FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023, are summarized as follows (dollars in thousands):

					Fair Value at March 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
	March 31,		March 31,		Liabilities		Inputs		Inputs
	2024 (a)		2024		(Level 1)		(Level 2)		(Level 3)
Description:
Notes receivable, net (b)	$	235,382	$	225,512	$	—	$	—	$	225,512
Equity securities (c)		1,962		1,962		1,962		—		—
Derivatives - Interest rate contracts (d)		9,425		9,425		—		9,425		—
Total assets	$	246,769	$	236,899	$	1,962	$	9,425	$	225,512
Secured debt instruments - fixed rate: (e)
Mortgage notes payable	$	1,214,095	$	1,119,833	$	—	$	—	$	1,119,833
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		27,059		27,059		—		—		27,059
Commercial paper program		390,000		390,000		—		—		390,000
Unsecured notes		4,128,501		3,603,760		—		—		3,603,760
Total liabilities	$	5,786,655	$	5,167,652	$	—	$	—	$	5,167,652
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (f)	$	937,311	$	937,311	$	—	$	937,311	$	—

					Fair Value at December 31, 2023, 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
	2023 (a)		2023		(Level 1)		(Level 2)		(Level 3)
Description:
Notes receivable, net (b)	$	228,825	$	222,755	$	—	$	—	$	222,755
Equity securities (c)		7,210		7,210		7,210		—		—
Derivatives - Interest rate contracts (d)		10,103		10,103		—		10,103		—
Total assets	$	246,138	$	240,068	$	7,210	$	10,103	$	222,755
Secured debt instruments - fixed rate: (e)
Mortgage notes payable	$	1,215,228	$	1,124,140	$	—	$	—	$	1,124,140
Secured debt instruments - variable rate: (e)
Mortgage notes payable		40,017		40,017		—		—		40,017
Tax-exempt secured notes payable		27,000		27,000		—		—		27,000
Unsecured debt instruments: (e)
Working capital credit facility		4,593		4,593		—		—		4,593
Commercial paper program		408,075		408,075		—		—		408,075
Unsecured notes		4,129,010		3,611,697		—		—		3,611,697
Total liabilities	$	5,823,923	$	5,215,522	$	—	$	—	$	5,215,522
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (f)	$	961,087	$	961,087	$	—	$	961,087	$	—

(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. The investment is valued at the market price on March 31, 2024 and December 31, 2023. 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.