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Fair Value of Derivatives and Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2014
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 September 30, 2014 and December 31, 2013 are summarized as follows (dollars in thousands):
|  |  |  |  | Fair Value at September 30, 2014, Using
| Total Carrying Amount in Statement of Financial Position at September 30, 2014 |  | Fair Value Estimate at September 30, 2014 |  | 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) | $ | 18,318 |  |  | $ | 18,858 |  |  | $ | — |  |  | $ | — |  |  | $ | 18,858 |
Derivatives- Interest rate contracts (b) | 299 |  |  | 299 |  |  | — |  |  | 299 |  |  | — |
Total assets | $ | 18,617 |  |  | $ | 19,157 |  |  | $ | — |  |  | $ | 299 |  |  | $ | 18,858 |
Derivatives- Interest rate contracts (b) | $ | 2,382 |  |  | $ | 2,382 |  |  | $ | — |  |  | $ | 2,382 |  |  | $ | — |
Secured debt instruments- fixed rate: (c) |  |  |  |  |  |  |  |  |
Mortgage notes payable | 438,172 |  |  | 451,582 |  |  | — |  |  | — |  |  | 451,582 |
Fannie Mae credit facilities | 623,754 |  |  | 655,035 |  |  | — |  |  | — |  |  | 655,035 |
Secured debt instruments- variable rate: (c) |  |  |  |  |  |  |  |  |
Mortgage notes payable | 31,337 |  |  | 31,337 |  |  | — |  |  | — |  |  | 31,337 |
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 | 160,000 |  |  | 160,000 |  |  | — |  |  | — |  |  | 160,000 |
Senior unsecured notes | 2,068,820 |  |  | 2,136,468 |  |  | — |  |  | — |  |  | 2,136,468 |
Total liabilities | $ | 3,630,574 |  |  | $ | 3,742,913 |  |  | $ | — |  |  | $ | 2,382 |  |  | $ | 3,740,531 |
Redeemable noncontrolling interests in the Operating Partnership (d) | $ | 249,814 |  |  | $ | 249,814 |  |  | $ | — |  |  | $ | 249,814 |  |  | $ | — |
|  |  |  |  | Fair Value at December 31, 2013, Using
| Total Carrying Amount in Statement of Financial Position at December 31, 2013 |  | Fair Value Estimate at December 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) | $ | 83,033 |  |  | $ | 83,833 |  |  | $ | — |  |  | $ | — |  |  | $ | 83,833 |
Total assets | $ | 83,033 |  |  | $ | 83,833 |  |  | $ | — |  |  | $ | — |  |  | $ | 83,833 |
Derivatives- Interest rate contracts (b) | $ | 4,965 |  |  | $ | 4,965 |  |  | $ | — |  |  | $ | 4,965 |  |  | $ | — |
Secured debt instruments- fixed rate: (c) |  |  |  |  |  |  |  |  |
Mortgage notes payable | 445,706 |  |  | 466,375 |  |  | — |  |  | — |  |  | 466,375 |
Fannie Mae credit facilities | 626,667 |  |  | 661,094 |  |  | — |  |  | — |  |  | 661,094 |
Secured debt instruments- variable rate: (c) |  |  |  |  |  |  |  |  |  |  |  |
Mortgage notes payable | 63,595 |  |  | 63,595 |  |  | — |  |  | — |  |  | 63,595 |
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) |  |  |  |  |  |  |  |  |
Senior unsecured notes | 2,081,626 |  |  | 2,149,003 |  |  | — |  |  | — |  |  | 2,149,003 |
Total liabilities | $ | 3,528,668 |  |  | $ | 3,651,141 |  |  | $ | — |  |  | $ | 4,965 |  |  | $ | 3,646,176 |
Redeemable noncontrolling interests in the Operating Partnership (d) | $ | 217,597 |  |  | $ | 217,597 |  |  | $ | — |  |  | $ | 217,597 |  |  | $ | — |
(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

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
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