Subsequent Events

6 Months Ended

Jun. 30, 2019

Subsequent Events [Abstract]

Subsequent Events

14. Subsequent Events

Subsequent to June 30, 2019, the Company:

• Acquired two properties consisting of 549 apartment units for $192.9 million;

• Sold one property consisting of 298 apartment units for $117.0 million;

• Acquired one land parcel for $3.6 million and sold one land parcel for $1.9 million;

• Repaid $84.5 million of 4.79% mortgage debt prior to the April 1, 2053 maturity date and incurred a prepayment penalty of $3.4 million;

• Repaid $500.0 million of 5.78% mortgage debt held in a Freddie Mac loan pool at par prior to the July 1, 2020 maturity date; and

• Repaid $450.0 million of 2.375% unsecured notes at maturity.  The fair value interest rate swaps matured in conjunction with the maturity of the notes that converted the fixed rate of 2.375% to a floating interest rate of 90-Day LIBOR plus 0.61%.