SECURED AND UNSECURED DEBT, NET (Tables)

12 Months Ended

Dec. 31, 2019

Unsecured Debt

Schedule of debt instruments

The following is a summary of our secured and unsecured debt at December 31, 2019 and 2018 (dollars in thousands):

	Principal Outstanding				As of December 31, 2019
					Weighted		Weighted
					Average		Average	Number of
	December 31,		December 31,		Interest		Years to	Communities
	2019		2018		Rate		Maturity	Encumbered
Secured Debt:
Fixed Rate Debt
Mortgage notes payable (a)	$	884,869	$	417,989	3.61	%	6.2	15
Credit facilities (b)		204,590		90,000	4.90	%	3.0	4
Deferred financing costs and other non-cash adjustments		33,046		(1,343)
Total fixed rate secured debt, net		1,122,505		506,646	3.85	%	5.6	19
Variable Rate Debt
Tax-exempt secured notes payable (c)		27,000		94,700	1.79	%	12.2	1
Deferred financing costs		(64)		(119)
Total variable rate secured debt, net		26,936		94,581	1.79	%	12.2	1
Total Secured Debt, net		1,149,441		601,227	3.80	%	5.7	20
Unsecured Debt:
Variable Rate Debt
Borrowings outstanding under unsecured credit facility due January 2023 (d) (m)		—		—	—	%	3.1
Borrowings outstanding under unsecured commercial paper program due January 2020 (e) (m)		300,000		101,115	1.99	%	0.1
Borrowings outstanding under unsecured working capital credit facility due January 2021 (f)		16,583		16	2.59	%	1.0
Term Loan due September 2023 (d) (m)		35,000		35,000	2.59	%	3.8
Fixed Rate Debt
3.70% Medium-Term Notes due October 2020 (net of discounts of $0 and $14, respectively) (k) (m)		—		299,986	—	%	—
4.63% Medium-Term Notes due January 2022 (net of discounts of $0 and $1,087, respectively) (l) (m)		—		398,913	—	%	—
1.93% Term Loan due September 2023 (d) (m)		315,000		315,000	1.93	%	3.8
3.75% Medium-Term Notes due July 2024 (net of discounts of $470 and $574, respectively) (g) (m)		299,530		299,426	3.75	%	4.5
8.50% Debentures due September 2024		15,644		15,644	8.50	%	4.7
4.00% Medium-Term Notes due October 2025 (net of discounts of $396 and $465, respectively) (h) (m)		299,604		299,535	4.00	%	5.8
2.95% Medium-Term Notes due September 2026 (m)		300,000		300,000	2.95	%	6.7
3.50% Medium-Term Notes due July 2027 (net of discounts of $529 and $600, respectively) (l)		299,471		299,400	3.50	%	7.5
3.50% Medium-Term Notes due January 2028 (net of discounts of $954 and $1,072, respectively) (m)		299,046		298,928	3.50	%	8.0
4.40% Medium-Term Notes due January 2029 (net of discounts of $5 and $6, respectively) (i) (m)		299,995		299,994	4.40	%	9.1
3.20% Medium-Term Notes due January 2030 (net of premiums of $2,281 and $0, respectively) (j) (l) (m)		402,281		—	3.20	%	10.0
3.00% Medium-Term Notes due August 2031 (net of discounts of $1,123 and $0, respectively) (k) (m)		398,877		—	3.00	%	11.6
3.10% Medium-Term Notes due November 2034 (net of discounts of $1,309 and $0, respectively) (l) (m)		298,691		—	3.10	%	14.8
Other		13		16
Deferred financing costs		(21,652)		(16,413)
Total Unsecured Debt, net		3,558,083		2,946,560	3.27	%	7.5
Total Debt, net	$	4,707,524	$	3,547,787	3.43	%	7.1

Secured credit facilities

Further information related to the credit facility is as follows (dollars in thousands):

	December 31,			December 31,
	2019			2018
Borrowings outstanding	$	204,590		$	90,000
Weighted average borrowings during the period ended		94,098			253,813
Maximum daily borrowings during the period ended		204,590			314,869
Weighted average interest rate during the period ended		4.3	%		4.7	%
Weighted average interest rate at the end of the period		4.9	%		4.0	%

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, 2019 are as follows (dollars in thousands):

	Total Fixed		Total Variable		Total		Total		Total
Year	Secured Debt		Secured Debt		Secured Debt		Unsecured Debt		Debt
2020	$	110,645	$	—	$	110,645	$	300,000	$	410,645
2021		3,797		—		3,797		16,583		20,380
2022		3,945		—		3,945		—		3,945
2023		310,873		—		310,873		350,000		660,873
2024		95,280		—		95,280		315,644		410,924
2025		173,189		—		173,189		300,000		473,189
2026		51,070		—		51,070		300,000		351,070
2027		1,111		—		1,111		300,000		301,111
2028		122,465		—		122,465		300,000		422,465
2029		144,584		—		144,584		300,000		444,584
Thereafter		72,500		27,000		99,500		1,100,000		1,199,500
Subtotal		1,089,459		27,000		1,116,459		3,582,227		4,698,686
Non-cash (a)		33,046		(64)		32,982		(24,144)		8,838
Total	$	1,122,505	$	26,936	$	1,149,441	$	3,558,083	$	4,707,524

(a) Includes the unamortized balance of fair market value adjustments, premiums/discounts, and deferred financing costs. For the years ended December 31, 2019 and 2018, the Company amortized $4.2 million and $4.2 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, 2019 and 2018 (dollars in thousands):

	December 31,			December 31,
	2019			2018
Total unsecured commercial paper program	$	500,000		$	500,000
Borrowings outstanding at end of period		300,000			101,115
Weighted average daily borrowings during the period ended		173,353			344,235
Maximum daily borrowings during the period ended		435,000			440,000
Weighted average interest rate during the period ended		2.5	%		2.4	%
Interest rate at end of the period		2.0	%		2.9	%

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, 2019 and 2018 (dollars in thousands):

	December 31,			December 31,
	2019			2018
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		55			—
Maximum daily borrowings during the period ended		20,000			—
Weighted average interest rate during the period ended		2.6	%		—	%
Interest rate at end of the period		—	%		—	%

(1) Excludes $2.9 million and $3.3 million of letters of credit at December 31, 2019 and 2018, respectively.

Unsecured Working Capital Credit Facility due January 2021

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, 2019 and 2018 (dollars in thousands):

	December 31,			December 31,
	2019			2018
Total working capital credit facility	$	75,000		$	75,000
Borrowings outstanding at end of period		16,583			16
Weighted average daily borrowings during the period ended		23,487			26,101
Maximum daily borrowings during the period ended		66,170			64,633
Weighted average interest rate during the period ended		3.1	%		2.9	%
Interest rate at end of the period		2.6	%		3.3	%