Fair Value (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023 (dollars in thousands):

	Non-designated Hedges			Cash Flow Hedges
	Interest Rate Caps			Interest Rate Swaps
Notional balance	$	402,670		$	250,000
Weighted average interest rate (1)	5.6		%	N/A
Weighted average capped/swapped interest rate	6.1		%	3.1		%
Earliest maturity date	January 2024			December 2023
Latest maturity date	November 2026			February 2024

____________________________________

(1)For debt hedged by interest rate caps, represents the weighted average interest rate on the hedged debt prior to any impact of the associated interest rate caps.

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):

	June 30, 2023
Description	Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Investments
Equity Securities	$	28,926	$	—	$	28,926	$	—
Notes Receivable, net	59,071		—		59,071		—
Non Designated Hedges
Interest Rate Caps	264		—		264		—
Interest Rate Swaps - Assets	8,486		—		8,486		—
Total Assets	$	96,747	$	—	$	96,747	$	—
Liabilities
Indebtedness
Fixed rate unsecured notes	$	6,474,043	$	6,474,043	$	—	$	—
Mortgage notes payable, Commercial Paper Program and variable rate unsecured notes	763,708		—		763,708		—
Total Liabilities	$	7,237,751	$	6,474,043	$	763,708	$	—

	December 31, 2022
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)
Assets
Investments
Equity Securities	$	27,027	$	—	$	27,027	$	—
Notes Receivable, net	28,860		—		28,860		—
Non Designated Hedges
Interest Rate Caps	455		—		455		—
Total Assets	$	56,342	—		56,342		—
Liabilities
DownREIT units	$	1,211	$	1,211	$	—	$	—
Indebtedness
Fixed rate unsecured notes	6,653,681		6,653,681		—		—
Mortgage notes payable, Commercial Paper Program and variable rate unsecured notes	768,984		—		768,984		—
Total Liabilities	$	7,423,876	$	6,654,892	$	768,984	$	—