XML 38 R27.htm IDEA: XBRL DOCUMENT v3.19.2
Fair Value (Tables)
 6 Months Ended
Jun. 30, 2019
Fair Value Disclosures [Abstract]  
Schedule of summary of consolidated Hedging Derivatives, excluding derivatives executed to hedge debt on communities classified as held for sale
The following table summarizes the consolidated derivative positions at June 30, 2019 (dollars in thousands):
 
Non-designated
Hedges
 
Cash Flow
Hedges
Interest Rate Swaps
 
 
 
 
Notional balance
$
446,177

 
$
250,000

Weighted average interest rate (1)
3.5
%
 
N/A

Weighted average swapped/capped interest rate
6.5
%
 
2.2
%
Earliest maturity date
Jan 2021

 
Oct 2020

Latest maturity date
Nov 2021

 
Oct 2020

____________________________________

(1)
Represents the weighted average interest rate on the hedged debt.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following table summarizes the deferred losses reclassified from accumulated other comprehensive loss as a component of interest expense, net (dollars in thousands):
 
For the three months ended
 
For the six months ended
 
6/30/2019
 
6/30/2018
 
6/30/2019
 
6/30/2018
 
 
 
 
 
 
 
 
Cash flow hedge losses reclassified to earnings
$
1,611

 
$
1,455

 
$
3,079

 
$
3,213
Schedule of summary of classification between the three levels of the fair value hierarchy of the Company's financial instruments measured at fair value on a recurring basis
The following tables summarize the classification between the three levels of the fair value hierarchy of the Company's financial instruments measured/disclosed at fair value on a recurring basis (dollars in thousands):
 
 
6/30/2019
Description
 
Total Fair Value
 
Quoted Prices
in Active
Markets for Identical Asset
(Level 1)
 
Significant
Other
Observable Inputs
(Level 2)
 
Significant
Unobservable Inputs
(Level 3)
 
 
 
 
Cash Flow Hedges
 
 
 
 
 
 
 
 
Interest Rate Swaps - Assets
 
$
18

 
$
—

 
$
18

 
$
—

Interest Rate Swaps - Liabilities
 
(4,198
)
 
—

 
(4,198
)
 
—

Puts
 
(341
)
 
—

 
—

 
(341
)
DownREIT units
 
(1,524
)
 
(1,524
)
 
—

 
—

Indebtedness
 
 
 
 
 
 
 
 
Fixed rate unsecured notes
 
(6,097,629
)
 
(6,097,629
)
 
—

 
—

Secured notes and variable rate unsecured indebtedness
 
(1,417,624
)
 
—

 
(1,417,624
)
 
—

Total
 
$
(7,521,298
)
 
$
(6,099,153
)
 
$
(1,421,804
)
 
$
(341
)

 
 
12/31/2018
Description
 
Total Fair Value
 
Quoted Prices
in Active
Markets for Identical Asset
(Level 1)
 
Significant
Other
Observable Inputs
(Level 2)
 
Significant
Unobservable Inputs
(Level 3)
 
 
 
 
Non-Designated Hedges
 
 
 
 
 
 
 
 
Interest Rate Caps
 
$
2

 
$
—

 
$
2

 
$
—

Cash Flow Hedges
 
 
 
 
 
 
 
 
Interest Rate Swaps - Liabilities
 
(6,366
)
 
—

 
(6,366
)
 
—

Puts
 
(465
)
 
—

 
—

 
(465
)
DownREIT units
 
(1,305
)
 
(1,305
)
 
—

 
—

Indebtedness
 
 
 
 
 
 
 
 
Fixed rate unsecured notes
 
(5,268,277
)
 
(5,268,277
)
 
—

 
—

Secured notes and variable rate unsecured indebtedness
 
(1,505,876
)
 
—

 
(1,505,876
)
 
—

Total
 
$
(6,782,287
)
 
$
(5,269,582
)
 
$
(1,512,240
)
 
$
(465
)