Investments in Partially Owned Entities (Tables)

9 Months Ended

Sep. 30, 2023

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 September 30, 2023:

	Operating Properties (1)
	Properties		Apartment Units
Consolidated Joint Ventures (VIE)		14		3,060

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

Summary of Consolidated Assets and Liabilities Related to the Company's VIEs

The following table provides consolidated assets and liabilities related to the Company's VIEs as of September 30, 2023 and December 31, 2022 (amounts in thousands):

	September 30, 2023		December 31, 2022
Consolidated Assets	$	550,214	$	691,880
Consolidated Liabilities	$	38,969	$	158,932

Summary of Company's Investment in Unconsolidated Entities

The following table and information summarizes the Company’s investments in unconsolidated entities as of September 30, 2023 and December 31, 2022 (amounts in thousands except for ownership percentage):

	September 30, 2023			December 31, 2022			Ownership Percentage
Investments in Unconsolidated Entities:
Various Real Estate Holdings (VIE)	$	36,206		$	35,974		Varies
Projects Under Development and Land Held for Development (VIE)		250,880			218,043		62% - 95% (1)
Real Estate Technology Funds/Companies (VIE)		26,392			25,249		Varies
Other		(253	)		(242	)	Varies
Investments in Unconsolidated Entities	$	313,225		$	279,024

(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 September 30, 2023:

	Real Estate Holdings (1)		Projects Under Development (2), (5)				Projects Held for Development (2), (3)
	Entities		Projects		Apartment Units (4)		Projects		Apartment Units (4)
Unconsolidated Joint Ventures (VIE)		2		6		1,982		4		1,334

(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 nine months ended September 30, 2023 (amounts in thousands except for number of unconsolidated joint ventures and apartment units):

Number of unconsolidated joint ventures (1)		1
Apartment units (2)		368
Investments in unconsolidated entities – acquisitions	$	989

(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 of the Company’s and the Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional discussion.

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