Secured Debt (Tables)

6 Months Ended

Jun. 30, 2011

Debt Disclosure [Abstract]

Secured debt instruments

					Six Months Ended June 30, 2011
	Principal Outstanding				Weighted			Weighted		Number of
	June 30,		December		Average			Average		Communities
	2011		2010		Interest Rate			Years to Maturity		Encumbered
Fixed Rate Debt
Mortgage notes payable	$	564,129	$	292,236		4.95	%		4.0		10
Tax-exempt secured notes payable		—		13,325		N/A			—		—
Fannie Mae credit facilities		895,920		897,318		5.32	%		5.9		14
Total fixed rate secured debt		1,460,049		1,202,879		5.18	%		5.2		24
Variable Rate Debt
Mortgage notes payable		177,201		405,641		1.94	%		2.6		8
Tax-exempt secured note payable		94,700		94,700		0.83	%		11.1		2
Fannie Mae credit facilities		260,451		260,450		1.61	%		4.6		32
Total variable rate secured debt		532,352		760,791		1.58	%		5.1		42
Total secured debt	$	1,992,401	$	1,963,670		4.22	%		5.1		66

Secured credit facilities

	June 30, 2011			December 31, 2010
	(dollar amounts in thousands)
Borrowings outstanding	$	1,156,371		$	1,157,768
Weighted average borrowings during the period ended		1,156,957			1,198,771
Maximum daily borrowings during the period ended		1,157,557			1,209,739
Weighted average interest rate during the period ended		4.5	%		4.6	%
Weighted average interest rate at the end of the period		4.5	%		4.5	%

Aggregate maturities of secured debt

	Fixed				Variable
	Mortgage		Credit		Mortgage		Tax-Exempt		Credit		Total
Year	Notes		Facilities		Notes		Notes Payable		Facilities		Secured
2011	$	42,281	$	1,411	$	41,430	$	—	$	39,513	$	124,635
2012		61,610		177,944		1,053		—		59,529		300,136
2013		16,511		38,631		53,181		—		—		108,323
2014		73,316		3,328		36,076		—		—		112,720
2015		193,177		3,522		16,415		—		—		213,114
Thereafter		177,234		671,084		29,046		94,700		161,409		1,133,473
Total	$	564,129	$	895,920	$	177,201	$	94,700	$	260,451	$	1,992,401