Notes Payable (Tables)

6 Months Ended

Jun. 30, 2012

Notes To Financial Statements [Abstract]

Debt Structure [Table Text Block]

	Borrowed Balance (2)		Effective Rate		Contract Maturity
Fixed Rate Secured Debt
Individual property mortgages	$	374,738	4.8	%	8/26/2019
FNMA conventional credit facilities	50,000		4.7	%	3/31/2017
Credit facility balances with:
LIBOR-based interest rate swaps	434,000		5.2	%	1/1/2014
SIFMA-based interest rate swaps	17,800		4.4	%	10/15/2012
Total fixed rate secured debt	$	876,538	5.0	%	7/29/2016
Variable Rate Secured Debt (1)
FNMA conventional credit facilities	$	197,721	0.8	%	3/18/2016
FNMA tax-free credit facilities	72,715		1.0	%	7/23/2031
Freddie Mac credit facilities	64,247		0.8	%	7/1/2014
Freddie Mac mortgage	15,200		3.6	%	12/10/2015
Total variable rate secured debt	$	349,883	1.0	%	1/27/2019
Total Secured Debt	$	1,226,421	3.9	%	4/15/2017
Unsecured Debt
Variable rate credit facility	$	78,000	1.7	%	11/1/2015
Term loan fixed with swaps	150,000		2.7	%	3/1/2017
Fixed rate senior private placement bonds	135,000		5.1	%	8/23/2020
Total Unsecured Debt	$	363,000	3.4	%	3/4/2018
Total Outstanding Debt	$	1,589,421	3.8	%	6/28/2017

⁽¹⁾ Includes capped balances.

⁽²⁾ Excludes borrowings on properties categorized as Assets Held for Sale on the Consolidated Balance Sheet. As of June 30, 2012 held for sale properties include a $9.1 million mortgage with a fixed interest rate of 5.9% maturing on January 1, 2044.