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Debt (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Summary of Non-Recourse Property Debt and Non-Recourse Construction Loans | The following table summarizes non-recourse property debt as of December 31, 2024 and 2023 (in thousands):
|  |  |  |  |  |  | As of December 31, |
| Maturity Date |  | Contractual Interest Rate Range |  | Weighted-Average Interest Rate |  | 2024 |  |  | 2023 |
Fixed-rate property debt | June 1, 2029 to June 1, 2033 |  | 2.78% to 4.68% |  | 4.39% |  | $ | 689,885 |  |  | $ | 771,202 |
Variable-rate property debt |  |  |  |  |  |  |  | — |  |  |  | 81,300 |
Total non-recourse property debt |  |  |  |  |  |  | $ | 689,885 |  |  | $ | 852,502 |
Assumed debt fair value adjustment, net of accumulated amortization |  |  |  |  |  |  |  | — |  |  |  | 871 |
Debt issuance costs, net of accumulated amortization |  |  |  |  |  |  |  | (4,465 | ) |  |  | (7,075 | )
Total non-recourse property debt, net |  |  |  |  |  |  | $ | 685,420 |  |  | $ | 846,298 |
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, 2024 and 2023 (in thousands):
|  |  |  |  |  |  | As of December 31, |
| Maturity Date |  | Contractual Interest Rate Range |  | Weighted-Average Interest Rate |  | 2024 |  |  | 2023 |
Fixed-rate construction loans | December 23, 2025 to December 23, 2052 |  | 3.25% to 13.00% |  | 7.34% |  | $ | 261,792 |  |  | $ | 41,829 |
Variable-rate construction loans | June 3, 2025 to October 1, 2028 |  | 7.09% to 8.86% |  | 7.56% |  |  | 131,958 |  |  |  | 267,692 |
Total non-recourse construction loans |  |  |  |  |  |  | $ | 393,750 |  |  | $ | 309,521 |
Assumed debt fair value adjustment, net of accumulated amortization |  |  |  |  |  |  |  | (339 | ) |  |  | (351 | )
Debt issuance costs, net of accumulated amortization |  |  |  |  |  |  |  | (8,171 | ) |  |  | (7,727 | )
Total non-recourse construction loans, net |  |  |  |  |  |  | $ | 385,240 |  |  | $ | 301,443 |
Scheduled Principal Amortization and Maturity Payments for Non-Recourse Property Debt and Non-Recourse Construction Loans | As of December 31, 2024, the scheduled principal amortization and maturity payments for the non-recourse property debt were as follows (in thousands):
| Amortization |  |  | Maturities |  |  | Total |
2025 | $ | 1,472 |  |  | $ | — |  |  | $ | 1,472 |
2026 |  | 1,522 |  |  |  | — |  |  |  | 1,522 |
2027 |  | 1,573 |  |  |  | — |  |  |  | 1,573 |
2028 |  | 1,627 |  |  |  | — |  |  |  | 1,627 |
2029 |  | 1,682 |  |  |  | 179,646 |  |  |  | 181,328 |
Thereafter |  | 2,781 |  |  |  | 499,582 |  |  |  | 502,363 |
Total | $ | 10,657 |  |  | $ | 679,228 |  |  | $ | 689,885 |
As of December 31, 2024, the scheduled principal maturity payments, prior to the consideration of extension options, for the non-recourse construction loans were as follows (in thousands):
|  | Principal Maturity Payments |
2025 |  | $ | 153,843 |
2026 |  |  | — |
2027 |  |  | — |
2028 |  |  | 233,407 |
2029 |  |  | — |
Thereafter |  |  | 6,500 |
Total |  | $ | 393,750 |

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