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FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 2025
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, 2025 and December 31, 2024, are summarized as follows (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Fair Value at September 30, 2025, 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
​ | ​ | 2025 (a) | ​ | 2025 | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3)
Description: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | ​
Notes receivable, net (b) | ​ | $ | 146,749 | ​ | $ | 141,190 | ​ | $ | — | ​ | $ | — | ​ | $ | 141,190
Equity securities (c) | ​ | ​ | 1,032 | ​ | ​ | 1,032 | ​ | ​ | 1,032 | ​ | ​ | — | ​ | ​ | —
Derivatives - Interest rate contracts (d) | ​ |  | 558 | ​ |  | 558 | ​ |  | — | ​ |  | 558 | ​ |  | —
Total assets | ​ | $ | 148,339 | ​ | $ | 142,780 | ​ | $ | 1,032 | ​ | $ | 558 | ​ | $ | 141,190
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Secured debt instruments - fixed rate: (e) | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Mortgage notes payable | ​ | $ | 1,066,336 | ​ | $ | 1,018,888 | ​ | $ | — | ​ | $ | — | ​ | $ | 1,018,888
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 | ​ | ​ | 15,686 | ​ | ​ | 15,686 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 15,686
Commercial paper program | ​ | ​ | 340,000 | ​ | ​ | 340,000 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 340,000
Unsecured notes | ​ | ​ | 4,407,080 | ​ | ​ | 4,093,122 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,093,122
Total liabilities | ​ | $ | 5,856,102 | ​ | $ | 5,494,696 | ​ | $ | — | ​ | $ | — | ​ | $ | 5,494,696
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (f) | ​ | $ | 876,127 | ​ | $ | 876,127 | ​ | $ | — | ​ | $ | 876,127 | ​ | $ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Fair Value at December 31, 2024, 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
​ |  | 2024 (a) | ​ | 2024 | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3)
Description: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | ​
Notes receivable, net (b) | ​ | $ | 247,849 | ​ | $ | 243,546 | ​ | $ | — | ​ | $ | — | ​ | $ | 243,546
Equity securities (c) | ​ | ​ | 1,281 | ​ | ​ | 1,281 | ​ | ​ | 1,281 | ​ | ​ | — | ​ | ​ | —
Derivatives - Interest rate contracts (d) | ​ |  | 3,227 | ​ |  | 3,227 | ​ |  | — | ​ |  | 3,227 | ​ |  | —
Total assets | ​ | $ | 252,357 | ​ | $ | 248,054 | ​ | $ | 1,281 | ​ | $ | 3,227 | ​ | $ | 243,546
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Secured debt instruments - fixed rate: (e) | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Mortgage notes payable | ​ | $ | 1,115,999 | ​ | $ | 1,039,482 | ​ | $ | — | ​ | $ | — | ​ | $ | 1,039,482
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 | ​ | ​ | 9,361 | ​ | ​ | 9,361 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 9,361
Commercial paper program | ​ | ​ | 289,900 | ​ | ​ | 289,900 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 289,900
Unsecured notes | ​ | ​ | 4,408,376 | ​ | ​ | 3,897,187 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,897,187
Total liabilities | ​ | $ | 5,850,636 | ​ | $ | 5,262,930 | ​ | $ | — | ​ | $ | — | ​ | $ | 5,262,930
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (f) | ​ | $ | 1,017,355 | ​ | $ | 1,017,355 | ​ | $ | — | ​ | $ | 1,017,355 | ​ | $ | —
(a) | Certain balances include fair market value adjustments and exclude deferred financing costs.
(b) | See Note 2, Significant Accounting Policies. Note receivables, net includes any accrued and unpaid interest, as applicable, and allowance for credit losses.
(c) | The Company holds a direct investment in a publicly traded real estate technology company, SmartRent. The investment is valued at the market price on September 30, 2025 and December 31, 2024. The Company currently classifies the investment as Level 1 in the fair value hierarchy.
(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://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/820/tableOfContent + Details
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