Notes Payable (Tables)

6 Months Ended

Jun. 30, 2013

Notes To Financial Statements [Abstract]

Debt Structure [Table Text Block]

The following table summarizes our outstanding debt structure as of June 30, 2013 (dollars in thousands):

	Borrowed Balance		Effective Rate		Contract Maturity
Fixed Rate Secured Debt
Individual property mortgages	$	388,759	4.7	%	6/2/2019
FNMA conventional credit facilities	50,000		4.7	%	3/31/2017
Credit facility balances with:
LIBOR-based interest rate swaps	284,000		5.3	%	6/22/2014
Total fixed rate secured debt	$	722,759	4.9	%	4/28/2017
Variable Rate Secured Debt (1)
FNMA conventional credit facilities	$	214,720	0.7	%	9/6/2016
FNMA tax-free credit facilities	89,615		0.9	%	7/23/2031
Freddie Mac credit facilities	64,247		0.7	%	7/1/2014
Freddie Mac mortgage	15,200		3.5	%	1/1/2016
Total variable rate secured debt	$	383,782	0.9	%	10/6/2019
Total Secured Debt	$	1,106,541	3.5	%	3/3/2018
Unsecured Debt
Variable rate credit facility	$	125,000	1.4	%	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	$	585,000	3.3	%	3/20/2019
Total Outstanding Debt	$	1,691,541	3.5	%	7/13/2018

⁽¹⁾ Includes capped balances.