FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2025 and 2024 are summarized as follows (dollars in thousands):

					Fair Value at December 31, 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
	December 31,		December 31,		Liabilities		Inputs		Inputs
	2025 (a)		2025		(Level 1)		(Level 2)		(Level 3)
Description:
Notes receivable, net (b)	$	149,979	$	144,160	$	—	$	—	$	144,160
Equity securities (c)		1,479		1,479		1,479		—		—
Derivatives - Interest rate contracts (d)		272		272		—		272		—
Total assets	$	151,730	$	145,911	$	1,479	$	272	$	144,160
Secured debt instruments - fixed rate: (e)
Mortgage notes payable	$	937,007	$	895,881	$	—	$	—	$	895,881
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		26,381		26,381		—		—		26,381
Commercial paper program		445,000		445,000		—		—		445,000
Unsecured notes		4,406,646		4,092,949		—		—		4,092,949
Total liabilities	$	5,842,034	$	5,487,211	$	—	$	—	$	5,487,211
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (f)	$	859,966	$	859,966	$	—	$	859,966	$	—

					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 December 31, 2025 and 2024. The Company currently classifies the investment as Level 1 in the fair value hierarchy.

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

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

(f) See Note 12, Noncontrolling Interests.