Notes Payable (Tables)

3 Months Ended

Mar. 31, 2013

Notes To Financial Statements [Abstract]

Debt Structure [Table Text Block]

The following table summarizes our outstanding debt structure as of March 31, 2013 (dollars in thousands):

	Borrowed Balance		Effective Rate		Contract Maturity
Fixed Rate Secured Debt
Individual property mortgages	$	371,116	4.8	%	9/2/2019
FNMA conventional credit facilities	50,000		4.7	%	3/31/2017
Credit facility balances with:
LIBOR-based interest rate swaps	334,000		5.3	%	4/22/2014
Total fixed rate secured debt	$	755,116	5.0	%	2/19/2017
Variable Rate Secured Debt (1)
FNMA conventional credit facilities	$	189,721	0.8	%	7/27/2016
FNMA tax-free credit facilities	89,969		0.9	%	7/23/2031
Freddie Mac credit facilities	64,247		0.7	%	7/1/2014
Freddie Mac mortgage	15,200		3.6	%	1/1/2016
Total variable rate secured debt	$	359,137	0.9	%	12/6/2019
Total Secured Debt	$	1,114,253	3.7	%	1/14/2018
Unsecured Debt
Variable rate credit facility	$	117,000	1.5	%	11/1/2015
Term loan fixed with swaps	150,000		2.4	%	3/1/2017
Fixed rate senior private placement bonds	310,000		4.5	%	7/27/2021
Total Unsecured Debt	$	577,000	3.4	%	4/6/2019
Total Outstanding Debt	$	1,691,253	3.6	%	6/15/2018

⁽¹⁾ Includes capped balances.