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FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 2020
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS |
Schedule of estimated fair values | The estimated fair values of the Company’s financial instruments either recorded or disclosed on a recurring basis as of June 30, 2020 and December 31, 2019, are summarized as follows (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Fair Value at June 30, 2020, Using
​ | ​ | Total | ​ | ​ | ​ | Quoted | ​ | ​ | ​ | ​
​ | ​ | Carrying | ​ | ​ | ​ | Prices in | ​ | ​ | ​ | ​
​ | ​ | Amount in | ​ | ​ | ​ | Active | ​ | ​ | ​ | ​ | ​
​ | ​ | Statement of | ​ | ​ | ​ | ​ | Markets | ​ | Significant | ​ | ​ | ​
​ | ​ | Financial | ​ | Fair Value | ​ | for Identical | ​ | Other | ​ | Significant
​ | ​ | Position at | ​ | Estimate at | ​ | Assets or | ​ | Observable | ​ | Unobservable
​ | ​ | June 30, | ​ | June 30, | ​ | Liabilities | ​ | Inputs | ​ | Inputs
​ | ​ | 2020 (a) | ​ | 2020 | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3)
Description: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | ​
Notes receivable, net (b) | ​ | $ | 155,956 | ​ | $ | 166,009 | ​ | $ | — | ​ | $ | — | ​ | $ | 166,009
Derivatives - Interest rate contracts (b) | ​ |  | 8 | ​ |  | 8 | ​ |  | — | ​ |  | 8 | ​ |  | —
Total assets | ​ | $ | 155,964 | ​ | $ | 166,017 | ​ | $ | — | ​ | $ | 8 | ​ | $ | 166,009
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives - Interest rate contracts (c) | ​ | $ | 2,414 | ​ | $ | 2,414 | ​ | $ | — | ​ | $ | 2,414 | ​ | $ | —
Secured debt instruments - fixed rate: (d) | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Mortgage notes payable | ​ | ​ | 874,177 | ​ | ​ | 911,356 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 911,356
Credit facilities | ​ |  | 213,857 | ​ |  | 214,374 | ​ |  | — | ​ |  | — | ​ |  | 214,374
Secured debt instruments - variable rate: (d) | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Tax-exempt secured notes payable | ​ |  | 27,000 | ​ |  | 27,000 | ​ |  | — | ​ |  | — | ​ |  | 27,000
Unsecured debt instruments: (d) | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Working capital credit facility | ​ | ​ | 17,180 | ​ | ​ | 17,180 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 17,180
Commercial paper program | ​ | ​ | 185,000 | ​ | ​ | 185,000 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 185,000
Unsecured notes | ​ | ​ | 3,474,243 | ​ | ​ | 3,701,850 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,701,850
Total liabilities | ​ | $ | 4,793,871 | ​ | $ | 5,059,174 | ​ | $ | — | ​ | $ | 2,414 | ​ | $ | 5,056,760
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (e) | ​ | $ | 834,466 | ​ | $ | 834,466 | ​ | $ | — | ​ | $ | 834,466 | ​ | $ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Fair Value at December 31, 2019, Using
​ | ​ | Total | ​ | ​ | ​ | Quoted | ​ | ​ | ​ | ​
​ | ​ | Carrying | ​ | ​ | ​ | Prices in | ​ | ​ | ​ | ​
​ | ​ | Amount in | ​ | ​ | ​ | Active | ​ | ​ | ​ | ​
​ | ​ | Statement of | ​ | ​ | ​ | Markets | ​ | Significant | ​ | ​
​ | ​ | Financial | ​ | Fair Value | ​ | for Identical | ​ | Other | ​ | Significant
​ | ​ | Position at | ​ | Estimate at | ​ | Assets or | ​ | Observable | ​ | Unobservable
​ | ​ | December 31, | ​ | December 31, | ​ | Liabilities | ​ | Inputs | ​ | Inputs
​ |  | 2019 (a) | ​ | 2019 | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3)
Description: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | ​
Notes receivable, net (b) | ​ | $ | 153,650 | ​ | $ | 160,197 | ​ | $ | — | ​ | $ | — | ​ | $ | 160,197
Derivatives - Interest rate contracts (c) | ​ |  | 6 | ​ |  | 6 | ​ |  | — | ​ |  | 6 | ​ |  | —
Total assets | ​ | $ | 153,656 | ​ | $ | 160,203 | ​ | $ | — | ​ | $ | 6 | ​ | $ | 160,197
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives - Interest rate contracts (c) | ​ | $ | 142 | ​ | $ | 142 | ​ | $ | — | ​ | $ | 142 | ​ | $ | —
Secured debt instruments - fixed rate: (d) | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Mortgage notes payable | ​ | ​ | 906,228 | ​ | ​ | 898,329 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 898,329
Credit facilities | ​ |  | 218,490 | ​ |  | 213,661 | ​ |  | — | ​ |  | — | ​ |  | 213,661
Secured debt instruments - variable rate: (d) | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Tax-exempt secured notes payable | ​ |  | 27,000 | ​ |  | 27,000 | ​ |  | — | ​ |  | — | ​ |  | 27,000
Unsecured debt instruments: (d) | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Working capital credit facility | ​ | ​ | 16,583 | ​ | ​ | 16,583 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 16,583
Commercial paper program | ​ | ​ | 300,000 | ​ | ​ | 300,000 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 300,000
Unsecured notes | ​ | ​ | 3,263,152 | ​ | ​ | 3,397,622 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,397,622
Total liabilities | ​ | $ | 4,731,595 | ​ | $ | 4,853,337 | ​ | $ | — | ​ | $ | 142 | ​ | $ | 4,853,195
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (e) | ​ | $ | 1,018,665 | ​ | $ | 1,018,665 | ​ | $ | — | ​ | $ | 1,018,665 | ​ | $ | —
(a) | Balances include fair market value adjustments and exclude deferred financing costs.
(b) | See Note 2, Significant Accounting Policies.
(c) | See Note 11, Derivatives and Hedging Activity.
(d) | See Note 7, Secured and Unsecured Debt, Net.
(e) | See Note 9, 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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