FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2020

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, 2020 and December 31, 2019, are summarized as follows (dollars in thousands):

					Fair Value at September 30, 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
	September 30,		September 30,		Liabilities		Inputs		Inputs
	2020 (a)		2020		(Level 1)		(Level 2)		(Level 3)
Description:
Notes receivable, net (b)	$	156,996	$	168,122	$	—	$	—	$	168,122
Derivatives - Interest rate contracts (b)		2		2		—		2		—
Total assets	$	156,998	$	168,124	$	—	$	2	$	168,122
Derivatives - Interest rate contracts (c)	$	1,236	$	1,236	$	—	$	1,236	$	—
Secured debt instruments - fixed rate: (d)
Mortgage notes payable		908,493		959,213		—		—		959,213
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		22,086		22,086		—		—		22,086
Commercial paper program		230,000		230,000		—		—		230,000
Unsecured notes		3,756,877		4,094,384		—		—		4,094,384
Total liabilities	$	4,945,692	$	5,333,919	$	—	$	1,236	$	5,332,683
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (e)	$	759,986	$	759,986	$	—	$	759,986	$	—

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

(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.