Mortgage Debt and Notes Payable, Nonrecourse

Nonrecourse mortgage debt and notes payable, including balances associated with land held for divestiture, which is collateralized solely by completed rental properties, projects under construction and development and undeveloped land, was as follows:



January 31, 2013	Operating Properties		Development Projects		Land Projects		Total		Total Weighted Average Rate
	(dollars in thousands)
Fixed	$	3,456,879	$	299,565	$	1,700	$	3,758,144	5.51	%
Variable
Taxable	1,448,205		62,725		—		1,510,930		4.93	%
Tax-Exempt	408,785		53,500		9,301		471,586		1.64	%
	$	5,313,869	$	415,790	$	11,001	$	5,740,660	5.04	%
Total gross commitment from lenders			$	705,983	$	11,001



January 31, 2012	Operating Properties		Development Projects		Land Projects		Total		Total Weighted Average Rate
	(dollars in thousands)
Fixed	$	3,008,293	$	406,619	$	4,773	$	3,419,685	5.65	%
Variable
Taxable	1,378,585		409,733		14,311		1,802,629		4.76	%
Tax-Exempt	421,434		—		15,775		437,209		1.55	%
	$	4,808,312	$	816,352	$	34,859	$	5,659,523	5.05	%
Total gross commitment from lenders			$	1,338,181	$	35,058

The Company generally borrows funds for development and construction projects with maturities of two to five years utilizing variable-rate financing. Upon opening and achieving stabilized operations, the Company generally pursues long-term fixed-rate financing.

The following summarizes the composition of mortgage debt and notes payable, nonrecourse maturities, including balances associated with land held for divestiture, as of January 31, 2013:



Fiscal Years Ending January 31,	Total Maturities
	(in thousands)
2014	$	806,638
2015	994,277
2016	430,113
2017	366,394
2018	1,199,694
Thereafter	1,943,544
Total	$	5,740,660