payments, prior to the consideration of extension options, for the construction debt were as follows (in thousands):
|  | Principal Maturity Payments |
2024 |  | $ | 100,700 |
2025 |  |  | 202,321 |
2026 |  |  | — |
2027 |  |  | — |
2028 |  |  | — |
Thereafter |  |  | 6,500 |
Total |  | $ | 309,521 |

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