SECURED AND UNSECURED DEBT, NET (Tables)

12 Months Ended

Dec. 31, 2018

Unsecured Debt

Schedule of debt instruments

The following is a summary of our secured and unsecured debt at December 31, 2018 and 2017  (dollars in thousands):

	Principal Outstanding				As of December 31, 2018
					Weighted		Weighted
					Average		Average	Number of
	December 31,		December 31,		Interest		Years to	Communities
	2018		2017		Rate		Maturity	Encumbered
Secured Debt:
Fixed Rate Debt
Mortgage notes payable (a)	$	417,989	$	395,611	3.82	%	5.9	7
Fannie Mae credit facilities (b)		90,000		285,836	3.95	%	1.5	1
Deferred financing costs		(1,343)		(1,670)
Total fixed rate secured debt, net		506,646		679,777	3.85	%	5.1	8
Variable Rate Debt
Tax-exempt secured notes payable (c)		94,700		94,700	2.33	%	4.2	2
Fannie Mae credit facilities (b)		—		29,034	—	%	—	—
Deferred financing costs		(119)		(242)
Total variable rate secured debt, net		94,581		123,492	2.33	%	4.2	2
Total Secured Debt, net		601,227		803,269	3.61	%	5.0	10
Unsecured Debt:
Variable Rate Debt
Borrowings outstanding under unsecured credit facility due January 2023 (d) (j)		—		—	—	%	4.1
Borrowings outstanding under unsecured commercial paper program due January 2019 (e) (j)		101,115		300,000	2.90	%	0.1
Borrowings outstanding under unsecured working capital credit facility due January 2021(f)		16		21,767	3.33	%	2.0
Term Loan due September 2023 (d) (j)		35,000		35,000	3.25	%	4.8
Fixed Rate Debt
3.70% Medium-Term Notes due October 2020 (net of discounts of $14 and $22, respectively) (j)		299,986		299,978	3.70	%	1.8
4.63% Medium-Term Notes due January 2022 (net of discounts of $1,087 and $1,446, respectively) (j)		398,913		398,554	4.63	%	3.0
1.93% Term Loan due September 2023 (d) (j)		315,000		315,000	1.93	%	4.8
3.75% Medium-Term Notes due July 2024 (net of discounts of $574 and $678, respectively) (g) (j)		299,426		299,322	3.75	%	5.5
8.50% Debentures due September 2024		15,644		15,644	8.50	%	5.7
4.00% Medium-Term Notes due October 2025 (net of discounts of $465 and $534, respectively) (h) (j)		299,535		299,466	4.00	%	6.8
2.95% Medium-Term Notes due September 2026 (j)		300,000		300,000	2.95	%	7.7
3.50% Medium-Term Notes due July 2027 (net of discounts of $600 and $670, respectively) (j)		299,400		299,330	3.50	%	8.5
3.50% Medium-Term Notes due January 2028 (net of discounts of $1,072 and $1,191, respectively) (j)		298,928		298,809	3.50	%	9.0
4.40% Medium-Term Notes due January 2029 (net of discounts of $6 and $0, respectively) (i) (j)		299,994		—	4.40	%	10.1
Other		16		19
Deferred financing costs		(16,413)		(14,495)
Total Unsecured Debt, net		2,946,560		2,868,394	3.65	%	6.0
Total Debt, net	$	3,547,787	$	3,671,663	3.72	%	5.8

Secured credit facilities

Further information related to these credit facilities is as follows (dollars in thousands):

	December 31,			December 31,
	2018			2017
Borrowings outstanding	$	90,000		$	314,870
Weighted average borrowings during the period ended		253,813			416,653
Maximum daily borrowings during the period ended		314,869			636,782
Weighted average interest rate during the period ended		4.7	%		4.3	%
Weighted average interest rate at the end of the period		4.0	%		4.7	%

Schedule of aggregate maturities, including amortizing principal payments of secured and unsecured debt

The aggregate maturities, including amortizing principal payments on secured and unsecured debt, of total debt for the next ten years subsequent to December 31, 2018 are as follows (dollars in thousands):

	Total Fixed		Total Variable		Total		Total		Total
Year	Secured Debt		Secured Debt		Secured Debt		Unsecured Debt		Debt
2019	$	3,822	$	67,700	$	71,522	$	101,115	$	172,637
2020		198,076		—		198,076		300,000		498,076
2021		1,117		—		1,117		16		1,133
2022		1,157		—		1,157		400,000		401,157
2023		41,245		—		41,245		350,000		391,245
2024		—		—		—		315,644		315,644
2025		127,600		—		127,600		300,000		427,600
2026		50,000		—		50,000		300,000		350,000
2027		—		—		—		300,000		300,000
2028		80,000		—		80,000		300,000		380,000
Thereafter		—		27,000		27,000		300,000		327,000
Subtotal		503,017		94,700		597,717		2,966,775		3,564,492
Non-cash (a)		3,629		(119)		3,510		(20,215)		(16,705)
Total	$	506,646	$	94,581	$	601,227	$	2,946,560	$	3,547,787

(a) Includes the unamortized balance of fair market value adjustments, premiums/discounts, and deferred financing costs. For the years ended December 31, 2018 and 2017, the Company amortized $4.2 million and $4.3 million, respectively, of deferred financing costs into Interest expense.

Commercial Paper

Unsecured Debt

Schedule of short-term debt

The following is a summary of short-term bank borrowings under the unsecured commercial paper program at December 31, 2018 and 2017 (dollars in thousands):

	December 31,			December 31,
	2018			2017
Total unsecured commercial paper program	$	500,000		$	500,000
Borrowings outstanding at end of period		101,115			300,000
Weighted average daily borrowings during the period ended		344,235			238,810
Maximum daily borrowings during the period ended		440,000			390,000
Weighted average interest rate during the period ended		2.4	%		1.4	%
Interest rate at end of the period		2.9	%		2.0	%

Revolving Credit Facility

Unsecured Debt

Schedule of short-term debt

The following is a summary of short-term bank borrowings under the Revolving Credit Facility at December 31, 2018 and 2017 (dollars in thousands):

	December 31,			December 31,
	2018			2017
Total revolving credit facility	$	1,100,000		$	1,100,000
Borrowings outstanding at end of period (1)		—			—
Weighted average daily borrowings during the period ended		—			2,274
Maximum daily borrowings during the period ended		—			120,000
Weighted average interest rate during the period ended		—	%		1.6	%
Interest rate at end of the period		—	%		—	%

(1) Excludes $3.3 million and $3.3 million of letters of credit at December 31, 2018 and 2017, respectively.

Unsecured Working Capital Credit Facility due January 2019

Unsecured Debt

Schedule of short-term debt

The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at December 31, 2018 and 2017 (dollars in thousands):

	December 31,			December 31,
	2018			2017
Total working capital credit facility	$	75,000		$	75,000
Borrowings outstanding at end of period		16			21,767
Weighted average daily borrowings during the period ended		26,101			26,993
Maximum daily borrowings during the period ended		64,633			68,207
Weighted average interest rate during the period ended		2.9	%		2.0	%
Interest rate at end of the period		3.3	%		2.5	%