SECURED AND UNSECURED DEBT, NET (Tables)

6 Months Ended

Jun. 30, 2020

Unsecured Debt

Schedule of debt instruments

The following is a summary of our secured and unsecured debt at June 30, 2020 and December 31, 2019 (dollars in thousands):

	Principal Outstanding				As of June 30, 2020
					Weighted		Weighted
					Average		Average	Number of
	June 30,		December 31,		Interest		Years to	Communities
	2020		2019		Rate		Maturity	Encumbered
Secured Debt:
Fixed Rate Debt
Mortgage notes payable (a)	$	855,585	$	884,869	3.60	%	5.9	14
Credit facilities (b)		202,254		204,590	4.90	%	2.5	4
Deferred financing costs and other non-cash adjustments		28,102		33,046
Total fixed rate secured debt, net		1,085,941		1,122,505	3.85	%	5.2	18
Variable Rate Debt
Tax-exempt secured notes payable (c)		27,000		27,000	0.85	%	11.7	1
Deferred financing costs		(71)		(64)
Total variable rate secured debt, net		26,929		26,936	0.85	%	11.7	1
Total Secured Debt, net		1,112,870		1,149,441	3.77	%	5.4	19
Unsecured Debt:
Variable Rate Debt
Borrowings outstanding under unsecured credit facility due January 2023 (d) (m)		—		—	—	%	2.6
Borrowings outstanding under unsecured commercial paper program due July 2020 (e) (m)		185,000		300,000	0.45	%	0.1
Borrowings outstanding under unsecured working capital credit facility due January 2021 (f)		17,180		16,583	0.99	%	0.5
Term Loan due September 2023 (d) (m)		35,000		35,000	1.07	%	3.3
Fixed Rate Debt
1.93% Term Loan due September 2023 (d) (m)		315,000		315,000	1.93	%	3.3
3.75% Medium-Term Notes due July 2024 (net of discounts of $417 and $470, respectively) (g) (m)		299,583		299,530	3.75	%	4.0
8.50% Debentures due September 2024		15,644		15,644	8.50	%	4.2
4.00% Medium-Term Notes due October 2025 (net of discounts of $362 and $396, respectively) (h) (m)		299,638		299,604	4.00	%	5.3
2.95% Medium-Term Notes due September 2026 (m)		300,000		300,000	2.95	%	6.2
3.50% Medium-Term Notes due July 2027 (net of discounts of $494 and $529, respectively) (m)		299,506		299,471	3.50	%	7.0
3.50% Medium-Term Notes due January 2028 (net of discounts of $894 and $954, respectively) (m)		299,106		299,046	3.50	%	7.5
4.40% Medium-Term Notes due January 2029 (net of discounts of $5 and $5, respectively) (i) (m)		299,995		299,995	4.40	%	8.6
3.20% Medium-Term Notes due January 2030 (net of premiums of $13,099 and $2,281, respectively) (j) (m)		613,099		402,281	3.20	%	9.5
3.00% Medium-Term Notes due August 2031 (net of discounts of $1,075 and $1,123, respectively) (k) (m)		398,925		398,877	3.00	%	11.1
3.10% Medium-Term Notes due November 2034 (net of discounts of $1,265 and $1,309, respectively) (l) (m)		298,735		298,691	3.10	%	14.3
Other		12		13
Deferred financing costs		(22,489)		(21,652)
Total Unsecured Debt, net		3,653,934		3,558,083	3.26	%	7.4
Total Debt, net	$	4,766,804	$	4,707,524	3.24	%	7.0

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 calendar years subsequent to June 30, 2020 are as follows (dollars in thousands):

	Total Fixed		Total Variable		Total		Total			Total
Year	Secured Debt		Secured Debt		Secured Debt		Unsecured Debt			Debt
2020	$	83,752	$	—	$	83,752	$	185,000	(a)	$	268,752
2021		8,763		—		8,763		17,180			25,943
2022		9,159		—		9,159		—			9,159
2023		295,965		—		295,965		350,000			645,965
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		122,466		—		122,466		300,000			422,466
2029		144,584		—		144,584		300,000			444,584
Thereafter		72,500		27,000		99,500		1,300,000			1,399,500
Subtotal		1,057,839		27,000		1,084,839		3,667,824			4,752,663
Non-cash (b)		28,102		(71)		28,031		(13,890)			14,141
Total	$	1,085,941	$	26,929	$	1,112,870	$	3,653,934		$	4,766,804

(a) All unsecured debt due in the remainder of 2020 is related to the Company’s commercial paper program.

(b) Includes the unamortized balance of fair market value adjustments, premiums/discounts and deferred financing costs. The Company amortized $1.1 million and $1.1 million, respectively, during the three months ended

June 30, 2020 and 2019, and $2.1 million and $2.1 million, respectively, during the six months ended June 30, 2020 and 2019, 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 June 30, 2020 and December 31, 2019 (dollars in thousands):

	June 30,			December 31,
	2020			2019
Total unsecured commercial paper program	$	500,000		$	500,000
Borrowings outstanding at end of period		185,000			300,000
Weighted average daily borrowings during the period ended		209,863			173,353
Maximum daily borrowings during the period ended		500,000			435,000
Weighted average interest rate during the period ended		1.6	%		2.5	%
Interest rate at end of the period		0.4	%		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 June 30, 2020 and December 31, 2019 (dollars in thousands):

	June 30,			December 31,
	2020			2019
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		84,836			55
Maximum daily borrowings during the period ended		375,000			20,000
Weighted average interest rate during the period ended		1.4	%		2.6	%
Interest rate at end of the period		—	%		—	%

(1) Excludes $2.9 million and $2.9 million of letters of credit at June 30, 2020 and December 31, 2019, respectively.

Unsecured Working Capital Credit Facility

Unsecured Debt

Schedule of short-term debt

The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at June 30, 2020 and December 31, 2019 (dollars in thousands):

	June 30,			December 31,
	2020			2019
Total working capital credit facility	$	75,000		$	75,000
Borrowings outstanding at end of period		17,180			16,583
Weighted average daily borrowings during the period ended		26,046			23,487
Maximum daily borrowings during the period ended		54,974			66,170
Weighted average interest rate during the period ended		1.7	%		3.1	%
Interest rate at end of the period		1.0	%		2.6	%