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FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2025

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS

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,

Liabilities

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

—

Derivatives - Interest rate contracts (d)

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

Unsecured debt instruments: (e)

Working capital credit facility

15,686

—

15,686

Commercial paper program

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

—


					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.