| 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, 2025 (dollars in thousands): | | | | | | | | | | | | | Non-designated Hedges | | Cash Flow Hedges | | Interest Rate Caps | | Interest Rate Swaps | | Notional balance | $ | 391,846 | | $ | 450,000 | | Weighted average interest rate (1) | 3.5 | % | | N/A | | Weighted average capped/swapped interest rate | 6.7 | % | | 3.6 | % | | Earliest maturity date | February 2026 | | April 2029 | | Latest maturity date | January 2027 | | April 2029 |
____________________________________ (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.
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| 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, 2025 | | 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 | | | | | | | | | | Notes Receivable, net | | $ | 252,106 | | | $ | — | | | $ | 252,106 | | | | | Non-designated Hedges | | | | | | | | | | Interest Rate Caps | | 2 | | | — | | | 2 | | | — | | | Interest Rate Swaps - Assets | | 57 | | | — | | | 57 | | | — | | | Total Assets | | $ | 252,165 | | | $ | — | | | $ | 252,165 | | | $ | — | | | | | | | | | | | | Liabilities | | | | | | | | | | Interest Rate Swaps - Liabilities | | $ | 3,222 | | | $ | — | | | $ | 3,222 | | | $ | — | | | Indebtedness | | | | | | | | | | Fixed rate unsecured notes | | 6,439,154 | | | 6,439,154 | | | — | | | — | | Mortgage notes payable and Commercial Paper Program | | 1,794,450 | | | — | | | 1,794,450 | | | — | | | Total Liabilities | | $ | 8,236,826 | | | $ | 6,439,154 | | | $ | 1,797,672 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | 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 | | | | | | | | | | Notes Receivable, net | | $ | 223,896 | | | $ | — | | | $ | 223,896 | | | | | Non-designated Hedges | | | | | | | | | | Interest Rate Caps | | 24 | | | — | | | 24 | | | — | | | Interest Rate Swaps - Assets | | 6,821 | | | — | | | 6,821 | | | — | | | Total Assets | | $ | 230,741 | | | $ | — | | | $ | 230,741 | | | $ | — | | | | | | | | | | | | Liabilities | | | | | | | | | | Indebtedness | | | | | | | | | | Fixed rate unsecured notes | | $ | 6,796,066 | | | $ | 6,976,066 | | | $ | — | | | $ | — | | Mortgage notes payable and Commercial Paper Program | | 660,170 | | | — | | | 660,170 | | | — | | | Total Liabilities | | $ | 7,456,236 | | | $ | 6,976,066 | | | $ | 660,170 | | | $ | — | |
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