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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

%