XML 20 R54.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value of Derivatives and Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2013
Fair Value Disclosures [Abstract]  
Estimated fair values
The estimated fair values of the Company’s financial instruments either recorded or disclosed on a recurring basis as of March 31, 2013 and December 31, 2012 are summarized as follows (dollars in thousands):
 
 
 
 
 
Fair Value at March 31, 2013, Using
 
Total Carrying Amount in Financial Position at March 31, 2013
 
Fair Value Estimate at March 31, 2013
 
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 (a)
$
66,193

 
$
67,172

 
$
—

 
$
—

 
$
67,172

Total assets
$
66,193

 
$
67,172

 
$
—

 
$
—

 
$
67,172

 
 
 
 
 
 
 
 
 
 
Derivatives- Interest rate contracts (b)
$
9,224

 
$
9,224

 
$
—

 
$
9,224

 
$
—

Secured debt instruments- fixed rate: (c)
 
 
 
 
 
 
 
 
 
Mortgage notes payable
453,076

 
487,297

 
—

 
—

 
487,297

Fannie Mae credit facilities
629,063

 
681,792

 
—

 
—

 
681,792

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

 
37,415

 
—

 
—

 
37,415

Tax-exempt secured notes payable
94,700

 
94,700

 
—

 
—

 
94,700

Fannie Mae credit facilities
211,409

 
211,409

 
—

 
—

 
211,409

Unsecured debt instruments: (c)
 
 
 
 
 
 
 
 
 
Commercial bank
170,000

 
170,000

 
—

 
—

 
170,000

Senior unsecured notes
1,903,444

 
2,050,809

 
—

 
—

 
2,050,809

Total liabilities
$
3,508,331

 
$
3,742,646

 
$
—

 
$
9,224

 
$
3,733,422

 
 
 
 
 
 
 
 
 
 
Redeemable noncontrolling interests (d)
$
225,595

 
$
225,595

 
$
—

 
$
225,595

 
$
—

 
 
 
 
 
Fair Value at December 31, 2012, Using
 
Total Carrying Amount in Financial Position at December 31, 2012
 
Fair Value Estimate at December 31, 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 (a)
$
64,006

 
$
64,930

 
$
—

 
$
—

 
$
64,930

Derivatives- Interest rate contracts (b)
2

 
2

 
—

 
2

 
—

Total assets
$
64,008

 
$
64,932

 
$
—

 
$
2

 
$
64,930

 
 
 
 
 
 
 
 
 
 
Derivatives- Interest rate contracts (b)
$
11,022

 
$
11,022

 
$
—

 
$
11,022

 
$
—

Secured debt instruments- fixed rate: (c)
 
 
 
 
 
 
 
 
 
Mortgage notes payable
455,533

 
494,728

 
—

 
—

 
494,728

Fannie Mae credit facilities
631,078

 
689,295

 
—

 
—

 
689,295

Secured debt instruments- variable rate: (c)
 
 
 

 
 

 
 
 
 

Mortgage notes payable
37,415

 
37,415

 
—

 
—

 
37,415

Tax-exempt secured notes payable
94,700

 
94,700

 
—

 
—

 
94,700

Fannie Mae credit facilities
211,409

 
211,409

 
—

 
—

 
211,409

Unsecured debt instruments: (c)
 
 
 
 
 
 
 
 
 
Commercial bank
76,000

 
76,000

 
—

 
—

 
76,000

Senior unsecured notes
1,903,198

 
2,039,736

 
—

 
—

 
2,039,736

Total liabilities
$
3,420,355

 
$
3,654,305

 
$
—

 
$
11,022

 
$
3,643,283

 
 
 
 
 
 
 
 
 
 
Redeemable noncontrolling interests (d)
$
223,418

 
$
223,418

 
$
—

 
$
223,418

 
$
—



(a)
See Note 2, Significant Accounting Policies
(b)
See Note 10, Derivatives and Hedging Activity
(c)
See Note 6, Secured and Unsecured Debt
(d)
See Note 8, Noncontrolling Interests