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FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2021

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, 2021 and December 31, 2020, are summarized as follows (dollars in thousands):

Fair Value at June 30, 2021, 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

2021 (a)

2021

(Level 1)

(Level 2)

(Level 3)

Description:

Notes receivable, net (b)

$

139,047

$

149,055

$

—

$

—

$

149,055

Derivatives - Interest rate contracts (c)

9

9

—

9

—

Total assets

$

139,056

$

149,064

$

—

$

9

$

149,055

Derivatives - Interest rate contracts (c)

$

113

$

113

$

—

$

113

$

—

Secured debt instruments - fixed rate: (d)

Mortgage notes payable

1,036,548

1,084,327

—

—

1,084,327

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

27,318

27,318

—

—

27,318

Commercial paper program

470,000

470,000

—

—

470,000

Unsecured notes

3,921,028

4,095,997

—

—

4,095,997

Total liabilities

$

5,482,007

$

5,704,755

$

—

$

113

$

5,704,642

Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (e)

$

1,104,276

$

1,104,276

$

—

$

1,104,276

$

—


								Fair Value at December 31, 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
		December 31,			December 31,			Liabilities			Inputs			Inputs
		2020 (a)			2020			(Level 1)			(Level 2)			(Level 3)
Description:
Notes receivable, net (b)		$	157,992		$	170,411		$	—		$	—		$	170,411
Derivatives - Interest rate contracts (c)			2			2			—			2			—
Total assets		$	157,994		$	170,413		$	—		$	2		$	170,411

Derivatives - Interest rate contracts (c)		$	167		$	167		$	—		$	167		$	—
Secured debt instruments - fixed rate: (d)
Mortgage notes payable			837,473			854,084			—			—			854,084
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			28,024			28,024			—			—			28,024
Commercial paper program			190,000			190,000			—			—			190,000
Unsecured notes			3,922,314			4,283,045			—			—			4,283,045
Total liabilities		$	5,004,978		$	5,382,320		$	—		$	167		$	5,382,153

Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (e)		$	856,294		$	856,294		$	—		$	856,294		$	—

(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.