SECURED AND UNSECURED DEBT, NET (Tables)

9 Months Ended

Sep. 30, 2020

Unsecured Debt

Schedule of debt instruments

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

	Principal Outstanding				As of September 30, 2020
					Weighted		Weighted
					Average		Average	Number of
	September 30,		December 31,		Interest		Years to	Communities
	2020		2019		Rate		Maturity	Encumbered
Secured Debt:
Fixed Rate Debt
Mortgage notes payable (a)	$	892,291	$	884,869	3.36	%	7.1	13
Credit facilities (b)		—		204,590	—	%	—	—
Deferred financing costs and other non-cash adjustments (b)		13,866		33,046
Total fixed rate secured debt, net		906,157		1,122,505	3.36	%	7.1	13
Variable Rate Debt
Tax-exempt secured notes payable (c)		27,000		27,000	0.77	%	11.5	1
Deferred financing costs		(70)		(64)
Total variable rate secured debt, net		26,930		26,936	0.77	%	11.5	1
Total Secured Debt, net		933,087		1,149,441	3.28	%	7.3	14
Unsecured Debt:
Variable Rate Debt
Borrowings outstanding under unsecured credit facility due January 2023 (d) (n)		—		—	—	%	2.3
Borrowings outstanding under unsecured commercial paper program due October 2020 (e) (n)		230,000		300,000	0.30	%	0.1
Borrowings outstanding under unsecured working capital credit facility due January 2021 (f)		22,086		16,583	0.97	%	1.3
Term Loan due September 2023 (d) (n)		35,000		35,000	1.06	%	3.0
Fixed Rate Debt
Term Loan due September 2023 (d) (n)		315,000		315,000	2.55	%	3.0
3.75% Medium-Term Notes due July 2024 (net of discounts of $239 and $470, respectively) (g) (n)		182,867		299,530	3.69	%	3.8
8.50% Debentures due September 2024		15,644		15,644	8.50	%	4.0
4.00% Medium-Term Notes due October 2025 (net of discounts of $344 and $396, respectively) (h) (n)		299,656		299,604	4.53	%	5.0
2.95% Medium-Term Notes due September 2026 (n)		300,000		300,000	2.95	%	5.9
3.50% Medium-Term Notes due July 2027 (net of discounts of $476 and $529, respectively) (n)		299,524		299,471	3.50	%	6.8
3.50% Medium-Term Notes due January 2028 (net of discounts of $865 and $954, respectively) (n)		299,135		299,046	3.50	%	7.3
4.40% Medium-Term Notes due January 2029 (net of discounts of $5 and $5, respectively) (i) (n)		299,995		299,995	4.27	%	8.3
3.20% Medium-Term Notes due January 2030 (net of premiums of $12,756 and $2,281, respectively) (j) (n)		612,756		402,281	3.32	%	9.3
3.00% Medium-Term Notes due August 2031 (net of discounts of $1,051 and $1,123, respectively) (k) (n)		398,949		398,877	3.01	%	10.9
2.10% Medium-Term Notes due August 2032 (net of discounts of $417 and $0, respectively) (l) (n)		399,583		—	2.10	%	11.8
3.10% Medium-Term Notes due November 2034 (net of discounts of $1,243 and $1,309, respectively) (m) (n)		298,757		298,691	3.13	%	14.1
Other		11		13
Deferred financing costs		(24,404)		(21,652)
Total Unsecured Debt, net		3,984,559		3,558,083	3.08	%	7.7
Total Debt, net	$	4,917,646	$	4,707,524	3.01	%	7.6

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 September 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	$	655	$	—	$	655	$	230,000	(a)	$	230,655
2021		2,680		—		2,680		—			2,680
2022		2,788		—		2,788		22,086			24,874
2023		65,038		—		65,038		350,000			415,038
2024		95,280		—		95,280		198,750			294,030
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		233,430		27,000		260,430		1,700,000			1,960,430
Subtotal		892,291		27,000		919,291		4,000,836			4,920,127
Non-cash (b)		13,866		(70)		13,796		(16,277)			(2,481)
Total	$	906,157	$	26,930	$	933,087	$	3,984,559		$	4,917,646

(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 September 30, 2020 and 2019, and $3.2 million and $3.1 million, respectively, during the nine months ended September 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 September 30, 2020 and December 31, 2019 (dollars in thousands):

	September 30,			December 31,
	2020			2019
Total unsecured commercial paper program	$	500,000		$	500,000
Borrowings outstanding at end of period		230,000			300,000
Weighted average daily borrowings during the period ended		212,682			173,353
Maximum daily borrowings during the period ended		500,000			435,000
Weighted average interest rate during the period ended		1.2	%		2.5	%
Interest rate at end of the period		0.3	%		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 September 30, 2020 and December 31, 2019 (dollars in thousands):

	September 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		56,350			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 September 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 September 30, 2020 and December 31, 2019 (dollars in thousands):

	September 30,			December 31,
	2020			2019
Total working capital credit facility	$	75,000		$	75,000
Borrowings outstanding at end of period		22,086			16,583
Weighted average daily borrowings during the period ended		21,503			23,487
Maximum daily borrowings during the period ended		54,974			66,170
Weighted average interest rate during the period ended		1.5	%		3.1	%
Interest rate at end of the period		1.0	%		2.6	%