Investments in Partially Owned Entities (Tables)

12 Months Ended

Dec. 31, 2022

Investments In Partially Owned Entities [Abstract]

Summary of Company's Consolidated Joint Ventures

The following table summarizes the Company’s consolidated joint ventures as of December 31, 2022 and 2021:

	Operating Properties (1)				Project Under Development (2)
	Properties		Apartment Units		Project		Apartment Units
2022 Consolidated Joint Ventures (VIE)		15		3,114		1		312
2021 Consolidated Joint Ventures (VIE)		16		3,546		1		312

(1)In 2022, the Company acquired its joint venture partner’s 25% interest in a 432-unit apartment property for $32.2 million, and the property is now wholly owned. In connection with the buyout, the carrying amount of the Noncontrolling Interests – Partially Owned Properties totaling $4.8 million was reduced to zero and the remaining $27.4 million was recorded to paid in capital/General Partner's Capital.

(2)The land under this project is subject to a long-term ground lease.

Summary of Consolidated Assets and Liabilities Related to the VIEs

The following table provides consolidated assets and liabilities related to the VIEs discussed above as of December 31, 2022 and 2021 (amounts in thousands):

	December 31, 2022		December 31, 2021
Consolidated Assets	$	691,880	$	912,955
Consolidated Liabilities	$	158,932	$	251,424

Summary of Variable Rate Construction Mortgage Debt

The following table and information summarizes the variable rate construction mortgage debt that is non-recourse to the Company at December 31, 2022 and 2021 (aggregate and amounts borrowed under loan commitments in thousands):

	December 31, 2022				December 31, 2021
	Recently Completed Operating Property (1)		Project Under Development		Recently Completed Operating Property (1)
Number of joint ventures with debt financing		1		1		1
Aggregate loan commitments	$	67,589	$	73,344	$	67,589
Amounts borrowed under loan commitments (2)	$	64,776	$	44,980	$	61,783
Maturity dates	2023		2025		2022

(1)The maturity date of the construction loan was extended to June 25, 2023.

(2)See Note 9 for the proceeds of secured conventional floating rate debt under Mortgage Notes Payable.

Summary of Company's Investment in Unconsolidated Entities

The following table and information summarizes the Company’s investments in unconsolidated entities as of December 31, 2022 and 2021 (amounts in thousands except for ownership percentage):

	December 31, 2022			December 31, 2021			Ownership Percentage
Investments in Unconsolidated Entities:
Various Real Estate Holdings (VIE)	$	35,974		$	36,024		Varies
Projects Under Development and Land Held for Development (VIE)		218,043			72,488		62% - 95% (1)
Real Estate Technology Funds/Companies (VIE)		25,249			19,347		Varies
Other		(242	)		(411	)	Varies
Investments in Unconsolidated Entities	$	279,024		$	127,448

(1)In certain instances, the joint venture agreements contain provisions for promoted interests in favor of our joint venture partner. If the terms of the promoted interest are attained, then our share of the proceeds from a sale or other capital event of the unconsolidated entity may be less than the indicated ownership percentage.

Summary of Company's Unconsolidated Joint Ventures Deemed to be VIEs

The following table summarizes the Company’s unconsolidated joint ventures that were deemed to be VIEs as of December 31, 2022 and 2021:

	Real Estate Holdings (1)		Projects Under Development (2), (5)				Projects Held for Development (2), (3)
	Entities		Projects		Apartment Units (4)		Projects		Apartment Units (4)
2022 Unconsolidated Joint Ventures (VIE)		2		6		1,982		3		966
2021 Unconsolidated Joint Ventures (VIE)		1		3		929		3		1,005

(1)Represents entities that hold various real estate investments.

(2)Represents separate unconsolidated joint ventures for the purpose of developing multifamily rental properties.

(3)Represents separate unconsolidated joint ventures that have not yet started.

(4)Represents the intended number of apartment units to be developed.

(5)The land parcel under one of the projects is subject to a long-term ground lease.

Summary of Information on Total Unconsolidated Development Joint Ventures

The following table provides information on total unconsolidated development joint ventures entered into during the year ended December 31, 2022 (amounts in thousands except for number of unconsolidated joint ventures and apartment units):

Number of unconsolidated joint ventures (1)		3
Apartment units (2)		1,019
Investments in unconsolidated entities – acquisitions	$	49,855

(1)The entities qualify as VIEs, but the Company is not the primary beneficiary because it does not have the power to direct the activities that most significantly impact the VIE’s performance. Therefore, the entities are unconsolidated and recorded using the equity method of accounting. See Note 2 for additional discussion.

(2)Represents the intended number of apartment units to be developed.