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Mortgage Debt and Notes Payable, Nonrecourse (Tables)

12 Months Ended

Jan. 31, 2012

Mortgage Debt and Notes Payable, Nonrecourse [Abstract]

Mortgage debt and notes payable, nonrecourse collateralized by real estate properties

Nonrecourse mortgage debt and notes payable, which is collateralized solely by completed rental properties, projects under construction and development and undeveloped land, was as follows:


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	⁽¹⁾		$	34,859			$	5,659,523				5.05	%


Total gross commitment from lenders						$	1,338,181			$	35,058

(1) Includes mortage debt and notes payable, nonrecourse and mortgage debt and notes payable, nonrecourse of land held for divestiture.


January 31, 2011		Operating Properties				Development Projects				Land Projects				Total				Total Weighted Average Rate

		(dollars in thousands)

Fixed		$	3,693,608			$	172,635			$	9,203			$	3,875,446				6.04	%
Variable
Taxable			1,554,487				1,000,775				6,882				2,562,144				4.50	%
Tax-Exempt			530,728				203,900				35,000				769,628				2.09	%

		$	5,778,823			$	1,377,310	⁽¹⁾		$	51,085			$	7,207,218				5.07	%


Total gross commitment from lenders						$	2,027,549			$	51,085

(1)

Proceeds from outstanding debt of $1,646 and $150,165 described above are recorded as restricted cash and escrowed funds as of January 31, 2012 and 2011, respectively. For bonds issued in conjunction with development, the full amount of the bonds is issued at the beginning of construction and must remain in escrow until costs are incurred.

Composition of mortgage debt and notes payable, nonrecourse maturities including scheduled amortization and balloon payment

The following summarizes the composition of mortgage debt and notes payable, nonrecourse maturities including scheduled amortization and balloon payments as of January 31, 2012:


Fiscal Years Ending January 31,		Total Maturities				Scheduled Amortization				Scheduled Balloon Payments

		(in thousands)

2013		$	1,334,090			$	93,883			$	1,240,207
2014			787,769				41,331				746,438
2015			316,194				33,347				282,847
2016			346,610				30,843				315,767
2017			420,946				24,060				396,886
Thereafter			2,453,914

Total		$	5,659,523