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Fair Value of Derivatives and Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2012
Fair Value Disclosures [Abstract]  
Fair Value, Measurement Inputs, Disclosure
The estimated fair values of the Company’s financial instruments either recorded or disclosed on a recurring basis as of June 30, 2012 and December 31, 2011 are summarized as follows (dollars in thousands):
 
 
 
Fair Value at June 30, 2012 Using
 
June 30, 2012
 
Quoted Prices in
Active Markets
for Identical
Assets or
Liabilities
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Description:
 
 
 
 
 
 
 
Notes receivable
$
45,419

 
$
—

 
$
—

 
$
45,419

Derivatives- Interest rate contracts (c)
17

 
—

 
17

 
—

Total assets
$
45,436

 
$
—

 
$
17

 
$
45,419

 
 
 
 
 
 
 
 
Derivatives- Interest rate contracts (c)
$
13,404

 
$
—

 
$
13,404

 
$
—

Contingent purchase consideration (d)
3,000

 
—

 
—

 
3,000

Secured debt instruments- fixed rate: (a)
 
 
 
 
 
 
 
Mortgage notes payable
509,387

 
—

 
—

 
509,387

Fannie Mae credit facilities
690,817

 
—

 
—

 
690,817

Secured debt instruments- variable rate: (a)
 
 
 
 
 
 
 
Mortgage notes payable
37,415

 
—

 
—

 
37,415

Tax-exempt secured notes payable
94,700

 
—

 
—

 
94,700

Fannie Mae credit facilities
211,409

 
—

 
—

 
211,409

Unsecured debt instruments: (b)
 
 
 
 
 
 
 
Commercial bank
—

 
—

 
—

 
—

Senior unsecured notes
2,008,235

 
—

 
—

 
2,008,235

Total liabilities
$
3,568,367

 
$
—

 
$
13,404

 
$
3,554,963

 
 
 
 
 
 
 
 
Redeemable non-controlling interests (e)
$
243,305

 
$
—

 
$
243,305

 
$
—

 
 
 
Fair Value at December 31, 2011 Using
 
December 31, 2011
 
Quoted Prices in
Active Markets
for Identical
Assets or
Liabilities
 
Significant
Other
Observable
Inputs
 
Significant
Unobservable
Inputs
 
 
(Level 1)
 
(Level 2)
 
(Level 3)
Description:
 
 
 
 
 
 
 
Derivatives- Interest rate contracts (c)
$
89

 
$
—

 
$
89

 
$
—

Total assets
$
89

 
$
—

 
$
89

 
$
—

 
 
 
 
 
 
 
 
Derivatives- Interest rate contracts (c)
$
13,660

 
$
—

 
$
13,660

 
$
—

Contingent purchase consideration (d)
3,000

 
—

 
—

 
3,000

Secured debt instruments- fixed rate: (a)
 
 
 
 
 
 
 
Mortgage notes payable
635,531

 
—

 
—

 
635,531

Fannie Mae credit facilities
799,584

 
—

 
—

 
799,584

Secured debt instruments- variable rate: (a)
 

 
 

 
 
 
 

Mortgage notes payable
151,685

 
—

 
—

 
151,685

Tax-exempt secured notes payable
94,700

 
—

 
—

 
94,700

Fannie Mae credit facilities
310,451

 
—

 
—

 
310,451

Unsecured debt instruments: (b)
 
 
 
 
 
 
 
Commercial bank
421,000

 
—

 
—

 
421,000

Senior unsecured notes
1,675,189

 
—

 
—

 
1,675,189

Total liabilities
$
4,104,800

 
$
—

 
$
13,660

 
$
4,091,140

 
 
 
 
 
 
 
 
Redeemable non-controlling interests (e)
$
236,475

 
$
—

 
$
236,475

 
$
—

(a)
See Note 6, “Secured Debt”
(b)
See Note 7, “Unsecured Debt”
(c)
See Note 11, “Derivatives and Hedging Activity”
(d)
The fair value of the contingent purchase consideration is related to our acquisition of a development property in a consolidated joint venture in 2011. (See Note 5, “Joint Ventures.”)
(e)
See Note 9, "Noncontrolling Interests"