| 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 June 30, 2026 and December 31, 2025, are summarized as follows (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | Fair Value at June 30, 2026, 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 | | | June 30, | | June 30, | | Liabilities | | Inputs | | Inputs | | | 2026 (a) | | 2026 | | (Level 1) | | (Level 2) | | (Level 3) | Description: | | | | | | | | | | | | | | | | Notes receivable, net (b) | | $ | 171,667 | | $ | 174,033 | | $ | — | | $ | — | | $ | 174,033 | Equity securities (c) | | | 871 | | | 871 | | | 871 | | | — | | | — | Derivatives - Interest rate contracts (d) | | | 1,637 | | | 1,637 | | | — | | | 1,637 | | | — | Total assets | | $ | 174,175 | | $ | 176,541 | | $ | 871 | | $ | 1,637 | | $ | 174,033 | | | | | | | | | | | | | | | | | Secured debt instruments - fixed rate: (e) | | | | | | | | | | | | | | | | Mortgage notes payable | | $ | 908,497 | | $ | 864,301 | | $ | — | | $ | — | | $ | 864,301 | Secured debt instruments - variable rate: (e) | | | | | | | | | | | | | | | | Tax-exempt secured notes payable | | | 27,000 | | | 27,000 | | | — | | | — | | | 27,000 | Unsecured debt instruments: (e) | | | | | | | | | | | | | | | | Revolving credit facility | | | — | | | — | | | — | | | — | | | — | Working capital credit facility | | | 10,968 | | | 10,968 | | | — | | | — | | | 10,968 | Commercial paper program | | | 480,000 | | | 480,000 | | | — | | | — | | | 480,000 | Unsecured notes | | | 4,405,783 | | | 4,079,197 | | | — | | | — | | | 4,079,197 | Total liabilities | | $ | 5,832,248 | | $ | 5,461,466 | | $ | — | | $ | — | | $ | 5,461,466 | | | | | | | | | | | | | | | | | Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (f) | | $ | 900,280 | | $ | 900,280 | | $ | — | | $ | 900,280 | | $ | — |
| | | | | | | | | | | | | | | | | | | | | | | | 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 | | $ | — |
| (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 June 30, 2026 and December 31, 2025. 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. |
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