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Fair Value Measurements and Disclosures (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Summary of Fair Value for Interest Rate Contracts, and Investments in Real Estate Technology Funds and Treasury Bill | The following table summarizes the fair value for our interest rate contracts, investments in stock, and our investments in real estate technology funds as of September 30, 2024 and December 31, 2023 (in thousands):
|  | As of September 30, 2024 |  |  | As of December 31, 2023 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Interest rate contracts |  | $ | 1,653 |  |  | $ | — |  |  | $ | 1,653 |  |  | $ | — |  |  | $ | 5,237 |  |  | $ | — |  |  | $ | 5,237 |  |  | $ | — |
Investments in stock |  |  | 1,555 |  |  |  | 1,555 |  |  |  | — |  |  |  | — |  |  |  | 2,868 |  |  |  | 2,868 |  |  |  | — |  |  |  | — |
Investments in real estate technology funds (1) |  |  | 3,192 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,508 |  |  |  | — |  |  |  | — |  |  |  | — |
Total assets |  | $ | 6,400 |  |  | $ | 1,555 |  |  | $ | 1,653 |  |  | $ | — |  |  | $ | 10,613 |  |  | $ | 2,868 |  |  | $ | 5,237 |  |  | $ | — |
(1) Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy.
Summary of Carrying Value and Fair Value of Our Non-recourse Property Debt and Non-recourse Construction Loans | The following table summarizes the carrying value and fair value of our non-recourse property debt, and non-recourse construction loans as of September 30, 2024 and December 31, 2023 (in thousands):
|  | As of September 30, 2024 |  |  | As of December 31, 2023 |
|  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |  |  | Fair Value |
Description: |  |  |  |  |  |  |  |  |  |  |  |
Non-recourse property debt |  | $ | 849,938 |  |  | $ | 825,882 |  |  | $ | 852,502 |  |  | $ | 807,240 |
Non-recourse construction loans |  |  | 410,573 |  |  |  | 410,231 |  |  |  | 309,521 |  |  |  | 309,170 |
Total |  | $ | 1,260,511 |  |  | $ | 1,236,113 |  |  | $ | 1,162,023 |  |  | $ | 1,116,410 |

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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/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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