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Fair Value Measurements and Disclosures (Tables)

9 Months Ended

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

X

- 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

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- References

No definition available.

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X

- 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

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