The estimated fair values of the Company’s financial instruments either recorded or disclosed on a recurring basis as of June 30, 2015 and December 31, 2014 are summarized as follows (dollars in thousands):



					Fair Value at June 30, 2015, Using
	Total Carrying Amount in Statement of Financial Position at June 30, 2015		Fair Value Estimate at June 30, 2015		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)	$	15,494	$	15,863	$	—	$	—	$	15,863
Derivatives - Interest rate contracts (b)	12		12		—		12		—
Total assets	$	15,506	$	15,875	$	—	$	12	$	15,863

Derivatives - Interest rate contracts (b)	$	9,109	$	9,109	$	—	$	9,109	$	—
Secured debt instruments - fixed rate: (c)
Mortgage notes payable	408,736		420,571		—		—		420,571
Fannie Mae credit facilities	566,288		592,916		—		—		592,916
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	249,378		249,378		—		—		249,378
Unsecured debt instruments: (c)
Commercial bank	457,000		457,000		—		—		457,000
Senior unsecured notes	1,756,964		1,816,636		—		—		1,816,636
Total liabilities	$	3,573,512	$	3,671,647	$	—	$	9,109	$	3,662,538

Redeemable noncontrolling interests in the Operating Partnership (d)	$	290,278	$	290,278	$	—	$	290,278	$	—



					Fair Value at December 31, 2014, Using
	Total Carrying Amount in Statement of Financial Position at December 31, 2014		Fair Value Estimate at December 31, 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)	$	14,369	$	14,808	$	—	$	—	$	14,808
Derivatives - Interest rate contracts (b)	88		88		—		88		—
Total assets	$	14,457	$	14,896	$	—	$	88	$	14,808

Derivatives- Interest rate contracts (b)	$	10,368	$	10,368	$	—	$	10,368	$	—
Secured debt instruments - fixed rate: (c)
Mortgage notes payable	401,210		415,663		—		—		415,663
Fannie Mae credit facilities	568,086		606,623		—		—		606,623
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	266,196		266,196		—		—		266,196
Unsecured debt instruments: (c)
Commercial bank	152,500		152,500		—		—		152,500
Senior unsecured notes	2,069,076		2,144,125		—		—		2,144,125
Total liabilities	$	3,593,473	$	3,721,512	$	—	$	10,368	$	3,711,144

Redeemable noncontrolling interests in the Operating Partnership (d)	$	282,480	$	282,480	$	—	$	282,480	$	—


(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.