FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2019

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 December 31, 2019 and 2018 are summarized as follows (dollars in thousands):

					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		2019		(Level 1)		(Level 2)		(Level 3)
Description:
Notes receivable (a)	$	153,650	$	160,197	$	—	$	—	$	160,197
Derivatives - Interest rate contracts (b)		6		6		—		6		—
Total assets	$	153,656	$	160,203	$	—	$	6	$	160,197
Derivatives - Interest rate contracts (b)	$	142	$	142	$	—	$	142	$	—
Secured debt instruments - fixed rate: (c)
Mortgage notes payable		906,228		898,329		—		—		898,329
Credit facilities		218,490		213,661		—		—		213,661
Secured debt instruments - variable rate: (c)
Tax-exempt secured notes payable		27,000		27,000		—		—		27,000
Unsecured debt instruments: (c)
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 (d)	$	1,018,665	$	1,018,665	$	—	$	1,018,665	$	—

					Fair Value at December 31, 2018, 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
	2018		2018		(Level 1)		(Level 2)		(Level 3)
Description:
Notes receivable (a)	$	42,259	$	45,026	$	—	$	—	$	45,026
Derivatives - Interest rate contracts (b)		4,757		4,757		—		4,757		—
Total assets	$	47,016	$	49,783	$	—	$	4,757	$	45,026
Derivatives - Interest rate contracts (b)	$	356	$	356	$	—	$	356	$	—
Secured debt instruments - fixed rate: (c)
Mortgage notes payable		417,989		416,314		—		—		416,314
Fannie Mae credit facility		90,000		90,213		—		—		90,213
Secured debt instruments - variable rate: (c)
Tax-exempt secured notes payable		94,700		94,700		—		—		94,700
Unsecured debt instruments: (c)
Working capital credit facility		16		16		—		—		16
Commercial paper program		101,115		101,115		—		—		101,115
Unsecured notes		2,861,842		2,829,390		—		—		2,829,390
Total liabilities	$	3,566,018	$	3,532,104	$	—	$	356	$	3,531,748
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d)	$	972,740	$	972,740	$	—	$	972,740	$	—

(a) See Note 2, Significant Accounting Policies.

(b) See Note 14, Derivatives and Hedging Activity.

(c) See Note 7, Secured and Unsecured Debt, Net.

(d) See Note 12, Noncontrolling Interests.