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FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 2022
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 September 30, 2022 and December 31, 2021, are summarized as follows (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Fair Value at September 30, 2022, 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
​ | ​ | September 30, | ​ | September 30, | ​ | Liabilities | ​ | Inputs | ​ | Inputs
​ | ​ | 2022 (a) | ​ | 2022 | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3)
Description: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | ​
Notes receivable, net (b) | ​ | $ | 40,128 | ​ | $ | 41,275 | ​ | $ | — | ​ | $ | — | ​ | $ | 41,275
Equity securities (c) | ​ | ​ | 7,664 | ​ | ​ | 7,664 | ​ | ​ | 7,664 | ​ | ​ | — | ​ | ​ | —
Derivatives - Interest rate contracts (d) | ​ |  | 16,117 | ​ |  | 16,117 | ​ |  | — | ​ |  | 16,117 | ​ |  | —
Total assets | ​ | $ | 63,909 | ​ | $ | 65,056 | ​ | $ | 7,664 | ​ | $ | 16,117 | ​ | $ | 41,275
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Secured debt instruments - fixed rate: (e) | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Mortgage notes payable | ​ | $ | 1,029,572 | ​ | $ | 898,145 | ​ | $ | — | ​ | $ | — | ​ | $ | 898,145
Secured debt instruments - variable rate: (e) | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Tax-exempt secured notes payable | ​ |  | 27,000 | ​ |  | 27,000 | ​ |  | — | ​ |  | — | ​ |  | 27,000
Unsecured debt instruments: (e) | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Working capital credit facility | ​ | ​ | 41,181 | ​ | ​ | 41,181 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 41,181
Commercial paper program | ​ | ​ | 425,000 | ​ | ​ | 425,000 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 425,000
Unsecured notes | ​ | ​ | 4,131,556 | ​ | ​ | 3,366,736 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,366,736
Total liabilities | ​ | $ | 5,654,309 | ​ | $ | 4,758,062 | ​ | $ | — | ​ | $ | — | ​ | $ | 4,758,062
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (f) | ​ | $ | 920,311 | ​ | $ | 920,311 | ​ | $ | — | ​ | $ | 920,311 | ​ | $ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Fair Value at December 31, 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
​ | ​ | December 31, | ​ | December 31, | ​ | Liabilities | ​ | Inputs | ​ | Inputs
​ |  | 2021 (a) | ​ | 2021 | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3)
Description: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | ​
Notes receivable, net (b) | ​ | $ | 26,860 | ​ | $ | 27,372 | ​ | $ | — | ​ | $ | — | ​ | $ | 27,372
Equity securities (c) | ​ | ​ | 3,230 | ​ | ​ | 3,230 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,230
Derivatives - Interest rate contracts (d) | ​ |  | 3,279 | ​ |  | 3,279 | ​ |  | — | ​ |  | 3,279 | ​ |  | —
Total assets | ​ | $ | 33,369 | ​ | $ | 33,881 | ​ | $ | — | ​ | $ | 3,279 | ​ | $ | 30,602
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Secured debt instruments - fixed rate: (e) | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Mortgage notes payable | ​ | $ | 1,033,764 | ​ | $ | 1,032,582 | ​ | $ | — | ​ | $ | — | ​ | $ | 1,032,582
Secured debt instruments - variable rate: (e) | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Tax-exempt secured notes payable | ​ |  | 27,000 | ​ |  | 27,000 | ​ |  | — | ​ |  | — | ​ |  | 27,000
Unsecured debt instruments: (e) | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Working capital credit facility | ​ | ​ | 29,546 | ​ | ​ | 29,546 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 29,546
Commercial paper program | ​ | ​ | 220,000 | ​ | ​ | 220,000 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 220,000
Unsecured notes | ​ | ​ | 4,133,083 | ​ | ​ | 4,199,363 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,199,363
Total liabilities | ​ | $ | 5,443,393 | ​ | $ | 5,508,491 | ​ | $ | — | ​ | $ | — | ​ | $ | 5,508,491
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (f) | ​ | $ | 1,299,442 | ​ | $ | 1,299,442 | ​ | $ | — | ​ | $ | 1,299,442 | ​ | $ | —
(a) | Certain balances include fair market value adjustments and exclude deferred financing costs.
(b) | See Note 2, Significant Accounting Policies.
(c) | The Company holds a direct investment in a publicly traded real estate technology company, SmartRent, that was previously subject to a lock-up restriction on selling or transferring the investment, which expired in February 2022. The investment is valued at the market price on September 30, 2022 and as of December 31, 2021, was valued at the market price on December 31, 2021 less an illiquidity discount of 15.0%. Since the lock-up restriction expired, the Company currently classifies the investment as Level 1 in the fair value hierarchy. The Company previously classified the investment as Level 3 in the fair value hierarchy based upon the lock-up restriction. During the nine months ended September 30, 2022, the Company increased its direct investment in SmartRent due to stock distributions from its unconsolidated real estate technology investments.
(d) | See Note 11, Derivatives and Hedging Activity.
(e) | See Note 7, Secured and Unsecured Debt, Net.
(f) | 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 https://asc.fasb.org/topic&trid=2155941 + Details
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