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Debt (Tables)

12 Months Ended

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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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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